WHEELING, ILL. — SVN | Chicago Commercial has brokered the sale of a 50,000-square-foot industrial building in the Chicago suburb of Wheeling for an undisclosed price. The property is located at 111 E. Marquardt Drive. Dan Tobin of SVN represented the seller in the all-cash transaction. A local buyer purchased the building with plans to relocate its business to Wheeling from Elk Grove Village.
MAYFIELD HEIGHTS, OHIO — AIPSO, a Rhode Island-based insurance services organization, has signed a 17,772-square-foot office lease at 5875 Landerbrook Drive in Mayfield Heights, an eastern suburb of Cleveland. Completed in 1991, the three-story office building spans 114,403 square feet. Andrew Coleman and Alex Johanson of CBRE represented the landlord, ORG Portfolio Management. Darin Manning of Savills represented the tenant.
AUSTIN, TEXAS — JLL has arranged an undisclosed amount of construction financing for The Travis, a 50-story multifamily tower located at 80 River St. in downtown Austin’s Rainey Street District. The 423-unit project is currently slated for a fall 2024 completion. Campbell Roche and Robert Wooten of JLL arranged the debt through JP Morgan Chase on behalf of the borrower, a partnership between metro Dallas-based Genesis Real Estate Group and PGIM Real Estate.
FRISCO, TEXAS — General contractor Brasfield & Gorrie has topped out the Omni PGA Frisco Resort, a 510-room hospitality project in metro Dallas. Omni Resorts is developing the property in partnership with the City of Frisco and the PGA of America, which is in the midst of relocating its headquarters from South Florida to the northern Dallas suburb. The relocation represents a total investment of $520 million for Frisco. Guests of the hotel will have access to two 18-hole courses, a 10-hole short course and a two-acre putting green, as well as 12 food and beverage options, three pools, a spa and 127,000 square feet of meeting and event space. SB Architects designed the project. Completion is slated for spring 2023.
TERRELL, TEXAS — Lee & Associates has negotiated the sale of a 765,798-square-foot, rail-served industrial building in Terrell, about 30 miles east of Dallas, that was formerly occupied by Goodyear Tire. Building features include a cross-dock configuration, 185-foot truck court depths and an ESFR sprinkler system. Ken Wesson of Lee & Associates represented the buyer, an entity doing business as BFI Newco Holdings, in the transaction. Steve Berger and Corbin Crews of CBRE represented the seller, an entity doing business as 301 Apache Trail LLC.
PLANO, TEXAS — Seattle-based Avatar Financial Group has provided a $30 million loan for the refinancing of City View Corporate Center, a 293,821-square-foot office building in Plano. The property was originally built in the 1980s and most recently renovated between 2019 and 2021. At the time of the loan closing, City View Corporate Center was 58 percent leased to a roster of more than 50 tenants. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $24.4 million loan for the acquisition, renovation and stabilization of an unnamed, 252-unit apartment complex in Arlington. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.
HIALEAH, FLA. — Terreno Realty Corp. has acquired an industrial property in Hialeah for $73.2 million. The seller was not disclosed. Located at 4281-4341 West 108th St. on nearly 20 acres, the industrial property includes two recently developed rear-load distribution buildings totaling approximately 407,000 square feet. The property features 124 dock-high and four grade-level loading positions, 32-foot clear heights and parking for 359 cars. Additionally, the property is expected to obtain LEED certification. The property is fully preleased to two undisclosed tenants with leases expected to start in May and September. The property is situated immediately adjacent to Terreno Realty’s five existing buildings on West 108th Street and adjacent to Florida’s Turnpike and Interstate 75.
ASHLAND, VA. — Berkadia has arranged the $45.3 million sale of Ashland Towne Square, a 218-unit garden-style multifamily property in Ashland. David Hudgins, Carter Wood and Drew White of Berkadia represented the seller, a Virginia-based entity doing business as Ashland Apartment Associates LP. The buyer was Maryland-based Acento Real Estate Partners. Ashland Towne Square offers one-, two- and three-bedroom floorplans. Unit features include air conditioning, in-unit washer and dryer hookups and walk-in closets. Community amenities include a swimming pool, laundry facilities and a playground. Located at 204 Kings Arms St., the property is situated 19 miles north of Richmond and 26 miles from Richmond International Airport. The property is also near Route 1, Interstate 95 and the shops and restaurants along England Street.
DULUTH, GA. — Albany Road Real Estate Partners has bought Breck Exchange, a 12-building flex office portfolio in Duluth, about 27.5 miles from downtown Atlanta. Patterson Real Estate Advisory Group secured an undisclosed amount of debt financing. Atlanta-based Ameris Bank provided an undisclosed amount of financing. Bain Capital and RealOp sold the asset for an undisclosed price. Breck Exchange includes over 558,000 square feet of space. At the time of sale, the property was 88 percent occupied with over 50 tenants. Located on 71 acres, the property is situated near Interstate 85, Highway 316 and Breckenridge Boulevard.
