Property Type

Griffin Partners Breaks Ground on 567,516 SF Port 45 Industrial Development in Metro Dallas

by Taylor Williams July 27, 2022

WILMER, TEXAS — Griffin Partners, a Houston-based private equity real estate firm, has broken ground on Port 45, a 567,516-square-foot industrial development in the southern Dallas suburb of Wilmer. Port 45 will comprise two rear-load buildings that will sit on a 40-acre site along Interstate 45. Buildings will feature 32- to 36-foot clear heights, 130- to 135-foot truck court depths, roughly 350 tenant parking spaces and 192 trailer parking spaces. Project partners include Pacheco Koch Civil Engineering, design firm Alliance Architecture, general contractor Harvey Builders and leasing agent JLL. A tentative completion date was not disclosed.

July 27, 2022

Loans Multifamily Texas

Walker & Dunlop Arranges $85.7M in Debt, Equity for San Antonio Apartment Community

by Taylor Williams July 27, 2022

SAN ANTONIO — Walker & Dunlop has arranged $85.7 million in debt and equity financing for the recapitalization of Bulverde Oaks, a 440-unit apartment community located on the north side of San Antonio. The breakdown of debt versus equity within the capital stack was not disclosed. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 629 to 1,283 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers and private balconies/terraces. Amenities include a pool, fitness center, clubhouse and event space. Sean Reimer, Sean Bastian and Triston Stegall of Walker & Dunlop placed the loan through Bank OZK on behalf of the borrower, U.S. Living, and secured the preferred equity investment from Mount Auburn Multifamily.

July 27, 2022

Acquisitions Multifamily Texas

DB Capital, Sabal Financial Acquire 228-Unit Multifamily Property in San Antonio

by Taylor Williams July 27, 2022

SAN ANTONIO — A partnership between California-based DB Capital Management and Sabal Financial Group has acquired Villas of Henderson Pass, a 228-unit multifamily property located on the north side of San Antonio. Built in 1986, the property offers a mix of one- and two-bedroom units across 20 two- and three-story buildings. The asset was 98 percent occupied at the time of sale. The new ownership plans to upgrade the unit interiors, building exteriors and amenity spaces and to rebrand the property as Summit Henderson Pass. The seller was not disclosed.

July 27, 2022

Acquisitions Office Texas

Harwood International Buys 169,000 SF Luminary Office Building in Dallas

by Taylor Williams July 27, 2022

DALLAS — Harwood International has purchased The Luminary, a 169,000-square-foot office building in Dallas. Built in 2019 by Crescent Real Estate, The Luminary is located at the nexus of the company’s Harwood District, the downtown area, the arts district and the Victory Park mixed-use development. Architecture firm Corgan designed the building and serves as its anchor tenant alongside advertising agency Lerma. The Luminary was 67 percent leased at the time of sale. David Roehm and Christopher Cauthen internally negotiated the deal for Harwood. Morgan Staub of Harwood secured acquisition financing through an undisclosed lender.

July 27, 2022

Development Industrial Loans New Jersey Northeast

Wells Fargo Provides $227M in Construction Financing for New Jersey Industrial Projects

by Taylor Williams July 27, 2022

LINDEN AND LOGAN TOWNSHIP, N.J. — Wells Fargo has provided $227 million in construction financing for two New Jersey industrial projects. In the first deal, the San Francisco-based bank provided a $142 million loan for Phase III of Linden Logistics Center, a development in the northern part of the Garden State. Phase III will consist of two buildings totaling 849,235 square feet that are scheduled for a second-quarter 2023 completion. In the second transaction, Wells Fargo provided $85 million for the third phase of Logan North Industrial Park, a project that spans 3.2 million square feet and is located in Southern New Jersey. The two buildings comprising Phase III of Logan North Industrial Park will measure 274,200 and 475,000 square feet and are also slated for delivery in the second quarter of next year. Existing tenants at Logan North include SEKO Logistics and LaserShip Logistics. John Alascio, T.J. Sullivan and Chuck Kohaut of Cushman & Wakefield arranged the financing on behalf of the borrower and developer, a partnership between Advance Realty Investors and Greek Development.

July 27, 2022

Acquisitions New York Northeast Retail

Vanbarton Group Sells Retail Assemblage in The Bronx for $22.7M

by Taylor Williams July 27, 2022

NEW YORK CITY — Locally based investment and advisory firm Vanbarton Group has sold a 23,339-square-foot retail assemblage in the Morrisania neighborhood of The Bronx for $22.7 million. The sites collectively span a full block and are located at 1031-1049 Westchester Ave. and 1057 Southern Blvd. Josh Neustadter and Jonathan Squires of Cushman & Wakefield represented Vanbarton Group in the transaction. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors represented the buyer.

July 27, 2022

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $73.7M Sale of Apartment Community in Maple Grove, Minnesota

by Kristin Harlow July 27, 2022

MAPLE GROVE, MINN. — JLL has arranged the $73.7 million sale of Rush Creek Apartments, a 246-unit multifamily community located at 7148 Brockton Lane in the Twin Cities suburb of Maple Grove. Constructed in 2021, Rush Creek offers studio, one-, two- and three-bedroom units with an average size of 988 square feet. Individual units feature granite countertops, stainless-steel appliances, energy-efficient appliances, in-unit washers and dryers, walk-in closets and a patio or balcony. Community amenities include a fitness center, business center, clubhouse, swimming pool with a sundeck, heated underground parking and an outdoor patio. JLL marketed the property on behalf of the seller, a partnership between St. Cloud, Minn.-based Trident Development and West Palm Beach, Fla.-based North American Development Group. JLL also provided a $47.9 million Fannie Mae loan for the acquisition. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller. Brock Yaffe led the JLL team representing the borrower.

July 27, 2022

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $21.7M Sale of 152-Unit Condo Deconversion in Naperville, Illinois

by Kristin Harlow July 27, 2022

NAPERVILLE, ILL. — 33 Realty has brokered the $21.7 million sale of Quail Ridge of Naperville Condominiums in the Chicago suburb of Naperville. The buyer, Bear Peak Capital, will convert the units from condominiums into apartments and also make upgrades. The property was originally built in 1977. Matt Petersen and Sean Connelly of 33 Realty represented the buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

July 27, 2022

Industrial Loans Midwest Minnesota

Northmarq Arranges $15.1M Acquisition Loan for Industrial Portfolio in Suburban Minneapolis

by Kristin Harlow July 27, 2022

EAGAN AND EDEN PRAIRIE, MINN. — Northmarq has arranged a $15.1 million loan for the acquisition of the South by Southwest Technology Portfolio in suburban Minneapolis. The five-building industrial portfolio is located in the Golden Triangle district of both Eden Prairie and Eagan. Four of the buildings are located in Eden Prairie and were constructed in 1985. The asset in Eagan was built in 1989. Bill Mork of Northmarq arranged the loan on behalf of the buyer, Edina-based Capital Partners. A local bank provided the loan, which features a fixed interest rate of 3.9 percent.

July 27, 2022

Acquisitions Illinois Midwest Retail

Quantum Negotiates $2.4M Sale of Retail Building in Orland Park, Illinois

by Kristin Harlow July 27, 2022

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 17,342-square-foot retail building in the Chicago suburb of Orland Park for $2.4 million. The property, located at 16124 S. La Grange Road, is fully leased to Children of America and Bear Paddle. Chad Firsel of Quantum brokered the sale. A Chicago-based private real estate investor group purchased the asset from a San Diego-based development company.

July 27, 2022

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