WINSTON-SALEM, N.C. — Chicago-based Brennan Investment Group has broken ground on a Class A industrial building on the former RJ Reynolds Headquarters campus in Winston-Salem known as Whitaker Park. Landmark Construction is the general contractor on the project. The construction timeline was not disclosed. The tilt-wall, speculative building will span 110,000 square feet and is designed to be divisible from one to four tenants. Bob Lewis, Chris Lowe and Jamie Newell of NAI Piedmont Triad are handling leasing on behalf of Brennan Investment Group. The Whitaker Park sits in a strategic last-mile, infill location near downtown Winston-Salem, Wake Forest University and five nearby interstates.
ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of NORA, a 246-unit multifamily property in downtown Orlando. Shelton Granade, Luke Wickham and Justin Basquill of IPA represented the seller, GDC Properties, and procured the buyer, G.W. Williams Co. The sales price was not disclosed. Built in 2014, NORA has controlled access throughout, an integrated parking garage with over 400 spaces and 9,263 square feet of ground-floor retail space. Community amenities include a resort-style pool, electric car charging stations and a clubhouse. Unit features include nine-foot ceilings, floor-to-ceiling windows and full-size, stackable washers and dryers. Select units have moveable islands with drawers and wine racks, private patios or balconies and views of the downtown skyline. Located at 899 N. Orange Ave., the six-story property is situated 17.5 miles from the Walt Disney World Resort.
FORT WORTH, TEXAS — New York-based investment firm Clarion Partners has purchased Intermodal Commerce Park, a 1.4 million-square-foot industrial development located within the 26,000-acre AllianceTexas master-planned community in Fort Worth. Built in 2021, the property consists of three buildings with 36- to 40-foot clear heights, 266 dock-high doors, 10 ramp doors, 325 trailer parking stalls and 641 car parking spaces. Tenants include H-E-B, Volkswagen, Prairie Industries and ANEW Business Solutions. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller and Jack Copher of JLL represented the seller, a partnership between Gruene Real Estate Partners, Weber & Co. and Crow Holdings Development, in the transaction. JLL has also been retained by Clarion to lease the property.
FAYETTEVILLE, N.C. — A joint venture between Manhattan Beach, Calif.-based Magma Equities and Chapel Hill, N.C.-based Prudent Growth Partners has acquired Keystone Apartments, a 202-unit multifamily community in Fayetteville, for $23.7 million. The seller was not disclosed. Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone offers one- and two-bedroom floorplans. Located at 425 Woodstream Trail, the property features 28 two-story residential buildings on a 19.1-acre site. Community amenities include a pool, fitness center, onsite property management and 24-hour maintenance. The joint venture plans to spend $1.5 million renovating units and improving the common areas, such as the leasing office, fitness center, pool area and other outdoor amenities.
CARROLLTON, TEXAS — Avenida Partners and Artemis Real Estate Partners will develop Avenida Carrollton, an active adult community that will be located on the northern outskirts of Dallas. The 10-acre community will feature 155 market-rate apartments with one- and two-bedroom floor plans, as well as 48 duplex and triplex cottages. The apartments will range in size 686 to 1,285 square feet. The cottages will range in size from 1,360 to 1,490 square feet and will be equipped with attached garages and front and backyards. Residents will have access to more than 35,000 square feet of interior and exterior amenities. Project partners include Meeks + Partners and KWA Construction. A tentative completion date was not disclosed.
CHICAGO — Sterling Bay and Harrison Street have topped out construction of 1229 W. Concord Place, a 320,000-square-foot life sciences building located along the North Branch of the Chicago River. Designed by Gensler and situated in Lincoln Yards, the Class A development will feature several amenities and outdoor gathering spaces. The developers are pursuing LEED Silver certification and the WELL Health-Safety Rating. Completion is slated for the fourth quarter of this year. Power Construction is the general contractor.
MILWAUKEE AND MEQUON, WIS. — Berkadia has brokered the $34.1 million sale of the Dermond Milwaukee Portfolio, a collection of three multifamily properties totaling 138 units in Milwaukee and Mequon. The properties include: the 33-unit Artesa Apartments in Mequon; the 36-unit Avante Apartments in Milwaukee; and the 69-unit Vue Apartments in Milwaukee. Ralph DePasquale, Pete Evans, Jack Maloney and Richard Evans of Berkadia represented the seller, Wisconsin-based Dermond Property Investments. A Nevada-based private family office was the buyer.
WAUSAU, WIS. — Radisson Hotel Group Americas has opened Jefferson Street Inn, a member of Radisson Individuals. Located in the Wausau River District, the seven-story hotel is home to 99 rooms and apartment-style suites. Guests have access to whirlpool tubs, room service, same-day dry cleaning service and complimentary breakfast, which is served by a local bakery. The hotel features Asian, Mexican and American restaurants along with live entertainment. Additional amenities include an 8,000-square-foot ballroom, indoor pool, business center, fitness center and adjacent day spa. Jefferson Street Inn is connected to the Third Street Lifestyle Center, a shopping and dining destination. Radisson Individuals offers independent hotels and local chains the opportunity to be part of Radisson Hotel Group Americas.
MINNEAPOLIS — ACRES Capital Corp. has provided a $19.2 million loan for the construction of Sawyer & Huck in Minneapolis. The apartment development will house 83 luxury units and 47 onsite covered parking spaces. Amenities will include a fitness center, roof deck and bike storage. The project will be situated in the historic St. Anthony West area, which lies on the east bank of the Mississippi River. Drew Miller of ACRES originated the loan on behalf of the borrower, Denver-based Charles Street Development Co.
SIOUX FALLS, S.D. — Kingsbarn Realty Capital has acquired a 192,000-square-foot retail property occupied by Fleet Farm in Sioux Falls for an undisclosed price. Constructed in 2019, the property features a gas station, car wash, auto service center and garden center in addition to the main retail store. Fleet Farm has more than 17 years remaining on its lease. Las Vegas-based Kingsbarn intends to offer interests in the property in a Delaware Statutory Trust structure. Fleet Farm, which sells farm, pet, home improvement and automotive products, operates 47 locations across the Upper Midwest.