INDIANA, OHIO, ILLINOIS AND KENTUCKY — Extra Space Storage Inc. and its subsidiaries (NYSE: EXR) have completed the acquisition of multiple entities doing business as Storage Express, which owns 107 storage properties across Indiana, Ohio, Illinois and Kentucky. The sales price was approximately $590 million. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities. Latham & Watkins LLP served as outside legal counsel to Extra Space.
CONROE, TEXAS — A partnership between locally based developer Lovett Industrial and private investment firm Cresset Partners has broken ground on NorthPort Logistics Center, a 1.2 million-square-foot logistics project in Conroe, about 40 miles north of Houston. The Class A facility will be situated on a 75-acre site within Conroe Park North and will feature 40-foot clear heights, 224 dock-high doors, 190-foot truck court depths and a minimum of 273 trailer parking stalls. Powers Brown Architecture is designing the project, and Alston Construction is serving as the general contractor. CBRE is the leasing agent, and Citizens Bank provided construction financing. Completion is slated for the second quarter of 2023.
SIOUX CITY, IOWA — JLL Capital Markets has arranged the $27.5 million sale of Lakeport Commons in Sioux City, a city in Northwest Iowa. The 202,880-square-foot shopping center is 95 percent leased. Aldi and Ross Dress for Less recently signed 10-year leases to open at the property. Additional tenants include Five Below, Old Navy, PetSmart, Michaels, Boot Barn, Shoe Carnival, Staples and a separately owned Kohl’s. Amy Sands, Clinton Mitchell, Michael Nieder and Marcus Pitts of JLL represented the seller, The RH Johnson Co. A Midwest-based private investor purchased the asset.
EAGAN, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of The Waters Business Center, a six-property industrial portfolio totaling 325,947 square feet in the Twin Cities suburb of Eagan. The sales price was undisclosed. Constructed between 1999 and 2007, the buildings feature both office and warehouse space. Mark Kolsrud, John McCarthy, Peter Loehrer, Kyle Delarosby, Pia Robertson and Lydia Turczyn of Colliers represented the seller, B9 Polar Waters LLC. Hyde Development was the buyer.
MOUNT PLEASANT, WIS. — In a sale-leaseback transaction, Likewise Partners LLC has acquired a 134,805-square-foot industrial property in the Milwaukee suburb of Mount Pleasant for $6.2 million. Located at 1901 Chicory Road, the building features a clear height of 26 feet. Wrought Washer Manufacturing Inc. was the seller. The company will continue to occupy the entirety of the building for storage and distribution. Travis Tiede and Barry Chavin of Newmark represented Wrought Washer. Raymond Zanca and Scott Modelski of Black Bear Capital arranged acquisition financing. The transaction marks the third acquisition for Likewise in Wisconsin.
CHARLOTTE, N.C. — Crescent Communities has sold Novel LoSo Station, a 344-unit apartment community located at 4015 Craft St. in Charlotte. Mid-America Apartment Communities purchased the newly built property for $140 million, according to Charlotte Business Journal. Situated near the Scaleybark Light Rail Station in Charlotte’s Lower South End neighborhood (LoSo), Novel LoSo Station is a part of the larger LoSo Station master development by Beacon Partners that includes more than 500,000 square feet of office space, 45,000 square feet of retail space and 125 townhomes. Units at Novel LoSo Station come in studio, one-, two- and three-bedroom floor plans with high-end finishes. Community amenities include a double-story fitness center with a dedicated yoga and spin room, a LTH Coffee & Social café on the ground level, coworking area, saltwater pool with a tanning ledge, rooftop terrace with outdoor heated space and outdoor grilling and picnic areas. Crescent Communities sold Novel LoSo Station almost exactly one year after opening the community. The developer has recently announced the land closings of two build-to-rent communities in Charlotte, Harmon Five Points and Harmon Ballantyne, as well as the development of multifamily communities Novel Mallard Creek and Novel University Place, which are both under …
COUNCIL BLUFFS, IOWA — NexCore Group has completed development of a new orthopedic medical office building in Council Bluffs, a suburb of Omaha. OrthoNebraska occupies the 23,000-square-foot, build-to-suit project, which is located at 1260 Valley View Drive. OrthoNebraska offers orthopedic services to those with needs related to arthritis, osteoporosis, fractures, dislocations, torn ligaments, sprains, strains, tendon injuries and pulled muscles. Leo A Daly was the project architect and McCarthy Building Cos. was the general contractor. NexCore owns the property in a joint venture with Harrison Street.
NASHVILLE, TENN. — JLL has arranged $133.6 million in construction financing for the development of 19th & Church, a 383-unit apartment development located at 1815 Church St. in Nashville’s Midtown neighborhood. Chris Knight led the JLL team that arranged the financing through Square Mile Capital Management LLC on behalf of the borrower, a joint venture between Ascend Real Estate Group and Wanxiang America Real Estate Group that is doing business as 19th Church Street LLC. Upon completion, the 16-story property will feature studio, one- and two-bedroom apartments with an average size of 814 square feet and high-end finishes. Community amenities will include a coffee bar, fitness center and yoga studio, indoor entertainment room, gourmet chef’s kitchen, music and podcast studio, an outdoor bar with TVs and bar seating, a courtyard with a pool, grilling stations and firepits and private work rooms. Additionally, 19th & Church will offer 6,000 square feet of retail space. No construction timeline was disclosed.
PASADENA, TEXAS — New York City-based Olive Tree Holdings is underway on a $10 million renovation at The Life at Park View, a 309-unit affordable housing community in the eastern Houston suburb of Pasadena. The property houses one-, two- and three-bedroom units for households earning 60 percent or less of the area median income. Renovations will include new flooring, kitchen and bathroom countertops, cabinets and appliances. To date, 59 residences have been completed, with an additional 50 in progress. Exterior improvements will include new roofing and windows, as well as plumbing and HVAC upgrades. Completion is slated for the second quarter of 2023.
IRVING, TEXAS — JLL has arranged the sale of DFW Park 161 AMZL, a 219,000-square-foot industrial property in Irving that was constructed in 2022 as a build-to-suit for Amazon. The property sits on 55.7 acres and features 32-foot clear heights, 1,440 parking spaces and a 9.3 percent office finish. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher of JLL represented the seller, a joint venture between Invesco Real Estate and Perot Development Co., in the transaction. The buyer was not disclosed.