GARLAND, TEXAS — Locally based brokerage firm Bill Foose Co. has negotiated the sale of a 7.4-acre multifamily development site on Bobtown Road in Garland, a northeastern suburb of Dallas. Bill Foose of Bill Foose Co. represented the undisclosed seller in the transaction. Tom Youngblood of Youngblood Realty represented the buyer, Dallas-based Stonehawk Capital, which plans to develop a 232-unit project on the site.
TUCSON, ARIZ. — Vesper Holdings has acquired Sol y Luna, a 972-bed student housing community located near the University of Arizona in Tucson, for $203 million. The acquisition ranks among the five largest single-asset purchases in student housing history and is the largest not involving institutional capital, according to Vesper. Brad Cooke of Colliers represented the seller, Nelson Partners Student Housing, in the transaction. Tim Bradley of TSB Capital Advisors provided guidance to Vesper on the acquisition. The property comprises a 15-story tower and a 13-story tower, which were developed in 2014. The community offers 340 units in studio to five-bedroom configurations across 344,760 square feet of rentable space. The property also includes 7,640 square feet of ground-floor retail and a 200-stall parking garage. Campus Life & Style, Vesper’s in-house management arm, will operate the property following the acquisition.
COLORADO SPRINGS, COLO. — An affiliate of Boston-based Albany Road Real Estate Partners has purchased Epic One, a Class A office building in Colorado Springs. Terms of the transaction were not released. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the undisclosed seller in the deal. Located at 10807 New Allegiance Drive, Epic One features 146,099 square feet of office space. Constructed in 2009, the multi-tenant office building features LEED Silver design; flexible, efficient floor plates; high-end finishes throughout; an on-site fitness facility; and a 5/1,000 parking ratio.
VanTrust Breaks Ground on Phase I of 4.5 MSF Vantage North Industrial Development in North Las Vegas
NORTH LAS VEGAS — VanTrust Real Estate has broken ground on the first two buildings at Vantage North, an industrial project offering upward of 4.5 million square feet of logistics and distribution facilities at full build out. Situated on 350 acres, the asset is in North Las Vegas offering visibility along Interstate 5. Infrastructure and site work commenced in January at Vantage North. VanTrust has already preleased one of the buildings to Saddle Creek Logistics, which will occupy 580,000 square feet in fourth-quarter 2023. The first two buildings will total more than 1 million square feet and are scheduled for completion in November 2023. Kevin Higgins and Jake Higgins of CBRE are marketing the development for lease.
PINAL COUNTY, ARIZ. — Scottsdale-based Empire Group has acquired a 27-acre land parcel in Pinal County from Galeb Cos. and Borgata Ventures for $13.8 million. The company plans to develop Village at Borgata, a build-to-rent community on the site, which is situated at the southwest corner of Hunt Highway and Thompson Road near the foothills of the San Tan mountains. The gated community will feature 287 one-, two- and three-bedroom homes for rent, ranging in size from 680 square feet to 1,300 square feet. The single-story homes will offer modern designs and finishes and include private landscaped backyards with doggie door access, smart technology packages and security. Community amenities will include a resort-style pool and hot tub, walking paths, a community clubhouse with kitchen, a fitness center, barbecue area and fire pits areas. Empire Group plans to break ground on the project in spring 2023, with leasing slated to start by fall 2024. Village at Bortaga is part of the larger master-planned Borgata at San Tan, a 100-acre development with mixed-use commercial space, apartments, condominiums and single-family residences. Brett Rinehart of Land Advisors Organization represented Empire Group in the land acquisition.
FORT WORTH, TEXAS — A partnership between two Dallas-area firms, Miyama USA Texas and Dodson Commercial Real Estate, has completed The Rosedale, a 59-unit student housing project that will serve students at Texas Wesleyan University in Fort Worth. The three-story building will house one- and two-bedroom units with a total 100 beds and amenities such as a lounge, fitness center, conference room, rooftop patio and a study lab.
TEMPE, ARIZ. — Austin, Texas-based Pennybacker Capital Management has acquired Tempe Industrial Center, a freestanding industrial facility located at 6720 S. Clementine Road in Tempe. An undisclosed seller sold the asset for $11.5 million. At the time of sale, the 71,142-square-foot building was fully leased and serves as headquarters to a high-end bike manufacturing company. Phil Haenel, Mike Haenel, Will Strong and Andy Markham of Cushman & Wakefield represented the seller and buyer in the deal.
PONTOON BEACH, ILL. — Contegra Construction Co. has completed its fourth distribution center at NorthPoint Development’s Gateway Tradeport in Pontoon Beach near St. Louis. Gateway Tradeport IV is a 1 million-square-foot speculative building with a clear height of 40 feet, 112 dock doors and parking for 264 trailers and 752 cars. Contegra also performed infrastructure improvements and will complete tenant finishes. Development at Gateway Tradeport began in 2019. The project now encompasses 2.7 million square feet of industrial space across 600 acres.
PLAINFIELD, IND. — Indiana-based First Internet Bank has provided a $59 million construction loan for Hobbs Station, a $300 million mixed-use project in the Indianapolis suburb of Plainfield. Phase I calls for 293 apartment units, 30,000 square feet of retail space and 400 parking spaces. Crossroads Realty Advisors arranged the loan on behalf of the borrower, Indianapolis-based New City Development. The project was first announced earlier this year.
BROOKLYN PARK AND DAYTON, MINN. — Northmarq has arranged a $33.9 million loan for the construction of two industrial properties in suburban Minneapolis. In Brooklyn Park, 169 Logistics Center will include two buildings totaling 147,250 square feet. Dayton Logistics Center in Dayton will consist of a single building totaling 248,000 square feet. Completion of both properties is slated for spring 2023. Bill Mork of Northmarq arranged the four-year, fixed-rate loan. The borrower was a joint venture partnership between Capital Partners and Eagle Realty Group. The lender was undisclosed.