BELOIT, WIS. — Lee & Associates has arranged the sale of a 17,400-square-foot industrial building at 1531 E. Gale Drive in southern Wisconsin’s Beloit. The sales price was undisclosed. Blake George of Lee & Associates represented the seller, Frank Beer Distributors Inc. The buyer, Total Plumbing and Heating, plans to open a new facility to serve the Janesville and Beloit areas. The company provides plumbing, heating and air conditioning services.
HOUSTON — Houston-based developer Midway has broken ground on East River, a 150-acre mixed-use project that is located on the Buffalo Bayou in the city’s Historic Fifth Ward. Phase I will center around development of The Laura, a 360-unit apartment community, as well as 250,000 square feet of office space and 110,000 square feet of retail and restaurant space. In addition, the first phase, completion of which is slated for 2023, will include 13,000 square feet of open green space for public events and live music. Lastly, a nine-hole, par-three public golf course that includes a restaurant and patio bar will open at East River next year. Project partners include global design firm Page, OJB Landscape Architecture, civil engineer BGE Inc. and general contractor Burton Construction, among others. At full buildout, East River will span 60 city blocks and more than 1 million square feet of commercial and residential space that connects to the rest of the city via a network of hiking and biking trails.
AUSTIN, TEXAS — North Carolina-based investment firm Bell Partners has acquired Lenox Boardwalk, a 339-unit apartment community located about two miles outside of downtown Austin. Built in 2018, the property offers an amenity package that includes a pool, fitness center and resident courtyards. The new ownership will rebrand the community as Bell Lakeshore. The deal marks Bell Partners’ fourth acquisition in Texas this year, including the 435-unit CityLine Park in metro Dallas and Lenox Springs and Lenox Meadows in Austin. The seller was not disclosed.
IRVING, TEXAS — SkyWalker Property Partners has sold a 113,046-square-foot flex building located on a 4.7-acre site at 6001 Campus Circle Drive W. in Irving’s Las Colinas district. The property previously served as a data center for Fidelity Investments before the current seller repositioned the building to include warehouse space. Zane Marcell, Chris Stout and Melissa Holland of JLL represented the seller in the transaction. Brett Lewis of Lee & Associates represented the buyer.
IRVING, TEXAS — Locally based brokerage firm Wellington Realty has arranged the sale of Sunrise Suites and Willow Bend, two apartment complexes totaling 112 units in Irving. The 52-unit Sunrise Suites was built in 1964, and the 60-unit Willow Bend was constructed in 1962. A locally based partnership sold the properties to an undisclosed buyer based in the Northeast that plans to implement a value-add program. David Shaffer, Caleb Jones and Will Miller of Wellington Realty brokered the deal.
TACOMA, WASH. — San Diego-based MG Properties Group has purchased Village on Main Apartments, a multifamily property located at 5020 Main St. on the Point Ruston Waterfront in Tacoma. Point Ruston Building 7 LLC, a company owned by Loren McBride Cohen, sold the asset for $85.5 million. Village on Main features 200 apartments and access to a mix of retailers, restaurants and entertainment venues in the Point Ruston Waterfront mixed-use community. Chris Ross, David Young, Corey Marx, Jordan Louie and Michael Lyford of JLL represented the seller. Charles Halladay, Rick Salinas and Jake Wisness of JLL Capital Markets arranged financing for the buyer.
HOUSTON — Friedman Real Estate has brokered the sale of a 95,000-square-foot industrial flex building in Houston. The property is triple-net-leased on a long-term basis to Alorica, a business process outsourcing firm that uses the building as a call center. Steven Silverman of Friedman Real Estate represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.
DENVER — An affiliate of Crescent Real Estate has acquired a two-building, 119,977-square-foot office and retail property, located at 200-250 Columbine St. in Denver, for $82.7 million. PCCP provided a $56.5 million senior loan for the acquisition of the asset. Western Development Co. sold the property. John Jugl of Newmark represented the seller in the deal. Constructed in 2015, the property features 89,195 square feet of office space and 30,782 square feet of retail space. The eight-story building at 200 Columbine St. features all the office space and 9,856 square feet of restaurant and retail space, as well as a two-story subterranean parking garage. The adjacent seven-story building at 250 Columbine St. features the remaining 20,926 square feet of ground-floor retail space. The building also includes 71 residential condominium units that were not part of the acquisition. The office and retail components of the property were fully occupied at the time of sale.
COLORADO SPRINGS, COLO. — PointOne Holdings has partnered with Stillwater Capital to develop Spring Ranch Apartments, a multifamily community located in Colorado Springs. Totaling 330 units, Spring Ranch will feature a three-acre quad located between the main two buildings that will feature a pool, outdoor kitchens and fire pits, walking gardens and views of the Rocky Mountains. The property will also offer a fitness center and co-working facilities for residents. The joint venture recently closed on the site acquisition and financing for the project. Construction is slated to begin in the near future, with the first units scheduled for delivery in spring 2023.
IRVINE, CALIF. — Taiwan-based Skyline Group International has acquired Glen Bell Way, a Class A office and R&D campus located in downtown Orange County’s Irvine Spectrum. The 273,180-square-foot campus includes: 1 Glen Bell Way, a five-story office building; 3 Glen Bell Way, a one-and-two story R&D and office headquarter building; and 5 Glen Bell Way, a four-level, 911-stall parking structure. The campus is 100 percent triple-net-leased to Yum! Brands and Ford Motor Co. There are 91,457 square feet of remaining entitlements associated with the campus that can be utilized for potential future expansion/office intensification for 3 Glen Bell Way. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Brandon White of Newmark represented the undisclosed seller in the deal. The acquisition price was not released.