Property Type

IPA Brokers Sale of 223-Unit North Union Multifamily Property in Midvale, Utah

by Amy Works August 24, 2022

MIDVALE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of North Union, a multifamily community in Midvale. Rockworth Cos. sold the asset to Keller Investments for an undisclosed price. Built in 2022, North Union features 223 apartments, common areas with full kitchens, dining rooms, workstations and a game room. Outdoor amenities include an outdoor rooftop deck with firepits, barbecue grilling stations and outdoor lounging seating; a fitness center with a yoga studio; a pool and hot tub area; and a bocce ball court. Additionally, the community features a pet spa and dog wash; secure parking and storage; a ski and bike repair center; and 7,455 square feet of main-floor retail space. Danny Shin and Brock Zylstra represented the seller in the transaction. Anita Paryani-Rice of IPA Capital Markets arranged the financing for the buyer. A debt fund provided the capital, which features a 73 percent loan-to-cost ratio. The nonrecourse loan has a term of three years with extensions that offer the borrower flexibility on exit.

August 24, 2022

Acquisitions Arizona Office Western

VIVO Development Partners Buys Camelwest Plaza Office Property in Phoenix for $14M

by Amy Works August 24, 2022

PHOENIX — VIVO Development Partners has purchased Camelwest Plaza, a two-building office asset in Phoenix. Hawaii-based BW Camelwest LLC sold the property for $14 million. Located at 1951 and 2011 W. Camelback Road, the four-story, multi-tenant office buildings offer a total of 175,308 square feet of office space. At the time of sale, the property was 71 percent leased to a mix of tenants across various industries, including financial, technology, insurance, marketing, medical, legal services and government. Geoffrey Turbow, Gary Cornish, Barry Gabel and Chris Marchildon of CBRE represented the seller in the deal.

August 24, 2022

Development Industrial Texas

Gap Opens 850,000 SF Distribution Center in Longview, Texas

by Taylor Williams August 24, 2022

LONGVIEW, TEXAS — Gap Inc. (NYSE: GPS) has opened an 850,000-square-foot distribution center in Longview, about 120 miles east of Dallas. The facility is the San Francisco-based apparel retailer’s seventh in North America and first in Texas. With the opening of this center, Gap expects to hire roughly 500 full-time employees by the end of 2023 and 1,000 part-time and seasonal workers by 2026. Construction began in early 2021, at which time the company valued the total capital investment at $140 million.

August 24, 2022

Development Multifamily Texas

Presidium Completes 370-Unit Multifamily Project in San Antonio

by Taylor Williams August 24, 2022

SAN ANTONIO — Texas-based developer Presidium has completed Presidium Chase Hill, a 370-unit multifamily project located near La Cantera Resort on the north side of San Antonio. Designed by REES Associates, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, walk-in closets and smart technology features. Amenities include a pool with a lounge and outdoor kitchen, a two-story fitness center with a yoga studio, clubhouse with a leasing office, multiple Wi-Fi lounges, dog park with a grooming station, media room and a rooftop terrace. Rents start at approximately $1,400 per month for a one-bedroom unit.

August 24, 2022

Development Multifamily Texas

RangeWater Underway on 350-Unit Multifamily Development in Metro Austin

by Taylor Williams August 24, 2022

MANOR, TEXAS — Atlanta-based developer RangeWater Real Estate is underway on construction of The Darby, a multifamily development in the northeastern Austin suburb of Manor that will consist of 326 apartments and 24 townhomes. Apartments will feature one-, two- and three-bedroom floor plans ranging in size from 757 to 1,400 square feet, and townhomes will come in three-bedroom formats with garages and private yards. The communal amenity package comprises a pool, fitness center, dog park and outdoor grilling and dining areas. Construction is scheduled to be complete in fall 2023.

August 24, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 344-Unit Pecan Springs Apartments in Northwest San Antonio

by Taylor Williams August 24, 2022

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Pecan Springs, a 344-unit apartment community in northwest San Antonio. Built on 16 acres in 2013, Pecan Springs features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, resident lounge, dog park, outdoor grilling stations and package lockers. Will Balthrope and Drew Garza of IPA represented the seller, Tampa-based American Landmark, and procured the buyer, Alabama-based StoneRiver Co., in the transaction. At the time of sale, Pecan Springs had an average occupancy rate of 96 percent on a trailing 12-month basis.

August 24, 2022

Industrial Leasing Activity Texas

ICC Cable Corp. Signs 59,376 SF Industrial Lease in Northwest Houston

by Taylor Williams August 24, 2022

HOUSTON — ICC Cable Corp., a provider of wiring and cable services for the energy and construction industries, has signed a 59,376-square-foot industrial lease at 10300 FM 1960 Road in northwest Houston. Cotton Munson of Davis Commercial Real Estate represented the tenant, which is relocating from a smaller space on North Sam Houston Parkway, in the lease negotiations. Michael Foreman of Cushman & Wakefield represented the undisclosed landlord.

August 24, 2022

Delaware Development Industrial Northeast

DuPont Electronics to Undertake $50M Industrial Expansion Project in Glasgow, Delaware

by Taylor Williams August 24, 2022

GLASGOW, DEL. — DuPont Semiconductor Technologies, a division of DuPont Electronics & Industrial, will undertake a $50 million industrial expansion project in the northern Delaware city of Glasgow. The 385,000-square-foot facility will be used for the fabrication, packaging and assembly of materials used in semiconductors that support numerous electronics-based industries. About 70 employees from DuPont’s existing facility in nearby Newark will staff the new plant along with 10 or so new hires. The company expects its new facility to be operational by the first quarter of 2024.

August 24, 2022

Acquisitions Industrial New Hampshire Northeast

Cushman & Wakefield Brokers $69M Sale of New Hampshire Industrial Portfolio

by Taylor Williams August 24, 2022

HUDSON, NASHUA AND MANCHESTER, N.H. — Cushman & Wakefield has brokered the $69 million sale of a portfolio of four southern New Hampshire industrial buildings totaling 593,000 square feet. The properties are specifically located in Hudson, Nashua and Manchester and were 94 percent leased to 18 tenants at the time of sale. Dave Pergola, Brian Doherty, Pete Rogers, Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield represented the seller, Albany Road Real Estate Partners, in the transaction. Tom Sullivan, also with Cushman & Wakefield, arranged acquisition financing on behalf of the buyer, Dallas-based Lincoln Property Co.

August 24, 2022

Loans New Jersey Northeast Office

JLL Arranges $31M Loan for Refinancing of Northern New Jersey Office Building

by Taylor Williams August 24, 2022

UNION, N.J. — JLL has arranged a $31 million loan for the refinancing of Liberty Hall Center I, a 210,000-square-foot office building located in the Northern New Jersey community of Union. The five-story building was originally designed in 1988 to house the headquarters of regional energy provider Elizabethtown Gas and features amenities such as a cafeteria, conference center and outdoor lounge areas. Jon Mikula, Max Custer and Michael Lachs of JLL arranged the loan through Knighthead Funding. The borrower, an entity doing business as Liberty Hall Joint Venture LLC, will use a portion of the proceeds to fund capital improvements.

August 24, 2022

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