Property Type

Conor Commercial Real Estate Sells Two-Building Industrial Development in Elgin, Illinois

by Kristin Harlow April 6, 2022

ELGIN, ILL. — Conor Commercial Real Estate has sold Northwest Pointe III in Elgin for an undisclosed price. The property consists of two industrial buildings totaling 349,080 square feet and is situated within Northwest Corporate Park. At the time of sale, the property was 72 percent leased to three tenants, including Continental Packaging. Both buildings feature a clear height of 32 feet and 20 dock doors. McShane Construction Co. served as general contractor and Ware Malcomb was the architect. Ed Halibert and John Hugenard of JLL represented Conor in the sale to the private buyer.

April 6, 2022

Development Illinois Midwest Retail

McHugh Construction Breaks Ground on FanDuel Sportsbook at Chicago’s United Center

by Kristin Harlow April 6, 2022

CHICAGO — Chicago-based McHugh Construction has broken ground on FanDuel Sportsbook, a new 13,000-square-foot sports betting venue being developed by online gaming company FanDuel Group at the United Center in Chicago. The United Center is the home of the Chicago Bulls and Chicago Blackhawks. Completion is slated for August. The two-story lounge is being constructed in areas that formerly housed offices for the United Center and Blackhawks staff as well as two lower-level suites. HOK is the architect for the project, which will feature state-of-the-art viewing and sports wagering technology. The facility will also include a large commercial kitchen and multiple bars.

April 6, 2022

Acquisitions Multifamily Texas

S2 Capital Acquires Two Dallas-Area Apartment Communities Totaling 676 Units

by Taylor Williams April 6, 2022

DALLAS AND CARROLLTON, TEXAS — Locally based investment firm S2 Capital has acquired two garden-style apartment communities totaling 676 units in the Dallas area in a single transaction. Lake Highlands is a 356-unit property located on the city’s east side that was built on 12 acres in 1979. Carrollton Oaks is a 320-unit community that was constructed in 1981. Both properties offer one- and two-bedroom units. S2 Capital plans to invest about $5 million over the next two years in capital improvements to both assets. Renovations will include upgrades of unit interiors, building exteriors and landscaping, as well as amenity spaces such as the pools, clubhouses and leasing offices. Taylor Snoddy of Northmarq represented the undisclosed seller in the deal. Lauren Bresky and Lauren Heikenfeld of Northmarq arranged acquisition financing on behalf of S2 Capital.

April 6, 2022

Acquisitions Industrial Texas

NAI Partners Brokers Sale of 44,304 SF Warehouse in Weslaco, Texas

by Taylor Williams April 6, 2022

WESLACO, TEXAS — NAI Partners has brokered the sale of a 44,304-square-foot warehouse located at 818 E. Expressway 83 in the Rio Grande Valley city of Weslaco. NAI Partners’ Carlos Marquez represented the buyer, Western Industries Corp., in the transaction. Charles Marina of First American Realty represented the seller, Fidelity Bonded Warehouse of Texas.

April 6, 2022

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Arranges Sale of 31,217 SF Industrial Building in Irving

by Taylor Williams April 6, 2022

IRVING, TEXAS — Lee & Associates has arranged the sale of a 31,217-square-foot industrial building located at 3402 Century Circle in Irving. Alex Wilson and Nathan Denton of Lee & Associates represented the buyer, locally based investment and development firm CanTex Capital, in the transaction. Blue Fish Sushi DFW, which operates six Japanese restaurants across the metroplex, sold the property for an undisclosed price.

April 6, 2022

Company News Industrial Texas

SRS Real Estate Partners Launches Industrial Division

by Taylor Williams April 6, 2022

DALLAS — SRS Real Estate Partners, a full-service commercial real estate services firm based in Dallas, has launched an industrial division. Brant Landry, formerly of Landry Commercial Real Estate Services, will lead the Dallas-based SRS Industrial team comprising Joseph Cooper, Shannon Johnston, Dennis Sims, Lance Woodward and Stephanie Martin. Cooper, Johnston and Martin also join SRS from Landry Commercial. Sims was most recently with Mohr Partners Inc., while Woodward comes from Henry S. Miller Brokerage. SRS Industrial is also in the process of building teams in Los Angeles, Chicago, Atlanta and New York.

