DEER PARK, ILL. — Teradyne has signed a 42,696-square-foot office lease at The Reserve at Deer Park in the Chicago suburb of Deer Park. The tenant will occupy the entire sixth floor of the 351,425-square-foot building, which is located at 21440 W. Lake Cook Road. Teradyne, an automatic test equipment designer and manufacturer, expects to take occupancy in June 2022. The office layout will include lab components. JLL’s Doug Shehan, Rick Benoy and Julie Koelzer represented building ownership, a joint venture between Arzan Wealth and 90 North Real Estate Partners. James Otto and Sam Badger of CBRE represented Teradyne. JLL also recently negotiated a lease for the fifth floor, which brings the building to full occupancy.
KANSAS CITY, KAN. — Ready Capital has closed a $5.8 million loan for the acquisition, renovation and stabilization of a 62-unit multifamily property in the South Johnson County submarket of Kansas City. The undisclosed borrower plans to address deferred maintenance and make exterior improvements. The nonrecourse loan features a floating rate and a three-year term.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of a Motel 6 hotel property in Indianapolis for $2.5 million. The 72-room hotel is located at 4585 S. Harding St., about 10 miles from the Indianapolis International Airport. Ebrahim Valliani, Michael Klar, Chris Gomes, Allan Miller and Robert Marro of Marcus & Millichap represented the seller, a Texas-based private investor. Alexandre Duong and Alex Fifner of Marcus & Millichap represented the buyer, a limited liability company.
NORFOLK, VA. — Berkadia has secured $56.2 million in construction financing for Gravity on 400, a 273-unit high-rise multifamily development in Norfolk. Amy Gay of Berkadia Richmond secured the construction financing on behalf of the borrower, Virginia-based Marathon Development Group. The HUD 221(d)(4) loan through the Green MIP Reduction program features a 40-year term and an 85 percent loan-to-cost ratio. Gravity on 400 will feature studio, one-, two- and three-bedroom floor plans. The six-story apartment building will offer first-story garage parking and an elevator. Community amenities will include a fitness center, club room, courtyard with a swimming pool, grilling stations and fire pits. Located at 400 Waterside Drive, Gravity on 400 will be situated off the Elizabeth River and near Interstate 264. Additionally, the property will be located approximately 0.3 miles from the MacArthur Square light rail station and next to the Waterside District, a mixed-use dining and entertainment hub with restaurants, live music and festivals.
MARTINSBURG, WV. — Hines, along with an investor advised by MetLife Investment Management, MetLife, Inc.’s institutional asset management business, has broken ground on the first phase for Tabler Station Logistics Park, which will feature a total of over 730,000 square feet in Martinsburg. Located close to Interstate 81 on a 145-acre site, the first phase of Tabler Station Logistics Park will include two Class A, industrial buildings with each building consisting 365,400 square feet. Both buildings will feature 40-foot clear heights at first column, cross-dock configuration with 450-foot building depths, 185-foot-deep truck courts and full-building circulation with segregated car and trailer traffic. Construction on Phase I of the project is slated for completion by the fourth quarter of 2022. The overall project will feature three buildings with approximately 1.6 million square feet of industrial space. Powers Brown Architects and Pennoni Engineering designed the project. RS Mowery will construct Phase I of the development. Wells Fargo is providing an undisclosed amount of construction financing. Chuck Watters, Tom Griggs, John Carroll, Julia Craig and Eric Mitman of Hines worked on the development team for the project.
FORT WORTH, TEXAS — Stonemont Financial Group has broken ground on DFW Point35, a 485,680-square-foot industrial project located less than three miles from the AllianceTexas master-planned community in Fort Worth. The development will consist of two rear-load warehouses totaling 218,400 and 267,280 square feet. Building features include 32-foot clear heights, ample car and trailer parking and contemporary office space. Completion is slated for summer 2022. Lee & Associates is marketing the property for lease.
HUNTSVILLE, MONTGOMERY AND BIRMINGHAM, ALA. — Seattle-based Amazon.com Inc. (NASDAQ: AMZN) has unveiled plans to build four new operations sites in Huntsville, Montgomery and Birmingham. The company will build two new fulfillment centers in Huntsville, a receiving center in Montgomery and a delivery station in Birmingham. In Huntsville, Amazon recently opened a fulfillment center that allows Amazon employees to pick, pack and ship larger items to customers, such as bulk paper goods, outdoor equipment or rugs. Additionally, the 1 million-square-foot facility uses technologies and energy-efficient, zero-emission power industrialized truck (PIT) equipment. In 2022, Amazon plans to open another new fulfillment center in Huntsville. The 1 million-square-foot facility will be designed to receive, store and package heavy or bulky items like home appliances and will also use advance technologies and energy-efficient PIT equipment. The facility will provide more than 250 full-time jobs, according to Amazon. Also in 2022, Amazon plans open an inbound cross-dock facility in Montgomery. The 650,000-square-foot facility will be used to receive and consolidate items from vendors and facilitate shipment to fulfillment centers. The property will provide more than 500 full-time jobs, according to the retailer. Lastly, Amazon plans to break ground on a new Birmingham delivery station …
NEW BRAUNFELS, TEXAS — Locally based firm Casey Development is underway on construction of Tacara at Gruene, a 300-unit apartment community that will be located outside of San Antonio in New Braunfels. Units will be available in one-, two- and three-bedroom formats and will feature granite or quartz countertops and stainless steel appliances. Communal amenities will include a pool, fitness center, clubhouse, dog park and a demonstration kitchen. Brent Crawford, David Aaronson and Frances Rogers of CBRE arranged an undisclosed amount of construction financing for the project, which is expected to be complete in fall 2022. The loan carried a five-year term and 36 months of interest-only payments.
THE WOODLANDS, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Havenwood Office Park, a 240,000-square-foot complex in The Woodlands, about 30 miles north of Houston. Warren Hitchcock of Northmarq arranged the fixed-rate loan, which carried a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. The direct lender and borrower were not disclosed.
SLIDELL, LA. — SRS’ Investment Properties Group has brokered the sale of two single-tenant properties net leased to Winn-Dixie in Slidell, roughly 31 miles outside New Orleans. H&R 2985 Gause LLC and H&R 3030 Pontchartrain LLC sold the properties for $10.9 million to NS Retail Holdings LLC. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group, along with William Place of L + A Retail, represented the seller in the transaction. The buyer was self-represented. Located at 2985 Gause Blvd. and 3030 Pontchartrain Drive, the properties are the only Winn-Dixie stores located within Slidell. Built in 1998, the Gause Boulevard location occupies 44,788 square feet and is situated on 5.7 acres of land. Built in 1973 on 6.7 acres of land, the Pontchartrain Drive store occupies 44,780 square feet.