MIAMISBURG, OHIO — Northmarq has arranged a $6.3 million loan for the refinancing of Miamisburg Estates in suburban Dayton. The apartment complex consists of 142 units across 13 buildings. Amenities include a media center, laundry facilities and trash pickup. Noah Juran of Northmarq arranged the seven-year loan, which features a 30-year amortization schedule. An agency lender provided the loan. The undisclosed borrower purchased the property in two phases in 2019 and 2021.
INDIANAPOLIS — BridgeCore Capital has provided a $2.5 million bridge loan for the acquisition of a vacant grocery store property in Indianapolis. The loan features a fixed interest rate of 8.5 percent and a 70 percent loan-to-purchase price. BridgeCore says that the loan’s 12-month term provides the borrower with breathing room to pursue a number of potential exit strategies. The options include refinancing the asset upon stabilization with new tenancy or selling the property. The borrower was undisclosed.
BOCA RATON, FLA. AND EL SEGUNDO, CALIF. — A consortium of investors led by South Florida-based Workspace Property Trust has purchased a majority interest in a national portfolio of suburban buildings for approximately $1.1 billion. The seller was Griffin Realty Trust, a nontraded REIT based in El Segundo, Calif., that will retain a minority stake in the portfolio. The percentage of the stake was not disclosed. The portfolio comprises 41 individual properties across eight states that house 53 buildings, the majority of which are single-tenant, net-leased properties. The assets span roughly 8 million square feet of leasable space. In discussing the decision to invest in suburban office properties, Roger Thomas, co-founder and COO of Workspace Property Trust, cited the demographic migratory patterns that emerged in recent years that favor suburban markets. “We know that in the last five years, millions of Americans have moved from the cities to the suburbs, and nearly one-third of all Americans today are considering moving away from cities,” says Thomas. “This important demographic shift is led by millennials, the largest workforce cohort in history, who appreciate the benefits of the suburbs and suburban offices.” Thomas identified several attributes — shorter commutes, lower crime, less need …
WAXAHACHIE, TEXAS — A joint venture between two locally based firms, 2GR Equity and Connell Realty Services Inc., is underway on construction of a 562-unit self-storage facility in the southern Dallas suburb of Waxahachie. Dallas-based Lone Star Self Storage will operate the facility, which will be located at the corner of State Highway 77 and Cardinal Road. Simmons Bank provided construction financing for the project, which is expected to be complete by the end of the year.
FORT WORTH, TEXAS — A partnership between two private equity firms, Los Angeles-based Cottonwood Group and Dallas-based Texsun Holdings, has purchased a two-property multifamily portfolio totaling 480 units in Fort Worth. The properties, Woodstone and Bridge Hollow, both offer one- and two-bedroom units. The new ownership plans to implement a $5 million capital improvement plan across both assets. The seller and sales price were not disclosed.
HOUSTON — New York City-based investment firm Olive Tree Holdings will undertake a $25 million renovation of The Life at Grand Oaks, a 556-unit affordable housing community in Houston. Built in 1982, the property offers one- and two-bedroom units that are reserved for households earning 60 percent or less of the area median income. Units will be outfitted with new flooring, countertops and fixtures, and the property’s HVAC systems will be upgraded. Olive Tree also plans to refresh the amenity spaces, which include a pool, playground, clubhouse and a computer room. Completion is slated for mid-2023.
COPPELL, TEXAS — Lee & Associates has negotiated a 33,000-square-foot industrial lease at 921 W. Bethel Road in the northern-central metroplex city of Coppell. According to LoopNet Inc., the 140,000-square-foot building was constructed on 17.3 acres in 2009 and features 32-foot clear heights and 15 exterior dock doors. Ken Wesson and Mark Graybill of Lee & Associates represented the landlord, Nuveen Real Estate, in the lease negotiations. The name and representative of the tenant were not disclosed.
AUSTIN, TEXAS — DWG Capital Partners has acquired a 10,500-square-foot industrial property located at 9606 Old Manor Road in Austin. At the time of sale, the single-tenant facility was fully occupied by custom steel fabricator Austin Iron on a net-lease basis. Drew Boroughs and Andrew Gross of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. First Bank Texas provided fixed-rate acquisition financing for the deal.
WATERTOWN, MASS. — A partnership between two locally based firms, Davis Cos. and Boston Development Group, has topped out a 224,000-square-foot life sciences building located at 66 Galen St. in the western Boston suburb of Watertown. Designed by Elkus Manfredi Architects, the project marks Phase I of a 450,000-square-foot campus that will comprise two buildings and multiple acres of open green space. The first building will house six tenant spaces, a fitness center, rooftop terrace, underground parking and ground-floor retail space. Completion is slated for 2023.
BEDFORD, MASS. — A joint venture between Redgate, Optimum Asset Management and AEW Capital Management has acquired a 166,000-square-foot office building in the northwestern Boston suburb of Bedford with plans to implement a life sciences conversion program. Tom Sullivan and Ross Fishman of Cushman & Wakefield arranged $82.2 million in acquisition and conversion financing through Ares on behalf of the joint venture. A construction timeline was not disclosed.
