LOXLEY, ALA. — Imperial Dade, a food packaging and janitorial supplies distributor based in Jersey City, N.J., has opened a new logistics hub in Loxley, a city in Alabama’s Baldwin County situated along I-10. The $20 million warehouse and office facility will support the company’s growing customer base in the Gulf Coast and create 55 new jobs. The Class A facility is situated on 29 acres and features a concrete tilt-wall construction. Zach Plevritis and Mary Mozejko led Imperial Dade’s integration team internally and worked with city and county officials for the project.
MEMPHIS, TENN. — Drapac Capital Partners, a real estate investment firm based in Australia, has sold a 23,362-square-foot retail property located at 2 N. Main St. in downtown Memphis. A flagship Walgreens occupies the bottom two levels of the property, and the top level is vacant space. Studio Capital, an investor and developer based in California, purchased the multi-story property for $2.7 million. Drapac Capital purchased the property in 2015 for $715,000. St. Bourke, a community placemaking and development firm, refurbished the property last year that included new windows, facades, finishes, paint, signage and entryways.
DALLAS — Newmark has brokered the sale of Element Towers, a two-building, 673,150-square-foot office complex located at 3010 and 3030 LBJ Freeway in North Dallas. Element Towers sits on seven acres, and both buildings feature newly renovated lobbies, fitness centers, conference facilities and full-service cafeterias. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen represented the seller in the transaction. David Milestone, Brett Green and Josh Francis, also with Newmark, arranged acquisition financing on behalf of the buyer, California-based Stanton Road Capital. Element Towers was 68 percent leased at the time of sale.
NEW BRAUNFELS, TEXAS — Florida-based developer The Bainbridge Cos. has acquired 14 acres in the northeastern San Antonio suburb of New Braunfels for the construction of a 291-unit multifamily project named Bainbridge Creekside. The garden-style community will offer one- and two-bedroom units ranging in size from 838 to 1,094 square feet. Amenities will include a pool, fitness center, outdoor grilling and dining areas, clubhouse with gaming and lounging areas, a cybercafé, teleworking offices and a pet park. A construction timeline has not yet been finalized.
DALLAS — NewPoint Real Estate Capital has provided a $14 million bridge loan for the acquisition of Chesapeake Apartments, a 127-unit multifamily complex in northeast Dallas that was built in 1982. The property offers one- and two-bedroom units, two pools and a business center. The interest-only loan carries a floating interest rate and an initial two-year term with three one-year extension options. Vincent Langan of NewPoint originated the financing, which John Brickson of McKinney Realty Capital arranged. The borrower, a partnership between GBB Multifamily, Admirable Group and Prime Investment Holdings, will use a portion of the proceeds to fund capital improvements.
ROCKWALL, TEXAS — Greystone has provided a $12.7 million bridge loan for the acquisition of Highland Meadows Health & Rehab, a 120-bed skilled nursing facility in Rockwall, an eastern suburb of Dallas. The property offers private and semi-private residential units, as well as a salon and a library. D.J. Elefant of Greystone originated the nonrecourse, interest-only loan, which carries a 24-month term with one 12-month extension option. Helios Healthcare Advisors arranged the loan on behalf of the borrower, HACO Properties Inc.
SOUTH PADRE ISLAND, TEXAS — HREC Investment Advisors has negotiated the sale of the 63-room Best Western Beachside Inn in the coastal resort community of South Padre Island. Ketan Patel and Mark Rome of HREC represented the seller, a Florida-based limited liability company, in the transaction. An out-of-state investor purchased the hotel for an undisclosed price and will retain the Best Western flag.
JERSEY CITY, N.J. — Columbia Property Trust has completed the redevelopment of 95 Columbus, a 680,000-square-foot office building in Jersey City. The project centered on the revamping of the lobby to allow more natural light and provide more efficient seating and meeting areas. Columbia Property Trust also augmented the landscaping at the building’s entrance and upgraded the lobby’s windows and flooring, among other features. The developer also modernized various building systems to promote health and wellness, including the installation of touchless doors, bipolar ionization air filtration and destination dispatch elevators. Lastly, Columbia added a bike storage room, additional shower facilities and a 500-space attached garage. Cushman & Wakefield is leasing the building post-renovation.
WALTHAM, MASS. — Hobbs Brook Real Estate has delivered 225 Wyman, a 507,000-square-foot office and life sciences project located in the western Boston suburb of Waltham. The five-story building sits on a six-acre site and features 43,500 square feet of indoor amenity space, as well as outdoor event space. In addition, 225 Wyman offers an onsite parking garage with a covered walkway connector. The property was 96 percent leased at the time of its opening to tenants such as Seqirus, ElevateBio BaseCamp and Pegasystems.
WILMINGTON, MASS. — Middlesex Savings Bank has provided a $39.1 million construction loan for a 214,440-square-foot industrial project in Wilmington, a northern suburb of Boston. The two-building development is scheduled for a January 2023 completion and will feature a clear height of 32 feet, ESFR sprinkler systems and ample car and trailer parking. Brett Paulsrud and Jonathan Schneider of JLL, working with Middlesex’s Nick Giberson, arranged the loan on behalf of the borrower, Boston-based Davis Cos.