Property Type

Asia Capital Real Estate Acquires Aven Apartments in Durham

by Julia Sanders April 7, 2022

DURHAM, N.C. — Asia Capital Real Estate (ACRE) has acquired Aven Apartments, a 144-unit multifamily property in Durham. Magma Equities sold the property for an undisclosed price. Aven Apartments offers one- and two-bedroom floorplans. Community amenities include a newly upgraded clubhouse and fitness center, swimming pool with sundeck, walking and bike trails, dog park, playground and onsite management with 24-hour maintenance. ACRE plans to launch a $3 million capital improvements and investment strategy at the property. In-unit renovations will include stainless steel appliances, new cabinets and hardware, tile backsplash, granite countertops in both kitchens and bathrooms and in-unit washers and dryers. Exterior improvements will include new siding, shutters, doors, pavement, lighting and other miscellaneous aesthetic additions. ACRE plans to also repurpose existing tennis courts into a courtyard area featuring grills, fire pit and a playground.

April 7, 2022

Acquisitions Multifamily Texas

Lightbulb Capital Acquires 390-Unit Cooper Apartments in Fort Worth

by Taylor Williams April 7, 2022

FORT WORTH, TEXAS — An affiliate of Lightbulb Capital Group, the family office of Los Angeles-based investor Jay Schuminsky, has acquired The Cooper, a 390-unit apartment community in Fort Worth’s Near Southside Medical District. Built in 2021, the property features studio, one-, two- and three-bedroom units with keyless entry systems, individual washers and dryers and private balconies/patios, as well as townhomes. Amenities include a pool, fitness center, outdoor grilling and dining areas, business center, fitness center, coworking lounge, media room and a pet lounge and wash area. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Lang Partners, in the transaction. The team also procured Lightbulb Capital as the buyer.

April 7, 2022

Development Illinois Industrial Midwest

Peak Construction to Build 477,115 SF Spec Warehouse in Elgin, Illinois

by Kristin Harlow April 7, 2022

ELGIN, ILL. — Developer Scannell Properties has selected Peak Construction Corp. to build a new 477,115-square-foot speculative warehouse in Elgin. Slated for completion in late December, the project will feature a clear height of 36 feet, 40 dock doors, four drive-in doors, trailer storage and parking for 372 cars. Harris Architects Inc. and Haeger Engineering make up the project team.

April 7, 2022

Acquisitions Florida Office Southeast

CBRE Arranges $5.6M Sale of Cypress Creek Business Park in Fort Lauderdale

by Julia Sanders April 7, 2022

FORT LAUDERDALE, FLA. — CBRE has arranged the sale of Cypress Creek Business Park, two office and flex buildings totaling 55,825 square feet in Fort Lauderdale. Adler Development Acquisitions LLC purchased the property for $5.6 million. Tom O’Loughlin, Larry Genet and Michael Oretsky of CBRE represented the seller, Mississippi-based EastGroup Properties, in the transaction. Located at 6555 Powerline Road, the two buildings have multiple suites ranging from 2,000 square feet to 4,000 square feet. Constructed in 1985, the property received recent capital upgrades, including new roofs, landscaping, renovated suites, exterior LED lighting and striped and sealed parking lots. The property is situated close to Interstate 95 and the Florida Turnpike (State Road 91).

April 7, 2022

Acquisitions Indiana Midwest Retail

Sansone Group Sells 163,293 SF Shopping Center in Terre Haute, Indiana

by Kristin Harlow April 7, 2022

TERRE HAUTE, IND. — Sansone Group has sold Towne South Plaza, a 163,293-square-foot shopping center in the western Indiana city of Terre Haute. Wild Moose Ventures purchased the property for an undisclosed price. Sansone has managed and leased the property since 2002 and acquired the asset in 2015. The property has maintained strong occupancy over the years and underwent a major roof renovation. Some of the tenants include Ross Dress for Less, TJ Maxx, Dollar Tree and Best Buy. Grant Mechlin of Sansone, along with Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp., brokered the transaction.

