Property Type

Capstone Negotiates $1.3M Sale of Canyon Retreat Apartments in Colorado Springs

by Amy Works November 9, 2023

COLORADO SPRINGS, COLO. — Capstone has brokered the sale of Canyon Retreat Apartments, a 5,252-square-foot multifamily property located at 3737 and 3746 Red Canon Place in Colorado Springs. The asset traded for $1.3 million. The names of the seller and buyer were not released. Built in 1955, Canyon Retreat consists of two buildings: an eight-unit building with four studios and four one-bedroom/one-bath apartments, and a two-unit building with two one-bedroom/one-bath apartments with a separate shared laundry space. Adam Riddle and Conor Cavanor of Capstone brokered the transaction.

November 9, 2023

Acquisitions Multifamily Texas

Churchill Forge Acquires 352-Unit Clusters Apartments in Midland, Texas

by Taylor Williams November 9, 2023

MIDLAND, TEXAS — Churchill Forge Properties has acquired The Clusters, a 352-unit apartment community located in the West Texas city of Midland. Built on 14 acres in 1982, The Clusters offers one- and two-bedroom units and amenities such as multiple pools, a fitness center, sport courts, walking trails and a clubhouse. An out-of-state partnership sold the property to Churchill Forge for an undisclosed price. Will Balthrope and Drew Garza of Institutional Property Advisors (IPA), along with Tommy Lovell III and Richard Robson of IPA parent company Marcus & Millichap, represented both parties in the deal.

November 9, 2023

Industrial Leasing Activity Texas

Giti Tire USA Signs 267,000 SF Industrial Lease in Fort Worth

by Taylor Williams November 9, 2023

FORT WORTH, TEXAS — Giti Tire USA, a global manufacturer and distributor based in Singapore, has signed a 267,000-square-foot industrial lease in Fort Worth. Clay Balch, David Eseke, Andrew Morrow and Luke Rivera of Cushman & Wakefield represented Giti Tire USA in the lease negotiations. Becky Thompson of Lee & Associates represented the landlord, Atlanta-based Stonemont Financial Group. The deal was finalized before the completion of construction, which began in mid-2022.

November 9, 2023

Acquisitions Industrial Texas

NewQuest Properties Negotiates $10M Sale of Industrial Facility in North Houston

by Taylor Williams November 9, 2023

HOUSTON — Locally based brokerage firm NewQuest Properties has negotiated the $10 million sale of a 75,767-square-foot industrial facility located near George Bush International Airport in North Houston. Built on 6.5 acres in 2017 and expanded in 2021, the facility is home to Allied Power Group, which services the gas turbine industry. Marc Peeler of NewQuest represented the seller and developer, Sublime Properties, in the transaction. The buyer was a Canadian family office.

November 9, 2023

Industrial Leasing Activity Texas

Bradford Secures 129,611 SF Industrial Lease Renewal in Carrollton, Texas

by Taylor Williams November 9, 2023

CARROLLTON, TEXAS — Bradford Commercial Real Estate Services has secured a 129,611-square-foot, full-building industrial lease renewal at Valwood Industrial Park in the northern Dallas metro of Carrollton. Joe Santaularia of Bradford represented the tenant, North Carolina-based Network Wireless Solutions, in the lease negotiations. Sara Ozanne and Mac Hall of Stream Realty Partners represented the landlord, an affiliate of Blackstone Real Estate Income Trust (BREIT).

November 9, 2023

Acquisitions Civic Development Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 82,098 SF Civic Property in South Dallas

by Taylor Williams November 9, 2023

DALLAS — Lee & Associates has brokered the sale of an 82,098-square-foot civic property in South Dallas. The five-building property spans 11.9 acres at 330-340 E. Ann Arbor Ave. and previously housed a school. Ally Tanghongs and George Tanghongs of Lee & Associates represented the seller, an entity doing business as Kim & K Development LLC, in the transaction. The undisclosed buyer plans to redevelop the property into an industrial facility.

November 9, 2023

Acquisitions Midwest Minnesota Multifamily

CBRE Arranges Sale of 435-Unit Gates at Carlson Center Apartment Community in Suburban Minneapolis

by Kristin Harlow November 9, 2023

MINNETONKA, MINN. — CBRE has arranged the sale of Gates at Carlson Center, a 435-unit apartment community in Minnetonka, a western suburb of Minneapolis. The sales price was undisclosed. Located at 300 Carlson Parkway, the property is 96.8 percent occupied and 98 percent of its units have been renovated since the original construction in 1990. Floor plans consist of one- and two-bedroom units averaging 910 square feet. Amenities include an outdoor heated pool, sun deck, dog park, clubhouse, fitness center and walking trails. Abe Appert, Keith Collins and Ted Abramsom of CBRE represented the seller, a global investment advisor. FPA Multifamily was the buyer.

November 9, 2023

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 16 Retail Storefronts in Chicago

by Kristin Harlow November 9, 2023

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of The Chicago High-Street Retail Portfolio, a collection of 16 street retail buildings totaling over 75,000 square feet in Chicago’s Lincoln Park and Bucktown neighborhoods. Tenants within the portfolio include Lululemon, Warby Parker, Blue Mercury, Summer House Santa Monica, Ramen-San, Barry’s Bootcamp, One Medical, Little Green Tree House, OVME, Lush Cosmetics and Bond Vet. Joe Girardi and Rick Drogosz of Mid-America represented the institutional seller. The sales price and buyer were undisclosed.

November 9, 2023

Illinois Leasing Activity Midwest Multifamily

The Apartment Source Begins Preleasing Efforts for The Ivy Apartment Building in Uptown Chicago

by Kristin Harlow November 9, 2023

CHICAGO — The Apartment Source (TAS) has begun pre-leasing efforts for The Ivy, a newly rehabbed apartment building in Uptown Chicago. TMG Management owns the 63-unit property, which features seven studios, 54 one-bedroom units and two two-bedroom units. The renovated apartments feature high-efficiency stainless steel appliances, in-unit laundry and Italian cabinetry. Amenities include a fitness center, bike room and laundry room. TMG acquired the asset in May 2022. The building is set to reopen in early 2024.

November 9, 2023

Illinois Industrial Loans Midwest

Red Oak Capital Holdings Provides $4.2M Bridge Loan for Chicago Industrial Property

by Kristin Harlow November 9, 2023

CHICAGO — Red Oak Capital Holdings LLC has provided a $4.2 million bridge loan for a multi-tenant industrial property in Chicago. The funds will be used to refinance and upgrade the Class B facility, which is located at 3850 W. Cortland St. The loan was underwritten under Red Oak’s Opportunistic Bridge Program, one of four commercial real estate loan programs the company introduced earlier this year. The program is a higher-leverage, fixed-rate option for assets with a substantial value-add component. The debt for 3850 W. Cortland St. features a note rate of 10.5 percent and a 12-month term with two six-month renewal options. The financing represents 66.41 percent of the asset’s “as-stabilized” value of $6.4 million. The 92,511-square-foot building was constructed in 1960 and last renovated in 2019. Building features include 37,249 square feet of office space, clear heights ranging from 12 to 22 feet, four dock-high doors and six drive-in doors. Having acquired the asset in late 2019 for nearly $3.7 million, the borrower plans to use part of the debt proceeds to pay off a matured loan. The balance will go toward capital expenditure improvements as well as leasing commissions and tenant improvements to stabilize the property prior …

November 9, 2023

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