FRESNO, TEXAS — Houston-based Guefen Development Partners has acquired two parcels totaling roughly 40 acres in Fresno, located southwest of Houston, for the development of a 320-unit build-to-rent residential project. The tracts include a 30.3-acre parcel along Rabb Road and a 9.7-acre adjacent parcel fronting State Highway 6. Jason Scholtz of Colliers represented the family that sold the land to Guefen Development. A construction timeline was not disclosed.
FORT WORTH, TEXAS — Cushman & Wakefield has negotiated a 250,000-square-foot industrial lease in Fort Worth for goTRG, a provider of reverse logistics services. The space is located within a newly built speculative development that consists of three buildings that are owned by Denver-based Black Creek Group. Mark Collins led the Cushman & Wakefield brokerage team that represented the tenant in the lease negotiations. Scott Moore and Bob Scully of CBRE represented Black Creek Group.
GRAND PRAIRIE, TEXAS — Texas-based developer Presidium has begun leasing Presidium Hill Street, a 290-unit multifamily project located in the central metroplex city of Grand Prairie. Units are furnished with stainless steel appliances, smart technology lock systems and Ecobee thermostats. Amenities include a pool, business lounge with conference rooms, rooftop terrace, fitness center, onsite car wash and a pet grooming area. Project partners include O’Brien Architects, interior design firm SLJ Design Group and civil engineer Kimley-Horn. Move-ins are scheduled to begin in spring 2022.
CHICAGO — Chicago-based Waterton has acquired The Shoreham at Lakeshore East and The Tides at Lakeshore East in downtown Chicago. The purchase price was undisclosed, but Crain’s Chicago Business previously reported that the combined price could approach $400 million. The apartment towers total 1,156 units in the Lakeshore East neighborhood. The adjacent properties are situated directly south of the recently completed St. Regis Chicago, which rises 95 stories with 191 hotel and condo units. Both The Shoreham, which opened in 2005, and The Tides, which debuted in 2008, feature a 24-hour concierge, private club floor, outdoor pool, game room, fitness center, storage and parking. Waterton plans to upgrade unit fixtures and finishes, as well as modernize the common areas and amenity spaces. With this acquisition, Waterton’s Chicagoland portfolio now totals 10 communities with more than 6,600 units. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller, PNC Realty Investors.
ST. LOUIS — New + Found is scheduled to break ground on the second phase of City Foundry STL in January. The $125 million project will include a 272-unit apartment tower, 83,000-square-foot office building, 25,000 square feet of retail space and a 481-car parking garage. Lawrence Group is the lead architect and interior design firm for the project. ARCO/Murray will construct the apartment building, while Lawrence Group’s construction team will build the timber office building. Completion is slated for early 2024. CliftonLarsonAllen LLP secured $49.7 million in joint venture equity funding for the project. City Foundry STL is the transformation of the former Federal-Mogul foundry site into a mixed-use development. Phase I includes a food hall as well as creative office, retail and entertainment space.
EFFINGHAM, ILL. — SRS Real Estate Partners has brokered the $58.2 million sale of a 1.3 million-square-foot distribution center occupied by Sherwin-Williams in Effingham, about 90 miles southeast of Springfield. The property sits on 71 acres at 711 W. Wabash Ave. John Redfield, Britt Raymond and Kyle Fant of SRS represented the seller, a private partnership. JRW Realty represented the buyer, ExchangeRight. The facility serves as the only center that Sherwin-Williams uses to distribute coatings for the automotive industry. More than 300 workers are employed at the property.
DETROIT — Dan Gilbert’s Bedrock has acquired The ICON, a 420,000-square-foot facility in Detroit that formerly served as the home of the UAW-GM training center. The purchase price was undisclosed, but the vacant property previously traded hands for $34 million in November 2020, according to Crain’s Detroit Business. In addition to office and training space, the property includes 880 parking spaces, a 375-seat auditorium and direct access to Detroit’s East Riverfront. Located at 200 Walker St., the facility is adjacent to a 500,000-square-foot office building at 300 River Place that Bedrock also owns.
OMAHA, NEB. — A local family trust has sold a portfolio of three office buildings totaling 169,183 square feet in Omaha for $30.7 million. The portfolio includes: a 21,368-square-foot building at 2323 171st St.; a 47,815-square-foot property at 2425 S. 171st St.; and a 100,000-square-foot asset at 13609 California St. The properties are situated within Omaha’s Suburban West Dodge and Lakeside Hills submarkets. Steve Sheppard and Dan Fishburn of CBRE represented the seller. The portfolio sold to three undisclosed buyers.
ATLANTA — Kaplan Residential has sold Generation Atlanta, a 336-unit, 17-story high-rise apartment building located in downtown Atlanta. Frankforter Group purchased the community for $126.9 million. The sales transaction marks the largest multifamily sale in downtown Atlanta’s history, according to Kaplan Residential. Located at 369 Centennial Olympic Park Drive, Generation Atlanta offers studio apartments to two-bedroom units, spanning from 459 to 1,512 square feet, with monthly rents ranging from $1,600 to $3,650. Units feature quartz countertops, custom cabinetry, kitchen islands, stainless steel appliances, full-size washers and dryers, private balconies and smart keyless entry. Community amenities include an outdoor theater, rooftop pool and sundeck, bowling alley, EV charging stations, coffee bar, fitness center, yoga studio and a rooftop lounge that offers views of the Atlanta skyline. The property is located on a 1.8-acre land parcel close to Atlanta’s most notable landmarks, including Centennial Olympic Park, World of Coca-Cola, National Center for Civil & Human Rights, Georgia Aquarium, CNN Center, State Farm Arena and Mercedes-Benz Stadium.
TAMPA, FLA. — Altman Cos. has broken ground on Altís Grand at Suncoast, a 449-unit apartment community in Tampa. Rockpoint Group provided equity for the project, and PNC Bank provided debt. Construction is slated for completion by 2023. Altís Grand at Suncoast will offer one-, two- and three-bedroom floor plans. Unit features include bathrooms equipped with dual sink vanities, a soaking tub, quartz countertops, 39-inch cabinets, frontload washers and dryers, stainless steel and energy-efficient appliances. Community amenities include a fitness center, Starbucks cyber cafe, multiple coworking lounges, wellness treatment room, pool, private conference room, game room, indoor air-conditioned dog grooming spa, a multipurpose trail, pet park, hobby/craft room and a 24/7 automated package pickup station. Residents will enjoy membership to The Club, an onsite clubroom that will host activities including daily continental breakfast, Sunday brunch and “Wine Down Wednesdays.” Altman plans for Altís Grand at Suncoast to achieve National Green Building Standard (NGBS) certification, and the property’s sustainable initiatives will include 100 percent energy-efficient designer lighting, Energy Star refrigerators and dishwashers, high-efficiency water heaters and sub-metered water stations and electric car charging stations.