Property Type

Trammell Crow, MetLife Break Ground on First Phase of 4.7 MSF Industrial Park Near Savannah

by John Nelson November 29, 2023

RINCON, GA. — A joint venture between Trammell Crow Co. and MetLife Investment Management has broken ground on the first phase of Coastal Trade Center, a 4.7 million-square-foot industrial park in Rincon, a suburb of Savannah in Effingham County. The project will be situated on a 477-acre site about 15 miles northwest of the Port of Savannah. Set for completion in late 2024, Phase I of Coastal Trade Center will comprise three cross-dock facilities spanning 1.2 million square feet, 640,640 square feet and 473,760 square feet. Phase II will comprise two cross-dock facilities spanning 1.4 million square feet and 611,520 square feet, as well as a front-load facility totaling 362,880 square feet. Trammell Crow Co. and MetLife plan to break ground on Phase II upon completion of Phase I. Bennett Rudder, Ryan Hoyt, Chris Tomasulo and Lindsey Wilmot of JLL are handling the leasing assignment for Coastal Trade Center.

November 29, 2023

Acquisitions Multifamily Southeast Tennessee

Passco, Greystone Purchase One Riverwalk Apartments in Knoxville for $120.7M

by John Nelson November 29, 2023

KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit apartment community located at 151 E. Blount Ave. in Knoxville. The developer, Southeastern, sold the waterfront property for $120.7 million. Built in 2019, One Riverwalk was 97 percent occupied at the time of sale. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from University of Tennessee’s Neyland Stadium. The property offers a mix of studio, one- and two-bedroom apartments averaging 884 square feet in size.

November 29, 2023

Development Loans Maryland Multifamily Southeast

JLL Arranges $92.3M Construction Loan for Apartment Development in North Bethesda, Maryland

by John Nelson November 29, 2023

NORTH BETHESDA, MD. — JLL has arranged a $92.3 million construction loan for a 354-unit, 12-story luxury apartment community planned for North Bethesda, a Maryland suburb of Washington, D.C. Located at 5400 McGrath Blvd., the project is dubbed Parcel H. Jon Mikula, Jim Cadranell, Jamie Leachman and Ryan Carroll of JLL arranged the four-year, floating-rate loan through SMBC on behalf of the borrower, LCOR. Upon completion, the development will offer one-, two- and three-bedroom units, as well as nine penthouse units, averaging 881 square feet in size. Amenities will include a fitness center, outdoor pool, courtyard with grilling stations and fire pits, resident lounge with coworking stations, designated meeting rooms and tech pods, indoor and outdoor children’s’ playrooms, a dog park and a penthouse lounge featuring gaming areas and a golf simulator. Parcel H represents the final property within The Quad, a four-property portfolio of apartment communities in North Bethesda built by LCOR. The other three properties include Wentworth House (built in 2008), Aurora (2014) and Arrowood (2021). Together, The Quad will total 1,300 adjacent apartments operated by LCOR.

November 29, 2023

Development Industrial Kentucky Southeast

UPS Supply Chain Solutions Opens $79M Logistics Facility in Shepherdsville, Kentucky

by John Nelson November 29, 2023

SHEPHERDSVILLE, KY. — UPS Supply Chain Solutions, the logistics and freight forwarding arm of Atlanta-based parcel services giant UPS, has opened a new $79 million warehouse and distribution center in Shepherdsville, a southern suburb of Louisville in Bullitt County. The facility, dubbed Velocity, is situated about 15 south of the UPS Worldport, the company’s central airline hub that can process 4 million packages and 300 flights daily. The new facility is also located 16 miles south of Louisville Muhammad Ali International Airport via I-65. The size and address of the new UPS logistics facility was not disclosed, but Kate Gutmann, president of UPS International, Healthcare and Supply Chain Solutions, says the automated facility can process 350,000 units daily. UPS has invested millions in its logistics operations in the Louisville market over the years. In October 2022, UPS announced a $330 million investment across two new logistics facilities in the Louisville metro area that created 435 new jobs. Last November, the company broke ground on two new UPS Healthcare facilities and a new aircraft hangar for UPS Airlines.

