Property Type

Lovett Industrial Breaks Ground on 1.1 MSF Spec Project in Metro Dallas

by Taylor Williams November 18, 2022

FORNEY, TEXAS — Houston-based developer Lovett Industrial has broken ground on Innovation Ridge Logistics Park, a 1.1 million-square-foot speculative project in the eastern Dallas suburb of Forney. The development will consist of an 817,538-square-foot cross-dock facility, a 175,092-square-foot single-load building and a 145,020-square-foot single-load structure. Ware Malcomb designed the project, and Alston Construction is serving as the general contractor. Kimley-Horn is the civil engineer. Simmons Bank provided construction financing, and Cushman & Wakefield is the leasing agent. Completion is slated for September 2023.

November 18, 2022

Affordable Housing Development Multifamily Seniors Housing Utah Western

TWG Plans $13M Residences at Fireclay Affordable Seniors Housing Project in Murray, Utah

by Amy Works November 18, 2022

MURRAY, UTAH — TWG has unveiled plans for Residences at Fireclay, a $13 million affordable seniors housing community in Murray. Construction is slated to begin this year, with the first units available in 2025. Located at 152 W. 4250 South, the four-story building will feature 40 one-bedroom apartments for seniors age 62 and older. The units are also reserved for those earning up to 50 percent of the area median income, with a preference for military veterans. Additionally, the project includes four units reserved for disabled seniors and five units available for seniors who have experienced homelessness. Community amenities will include a fitness room, community-raised garden, community room with kitchen and a computer room. TWG has partnered with First Step House, a Salt Lake City-based nonprofit that addresses addiction, mental health, homelessness and criminal justice, to provide services and referrals for residences. The project was made possible with Low Income Housing Tax Credits from the Utah Housing Corp. Additional key partners include Olene Walker Housing Loan Fund, Raymond James and Horizon Bank.

November 18, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Brokers $11.3M Sale of Sprouts-Occupied Retail Property in Folsom, California

by Amy Works November 18, 2022

FOLSOM, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 905 E. Bidwell St. at The Bidwell Center in Folsom. VR Folsom, an Orange County-based private family office, sold the asset to a La Jolla-based buyer for $11.3 million. Jeff Conover, Shaun Riley and Scott DeYoung of Faris Lee represented the seller, while Infinity Investment Properties represented the buyer in the deal. Situated on 2.7 acres, Sprouts Farmers Market occupies the single-tenant property. The tenant has a 15-year, triple-net lease with 10 years remaining on the term. The grocery store asset is located adjacent to Target, Lowe’s Home Improvement Warehouse and Trader Joe’s.

November 18, 2022

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 1,743-Unit Self-Storage Portfolio in North Texas

by Taylor Williams November 18, 2022

CEDAR HILL, COLLEYVILLE AND DENTON, TEXAS — JLL has negotiated the sale of a portfolio of three self-storage facilities totaling 1,743 units that are located in the North Texas cities of Cedar Hill, Colleyville and Denton. The portfolio totals 201,850 net rentable square feet. Brian Somoza, Steve Mellon, Matthew Wheeler, Adam Roossien and Jake Kinnear of JLL represented the seller, a joint venture between Chicago-based investment firm Harrison Street and Advantage Self Storage, in the transaction. The team also procured the buyer, Texas-based investment firm HPI.

November 18, 2022

Acquisitions Colorado Restaurant Retail Western

Miller United Real Estate Sells 8,511 SF Shops on Montview in Denver’s Central Park District

by Amy Works November 18, 2022

DENVER — Miller United Real Estate has completed the disposition of The Shops on Montview, a retail center located at 8801 E. Montview Blvd. in Denver’s Central Park neighborhood. Terms of the transaction were not released. Built in 2020, The Shops on Montview features 8,511 square feet of retail space. At the time of sale, the property was fully occupied by four tenants, I Heart Mac & Cheese, Pizza Hut, Smile Studio Dental and Starbucks Coffee. Jason Schmidt of JLL Retail Capital Markets Investment Sales and Advisory led the team that represented the seller in the transaction.

