NEBRASKA, IOWA AND INDIANA — An affiliate of Phoenix Investors has acquired a four-property industrial property located in Nebraska, Iowa and Indiana for an undisclosed price. The facilities were formerly home to Eaton Corp., an intelligent power management company. A property at 300 E. 39th St. in Hastings, Neb., totals 107,940 square feet with two cranes, a clear height of 28 feet, parking for up to 150 vehicles and outdoor storage. Renovated in 2019, a property at 700 Luick’s Lane in Belmond, Iowa, spans 270,500 square feet with a clear height of 40 feet. The other two facilities are located in Auburn, Ind. One totals 345,000 square feet while the other spans 15,000 square feet. Adam Wolinetz of CBRE brokered the sale. Eaton was the seller.
HOUSTON — Chicago-based Brennan Investment Group has acquired 12 acres at the intersection of Kirby Drive and North Spectrum Boulevard in South Houston for the development of a 216,004-square-foot industrial facility. The rear-load building will feature 36-foot clear heights, 175-foot truck court depths and an ESFR sprinkler system. Construction is scheduled to begin in early January and to be complete by the fourth quarter of 2023.
ORLAND PARK AND ELGIN, ILL. — Marcus & Millichap has arranged the sales of two retail centers in suburban Chicago for a combined $27.1 million. Anchored by Chipotle and Panera, the retail center at 15011-15081 S. La Grange Road in Orland Park sold for $17.6 million. The property consists of three single-tenant buildings and one multi-tenant building for a total of 20,732 square feet. Newly constructed on the site of a former Toys ‘R’ Us store, the buildings are fully occupied by national tenants such as BJ’s Brewhouse, Raising Cane’s and Smashburger. The 24,000-square-foot Galleria of Elgin sold for $9.5 million. The two-building property houses tenants such as Dairy Queen, Edward Jones Investments, Country Donuts, Maciano’s Pizza and Pastaria and Sammy’s Mexican Grill and Bar. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented both of the sellers. Buyer and seller information was not provided.
KANSAS CITY, MO. — Block & Co. Inc. Realtors has purchased the Shoppes at Shoal Creek in Kansas City for an undisclosed price. Pine Tree Development sold the approximately 100,000-square-foot shopping center, which is fully leased to tenants such as Best Buy, Lukas Liquors, La-Z-Boy, Chipotle and America’s Best. Block & Co. originally developed the property in 2014 before selling it to Pine Tree. David Block of Block & Co. negotiated the transaction on behalf of the buyer and CBRE represented the seller.
TRAVERSE CITY, MICH. — Matthews Real Estate Investment Services has brokered the sale of a PepsiCo distribution center in Traverse City for $5.6 million. The build-to-suit property is located at 4248 Cherry Pepsi Way. Brett Davis and Alexander Harrold of Matthews represented the seller, a private investor. The California-based buyer completed a 1031 exchange. The facility spans 32,100 square feet and was built in 2018, according to LoopNet.
DALLAS — Locally based investment firm Westmount Realty Capital has purchased Premier at Prestonwood, a 208-unit multifamily property in North Dallas. Built in 1995, the property offers one- and two-bedroom units with an average size of 1,027 square feet, as well as a pool, fitness center and a clubhouse. Westmount plans to upgrade the building exteriors and the interiors of select units while also enhancing the amenity package with the addition of a dog park and package lockers. The seller was not disclosed.
DALLAS — Law firm McGuireWoods has signed a 33,345-square-foot office lease at The Link at Uptown in Dallas. The firm will occupy the entire 22nd floor and part of the 21st floor of the 25-story building, which is now 96 percent leased. Blake Shipley of JLL, in conjunction with Sarah Kennington and Bryce Jackson of Thirty-Four Commercial, represented the landlord, Kaizen Development Partners, in the lease negotiations. Stephen Hemphill, Cory Darden and Steve Macnoll of Mohr Partners represented McGuireWoods.
KISSIMMEE, FLA. — LV Lending has arranged an undisclosed amount of construction financing for Phase I of the expansion of Reunion Resort, a 2,226-acre resort community located in the Orlando suburb of Kissimmee. The borrower is Orlando Reunion Development LLC, a related company wholly owned by the same principle of Kingwood Orlando Reunion Resort LLC. The 31.6-acre expansion spans two contiguous parcels surrounding the property’s 10-acre Crystal Lagoon. The expansion will feature 1,800 vacation rental homes and townhomes and a hotel, as well as an amphitheater for events. The $1 billion expansion will take place over five phases and several years. Groundbreaking is slated to begin in 2024. Existing uses at Reunion Resort include thousands of luxury homes, villas and condominiums; three championship golf courses; seven food-and-beverage outlets; waterparks; 11 pools; a rooftop pool and private club faculty; and conference areas.
RICHMOND, VA. — Locally based real estate investment firm Lingerfelt has sold a portfolio of 11 office buildings in and around the Innsbrook master-planned park in Virginia’s Henrico County. Charlottesville, Va.-based Seminole Trail purchased the portfolio for approximately $119 million. The 723,103-square-foot portfolio was approximately 82 percent leased at the time of sale. The buyer plans to move forward with adding over 1,300 apartments to five of the 11 properties in the portfolio, which Henrico County rezoned for mixed-use in 2021. Lingerfelt and its investors will continue to own eight properties within Innsbrook totaling 240,000 square feet of office and flex warehouse buildings. The company also has an active development pipeline for new industrial assets and multifamily communities in Henrico County and beyond.
SILVER SPRING, MD. — A joint venture between CP Capital and The NRP Group plans to develop White Oak, a 390-unit, wrap-style apartment community in Silver Spring, a suburb of Washington, D.C. The developers expect to break ground in the first quarter of 2023. First units are expected to deliver in the third quarter of 2024, with construction expected to be completed in the second quarter of the following year. The site will give future renters direct access to Montgomery County’s new FLASH Bus Rapid Transit System, MD Route 29, I-95 and the MD-200 Intercounty Connector. The five-story community will feature some townhome-style units, as well as an enclosed courtyard, sundeck and pool, outdoor cooking and dining areas, work-from-home amenities, dog park, pet spa and a fitness center. White Oak marks the second time CP Capital, formerly known as HQ Capital Real Estate, has partnered with The NRP Group, having previously developed the Rockwell in Massachusetts.