RENO, NEV. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has purchased South Reno Medical Center, a medical office property in Reno, for $14.6 million. Redeveloped in 2016, the more than 32,000-square-foot property is 100 percent leased to two orthopedic groups, with a weighted average lease term of just under 10 years. The name of the seller was not released.
PLANO, TEXAS — CIM Group, a Los Angeles-based lender and owner-operator, has provided a $73 million loan for the refinancing of Legacy Commons, a 287,044-square-foot office campus located north of Dallas in Plano. The property, which was originally constructed in 1998 as the headquarters for Dr. Pepper, comprises three buildings and an undeveloped 5.3-acre site within the Legacy master-planned development. The borrower, a partnership between Taconic Capital Advisors and Champion Partners, acquired Legacy Commons in 2019 and subsequently implemented $10 million in capital improvements. The campus now features a renovated lobby and main entrance, as well as an outdoor courtyard and amphitheater, lounge and meeting area and a fitness center.
MESQUITE, TEXAS — Phoenix-based developer Creation Equity has broken ground on Mesquite 635, an industrial project that will be located on the eastern outskirts of Dallas and will total roughly 556,000 square feet. Creation Equity is developing the property, which will comprise two rear-load buildings and one front-load building, in partnership with Crow Holdings Capital. Building A will span 159,728 square feet and feature 32-foot clear heights and 37 trailer parking spots. Building B will comprise 156,144 square feet and offer 32-foot clear heights and 27 trailer stalls. Building C will total 239,918 square feet and feature 36-foot clear heights and 46 trailer parks. LGE Design Group is the project architect and general contractor. Completion is slated for the second quarter of 2023.
WILDWOOD, FLA. — Fort Lauderdale, Fla.-based BLD Group and JSB Capital Group have broken ground on Wildwood Apartments, a 336-unit garden-style apartment community in Wildwood, about 51.3 miles from Orlando. Construction is slated for completion by fall 2023. Wildwood Apartments will include one-, two- and three-bedroom units with stainless steel appliances, granite countertops, wood vinyl flooring throughout living areas, tile backsplashes, full-size washers and dryers, walk-in closets, tile shower surrounds and linen closets. Community amenities will include a resort-inspired swimming pool, clubhouse, barbecue area, game room, dog park and private work booths. The community will also have a club-quality fitness studio with a yoga and Pilates studio. The community is immediately adjacent to The Villages, the 55-plus community with a population of over 130,000 residents. The apartment project is also close to a variety of commercial offerings, including Publix, Winn-Dixie and Lowe’s Home Improvement.
TAMPA, FLA. — Berkadia has arranged the sale and financing of The Place at Carrollwood, a 224-unit multifamily property in Tampa. Jason Stanton, Matt Mitchell, Greg Rainey, Cole Whitaker, David Etchison, Mary Beale and Lauren Gassie of Berkadia represented the seller, Chicago-based Redwood Capital Group. Scott Wadler and Matt Nihan of Berkadia secured an undisclosed amount of acquisition financing through ACRE on behalf of the buyer, Beacon Real Estate Group. Built in 1984, The Place at Carrollwood offers one- and two-bedroom apartments ranging from 629 square feet to 1,050 square feet. Individual units feature fireplaces, kitchen pantries, modern appliances, designer flooring, walk-in closets and balconies or patios. Community amenities include a pool with poolside grilling, fitness center, boardwalk, 24-hour laundry center, car care station, a playground, on-call maintenance and a nature preserve. Located at 4949 Marbrisa Drive, the property is 11.7 miles from downtown Tampa and 6.8 miles from Tampa International Airport. The property is also close to Veteran’s Expressway/589, Citrus Park Mall and Busch Gardens.
GEORGETOWN, TEXAS — JLL has negotiated the sale of Northstar Apartments, a 210-unit active adult community located on the northern outskirts of Austin in Georgetown. The age-restricted property was built in 2021 and features one- and two-bedroom units averaging 1,016 square feet. Amenities include a media center and theater room, pool and spa, outdoor fire pit with seating area, landscaped courtyards and pickleball and bocce ball courts. Ryan McBride, Joe Dowdle, Zach Rigby and Sean Sorrell of JLL represented the seller, Chalk Hill Ventures, in the transaction. A partnership between Bain Capital Real Estate and Capitol Seniors Housing acquired the property for an undisclosed price.
MARIETTA, GA. — Stan Johnson Co. has arranged the sale of Windy Hill Crossing, a 32,000-square-foot center in Marietta. Billy Benedict and Jeff Enck of Stan Johnson Co. represented the 1031 exchange buyer, a locally based group of investors. The seller, represented by Kyle Stonis of SRS Real Estate Partners, was an investor group based in nearby Smyrna. The sales price was $6 million. Windy Hill Crossing includes tenants such as FedEx Office and Jackson Hewitt Tax Service. Built in 1986, the property was over 96 percent occupied at the time of sale. Situated on 3.4 acres at 2311 Windy Hill Road, the property is situated at the signalized intersection of Windy Hill Road and U.S. Highway 41 (Cobb Parkway). The property is also two miles from Truist Park, the home ballpark of the Atlanta Braves, and 3.8 miles from The Home Depot’s corporate headquarters.
VIENNA, VA. — Floor & Decor, an Atlanta-based specialty retailer of hard-surface flooring, will open its newest location in Vienna on Wednesday, March 23. The Floor & Decor Design Studio will offer design services and samples for customers, and the opportunity to work one-on-one with expert design professionals. Additionally, customers can have a private consultation in their own space, in which the designer will provide hand-selected samples, measurements, a 3D rendering of the design and a custom quote for the entire project. The studio will have a team of trained designers led by Ashley Herrington, the new studio’s design manager. Located at 1929 Old Gallows Road, the new studio is situated eight miles from Arlington and 13.3 miles from Washington, D.C.
WACO, TEXAS — Dallas-based Terrydale Capital has arranged an $11.2 million acquisition loan for an undisclosed multifamily property in Waco. Culby Culbertson of Terrydale Capital arranged the loan through a correspondent bank on behalf of the undisclosed borrower. The loan was structured with a fixed interest rate of 3.53 percent for five years, a 25-year amortization schedule and one year of interest-only payments
MIAMI — BoConcept, a furniture retailer, has signed a 3,000-square-foot lease at The Gateway at Wynwood, an office building in Miami. Alex Cesar of CBRE represented the landlord of The Gateway at Wynwood, R&B Realty Group in the transaction. Drew Schaul of CBRE represented BoConcept. BoConcept is the first retail tenant at The Gateway at Wynwood and will occupy a ground-floor retail space at the newly opened office building. The Danish retail furniture chain has more than 300 stores in over 65 countries around the world, and this will be the company’s fifth store in South Florida. The Miami store is expected to open by the fall.