TEMPLE, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Plantation Square and Holly Oaks, two properties totaling 180 units in the Central Texas city of Temple. Plantation Square was built in 1979 and totals 58 units, all of which are age-restricted, in one-, two- and three-bedroom formats. Holly Oaks was constructed in 1965 and consists of 122 units, some of which are age-restricted, with the same floor plans as Plantation Square. Danny Weiland of TMG represented the seller in the transaction, and Job Krebbs of TMG procured the buyer. Both parties requested anonymity.
SAN ANTONIO — VeriTrust Corp., a provider of document management services, has signed a 40,800-square-foot industrial lease at 5410 Dietrich Road in San Antonio. According to LoopNet Inc., the space totals 112,500 square feet and was built within Cornerstone Industrial Park in 2015. Chris Kugle, Carlos Marquez and Caleb Horton of Partners represented the landlord, an entity doing business as 5410 Dietrich Road LLC, in the lease negotiations. The representative of the tenant was not disclosed.
MOUNT POCONO, PA. — JLL has arranged the sale of an 85-acre industrial development site in Mount Pocono, located in the northeastern part of the state. The buyer, Newland Capital Group, will construct a 1.2 million-square-foot warehouse and distribution center at the site and has already secured an undisclosed tenant for a full-building lease. Completion of the facility, which will feature four drive-in doors and parking for 359 trailers and 426 cars, is scheduled for the first quarter of 2024. Jeff Lockard, Ryan Barros and Kevin Lammers of JLL represented Newland Capital in the land deal. The trio also worked with Casey Mungo of DAUM Commercial to arrange the sale and negotiate the lease. Steve Cooper, also with JLL, represented the land seller.
DARIEN, CONN. — CBRE has brokered the $21.1 million sale of a 70,928-square-foot office building located at 9 Old Kings Highway S. in the southern coastal Connecticut city of Darien. The transit-served property is located in the city’s downtown area and was 84 percent leased at the time of sale. Jeffrey Dunne, Steve Bardsley, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, Hall Investments, in the transaction. The buyer was not disclosed.
FAIRVIEW, N.J. — Global investment management firm Realterm has acquired a 66,504-square-foot warehouse located at 83 Broad Ave. in the Northern New Jersey community of Fairview. The property sits on 4.7 acres and features 10 dock-high doors. Torsten Thaler, Tom Tucci and Steve Shoemaker of Cushman & Wakefield brokered the deal, the seller of which was not disclosed.
TOLEDO, OHIO — NorthPoint Development has broken ground on Toledo Trade Center, a three-building industrial project totaling more than 853,000 square feet in Toledo. The speculative project is being built on the site that was formerly home to North Towne Mall, which closed in 2005. NorthPoint estimates that the $84.6 million investment, excluding tenant improvements, will create more than 564 direct and indirect jobs and generate over $11.8 million in annual permanent wages for the local community. Rudolph Libbe Inc. is the general contractor. The first building is slated for completion next summer. Reichle Klein Group will serve as the leasing agent.
KANSAS CITY, MO. — Blue Cross and Blue Shield of Kansas City is relocating its headquarters from 2301 Main St. to 1400 Baltimore Ave. in Kansas City. The company signed a long-term lease for 260,000 square feet. Bryan Johnson, Tom Volini and Sven Sykes of Colliers Kansas City represented the tenant in the lease transaction. The landlord was undisclosed.
MINNEAPOLIS — JLL Capital Markets has brokered the $13 million sale of an 18-property industrial portfolio totaling 105,500 square feet across four Midwest states. The majority of the buildings are in Minnesota, while three are in Iowa, two are in Wisconsin and one is in North Dakota. The properties were constructed between 2007 and 2021 as build-to-suit facilities for Frito-Lay, a subsidiary of PepsiCo. Matt Hazelton and Cory Villaume of JLL represented the seller, Ebert Construction. Essjay Investment Co. was the buyer.
MILWAUKEE — USG Realty Capital has begun construction of Elevation 1659, a 76-unit apartment community in Milwaukee. The opportunity zone project is being developed in partnership with Ogden & Co. Inc. Completion is slated for September 2023. Elevation 1659 will offer a lower carbon footprint than neighboring properties, according to the development team. USG is utilizing its Investors Choice OZ fund, which launched in June 2021. Since that time, the qualified opportunity zone fund has invested in four projects.
OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 66,474-square-foot retail property occupied by Family Fare Supermarket in Omaha for $4.4 million. The building is located at 5110 S. 108th St. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided. Family Fare operates more than 80 locations in seven states.