Property Type

Cummins Clean Fuel Technologies Signs Industrial Lease Expansion at AllianceTexas

by Taylor Williams May 11, 2023

ROANOKE, TEXAS — Cummins Clean Fuel Technologies has signed an industrial lease expansion at AllianceTexas, Hillwood’s 27,000-acre master-planned community on the north side of Fort Worth. The provider of natural gas delivery systems is expanding its manufacturing operations, bringing its footprint at 1051 Republic Drive in Roanoke to roughly 160,000 square feet. Michael Haggar and John Worthen of JLL represented Cummins in the lease negotiations. Samuel Rhea and Reid Goetz represented Hillwood on an internal basis.

May 11, 2023

Acquisitions Multifamily South Carolina Southeast

Berkadia Negotiates $78M Sale of Indigo at Cross Creek Apartments in Metro Charlotte

by John Nelson May 11, 2023

INDIAN LAND, S.C. — Berkadia has negotiated the $78 million sale of Indigo at Cross Creek, a 303-unit apartment community located at 2001 Cramer Circle in Indian Land, a South Carolina suburb of Charlotte. Tampa-based Argyle Real Estate Partners purchased the property from the seller, a partnership between Taft Development Group and UHF Development. Caleb Troop, Thomas Colaiezzi, Mark Boyce and Blake Coffey of Berkadia represented the seller in the transaction. As part of the deal, Argyle assumed an existing Fannie Mae mortgage. Built in 2017, Indigo at Cross Creek features one-, two- and three-bedroom floor plans averaging 1,134 square feet. Community amenities include a saltwater pool, one-mile walking trail, cabanas with outdoor fire pits, sundeck, grilling stations, business lounge with flat-screen TVs, fitness center, yoga studio, clubhouse, bocce ball court and a dog park.

May 11, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

Advenir Oakley to Develop 246-Unit Build-to-Rent Residential Property in Cartersville, Georgia

by John Nelson May 11, 2023

CARTERSVILLE, GA. — Advenir Oakley Capital has purchased 28 acres in Cartersville for the development of LEO at Cartersville, a 246-unit build-to-rent residential property. The $65 million project will be situated at the interchange of I-75 and Ga. Highway 20, about 38 miles northwest of Atlanta in Bartow County. Alex Phillips of Cushman & Wakefield represented both the buyer and undisclosed seller in the land transaction. Designed by Birmingham, Ala.-based Nequette Architecture & Design, LEO at Cartersville will feature a mix of one-, two- and three-bedroom cottages ranging in size from 728 to 1,510 square feet. Community amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center and a dog park. Birmingham-based Capstone Building Corp. is the general contractor for the project, which is set to break ground next month. Advenir Oakley expects LEO at Cartersville to be fully completed by August 2025, with first deliveries scheduled for December 2024.

May 11, 2023

Industrial Loans Northmarq Texas

Northmarq Arranges Acquisition Loan for 90,029 SF Industrial Building in Northeast Houston

by Taylor Williams May 11, 2023

HOUSTON — Northmarq has arranged an acquisition loan of an undisclosed amount for a 90,029-square-foot industrial building located at 8950 Railwood Drive in northeast Houston. Built in 1989, the single-tenant building features 21-foot clear heights, 11 exterior docks and 18,500 square feet of office space. Blane Eikenhorst and Tony Gray of Northmarq arranged the nonrecourse, fixed-rate loan, which was structured with a 10-year term and a 75 percent loan-to-value ratio, through Ameritas Investment Partners. The borrower/owner-occupant was not disclosed.

May 11, 2023

Acquisitions Southeast Student Housing Tennessee

CBRE Brokers Sale of 603-Bed Student Housing Community Near University of Tennessee

by John Nelson May 11, 2023

KNOXVILLE, TENN. — CBRE has brokered the sale of TENN, a 603-bed student housing community located adjacent to the University of Tennessee campus in Knoxville. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Brett Carr of CBRE represented the seller, Campus Apartments, in the disposition of the property to Schenk Realty. The sales price was not disclosed. The community was developed in 2018 and is located within Knoxville’s Fort Sanders neighborhood at 1830 Cumberland Ave. TENN offers 140 fully furnished units in three-, four- and five-bedroom configurations. Shared amenities include a two-story clubhouse, swimming pool, courtyard grill stations and a fire pit, 24-hour fitness center, computer lab, TV lounge, Zen room, gaming lounge, group study rooms, a coffee station, free tanning, an indoor golf putting green, Amazon hub and ground-floor retail space.

