CHICAGO — CBRE has negotiated six leases totaling 54,183 square feet at 609 W. Randolph St., a speculative office building that was completed in March in Chicago’s West Loop. The property is now 63 percent leased. A national technology company leased 21,339 square feet. The other lease signings included New Markets Trading, NTT DATA, Global Real Estate Fund, Confidential Financial Services and Valenti Builders. Jason Houze of CBRE represented ownership, Vista Property.
LEXINGTON, KY. — Cronheim Mortgage has originated an $8 million permanent loan for Man O’ War Place, a 174,638-square-foot shopping center in Lexington. Dev Morris and Andrew Stewart of Cronheim arranged the financing through American United Life Insurance Co. on behalf of the borrower, an affiliate of locally based investment firm Equity Management. Situated about four miles south of University of Kentucky, Man O’ War Place was 95 percent leased at the time of sale to tenants including Kroger Marketplace, Feeders Supply, Lexington Urgent Care, Hooters, Edible Arrangements, Bright Tiger Dental, The Little Gym and Little Caesars Pizza, among others.
SELMA, TEXAS — A partnership between Titan Development and Atlanta-based Robinson Weeks Partners has broken ground on a 429,633-square-foot speculative industrial project in Selma, a northeastern suburb of San Antonio. Branded Selma 3, the facility will sit on 25 acres within the 185-acre Titan Industrial Park. Building features will include 36-foot clear heights, 98 dock doors, four drive-in ramps, 232 car parking spaces and 119 trailer parking stalls. Completion is slated for the third quarter of 2023. Selma 2, which spans 305,760 square feet, was completed in July and is now partially leased to Made in Cookware and Berlin Packaging.
BALTIMORE — KLNB has arranged the sale of Church Square Shopping Center, a 44,252-square-foot retail center located at 923 N. Caroline St. in Baltimore. Andy Stape, Chris Burnham, Vito Lupo and Jake Furnary of KLNB represented the seller, a partnership between entities doing business as Burley Church LLC and Pinefield South-Kodiak LLC, in the $6.5 million transaction. The buyer was not disclosed. Originally built in 1986, Church Square recently underwent renovations including roof work, parking lot repairs and façade updates. The property was fully leased at the time of sale to tenants including DTLR Villa, Hip Hop Fish & Chicken and a Chase Bank ATM.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Tides Waterfront, a 386-unit apartment community in southwest Fort Worth. Built in 1986, the property consists of 21 three-story residential buildings that were recently renovated, as well as three pools, a fitness center, business center, clubhouse, dog park and a lake. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Tides Equities, in the transaction and procured an undisclosed, out-of-state investment firm as the buyer. The sales price was also not disclosed.
HUMBLE, TEXAS — Locally based development and investment firm Kajani Capital Group has acquired 10.8 acres in the northern Houston suburb of Humble for the development of a 300-unit multifamily project. The community will feature one-, two- and three-bedroom units with an average size of 875 square feet, as well as a clubhouse, fitness center, package lockers and a dog park. Chris Bergmann Jr. of JLL represented Kajani Capital in the off-market land deal. Joan Collum of Collum Commercial represented the seller, Austin-based Stratus Properties. Construction is set to begin in May and to be complete in fall 2024.
ISSAQUAH, WASH. — CBRE has arranged the $78.5 million sale of Lakemont Orchard, a multifamily property in Issaquah. An undisclosed buyer acquired the asset from an affiliate of New York Life Insurance Co. Originally built in 1992, Lakemont Orchard features 201 apartments with balconies in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 916 square feet. Onsite amenities include a pool, hot tub, sundeck, newly upgraded gym, TV and billiards lounge, outdoor dining area and basketball/sport court. The seller upgraded the roofs, siding and clubhouse prior to the sale, but all the apartments are eligible for renovation. Situated on more than 20 acres, the gated community is located at 18305 SE Newport Way. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest represented the seller in the deal.
LAS VEGAS — Nashville, Tenn.-based Patriot Real Estate Holdings has purchased Marnell Corporate Center V (MCC5), a five-story, Class A office building within Marnell Corporate Center in Las Vegas. The name of the seller and acquisition price were not released. Located at 6720 Via Austi Parkway, the asset features 110,974 square feet of multi-tenant office space. The building was constructed in 2007. Patriot Real Estate acquired MCC3, a 71,378-square-foot office building, and MCC4, a 93,702-square-foot office building, from Dornin Investment Group in summer 2022 and spring 2018, respectively. The Marnell Corporate Center is a seven-building, 736,000-square-foot, Class A, master-planned business campus. Marlene Fujita Winkel, Rick Reeder, Brad Tecca, Emily Brun and Alex Casingal of Cushman & Wakefield represented the seller in the transaction.
SAN ANTONIO — Newmark has arranged the sale of Trailside, a 240-unit apartment community in northwest San Antonio. The property offers one- and two-bedroom units that range in size from 662 to 982 square feet and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Jim Young, Matt Michelson and Chase Easley of Newmark represented the undisclosed seller in the transaction. The buyer was a joint venture between private equity real estate firm Cottonwood Group and Dallas-based Texsun Holdings. Trailside was 94 percent occupied at the time of sale.
TYLER, TEXAS — St. Louis-based general contractor McCarthy Building Cos. has completed The Northeast Texas Cancer & Research Institute, an 85,000-square-foot healthcare project in Tyler, about 100 miles east of Dallas. The center is located on the CHRISTUS Mother Frances Hospital campus and features specialized areas for cancer treatment provider Texas Oncology, including 30,000 square feet of clinic space for medical, radiation and gynecologic oncology services, as well as nearly 3,000 square feet of space dedicated to research. Construction began in May 2021 and topped out in March.
