HALTOM CITY, TEXAS — Indianapolis-based developer Scannell Properties has broken ground on 820 Crossing, a 335,000-square-foot industrial project in Haltom City, a northern suburb of Fort Worth. The rear-load building will feature 36-foot clear heights, 62 dock doors, 185-foot truck court depths, 201 car parking spaces and 95 trailer stalls with the capacity to add 40 more. Stream Realty Partners has been tapped to lease the development. Completion is slated for the first quarter of 2023.
CYPRESS, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $56 million bridge loan for the acquisition of Legacy at Cypress, a 422-unit multifamily property located just outside Houston on the northwest side. Built in 1999, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, volleyball court and onsite laundry facilities. Jamie Mullin and Brandon Brown of MMCC arranged the loan. The borrower was not disclosed.
PLANO, TEXAS — Philadelphia-based investment firm Rubenstein Partners has acquired a 250,000-square-foot office building located at 5600 Headquarters Drive in the northern Dallas suburb of Plano. Rubenstein plans to upgrade the lobby and the amenity spaces, including the new fitness center, tenant lounge, conference center and dining areas. Vicki Keenan, Adam Subber, Dan Sullivan, David Stringfield and Brant Bryan of Cresa represented the undisclosed seller in the transaction. Lincoln Property Co. will lease the building following completion of the renovation.
RALEIGH, N.C. ― VinFast, a Vietnamese-based electric vehicle and battery company, has plans to open its first North American automotive assembly and battery manufacturing plant in metro Raleigh. The company plans to invest $4 billion and create 7,500 jobs in Chatham County. VinFast is the automotive branch of Vingroup, a company founded in Ukraine that covers trade and services, technology and industry and social enterprise. VinFast announced plans for its California headquarters earlier this year. The company plans to start producing vehicles in the United States in 2024. VinFast evaluated over 50 megasites in 10 states for its facility, before choosing Chatham County site. The Economic Development Partnership of North Carolina and its business recruitment managers helped the company connect with state entities, like the North Carolina Department of Commerce, and local entities to secure the necessary information and details.
JACINTO CITY, TEXAS — NAI Partners has negotiated a 91,000-square-foot industrial lease renewal at 4800 Fidelity St. in Jacinto City, located on the eastern outskirts of Houston. Chris Caudill of NAI Partners represented the tenant, PK Industrial LLC, which provides coating and fireproofing services for various manufacturers, in the lease negotiations. Eric Hughes of Centermark Commercial Real Estate represented the undisclosed landlord.
HOUSTON — Eleox, a joint venture between six energy trading companies, has signed a 4,300-square-foot office lease at Heights Clock Tower in Houston. The building was originally constructed in 1894 and is on the National Register of Historic Places. Bryant Lach of JLL represented the tenant in the lease negotiations. Russell Hodges and Jenny Mueller of CBRE represented the landlord, Radom Capital.
CHINA GROVE, N.C. — Macy’s Inc. has plans to open a 1.4 million-square-foot fulfillment center in China Grove. The New York City-based retail giant plans to invest approximately $584 million in the facility, which is expected to open in 2024. The fulfillment center will offer automated direct-to-consumer fulfillment capacity. When fully operational, the property will account for nearly 30 percent of Macy’s digital supply chain capacity and serve customers nationwide. The facility will be equipped with new automation technology, including an advanced goods-to-person and pocket sorter system that will help to distribute merchandise efficiently. The property will employ nearly 2,800 workers when fully operational.
SOUTH SAN FRANCISCO, CALIF. — DivcoWest has purchased 5000 Shoreline, a three-story, Class A office building located on 8.5 waterfront acres at 5000 Shoreline Court in South San Francisco. The buyer plans to convert the property, which is vacant, into a life sciences asset. The seller was not disclosed. DivcoWest plans to upgrade the base building improvements, utilities, electrical and mechanical components, and covert the existing structure to a warm shell condition to accommodate life sciences tenancy. Once base building modifications are complete, DivcoWest plans to complete market-ready upgrades to the interiors to be able to offer prospective tenants turn-key office and laboratory suites. Mike Walker and Brad Zampa of CBRE Capital Markets’ Debt & Structured Finance group arranged $124 million in acquisition and conversion financing for DivcoWest. The three-year, nonrecourse, floating-rate loan was secured through a European investment bank.
LAS VEGAS — Avison Young’s Sauter Multifamily Group has brokered the sale of two apartment communities in Las Vegas. The assets traded for $129.7 million, or $183,192 per unit. The sale includes Viridian Apartments, which was built in 1981 and features 456 apartments at 4255 W. Viking Road, and Topaz Apartments, which was built in 1985 and offers 252 units at 4020 Arville St. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young handled the transaction.
STARKVILLE, MISS. — Miami-based Centurion Property Group has purchased Aspen Starkville, a 958-bed student housing community located near Mississippi State University. Built in 2014, Aspen Starkville offers two-, three-, four- and five-bedroom, cottage-style floorplans with bed-to-bath parity. Community amenities include a swimming pool, basketball court, sand volleyball court, fitness center, yoga room, game room and a movie theater. The property will be rebranded The Grand at Starkville and is set to undergo capital improvements, including the addition of a new pet park and hammock garden, updated flooring and the addition of smart TVs. Located at 2041 Blackjack Road, the property is situated 2.2 miles from Mississippi State University and three miles from downtown Starkville.
