BELOIT, WIS. — Zilber Property Group has acquired a 125,000-square-foot industrial facility located at 2350 Springbrook Court in the southern Wisconsin town of Beloit. The purchase price and seller were undisclosed. WestRock, a global packaging solutions company, fully occupies the property, which features a clear height of 20 feet, 11 dock positions, 15 trailer stalls, one drive-in door and additional land for expansion. Rachel Agba represented Zilber on an internal basis.
SOUTH BEND, IND. — NAS Investment Solutions has purchased an 82,064-square-foot office building in South Bend for an undisclosed price. Constructed in 2021, the building serves as the national headquarters for Press Ganey, a provider of performance measurement and improvement services to U.S. healthcare providers. The property includes 408 surface parking spaces and a 4,800-square-foot rooftop lounge. National Asset Services will serve as property manager.
ST. LOUIS — Emerald Capital Strategic Advisors, an affiliate of Green Street Real Estate Ventures, has arranged financing for Elevation, an office and retail development in St. Louis. Funding includes $6 million in New Market Tax Credits (NMTC) in addition to debt and Property Assessed Clean Energy (PACE) financing. Matt Drinen and Luke Pope of Emerald Capital sourced and closed debt financing with Chicago-based IFF as well as Elm Tree Unity Debt Fund. St. Louis Development Corp. provided a $6 million allocation in NMTC, and US Bank was the NMTC investor. Kingsway Development is the project developer. Elevation will be situated at 4731 Delmar Blvd. within the Fountain Park neighborhood. The project serves as the first development within the planned 207-acre Kingsway District. Elevation will include 5,000 square feet of street-level retail space for Jamba Juice, UPS and The Original Hot Dog Factory, as well as 12,500 square feet of second-floor office space for the Ethical Society of Police and Park Central Development Corp. Simms Building Group is the general contractor and CASCO is the architect. Construction is scheduled to begin this month, with completion slated for January 2023.
BELVIDERE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.9 million sale of a multi-tenant retail building in Belvidere near Rockford. Located on Gateway Center Drive, the property is home to Aaron’s, Dotty’s and Subway. Jason Lenhoff of Quantum represented the seller, a local private real estate investor. An Iowa-based private real estate investor was the buyer.
FORT WORTH, TEXAS — Transwestern Development Co. (TDC) has started construction of Cowtown Crossing, a roughly 1 million-square-foot industrial project that will be located at the confluence of U.S. Highway 287 and Interstate 35 in Fort Worth. TDC is developing the three-building project on a speculative basis. Building 1 will total 553,384 square feet and feature 40-foot clear heights. Buildings 2 and 3 will respectively span 163,080 and 304,665 square feet and will feature 32- and 36-foot clear heights. All three buildings will have ESFR sprinkler systems. Completion is slated for late 2022.
TULSA, OKLA. — New Jersey-based investment firm First National Realty Partners has purchased Summit Square Shopping Center, a 166,552-square-foot retail power center in Tulsa. A 66,455-square-foot Reasor’s Supermarket anchors the property, which was 96 percent leased at the time of sale. Margaret Caldwell, Gill Warner and Patrick Kelley of locally based brokerage firm Stan Johnson Co. represented the undisclosed seller in the transaction. The price was not disclosed. Jon Scott of Keybank originated an undisclosed amount of fixed-rate acquisition financing for the deal.
LEWISVILLE, TEXAS — AMAC, a national investment and development firm, has broken ground on a 203-unit multifamily project that will be located within a Qualified Opportunity Zone in the northern Dallas suburb of Lewisville. Designed by locally based architecture firm HEDK, the property will feature one- and two-bedroom units respectively averaging 724 and 1,134 square feet, as well as three retail spaces. Amenities will include a pool, fitness center, grilling areas, dog wash, lounge and clubroom. Truist is providing $29.3 million in construction financing for the project. Completion is slated for fall 2023.
SAN ANTONIO — Newmark has brokered the sale of Magnolia Heights, a 149-unit multifamily property in San Antonio’s Alamo Heights neighborhood. Built in 2020, the property houses one-, two- and three-bedroom units, plus 5,162 square feet of ground-floor retail space. Amenities include a pool, outdoor grilling and dining areas, fitness center, resident clubhouse, coffee bar and a conference center. Cypress Real Estate Advisors sold the asset to a fund managed by New York-based Clarion Partners for an undisclosed price. Patton Jones and Matt Michelson of Newmark brokered the deal. Magnolia Heights was 98 percent occupied at the time of sale.
FORT WORTH, TEXAS — Locally based brokerage firm MedCore Partners has arranged the sale of the Texas Health Professional Building II, a 61,088-square-foot medical office building in Fort Worth. The property sits on 4.6 acres within the Texas Health Resources Alliance hospital campus and is primarily occupied by physicians of that provider, as well as Spine Team Texas. An institutional investor purchased the two-story building. The price was not disclosed.
HENDERSON, NEV. — Kennedy Wilson (NYSE: KW) has purchased 3001 Park, a multifamily property located in Henderson, for $155 million, excluding closing costs. The company invested $56 million of total equity in the acquisition of the property and secured a $102 million loan. At the time of sale, the 528-unit community was 95 percent occupied. This acquisition brings Kennedy Wilson’s Las Vegas multifamily presence to more than 2,300 market-rate units. The name of the seller was not released.
