Property Type

JLL Brokers Sale of 411,852 SF Distribution Facility in Port St. Lucie, Florida

by John Nelson January 27, 2023

PORT ST. LUCIE, FLA. — JLL Capital Markets has brokered the sale of a newly developed manufacturing and distribution facility located at 11675 S.W. Tom Mackie Blvd. in the South Florida city of Port St. Lucie. Bridge Net Lease, a subsidiary of Bridge Investment Group, acquired the 411,852-square-foot property, which is situated within Tradition Center for Commerce, a 1,247-acre master-planned development with office, retail, industrial, multifamily, recreational and entertainment space. Jason DeWitt, Luis Castillo, Brian Shanfeld, Cody Brais and Josh Katlin of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed.

January 27, 2023

Acquisitions Multifamily Texas

37th Parallel Properties Acquires 291-Unit Apartment Community in Metro Houston

by Taylor Williams January 27, 2023

KATY, TEXAS — Virginia-based investment firm 37th Parallel Properties has acquired Grand Reserve, a 291-unit apartment community located in the western Houston suburb of Katy. The property offers one-, two- and three-bedroom units with an average size of 933 square feet. Amenities include a pool, fitness center, business center, clubhouse, coffee bar, package lockers and a dog park. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

January 27, 2023

Acquisitions Multifamily Texas

NexPoint Residential Sells 290-Unit Hollister Place Apartments in Northwest Houston

by Taylor Williams January 27, 2023

HOUSTON — Dallas-based REIT NexPoint Residential Trust Inc. (NYSE: NXRT) has sold Hollister Place, a 260-unit apartment community in northwest Houston that was built in 1997. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, lounge and onsite laundry facilities. NexPoint acquired Hollister Place, which was 93 percent occupied at the time of sale, in 2017 and implemented a value-add program. The buyer was not disclosed.

January 27, 2023

Development Industrial Texas

ALTO Real Estate to Develop 271,339 SF Industrial Project in Metro Dallas

by Taylor Williams January 27, 2023

WILMER, TEXAS — ALTO Real Estate Investments, a developer with three offices in the United States and one in Israel, will build a 271,339-square-foot industrial project in the southern Dallas suburb of Wilmer. The development, named ALTO Intermodal 45, will be located less than a mile from I-45 and the Union Pacific Intermodal railway and will feature 40-foot clear heights. Construction is scheduled to begin during the first quarter and to be complete by the end of the year. Colliers will market the development for lease.

January 27, 2023

Illinois Industrial Midwest

Provender Partners, StepStone Real Estate Recapitalize 1 MSF Cold Storage Portfolio

by Kristin Harlow January 27, 2023

BERKELEY AND BOLINGBROOK, ILL. — Provender Partners and StepStone Real Estate (SRE), the real estate arm of private markets investment firm StepStone Group, have completed a $158 million recapitalization of a 1 million-square-foot cold storage portfolio. Provender acquired the properties over the last three years in a joint venture with an investment management firm that recently sold its interests to SRE. Two of the properties are located in the Illinois cities of Berkeley and Bolingbrook. Additional buildings are in California, Nevada and Alabama. Tenants include local and regional wholesale food logistics companies, food service providers and frozen food packagers with a remaining average lease term of approximately six years. Michael Leggett, Sher Hafeez and Josh Lieberman of JLL advised Provender on the formation of the joint venture. Brian Torp and Peter Thompson of JLL sourced the debt financing.

January 27, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 240-Unit Multifamily Property in Corpus Christi

by Taylor Williams January 27, 2023

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Avertine Apartments, a 240-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.

January 27, 2023

Illinois Loans Midwest Retail

JLL Arranges $40M Loan for Refinancing of Target-Anchored Shopping Center in Chicago

by Kristin Harlow January 27, 2023

CHICAGO — JLL Capital Markets has arranged a $40 million loan for the refinancing of Edens Collection in Chicago. The Target-anchored shopping center totals 142,740 square feet. Built in 2020, the property is 94 percent leased to tenants such as Ross Dress for Less, Starbucks, LA Fitness, Five Below, Chipotle, Smashburger, May Nail Spa and Eyecare Services Partners. Keith Largay and Christopher Knight of JLL arranged the five-year, floating-rate loan on behalf of the borrower, The Jaffe Cos. Pacific Life Insurance Co. provided the loan.

January 27, 2023

Acquisitions Hospitality Midwest Ohio

Spark GHC Acquires Hampton Inn Hotel in Downtown Cleveland

by Kristin Harlow January 27, 2023

CLEVELAND — Spark GHC, a private real estate joint venture focused on hospitality assets in the Midwest, has acquired the Hampton Inn by Hilton-Downtown Cleveland for an undisclosed price. The transaction marks the 11th acquisition for Spark GHC since 2018 and increases its assets under management to above $100 million. Spark GHC plans to significantly upgrade the 25-year-old hotel with a multi-million-dollar capital improvement plan. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.

January 27, 2023

Illinois Leasing Activity Midwest Office

Globetrotters Engineering Renews 23,376 SF Office Lease in Downtown Chicago

by Kristin Harlow January 27, 2023

CHICAGO — Globetrotters Engineering Corp. has renewed its 23,376-square-foot office lease at 300 South Wacker in Chicago’s central business district. The engineering firm is relocating to the building’s third and fourth floors after having previously occupied the second and fourth floors. The tenant, which has occupied space at the building since the 1980s, is also redesigning its workspace. Josh Feldman of Cushman & Wakefield represented the tenant in the 11-year lease. Sandy Macaluso of Golub represented the landlord on an internal basis. Globetrotters maintains more than 175 employees at 300 South Wacker.

January 27, 2023

Development Healthcare Texas

Wolf Capital Partners Begins Renovation of 120,000 SF Medical Office Building in Houston

by Taylor Williams January 27, 2023

HOUSTON — Locally based investment firm Wolf Capital Partners has begun the renovation of Heights Medical Tower, a 120,000-square-foot medical office building located across the street from The Heights Hospital in Houston. Capital improvements include demolition of vacant structures, construction of a new spec suite and upgrades to the building’s HVAC systems. In addition, Wolf Capital, which has tapped Transwestern to lease the building, will reimagine the lobby and enhance the streetscape. Lastly, the firm will revamp various common areas, as well as restrooms and elevator cabs. Completion is slated for the fourth quarter.

January 27, 2023

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