LEWISVILLE, TEXAS — Lee & Associates has negotiated a 249,093-square-foot industrial lease at 2075 Midway Road in the northern Dallas suburb of Lewisville. According to LoopNet Inc., the property sits on 28 acres and features 32- to 36-foot clear heights and 185-foot truck court depths. Adam Graham, Mark Graybill and Johnny Anderson of Lee & Associates represented the landlord, First Industrial Texas LP, in the lease negotiations. The representative of the tenant, Swiss chemical provider Sika, was not disclosed.
HOUSTON — A joint venture between locally based developer Patrinely Group and USAA Real Estate has sold Folio West, a 266-unit apartment community in Houston’s Westchase neighborhood. The joint venture developed the property in 2017. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, game room, 24-hour fitness center, business center and a clubhouse with a catering kitchen. South Carolina-based Middle Street Partners purchased the property for an undisclosed price. Dustin Selzer, Matt Kafka and Jett Lucia of JLL brokered the deal.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Sawyer West Village Uptown, a 178-unit apartment community in Dallas. The property was built in 2006. A partnership between RangeWater Real Estate and The Carlyle Group sold the community to Weidner Apartment Homes for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Grant Raymond and Will Balthrope of IPA brokered the deal on behalf of both parties.
VALPARAISO, IND. — AVRO Development LLC has unveiled plans to develop Vitalize Valpo, a 130-acre master-planned development neighboring the Valparaiso University campus in Northwest Indiana. AVRO, which was founded in 2018 by Valparaiso University’s board of directors, envisions senior living, hospitality and multifamily space as part of the project. The Veridus Group will provide pre-development services and overall development consulting. Context Design will focus on the design, and Coverdale Consulting will provide guidance for public relations and marketing. Further details of the project will be revealed at a later date.
SOUTH BEND, IND. — Ready Capital has closed a $66.7 million loan for the acquisition, renovation and stabilization of a 400-unit multifamily property in the Granger submarket of South Bend. The buyer plans to renovate unit interiors, building exteriors and common areas. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.
DOWNERS GROVE, ILL. — The Opus Group has broken ground on a seven-story, 167-unit luxury apartment complex in the Chicago suburb of Downers Grove. Located at 926 Maple Ave., the project will include 319 parking spaces, 71 of which are dedicated for a neighboring church. Amenities will include work-from-home suites, a clubroom, fitness center, conference room, coffee bar, pool, pet spa and dog run. The project is a joint venture between Opus and Principal Real Estate Investors. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Greystar will manage the property, completion of which is slated for April 2023.
BRISTOL, WIS. — Haribo of America Inc. has signed a 157,656-square-foot, full-building industrial lease at Bristol Highlands Commerce Center in Bristol near the Wisconsin-Illinois border. Chicago-based HSA Commercial Real Estate is the owner and developer. The first phase of Bristol Highlands, which was completed in 2020 and includes a 472,176-square-foot warehouse, is now fully leased. Haribo, known for its gummy bears, plans to occupy the space in the first quarter of 2022. Haribo’s first North American production plant is currently under construction in Pleasant Prairie, which is two miles from Bristol. Whit Heitman, Sam Badger and Jared Paff of CBRE represented Haribo in the lease transaction. Jeff Hoffman of Cushman & Wakefield | Boerke and Eric Fischer of Cushman & Wakefield represented ownership.
ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of an unnamed 310-unit apartment community in Arlington. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-moth term, two extension options and a facility to fund future capital expenditures. The undisclosed sponsor plans to implement a value-add program.
CHICAGO — Foxtrot, a corner store, café and delivery market, has leased 1,739 square feet at The Shops at Tribune Tower in Chicago. Launched in 2013, Foxtrot offers grocery staples, sommelier-curated wine and locally sourced goods. The Chicago-based company currently operates 15 locations across Chicago, Washington, D.C., and Dallas. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story Tribune Tower, which is located at 435 N. Michigan Ave. Under the ownership of CIM Group and Golub & Co., the property has been transformed into 162 luxury condominium units. Foxtrot is slated to open in spring 2022.
LAWRENCEVILLE, N.J. — JLL has negotiated the sale of a 632-unit multifamily property in Lawrenceville, located outside of Princeton. Built between 1992 and 1996, the property consists of 19 buildings that house one-, two- and three-bedroom units with an average size of 1,120 square feet. Amenities include two pools, a fitness center, dog park, tennis court, racquetball court, playground and outdoor grilling areas. Jose Cruz, Michael Oliver, Steve Simonelli and Kevin O’Hearn of JLL represented the seller, AvalonBay Communities, in the transaction. The buyer and sales price were not disclosed.