November 18, 2022

California Loans Multifamily Western

JLL Arranges $10.7M Refinancing for Chateau Spring Terrace Apartments in La Mesa, California

by Amy Works November 18, 2022

LA MESA, CALIF. — JLL Capital Markets has arranged a $10.7 million loan for the refinancing of Chateau Spring Terrace, an apartment community located at 4242 Spring St. in La Mesa. The borrower is Universe Holdings. Built in 1969, Chateau Spring Terrace features 56 one-, two- and three-bedroom residences with patios and balconies, efficient appliances, large closets and hardwood floors. Community amenities include a fitness center, laundry facility and pool, as well as on-site maintenance and management. Charles Halladay, Jonah Aelyon, Jolie Zhou and Elle Miraglia of JLL Capital Markets Debt Advisory secured the 10-year, fixed-rate loan through Mechanics Bank for the borrower.

November 18, 2022

Acquisitions Colorado Retail Western

NAI Shames Makovsky Negotiates $4.2M Sale of Retail Building in Denver

by Amy Works November 18, 2022

DENVER, COLO. — NAI Shames Makovsky has brokered the sale of a retail property located in Denver. Benjamin Weinstein acquired the asset from MDK Larimer for $4.2 million. Located at 2124-2134 Larimer St., the property features 7,200 square feet of retail space. Todd Snyder of NAI Shames Makovsky represented the seller in transaction.

November 18, 2022

Acquisitions Loans Multifamily Texas

Buchanan Street Partners Buys 354-Unit Apartment Community in McKinney, Texas

by Taylor Williams November 18, 2022

MCKINNEY, TEXAS — Southern California-based investment firm Buchanan Street Partners has purchased Jefferson Terrace, a 354-unit apartment community located north of Dallas in McKinney. The unit mix comprises 209 one-bedroom residences, 115 two-bedroom apartments and 30 three-bedroom units. Amenities include a pool, fitness center with yoga and spin studios, clubhouse and resident lounge, game room, dog park, putting green and outdoor grilling and dining areas. Locally based firm JPI developed and sold Jefferson Terrace, which was 94 percent occupied at the time of sale. Tom Kenny of Bellwether Enterprise Real Estate Capital arranged a $56 million acquisition loan through an undisclosed life insurance company on behalf of Buchanan Street Partners.

November 18, 2022

Development Industrial South Carolina Southeast

NorthPoint Breaks Ground on 3.3 MSF Industrial Park in Spartanburg, South Carolina

by John Nelson November 18, 2022

SPARTANBURG, S.C. — Kansas City-based NorthPoint Development has broken ground on the first phase of Spartan Enterprise Park, a 310-acre industrial park in Spartanburg that will span nearly 3.3 million square feet upon completion. Phase I comprises two buildings spanning more than 1.3 million square feet, and future phases can accommodate an additional 1.9 million square feet of space. The Colliers team of Garrett Scott, Brockton Hall and Dillon Swayngim helped facilitate the land purchase and will handle all leasing for the park on behalf of NorthPoint. Preleasing for Building One and Building Two is underway, and completion is expected for fourth-quarter 2023. Spartan Enterprise Park is located at 2116 U.S. Highway 221/Chesnee Highway, which is less than one mile from I-85, four miles from downtown Spartanburg and approximately 20 miles from Inland Port Greer, Greenville-Spartanburg International Airport and BMW’s regional manufacturing plant.

November 18, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 236-Unit Self-Storage Facility in Northwest Houston

by Taylor Williams November 18, 2022

HOUSTON — Marcus & Millichap has arranged the sale of Easy Self Storage, a 236-unit facility located along State Highway 249 in northwest Houston. The five-building property was built in 1984 and spans 29,716 net rentable square feet across 172 non-climate-controlled units and 64 climate-controlled units. Dave Knobler of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction. Both parties requested anonymity.

November 18, 2022

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