MCKINNEY, TEXAS — A partnership between two locally based firms, Behringer and Orangestar, has acquired McKinney Corporate Center, a 120,234-square-foot office building located within the Craig Ranch master-planned community on the northern outskirts of Dallas. The three-story building was fully leased at the time of sale. The seller was not disclosed, but Kansas City-based VanTrust Real Estate originally developed the property.
KINGWOOD, TEXAS — Lument has provided a $37.8 million loan for the refinancing of Paramount at Kingwood, a 372-unit apartment community in the northern Houston suburb of Kingwood. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a clubhouse. The loan carried a fixed interest rate and a three-year term. The borrower, San Antonio-based investment firm LYND Co., will use a portion of the proceeds to fund capital improvements. Marc Suarez led the transaction for Lument.
SUGAR LAND, TEXAS— PG Golf, a supplier of recycled and refinished golf balls, has signed an 87,214-square-foot industrial lease at 12520 W. Airport Blvd. in the southwestern Houston suburb of Sugar Land. Darryl Noon and Nick Peterson of Transwestern represented the undisclosed landlord in the lease negotiations. Jarret Venghaus and Jordan Raney of JLL represented the tenant.
ANN ARBOR, MICH. — JLL Capital Markets has arranged $17.8 million in joint venture equity and $39.9 million in construction financing for Avant, a 253-unit multifamily project in Ann Arbor. With an anticipated completion date of April 2023, Avant will include one-, two- and three-bedroom units averaging 1,029 square feet with a mix of flats and townhomes. Amenities will include a dog park, clubhouse, pool, walking trail, fitness center, bike parking and personal storage. Matthew Schoenfeldt of JLL represented the development team, S.R. Jacobson Development Corp. and ARCO Construction, and arranged the equity partnership with a life insurance company. Flagstar Bank provided the 42-month, floating-rate construction loan.
MUNDELEIN, ILL. — Bridge Industrial has acquired land at 290 Townline Road in Mundelein, a northern suburb of Chicago. The developer plans to build Bridge Point Mundelein, a 320,196-square-foot speculative industrial project. Plans call for 271 car parking stalls, 101 trailer parking stalls, two drive-in doors and a clear height of 36 feet. Located in the Lake County submarket, the infill project offers direct access to the four-way intersection at I-94 and Route 60. Construction is scheduled to begin immediately with completion slated for the third quarter of 2022. Whit Heitman, Sam Badger and Jared Paff of CBRE brokered the land sale.
NORTH AURORA, ILL. — A joint venture between PCCP and Transwestern Development Co. is building a 173,400-square-foot speculative industrial facility in North Aurora along the I-88 corridor. Construction is scheduled to begin in October with completion slated for the second quarter of 2022. Situated on nine acres at 950 Ice Cream Drive, the Class A building will feature a clear height of 36 feet, 42 trailer parking stalls, car parking and exterior docks. Transwestern Development currently has 34 industrial projects totaling 18.4 million square feet under construction or in pre-development stages nationwide.
OVERLAND PARK, KAN. — A group of private investors led by LANE4 Property Group has purchased an 83,000-square-foot office building in Overland Park for an undisclosed price. Located at 4551 W. 107th St., the three-story property is fully leased. Allied National Inc., a third-party administrator in the health insurance and benefits industry, occupies the majority of the building. Kessinger Hunter represented the undisclosed seller in the transaction.
CHICAGO — Law firm Cooley has signed a 30,000-square-foot office lease at Bank of America Tower in Chicago. Cooley is slated to relocate from its current coworking space to the new property in the second quarter of 2022. Developed by Howard Hughes Corp. and Riverside Investment & Development Co., Bank of America Tower is located at 110 N. Wacker St. It rises 55 stories and spans 1.5 million square feet. Other tenants at the building include HPS Capital Partners, Longshore Capital Partners, Chartwell Financial Advisory and SE Capital. Cooley launched its Chicago office in May of this year.
DANBURY, CONN. — California-based FPA Multifamily has purchased Hillcroft Village, a 192-unit apartment complex in Danbury, about 70 miles north of New York City. The property was built on 10.5 acres in 1971. Units feature an average size of 988 square feet, as well as individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, playground and a resident clubhouse. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a venture partner of Timberline Real Estate Ventures LLC, in the transaction. The team also procured FPA Multifamily as the buyer.
GLEN RIDGE, N.J. — JMF Properties has begun leasing Clarus Glen Ridge, a 110-unit apartment complex in Glen Ridge, located in Northern New Jersey’s Essex County. The property offers one- and two-bedroom units and amenities such as a fitness center, theater room, parlor with a wet bar, business center, dog park and storage lockers. Rents start at roughly $2,600 per month for a one-bedroom unit. Construction began in May 2019.