November 29, 2023

Acquisitions Alabama Seniors Housing Southeast

Ziegler Brokers Sale of 316-Unit Seniors Housing Property in Birmingham

by John Nelson November 29, 2023

BIRMINGHAM, ALA. — Ziegler has served as sell-side financial advisor for the sale of St. Martin’s in the Pines, a 316-unit continuing care retirement community (CCRC) in Birmingham. Diversicare Healthcare Services acquired the property from the independent ownership board for an undisclosed price. Located in the eastern outskirts of the city near the Mountain Brook and Homewood suburbs, the property is near the University of Alabama at Birmingham (UAB) and the UAB hospital system. St. Martin’s in the Pines comprises a four-story independent living facility with 97 apartments, a two-story assisted living and memory care facility with 40 assisted living units and 51 memory care units, and a skilled nursing campus with 128 skilled nursing and short-term rehabilitation beds. It is the second largest skilled nursing campus in Alabama, according to Ziegler. Diversicare is recognized as a premier provider of post-acute care and is the largest skilled nursing provider in Alabama with 19 campuses in the state.

November 29, 2023

Development Industrial Texas

Creation, Crow Holdings Complete 555,790 SF Industrial Project in Mesquite, Texas

by Taylor Williams November 29, 2023

MESQUITE, TEXAS — A partnership between Phoenix-based developer Creation Equity and Crow Holdings Capital has completed Mesquite 635, an industrial project located on the eastern outskirts of Dallas that totals roughly 556,000 square feet. Mesquite 635 comprises two rear-load buildings and one front-load building. Building A spans 159,728 square feet and features 32-foot clear heights and 37 trailer parking spots. Building B comprises 156,144 square feet and offers 32-foot clear heights and 27 trailer stalls. Building C totals 239,918 square feet and features 36-foot clear heights and 46 trailer parks. LGE Design Build served as the project architect and general contractor.

November 29, 2023

Development Multifamily Texas

JPI Begins Leasing 283-Unit Apartment Community in Grand Prairie, Texas

by Taylor Williams November 29, 2023

GRAND PRAIRIE, TEXAS — Locally based developer JPI has begun leasing Jefferson Cove, a 283-unit apartment community in Grand Prairie, located roughly midway between Dallas and Fort Worth. Jefferson Cove offers one-, two- and three-bedroom floor plans that feature ceramic tile backsplashes, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center, dog park, outdoor grilling and dining stations, a conference room, resident lounge and multiple courtyards. Rents start at $1,420 per month for a one-bedroom apartment.

November 29, 2023

Industrial Leasing Activity Texas

Automotive Parts Distributor Preleases 185,413 SF Industrial Building in South Houston

by Taylor Williams November 29, 2023

HOUSTON — An undisclosed, New Jersey-based automotive parts distributor has preleased the entirety of Vault Distribution Center, a 185,413-square-foot industrial building under construction in South Houston. The standalone, rear-load warehouse sits on 12 acres and offers 32-foot clear heights, 137 surface parking spaces, 23 trailer parking stalls, 34 loading docks, two drive-in doors and an ESFR sprinkler system. Tyler Maner and Woody Hillyer of Stream Realty Partners represented the landlord, Vault Partners, in the lease negotiations. The tenant representative was not disclosed. Vault Distribution Center is on pace to be completed before the end of the year.

November 29, 2023

Industrial Leasing Activity Texas

Shearer Supply Signs 34,340 SF Industrial Lease in Fort Worth

by Taylor Williams November 29, 2023

FORT WORTH, TEXAS — Shearer Supply, a wholesaler and distributor of HVAC parts and systems, has signed a 34,340-square-foot industrial lease at Everman Trade Center in Fort Worth. The four-building, 457,745-square-foot development is located on the city’s south side and features 24- to 32-foot clear heights and 130- to 210-foot truck court depths. Ken Wesson of Lee & Associates represented the tenant in the lease negotiations. Matt Carthey and Thomas Grafton of Holt Lunsford Commercial represented the landlord, Boston-based Cabot Properties.

November 29, 2023

California Loans Multifamily Western

MWest, BGO Receive $47.5M Refinancing for The View Apartment Building in Los Angeles

by Amy Works November 29, 2023

LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the proceeds to refinance debt on The View, a 13-story multifamily building in the Koreatown neighborhood of Los Angeles. Located at 3460 W. 7th St., The View features 158 studio, one- and two-bedroom units in a variety of floorplans. CIM Group acquired The View in August 2013 following the completion of a comprehensive renovation of the property, which was originally built in 1965. MWest and BGO purchased the asset in December 2018 after CIM Group completed a variety of improvements to the residences and the property’s leasing and management. The current owners have continued to invest in upkeep and improvements to the property, including its common areas and community amenities.

November 29, 2023

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