DALLAS — A partnership between Velocis and Sumitomo Corp. of America, the New York City-based subsidiary of Tokyo-based Sumitomo Corp., will develop two industrial projects totaling 850,000 square feet in Dallas. The partnership acquired development sites in the South Dallas and Great Southwest submarkets. Construction timelines have not yet been established. Velocis is a private equity real estate fund manager based in Dallas.
DORAL, FLA. — CBRE has arranged the $96 million sale of Doral Concourse, a Class A, 240,669-square-foot office property in South Florida located adjacent to the new mixed-use lifestyle center, CityPlace Doral. MG3 REIT acquired the property from a fund managed by DRA Advisors LLC. Christian Lee, Jose Lobon, Amy Julian and Andrew Chilgren of CBRE represented the seller in the transaction. The property’s leasing broker, Gordon Messinger of CBRE, also assisted with the sale. Doral Concourse was 95 percent leased at the time of sale with more than six years of weighted average lease term remaining and no lease expirations over the next two years. The property has undergone capital improvements over the past five years, including a renovated lobby and common areas, restroom upgrades, cooling tower replacement and roof replacement. The six-story building features a five to 1,000 square feet parking ratio via a five-story parking deck.
RICHARDSON, TEXAS — MCR, a New York City-based hospitality owner-operator, has acquired the Courtyard by Marriott Dallas Plano/Richardson and the Residence Inn by Marriott Dallas Plano/Richardson. The two hotels total 261 rooms and are located on the northeastern outskirts of Dallas. Both hotels offer pools, fitness centers and convenience stores. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Summit at Landry Way, a 224-unit apartment community in Fort Worth. Built in 1978, the property sits on a 12-acre tract just off Interstate 30 near the downtown area. According to Apartments.com, the property features studio, one-, two- and three-bedroom units and amenities such as a pool, tennis court, picnic area and onsite laundry facilities. Drew Kile, Joey Tumminello, Will Balthrope and Asher Hall of IPA collaborated with Marcus & Millichap’s Tommy Lovell III, Nick Fluellen and Bard Hoover to represent the seller, Miami-based One Real Estate Investment, in the transaction. The team also procured the buyer, Aspen Capital Group Inc., a private equity firm based in southwest Florida, which will implement a value-add program.
BAXTER, TENN. — Avison Young has been chosen by Portobello America to raise around $80 million in construction financing for a manufacturing facility in Baxter. Portobello selected Tim Hall and Jim Hanson of Avison Young to raise the capital, which will fund Phase I of construction. Upon completion, the facility will produce ceramic tiles and will also serve as Portobello’s U.S. headquarters. Portobello Group, a tile manufacturer and distributor headquartered in Brazil, estimates the facility will create about 220 local jobs and generate over $100 million in annual revenue. Investors can partner with Portobello in a sale-leaseback, build-to-suit transaction, resulting in the fee-simple ownership of the facility. Portobello will execute a long-term lease of the facility when construction is complete, which is expected for late 2022. The 92-acre project site is located on the south side of Interstate 40 in Putnam County at 8401 Ditty Road. The site was formerly known as the Tennessee Speedway Dirt Racetrack. Phase I will span 890,000 square feet, including 30,000 square feet of office space, a showroom, research-and-development lab and production lines. Portobello America started operating in the United States in 2018 as part of Portobello Group’s internationalization strategy. The company currently has two …
LOUISVILLE, KY. — Hunt Midwest has completed Blankenbaker Logistics Center, a 322,831-square-foot industrial development in northeast Louisville. The facility is located close to Interstates 64, 265 and 71 and the two Ford plants. Piston Automotive, a Redford, Mich.-based automotive supplier, signed a lease for the entire facility before buildout was complete. The cross-dock warehouse features 36-foot clear heights, 60-foot speed bays, a 140-foot-deep truck court, four drive-in doors, 44 trailer parking spots and 187 parking stalls. This facility is expandable to 88 doors as the need arises. H2B Architects designed Blankenbaker Logistics Center, and Mindel Scott, JSC Engineers and Willett Engineering were the engineers on the project. Kevin Grove of CBRE served as the leasing broker. Hunt Midwest is a Kansas City-based real estate development company with over 50 years of experience in the industrial sector and currently has more than 2.5 million square feet of buildings under development in Kansas City, Kentucky and South Carolina.
NEW YORK CITY — Global development and investment firm Related Cos. has entered into an agreement with Miami-based caregiving agency CareMax Inc. (NASDAQ: CMAX) to build and operate new medical facilities across the country. The facilities will offer a comprehensive suite of medical services for senior citizens. The new partnership has a stated goal of developing healthcare facilities that include, but are not limited to, locations within or proximate to affordable housing communities that are owned by Related Cos. The new entity will begin its venture with the development of three medical centers in New York City that will be located in The Bronx, the Far Rockaway area of Queens and East Harlem. All three of these facilities are expected to be operational by some point next year. Related and CareMax plan to begin development of at least 15 new centers in 2022, 25 new facilities in 2023 and 35 new centers in 2024. As part of the agreement, Related has purchased $5 million of Class A common stock from CareMax at a price of $10 per share. The stock price of CareMax opened at $13.27 per share on Wednesday, July 13, up from its mid-September initial public offering price …
CHARLESTON, S.C. — JLL Capital Markets has facilitated the sale of 553 Trade Center Parkway, an industrial facility located within Charleston Trade Center. Pete Pittroff, Patrick Nally, Dave Andrews, Michael Scarnato and Josh McArdle of JLL worked on behalf of the developer and seller, The Keith Corp., to complete the sale to the buyer, LBA Logistics. The sales price was not disclosed. Built in 2019, the 136,500-square-foot property was 100 percent leased at the time of sale to Thorne Research Inc. and Advanced Packaging Solutions & Products Inc. The building is positioned adjacent to Interstate 26 with direct access to Charleston International Airport, the Port of Charleston and large local manufacturers including Mercedes-Benz, Boeing and Volvo. The Keith Corp. is a privately held commercial real estate firm based in Charlotte. LBA Logistics is an Irvine, Calif.-based industrial real estate and investment and management company, which operates a portfolio that totals over 68 million square feet across the country.
GAINESVILLE, GA. — Fogelman Properties, in a joint venture with Dallas-based Thackeray Partners, has purchased the Legacy at Lanier apartments in Gainesville. The sales price and seller were not disclosed. Built in 2004, Legacy at Lanier is a 150-unit multifamily community that offers one-, two- and three-bedroom apartment homes. The property was 98 percent occupied at the time of sale with rental rates ranging from $850 to $1,275. The new ownership will undertake community upgrades including the addition of a new fitness center, renovations to the clubhouse, pool area and all unit interiors. Located at 1750 Columns Drive, the property is situated nine miles away from Lake Lanier. The apartment transaction marks the 12th acquisition for the Fogelman-Thackeray partnership, now totaling more than 3,000 units.
NEW YORK CITY — Locally based owner and investor RFR has completed the redesign and renovation of 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. The 24-story building was originally built in the mid-20th century and is currently leased to tenants primarily in the finance sector, including Kayne Anderson Capital Advisors LP, Rivkin Radler LLP, Atlas Merchant Capital and Atlantic Street Capital. As part of the redevelopment, RFR introduced a clubhouse amenity center, additional outdoor space and enlarged windows to allow more natural light. The new amenity space houses a fitness center with Peloton bikes and studio space for private training, as well as locker rooms, multiple conference rooms, a café, lounge and game area. In addition, 477 Madison Avenue features 15,000 square feet of outdoor terraces across multiple floors. New York City-based MdeAS Architects designed the project. Newmark has been tapped to lease the building.