HOUSTON — Hewlett-Packard Enterprise (HPE) has sold its 2 million-square-foot former office and industrial campus in Houston. Built between 1984 and 1988, the campus comprises five office buildings, two manufacturing/distribution buildings and four structures that house maintenance and/or amenity space. Amenities include a cafeteria, fitness center, employee lounges, conference rooms, coffee/snack bars and an outdoor covered pavilion with a kitchen area for events. The property also features five parking garages, which along with surface lots total 5,229 spaces. Kevin McConn, Rick Goings, Ronnie Deyo, Beau Bellow and Ethan Goldberg of JLL represented HPE, which recently relocated to CityPlace at Springwoods Village. Boyd Commercial represented the buyer, an affiliate of Florida-based alcoholic beverage wholesaler Mexcor International that owns an adjacent building and will occupy a portion of the campus.
Property Type
FORT WORTH, TEXAS — An undisclosed distribution user has signed a 376,000-square-foot industrial lease at North Quarter 35, a 645,000-square-foot development in Fort Worth’s Alliance Corridor. Owned by M2G Ventures, North Quarter 35 comprises four buildings in various stages of development. Seth Koschak, Forrest Cook and Brett Carlton of Stream Realty Partners, which also provides construction management services for the development, represented M2G Ventures in the lease negotiations. Mark Collins of Cushman & Wakefield represented the tenant.
ADDISON, TEXAS — Colliers has arranged the sale of a 117,173-square-foot office building located at 3939 Belt Line Road in the northern Dallas suburb of Addison. The seven-story building was fully leased at the time of sale to tenants such as Truist Bank and A&O Enterprises. Cody Payne of Colliers brokered the off-market transaction. Both the locally based seller and the buyer, a private investor specializing in multifamily acquisitions, requested anonymity.
HOUSTON — Locally based development and investment firm David Z. Mafrige Interests (DZMI) has acquired North Loop Center, a 12-story office building in Houston’s Heights neighborhood. The firm plans to implement a capital improvement program that will include an upgrade of the lobby and installation of LED lighting throughout the premises. Stream Realty Partners is the leasing agent for the property and recently executed a long-term lease for the entire 12th floor with design-build firm ARCO/Murray.
MINNEAPOLIS — CEDARst Cos. is completing the adaptive reuse of five historic warehouses in the North Loop neighborhood of Minneapolis into two apartment developments. The first project, named The Duffey, is slated to open in April. The $71.1 million project features 188 units along with 24,000 square feet of retail space. Amenities include a fitness center, resident coworking space and rooftop deck. The second project, which is yet to be named, is set to begin construction in the coming months. Development costs are estimated at $160 million for the 358-unit project, which will feature 38,500 square feet of retail space. Amenities will include a rooftop lounge, coworking suite, 8,000-square-foot fitness center, game room with bowling lanes and 293 parking spaces. Construction is scheduled to last 18 months.
COLUMBUS, OHIO — Duke Realty will build a 574,670-square-foot medical distribution center for Cardinal Health in Columbus. The new building will replace Cardinal Health’s current 235,000-square-foot facility in nearby Obetz. Duke is building the project with joint venture partners Columbus Regional Airport Authority and Capitol Square. Completion is slated for late 2022 or early 2023. Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. The organization has a multi-year strategy to increase U.S. warehouse space capacity, according to James Sembrot, senior vice president of Cardinal Health’s U.S. supply chain.
MATTESON, ILL. — Reich Brothers has acquired a 392,740-square-foot industrial property and adjacent 53 acres in Matteson, about 30 miles south of Chicago. The purchase price was undisclosed. Al Caruana and Britt Casey of Cushman & Wakefield represented Reich in the acquisition. The duo will provide leasing services for the property along with colleagues Sally Macoicz and Matthew Saddler. The cross-dock building is located at 21800 S. Cicero Ave. near I-50 and I-80.
FORT WORTH, TEXAS — Dallas-based brokerage firm Holt Lunsford Commercial has negotiated a 14,775-square-foot industrial lease renewal at 200 N. Vacek St. in Fort Worth. David Cason and Jake Neal with Holt Lunsford represented the tenant, Ambiance Textiles Inc., in the lease negotiations. The name and representative of the landlord were not disclosed.
CHICAGO — CIT, a division of First Citizens Bank, has provided a $29.9 million loan for the acquisition of a portfolio of three industrial buildings in metro Chicago. Aminim Group, a privately held commercial real estate investment company based in Houston, was the borrower. The buildings, which are situated in close proximity to I-294, are fully leased by six tenants.
MARQUETTE, MICH. — Greystone has originated a $12.3 million Fannie Mae loan for the refinancing of One Marquette Place in Marquette, a city in Michigan’s Upper Peninsula along Lake Superior. The 68-unit apartment community was constructed in 2019. The six-story property features a rooftop terrace, community room and exercise room. The community was built on former brownfield land that was utilized as industrial docks. Reuben Dolny and John Marr of Greystone originated the 10-year loan, which features a fixed interest rate and a 30-year amortization schedule.