MCKINNEY, TEXAS — Transwestern Development Corp. (TDC) has broken ground on a five-building, 945,000-square-foot industrial project in the northern Dallas suburb of McKinney. McKinney National Business Park will be a speculative development that will be constructed in two phases on a 64-acre site adjacent to McKinney National Airport. Completion of Phase I is slated for the fourth quarter.
SAN ANTONIO — A joint venture between Los Angeles-based PCCP LLC and San Antonio-based Milam Real Estate Capital will develop a 560,500-square-foot speculative industrial project in San Antonio. The site is located near the Interstate 10-Loop 410 interchange within the 340-acre Rosillo Creek Industrial Park on the city’s northeast side. Cavender Hill has been tapped to lease the development. A construction timeline was not released.
LOUISVILLE, KY. — Stoneweg US has acquired Middletown Landing and Mallard Crossing at St. Matthews, two multifamily properties in metro Louisville, for $230 million. The deal added 1,246 units to the company’s portfolio. Jay Weiner of Rosewood Realty Group represented the buyer and the seller, Columbus, Ohio-based Lifestyles Communities. Middletown Landing comprises 646 units in mostly townhome-style floorplans with an average unit size of nearly 1,100 square feet. Unit features include granite countertops, nine-foot ceilings, subway tile backsplashes and wood-style plank flooring. Community amenities include a two-story fitness center, pool, volleyball courts, and The Goat, an onsite restaurant. Built in 2014 and 2016, Middletown Landing is located near employers including UPS, Amazon and Ford Motor Co., as well as retailers such as Target and Kroger. Mallard Crossing at St. Matthews contains 600 units. Built in 1988, Lifestyles Communities previously completed renovations on 20 percent of the units, including installing quartz countertops, walk-in showers, upgraded cabinetry and new lighting fixtures. Community amenities include a pool, gym and storage. Located at 400 Mallard Creek Road, the property is situated 10.9 miles from downtown Louisville and 8.7 miles from Louisville Muhammad Ali International Airport. As a new owner, Stoneweg US will make capital …
MIAMI — Miami-based Mast Capital and Boston-based Rockpoint have bought a 2.8-acre site in Miami for $103 million. The site is located on the southern side of the Brickell Central Business District submarket. Construction on the project is slated for 2022. Mast Capital plans to build an 80-story condominium tower with 400 residences and two multifamily towers spanning 50 stories and 60 stories with a combined 850 apartments. The three residential towers will span 2.6 million square feet. Community amenities will include food and beverage services, 1,650 parking spaces and ground-floor retail on South Miami Avenue. Located at 1420 S Miami Ave., the development will be situated one mile from downtown Miami, 6.8 miles from University of Miami and 9.6 miles from Miami International Airport. The property is also near retailers and restaurants including Branca Café, PM Fish & Steak House and Publix.
VANCE, ALA. — Highline Real Estate Partners and Growth Capital Partners have purchased Vance Logistics Center, a 604,000-square-foot, cross-dock logistics facility in Vance. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the sellers, Niantic Partners and Rothschild Capital Partners, in the transaction. Mark Byers of Cushman & Wakefield provided local leasing support. The sales price was $55 million. Built in 2004, Vance Logistics Center was fully leased to two tenants, ARD Logistics and BLG Logistics, at the time of sale. Located at 10095 Brose Drive, the facility is situated near a Mercedes-Benz Assembly Plant and is located near Interstate 20, Interstate 59 and University of Alabama, Birmingham. The property’s features include Class A tilt-wall construction, LED lighting with motion sensors, 116 dock-high doors, loading docks on three sides of the building, plenty of onsite employee and trailer parking and a guard house.
ALEXANDRIA, VA. — SRS National Net Lease Group has brokered the $27 million sale of a Whole Foods Market-occupied retail property in Alexandria. The 42,243-square-foot Whole Foods is located within The Royalton, a 116-unit residential condominium property built in 2006. Andrew Fallon and Rick Fernandez of SRS, along with Joe Friedman of Edge Capital Markets, represented the undisclosed seller, a family trust based in Hawaii, in the transaction. Sarasota, Fla.-based Benderson Development Inc. was the buyer. Located at 1700 Duke St., the property is situated 8.2 miles from the new Amazon HQ2 in Arlington and about 10 miles from Washington D.C. Whole Foods has been a tenant at this location since 2007 and has about four years remaining on the initial lease term. Whole Foods is the only retail tenant at the property, which is fully occupied.
HUNTSVILLE, ALA. — Huntsville-based SVN Multifamily LLC has arranged the $25.3 million sale of Country Club Apartments, a 200-unit multifamily property located at 1000 Airport Road in southeast Huntsville. The buyer, Houston-based Truepoint Capital, plans to invest more than $2 million into the property, including renovating the units with vinyl plank flooring, upgraded appliances, cabinetry and repainting exteriors. Averbuch Enterprises was the seller. Built along Airport Road on about 22 acres in 1965, Country Club Apartments offers one- and two-bedroom floorplans. Community amenities include a fitness center, onsite property management, picnic area and grills, emergency maintenance, pool, arts and crafts room, three laundry rooms, clubroom and a tennis court. The property was fully occupied at the time of sale.
HOUSTON — New York City-based Dwight Capital has provided a $37.2 million bridge loan for the acquisition of Valencia Grove, a 460-unit multifamily property in southeast Houston. The garden-style property consists of 32 buildings on a 17.3-acre site. Amenities include a pool, courtyard, leasing office/clubhouse and two dog parks. Kevin Lifshitz and Keith Hoffman of Dwight Capital originated the financing. The borrower was Bodka Creek Capital.
AUSTIN, TEXAS — Newmark has brokered the sale of Citizen House Decker, a 324-unit apartment community in East Austin. According to Apartments.com, the property was built in 2021 and features one- and two-bedroom units that range in size from 650 to 1,250 square feet. Amenities include a pool, resident clubhouse with a kitchen, coworking spaces, an arcade, fitness center, business center and outdoor grilling areas. Locally based developer Endeavor Real Estate Group sold the asset to Toronto-based Prism Multifamily Group for an undisclosed price. Patton Jones and Andrew Dickson of Newmark brokered the deal. The new ownership will rebrand the property as Spectra Parks. Asia Capital Real Estate provided a $57.8 million bridge loan for the acquisition of the property. Mark Grace and Alison Williams of Walker & Dunlop arranged the debt.
CARROLLTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Switchyard Apartments, a 234-unit multifamily community located in the northern Dallas suburb of Carrollton. Stoneleigh Cos. and Realty Capital Management developed the property in 2019. Amenities include a pool, fitness center and outdoor gathering areas. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill, Will Balthrope and Grant Raymond of IPA represented the seller, an entity doing business as SC Switchyard LLC, in the transaction. The team also procured the buyer, Tampa-based American Landmark. Switchyard Apartments was 96 percent occupied at the time of sale.
