JACKSON, GA. — Procter & Gamble (P&G), a consumer goods manufacturer and distributor based in Cincinnati, plans to invest $205 million for a new automated distribution facility in Jackson. The 1 million-square-foot property will be located at 950 Logistics Parkway in Butts County, about 50 miles south of Atlanta near I-75. The global firm partnered with the Georgia Department of Economic Development’s Global Commerce team, Development Authority of Butts County, Metro Atlanta Chamber, Georgia Ports Authority and Georgia Power on the project, which is expected to bring 350 new jobs to the trade area. The developer and a construction timeline were not disclosed. P&G’s brands include Crest, Pampers, Tide, Bounty, Charmin, Always, Gillette, Old Spice, Pantene, Head & Shoulders, Cascade, Dawn, Febreeze, Mr. Clean and Swiffer, among others. In addition to the new Jackson facility, P&G operates a manufacturing facility in Albany, Ga., and a distribution center in metro Atlanta.
GAINESVILLE, FLA. — Pacific Western Bank and Square Mile Capital have provided a $93 million construction loan for Theory Gainesville, an 861-bed student housing community underway within a half-mile from University of Florida. Pacific Western was the primary lender, and Square Mile was the mezzanine capital provider. The borrower and developer is Blue Vista Capital Management, a Chicago-based entity that has a student housing affiliate, PeakMade Real Estate. Blue Vista expects to deliver Theory Gainesville in two phases: Phase I before the fall 2023 semester and Phase II before the spring 2024 semester. Upon completion, the property’s units will be fully furnished with stainless steel appliances and wood-style flooring. Theory Gainesville will also have a fitness center, game room, rooftop pool and open green space.
TAMPA, FLA. — CBRE has secured nearly $50.3 million in acquisition financing for two multifamily properties, HITE and Notch, both located in Tampa’s historic Seminole Heights neighborhood. The portfolio sold for $60.5 million. Eric Fixler and Chandler Kaye of CBRE arranged the financing on behalf of the borrower, an unnamed private investor. Ready Capital provided the senior loan with additional proceeds to complete tenant improvements for the ground-floor retail components and other capital improvements at both properties. Located at 6006 N. Florida Ave., HITE is a five-story apartment complex totaling 81 units. Built in 2018, the property features studio, one-, and two-bedroom units averaging 764 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include elevator service, an outdoor grilling station, pet wash station, bike storage, covered parking and 6,771 square feet of ground-floor retail space. Notch is a four-story apartment complex totaling 112 units located at 6307 N. Nebraska Ave. Built in 2021, the property features studio, one- and two-bedroom units averaging 780 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include a fitness center, private garages, bike storage, pet spa and 1,144 square …
ARLINGTON, TEXAS — The Cordish Cos., a Baltimore-based developer and operator specializing in sports-themed entertainment projects, will develop One Rangers Way, a 300-unit multifamily project in Arlington. The community will be located near Globe Life Field, home of the MLB’s Texas Rangers, and within Cordish’s Arlington Entertainment District. Designed by Hord Coplan Macht, One Rangers Way will offer one- and two-bedroom units, as well as penthouses, in addition to a 423-space parking garage and 43,000 square feet of indoor and outdoor amenities. Specifically, amenities will include a pool, fitness center, coworking spaces, indoor and outdoor lounges and concierge services. Construction is scheduled to begin this fall and to be complete in 2024.
SAVANNAH, GA. — Walker & Dunlop Inc. has arranged $47 million in financing for the development of The Line, a 219-unit multifamily project that is within the bounds of a designated opportunity zone in downtown Savannah. Walker & Dunlop arranged construction financing on behalf of the developer, Standard Communities. Financing was sourced from a regional life insurance company and includes both construction and permanent financing within a single loan. Situated just three blocks from the Savannah River, The Line will include two buildings and will feature a full upscale amenity package, including a terrace level with a pool, sundeck, fitness center and grill area. The Class A project will also include onsite parking, a clubroom with views of downtown Savannah and the Savannah River and resident storage.
RALEIGH, N.C. — Pennybacker Capital has purchased a 251,314-square-foot infill industrial facility located at 3200 Bush St. in Raleigh. Grayson Hawkins, Chandler Hawkins, Patrick Gildea and Matt Smith of CBRE represented Pennybacker Capital in the transaction. New Market Strategies sold the asset, which was fully leased at the time of sale to an e-commerce user, building material suppliers and Wake Tech, a regional community college, for an undisclosed price. Situated on a 20-acre site, the facility is located north of I-440 near Raleigh’s North Hills district.
SAN ANTONIO — A joint venture between Maryland-based investment firm FCP and One Real Estate Investment has acquired The Summit, a 284-unit apartment community in San Antonio. The Summit offers one-, two- and three-bedroom units. The property was built in 1984. According to Apartments.com, amenities include a pool, fitness center, clubhouse and an outdoor kitchen. The new ownership plans to invest about $5 million in capital improvements to the unit interiors, building exteriors and amenity spaces. Will Caruth of Berkadia represented the undisclosed seller in the transaction.
HOUSTON — South Florida-based hospitality REIT Chatham Lodging Trust has sold two Marriott-branded hotels totaling 220 rooms in Houston’s West University submarket. The properties, which include a 100-room Courtyard by Marriott and a 120-room Residence Inn by Marriott, were sold in conjunction with a 137-room Homewood Suites by Hilton hotel in Dallas and a 180-room Hilton Garden Inn in Burlington, Mass. The collective sales price was $80 million. The buyer(s) was not disclosed.
GARLAND, TEXAS — Houston-based brokerage firm Finial Group has negotiated the sale-leaseback of a 59,028-square-foot industrial building in the northeastern Dallas suburb of Garland. The seller and tenant was Belgian chemical supplier Azelis. The single-tenant building is located at 3857 Miller Park Drive. Travis McEldowney and Jack Gaffney of Finial Group represented the buyer, Faropoint Ventures, in the off-market transaction.
DALLAS — Newmark has signed a 46,338-square-foot office lease at The Link at Uptown. The move will consolidate three of the commercial real estate services firm’s regional offices into a single location at 2601 Olive St. in Dallas. John Wolf represented Newmark in the lease negotiations on an internal basis. Sarah Kennington and Bryce Jackson at Thirty-Four Commercial, along with Blake Shipley at JLL, represented the landlord, Kaizen Development Partners. Newmark plans to take occupancy in the fourth quarter. The company will continue to operate its office at Legacy Business Park.