April 7, 2022

Illinois Industrial Loans Midwest

American Street Capital Arranges $9.4M for Refinancing of Chicago Industrial Portfolio

by Kristin Harlow April 7, 2022

CHICAGO — American Street Capital (ASC) has arranged two loans totaling $9.4 million for the refinancing of a light industrial portfolio in Chicago. The first transaction was a $6.1 million loan for a 102,850-square-foot building. The second was a $3.3 million loan for a 90,975-square-foot, two-building property. Igor Zhizhin of ASC structured both loans with five-year terms and 25-year amortization schedules. A bank provided both loans.

April 7, 2022

Development Multifamily Texas

SWBC to Develop 365-Unit Royalton at Westover Hills Apartments in San Antonio

by Taylor Williams April 7, 2022

SAN ANTONIO — Texas-based developer SWBC Real Estate has acquired 14.4 acres at the northeast quadrant of Highway 151 and Loop 1604 in San Antonio for the development of The Royalton at Westover Hills, a 365-unit apartment community. The site is adjacent to the new Methodist Healthcare campus that is currently under construction. Designed by Cross Architects, The Royalton at Westover Hills will feature one-, two- and three-bedroom units with an average size of 875 square feet. Residences will be furnished with stainless steel appliances, granite countertops and washer/dryer hook ups. Amenities will include outdoor grilling, dining and lounge areas, as well as a pool, fitness center and a dog park. Construction is slated to begin in the first quarter of 2023 and to last about 26 months.

April 7, 2022

Acquisitions Illinois Midwest Office

Cawley Chicago Arranges $2.8M Sale of Office Building Near Chicago’s Fulton Market

by Kristin Harlow April 7, 2022

CHICAGO — Cawley Chicago has arranged the sale of a 16,350-square-foot office building on the northern border of Chicago’s Fulton Market district for $2.8 million. The two-story brick, steel and timber building is located at 451 N. Racine Ave. Zach Pruitt and Nicholas Schaefer of Cawley represented the seller, an entity doing business as 1005 N California LLC. Marco Federow of MK Asset Management represented the buyer, advertising agency The Times.

April 7, 2022

Development Illinois Industrial Midwest

Krusinski Construction Completes 19,000 SF Auto Center in Joliet, Illinois

by Kristin Harlow April 7, 2022

JOLIET, ILL. — Krusinski Construction Co. has completed a new automotive center for Cassidy Best-One Tire & Service in Joliet’s Rock Creek Logistics Center. Ketone Partners, which served as developer for the 19,000-square-foot project, also owns the 263-acre Rock Creek Logistics Center. The auto center features 20 drive-in doors, 10 service bays, 1,000 square feet of office space, nine car parking stalls and seven trailer stalls. Cassidy Best-One will provide truck and automotive tire work as well as general maintenance for a variety of vehicles. The project team included Cornerstone Architects as architect and Jacob & Hefner Associates as civil engineer.

April 7, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 211,218 SF Wood Ridge Plaza Shopping Center in Metro Houston

by Taylor Williams April 7, 2022

THE WOODLANDS, TEXAS — JLL has negotiated the sale of Wood Ridge Plaza, a 211,218-square-foot shopping center in The Woodlands, a northern suburb of Houston. Built on 19.5 acres in 1975, the five-building property was 88 percent leased at the time of sale to tenants such as Federal American Grill, Kirkland’s, Home Consignment Center, Pappas Bar-B-Q, Skechers and Office Depot. Ryan West, Rusty Tamlyn and Ethan Goldberg of JLL represented the seller, a fund advised by Crow Holdings Capital, in the transaction. Cameron Cureton and Jack Britton, also with JLL, arranged an undisclosed amount of nonrecourse, floating-rate acquisition financing on behalf of the buyer, New York-based DLC Management Corp.

April 7, 2022

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