CARSON CITY, NEV. — SVN | Gold Dust Commercial Associates has arranged the sale of 550 Mallory Way, a Class C industrial property in Carson City. Terms of the transaction were not released. The 119,500-square-foot building features 12- to 20-foot clear heights, dock-high doors and at-grade doors. The property also offers proximity to Highway 50, Highway 395 and I-580. Jack Brower and Wes Brogan of SVN | Gold Dust represented the undisclosed seller in the deal.
DUNWOODY, GA. — Dallas-based corporate development and investment firm KDC has acquired two office buildings totaling more than 1.6 million square feet in Park Center, a 17-acre master-planned, transit-oriented project in the northern Atlanta suburb of Dunwoody. Park Center Buildings 2 and 3 were acquired in a sale-leaseback deal with insurance giant State Farm, along with approximately 40,000 square feet of retail space, a parking structure with more than 4,000 parking spaces and a 2.6-acre parcel for future development. The price was not disclosed. Park Center Building 2 was completed in 2020 and comprises 621,000 square feet, including 39,000 square feet of retail space. Park Center Building 3 is a 440,000-square-foot office tower completed in 2021. KDC described the properties as “a state-of-the-arm, Class A office project.” KDC was the original developer of Park Center. The company purchased the property with its internal capitalization established with an investment by Cadillac Fairview in 2021, along with ongoing ownership and funding from KDC and Compatriot Capital. Northmarq’s Dallas debt and equity team, including Phillip Askew, Ronald Reese and Charlie Robinson, arranged financing for KDC’s acquisition through its life insurance company relationships. KDC has begun planning for future phases of Park Center. According …
By Brandon Wright, Associate, Blue West Capital Retail properties in Colorado have experienced significant cap rate compression over the past five years and are selling for premiums compared to most markets across the country. Since 2019, the average cap rate for a single-tenant retail property in Colorado has compressed by 79 basis points, while cap rates for multi-tenant retail properties have compressed by 74 basis points. Cap rates this year for single- and multi-tenant retail properties in Colorado averaged 5.42 percent and 6.10 percent, respectively, through September 2022. Nationally, the average cap rate for these two property types were 5.62 percent and 6.53 percent. Cap rates in Colorado have remained compressed despite various headwinds facing the market. There’s a notable supply and demand imbalance of high-quality properties. The limited inventory of available properties and strong national demand for Colorado properties has helped keep cap rates near record lows. Public and private REITS, family offices, high-net-worth individuals and 1031 exchange investors remain optimistic on Colorado for its long-term upside and growth, and are looking to deploy capital here. Colorado has a vibrant and diverse economy, in addition to strong demographics that include a young and educated workforce. It is the fifth most educated state, …
HOUSTON — Southern California-based investment firm Magma Equities has purchased Village at Bellaire, a 580-unit apartment community in West Houston. Built in 1990, Village at Bellaire consists of 25 three-story buildings that house one- and two-bedroom units on a 14.4-acre site. Residences are furnished with stainless steel appliances, brushed nickel hardware, granite countertops and full-size washers and dryers. Select apartments also offer private balconies/patios. The amenity package consists of two pools, a fitness center, outdoor grilling and dining stations, clubhouse, game room, business center and package concierge services. Magma Equities, which acquired the asset in a joint venture with Walker & Dunlop Investment Partners and Pacific Life as part of a $189 million off-market portfolio deal, plans to upgrade the unit interiors and building exteriors. Moody National Cos. sold the property for an unspecified price.
DENTON, TEXAS — JLL has negotiated the sale of a 374,560-square-foot cold storage facility in the North Texas city of Denton. Delivered on a speculative basis in 2022, Cold Creek Solutions Denton features 45-foot clear heights, 60,000 pallet positions, 53 dock positions, 147 car parking spaces and 85 trailer parking stalls. The breakdown of the square footage translates to 306,240 square feet of freezer/cold storage space, a 59,320-square-foot refrigerated dock and 9,000 square feet of office space. An undisclosed institutional investment firm purchased the asset from developer Cold Creek Solutions for an undisclosed price. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller and Cole Sutter of JLL brokered the deal. The property was 50 percent leased to Southwest Warehouse Services at the time of sale.
FORT WORTH, TEXAS — Locally based general contractor KWA Construction has broken ground on Settler Apartments, a 362-unit multifamily project in Fort Worth. Designed by Hensley Lamkin Rachel and developed by Toll Brothers, Settler Apartments will be a four-story structure that will wrap around a five-story precast parking garage. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, dog run and a conference center. Completion is slated for summer 2024.
FRISCO, TEXAS — North Carolina-based investment firm Bell Partners has acquired Residences at Starwood, a 234-unit multifamily property located north of Dallas in Frisco that was completed in 1998. According to Apartments.com, the property offers one-, two- and three-bedroom units ranging in size from 662 to 1,465 square feet. Amenities include a pool, fitness center, clubhouse and outdoor grilling and dining areas. Bell Partners acquired the asset as part of a portfolio of four multifamily properties totaling 846 units that collectively fetched a price of $313 million. The seller was not disclosed.
DALLAS — Law firm Winstead PC has signed a 20,678-square-foot office lease expansion within the Harwood District, a development that spans 19 city blocks in Uptown Dallas. The firm’s occupancy of the third floor of Harwood No. 2 brings its total footprint within the building to 149,841 square feet. Hannah Mesh and Kelly Whaley internally represented the landlord, Harwood International, in the lease negotiations. Winstead, which has been a tenant at the Harwood District since 2012, was also self-represented.
CHICAGO — Waterton has acquired Alta Roosevelt Apartments in Chicago’s South Loop. Atlanta-based Wood Partners sold the property for $170 million, according to Crain’s Chicago Business. Located at 801 S. Financial Place and built in 2017, Alta Roosevelt features 496 units. Amenities include 50,000 square feet of common area space, which features an outdoor pool and spa, outdoor lounge with grilling stations and TVs, a dog park, bike room, package room, game room with bowling lanes, fitness center, yoga studio and entertainment kitchen. The property also includes a four-story parking garage. Waterton plans to rebrand the asset as The Elle, a nod to both Eleanor Roosevelt and Chicago’s elevated train station known as the “L.” Waterton will also make upgrades to the amenities. Danny Kaufman, Trent Niederberger, Lucas Borges and Mike Halbach of JLL arranged $99.5 million in acquisition financing on behalf of Waterton. The Freddie Mac loan features a seven-year term and a fixed interest rate.
ROMULUS, MICH. — The Kroger Co. has opened its newest customer fulfillment center (CFC) in Romulus. Powered by the Ocado Group, the roughly 135,000-square-foot CFC will leverage advanced robotics technology and creative solutions for Kroger delivery services. Kroger utilizes temperature-controlled vans and machine-learning algorithms that optimize delivery routes for grocery deliveries. Machine-learning algorithms adjust themselves to perform better as they are exposed to more data. Orders are delivered to customers’ doorsteps by trained Kroger associates. The CFC in Romulus will reach customers up to 90 minutes from the site and will employ more than 700 associates. Kroger first announced its partnership with Ocado, a technology company that specializes in grocery e-commerce, in 2018. Kroger currently operates CFCs in Ohio, Florida, Georgia, Wisconsin, Texas and Michigan. Additional centers are slated for California, Maryland, Arizona, Ohio, North Carolina and Colorado as well as South Florida and the Northeast.