May 11, 2023

Industrial Leasing Activity Texas

Intac Supply Signs 18,000 SF Industrial Lease in Northwest Houston

by Taylor Williams May 11, 2023

HOUSTON — Intac Supply, a provider of HVAC equipment, has signed an 18,000-square-foot industrial lease at 6600 Long Point Road in northwest Houston. Toronto-based Agellan Commercial REIT owns the 139,116-square-foot building, which was originally built in 1979. Matt Rogers of Oxford Properties represented Intac Supply in the lease negotiations. Carter Holmes of Holt Lunsford represented the landlord.

May 11, 2023

Development Florida Hospitality Southeast

Marcus & Millichap Capital Corp. Secures $19.2M Construction Financing for South Florida Hotel

by John Nelson May 11, 2023

DORAL, FLA. — Marcus & Millichap Capital Corp. (MMCC) has secured $19.2 million in financing for the development of EVEN Hotel Doral, a 125-room hotel that will be located at 10770 N.W. 25th St. in Doral, a suburb of Miami. Robert Bhat of MMCC’s Miami office secured the financing on behalf of the borrower, a foreign entity that is partnering with locally based ASI Global to raise capital through the EB5 program and to oversee the development. The financing included a $12.1 million conventional bank loan and a $7.1 million PACE loan, both of which were underwritten at a 65 percent loan-to-cost ratio. The construction timeline and property details for EVEN Hotel Doral were not disclosed.

May 11, 2023

Industrial Loans New York Northeast

Partnership Receives $334M in Financing for Bronx Industrial Facility

by Taylor Williams May 11, 2023

NEW YORK CITY — A partnership between locally based developer Innovo Property Group and Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has received $334 million in financing for an industrial facility in The Bronx. The financing consists of $250 million in debt from the existing construction lender, Bank OZK, and an $84 million mezzanine loan from PIMCO. The two-story, 1 million-square-foot property at 2505 Bruckner Ave. was delivered in 2022 and features clear heights of 28 to 32 feet, 106 loading doors and 664 interior parking spaces. At the time of the loan closings, the facility was 53 percent leased to an undisclosed, global e-commerce firm.

May 11, 2023

Acquisitions Mississippi Self-Storage Southeast

Franklin Street Arranges Sale of 404-Unit Self-Storage Facility in Hattiesburg, Mississippi

by John Nelson May 11, 2023

HATTIESBURG, MISS. — Franklin Street has arranged the sale of Hattiesburg Climate Controlled Storage, a 404-unit self-storage facility located at 7329 US Highway 98 in Hattiesburg. Mississippi-based Anderson Construction purchased the facility from Atlanta-based Highline Storage Partners for an undisclosed price. Frank DeSalvo and David Perlleshi of Franklin Street’s National Self-Storage Team represented both parties in the transaction. The newly built, climate-controlled facility spans 50,225 rentable square feet and features keyless entry and video surveillance.

May 11, 2023

Development Life Sciences Massachusetts Northeast

RISE to Develop $200M Life Sciences Project in Medford, Massachusetts

by Taylor Williams May 11, 2023

MEDFORD, MASS. — Boston-based developer RISE, in partnership with local owner the Matarazzo Family, will develop a $200 million life sciences project in Medford, a northern suburb of Boston. The eight-story building at 4054 Mystic Valley Parkway will house 311,535 square feet of lab, research and development and office space, as well as ground-floor retail space. In addition, the facility will have a below-ground parking garage, dedicated indoor bike storage and a landscaped public plaza. Dave Douvadjian Sr. and Harrison Zucco of Newmark arranged an undisclosed amount of acquisition financing for the project. CUBE3 is the project architect, and Jacobs is the civil engineer. A construction timeline was not released.

May 11, 2023

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