KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of 4001 N. Norfleet Road in Kansas City for an undisclosed price. The 700,000-square-foot distribution center was built in 2007 as a build-to-suit for Musician’s Friend, which continues to occupy the property today. The facility sits on 68 acres near I-435. Mark Long, John Hassler, Jim Linn and Bret Hardy of Newmark Zimmer brokered the transaction. Buyer and seller information was not provided.
VALPARAISO, IND. — Evergreen Real Estate Group has secured financing to build Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso. Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor and plans to begin preliminary site work this month. Completion is slated for early 2023. The $30 million project will offer 48 studio and 72 one-bedroom units, all of which will be reserved for seniors age 62 or older whose incomes are at or below 60 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, beauty salon, library, garden and outdoor area. Gardant Management Solutions will manage the property. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler. PNC Bank provided LIHTC equity.
BAYTOWN, TEXAS — Reich Brothers, an investment firm based in White Plains, New York, has purchased the former DHL Intermodal Campus, a 1.2 million-square-foot industrial property located in the eastern Houston suburb of Baytown. The rail- and barge-served campus consists of four buildings spanning between 200,000 and 400,000 square feet on a 67-acre site. Building features include 28- to 40-foot clear heights, more than 100 dock-high doors, ample car and trailer parking and renovated office space. The seller and sales price were not disclosed. The new ownership plans to invest in site improvements at the property to further enhance its functionality for distribution, rail and port-related logistics and manufacturing uses.
THE WOODLANDS, TEXAS — Los Angeles-based CIM Group has provided a $127 million loan to The Howard Hughes Corp. (NYSE: HHC) to refinance Hughes Landing, a 649,406-square-foot office campus in The Woodlands, about 30 miles north of Houston. Built in 2015, Hughes Landing consists of a 12- and 13-story building, both of which are located within the 79-acre Lake Woodlands mixed-use development. Amenities include a fitness center, multiple conference facilities and a cafeteria.
DALLAS — CapRock Partners, an investment, development and asset management firm based in Southern California, has expanded into Texas with the opening of a new office in Dallas. The firm will primarily pursue value-add investment opportunities, as well as large-scale logistics developments. Jon Pharris, CapRock’s co-founder and president, will lead the new Texas office. The company, which recently closed a venture to fund some $2 billion in industrial development in California, Nevada and Arizona, sees the expansion into Dallas as a natural move. Specifically, the company cited the metroplex’s temperate weather, affordable lifestyle, highly skilled workforce, established infrastructure, low regulations and business-friendly climate as the key incentives behind its decision.
DALLAS — Colliers has brokered the sale of Meadow Park Tower, a 260,000-square-foot office building located along the North Central Expressway corridor in Dallas. Dallas-based owner-operator Bradford Cos. purchased the property from an undisclosed seller and plans to invest about $8 million in capital improvements. Construction of that project will start during the current quarter. The sales price was not disclosed. Creighton Stark and Chris Boyd of Colliers brokered the deal along with Richmond Collinsworth of Bradford Cos.
PEARLAND, TEXAS — Partners Capital, the investment management platform and development arm of Partners Real Estate Co., has purchased Silverlake Business Park, a five-building, 90,000-square-foot office and industrial complex located in the southern Houston suburb of Pearland. Wes Cole of Cantera Real Estate Group represented Partners Capital in the off-market transaction in conjunction with internal agents Andrew Pappas and Adam Hawkins. The seller and developer, WC Properties Ltd., was self-represented. Veritex Bank provided acquisition financing for the transaction.
NEW YORK CITY — Maryland-based hospitality REIT RLJ Lodging Trust (NYSE: RLJ) has sold the 764-room DoubleTree by Hilton Hotel Metropolitan New York City for $169 million. The sale of the property, which is located at 569 Lexington Ave. in Midtown, equates to a per-room price of roughly $221,000. The property offers amenities such as a fitness center, salon, business center, conference facilities and an onsite bar and lounge.
NEW YORK CITY — Bank of America has provided a $123 million loan for the refinancing of 767 Third Avenue, a 40-story office tower in Manhattan. Designed by FXFowle, the building spans 310,000 square feet and features an amenity center with games, a movie screen, lounge with TVs and a boardroom. James Millon, Tom Traynor and P.J. Finley of CBRE arranged the debt. The borrower was Sage Realty, the leasing and management division of the William Kaufman Organization. A portion of the proceeds will be used to fund capital improvements and leasing costs.
NANUET, N.Y. — JLL has negotiated the sale of Alister Nanuet, a 504-unit apartment community in Nanuet, located about 30 miles north of Manhattan. The property features an average unit size of 1,208 square feet and amenities such as a pool, tennis court, fitness center, dog park, clubhouse and outdoor grilling and picnic areas. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction. New York City-based Cammeby’s purchased the asset for an undisclosed price.