April 6, 2022

Florida Loans Multifamily Southeast

CBRE Secures $71.3M Acquisition Loan for Multifamily Property in Tampa Bay Area

by Julia Sanders April 6, 2022

CLEARWATER, FLA. — CBRE has secured $71.3 million in acquisition financing for Genesis Apartments, a 372-unit multifamily property in Clearwater. Eric Fixler and Chandler Kaye of CBRE arranged the loan on behalf of the borrower, a private investor. The senior loan includes layered mezzanine financing representing a 87 percent loan-to-cost ratio. Built in 1972, Genesis Apartments is a 22-building property featuring one-, two-, and three-bedroom units averaging 920 square feet. Community amenities include a pool, fitness center, car care center, tennis court and a clubhouse with a café. Located at 530 Fairwood Ave., the property is 18.7 miles from St. Petersburg and 18.4 miles from Tampa.

April 6, 2022

Development Georgia Hospitality Office Retail Southeast

Jamestown Begins Construction on Ponce City Market Expansion in Atlanta

by Julia Sanders April 6, 2022

ATLANTA — Jamestown has begun construction on the expansion of Ponce City Market by more than 700,000 square feet in the adaptive reuse project’s next phase of development. The addition will include a four-story office building, 405-room hospitality building and a 163-unit multifamily property. The office and hospitality components are expected to open in 2024, and the multifamily component is slated for completion by the end of 2023. At the corner of Ponce de Leon Avenue and Glen Iris Drive, 619 Ponce will be an office building that will feature 90,000 square feet of office space and 23,000 square feet of ground-level retail space. Additionally, the 21-story hospitality building will be located at the corner of Glen Iris Drive and Glen Iris Way and will offer fully furnished units with flexible short-term and long-term stays, including by-the-night stays and one-year terms. The property will also include 12,000 square feet of retail space. Located directly adjacent to the Atlanta BeltLine at North Avenue, Signal House will be a 21-story, 163-unit multifamily building with 3,300 square feet of retail space. The property will be designed for active adults and the 55-plus community. The floorplans will range in size from one- to three-bedrooms. …

April 6, 2022

Development Loans Massachusetts Multifamily Northeast

Citizens Bank Provides $128.7M Construction Loan for Multifamily Project in Quincy, Massachusetts

by Taylor Williams April 6, 2022

QUINCY, MASS. — Citizens Bank has provided a $128.7 million construction loan for Ashlar Park, a 465-unit multifamily project located on the southern outskirts of Boston in Quincy. Ashlar Park will feature an outdoor terrace overlooking a pool with cabanas and lounge areas; a 3,200-square-foot fitness center with outdoor yoga space; a multi-level club room/resident lounge; coworking space; a library; and a conference room. Construction of the four-building community, which is located at the site of the former Quincy Medical Center, will be carried out in phases. Initial occupancy is slated for April 2023, with full completion scheduled for April 2024. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged the loan on behalf of the borrower, locally based developer FoxRock Properties.

April 6, 2022

Development Industrial South Carolina Southeast

Red Rock Breaks Ground on 497,952 SF Industrial Facility in Gaston, South Carolina

by Julia Sanders April 6, 2022

GASTON, S.C. — Columbia, S.C.-based Red Rock Developments has broken ground on a 497,952 square-foot facility in Gaston. Construction is slated for completion by the second quarter of 2023. The cross-dock property will be the first spec facility within Sandy Run Industrial Park, a 761-acre park that will ultimately span 5.9 million square feet, according to Red Rock. The first building will feature 36-foot clear heights and will be expandable to 663,836 square feet. Chuck Salley, Dave Matthews, Thomas Beard and John Peebles of Colliers will oversee leasing at the property. Located along Interstate 26, Sandy Run Industrial Park is situated near the Port of Charleston, an Amazon distribution center and Columbia Metropolitan Airport.

April 6, 2022

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