Property Type

Landmark Properties Purchases 898-Bed Student Housing Property in Baton Rouge

by Julia Sanders March 29, 2021

BATON ROUGE, LA. — Landmark Properties, a student housing developer and owner-operator based in Athens, Ga., has purchased The Exchange at Baton Rouge, a 299-unit, 898-bed student housing property located at 449 Ben Hur Road in Baton Rouge. The sales price was not disclosed, and Halstatt was Landmark’s capital partner on this transaction. The Exchange at Baton Rouge is a garden-style property located approximately 1.5 miles from the Louisiana State University (LSU) campus and is situated adjacent to Tiger Land, an entertainment area for LSU students. The Exchange’s amenities include three resort-style swimming pools, four courtyards, bike storage, volleyball court, fitness center, cybercafé and game room. The Exchange also offers one- to four-bedrooms floorplans. Landmark plans to modernize the community. The purchase of The Exchange at Baton Rouge represents Landmark’s 11th acquisition in the past 18 months and its first transaction completed in partnership with Halstatt Real Estate Partners.

March 29, 2021

Alabama Industrial Loans Multifamily Southeast

Trillium Capital Arranges Financing for Multifamily Property, Industrial Facility in Phenix City, Alabama

by Julia Sanders March 29, 2021

PHENIX CITY, ALA. — Trillium Capital Resources has arranged financing for two real estate properties in Phenix City. The properties include Windsweep Luxury Apartments, a 108-unit apartment community, and a 103,680-square-foot industrial property. Trillium originated a $7.8 million Fannie Mae loan for Windsweep. The 10-year, non-recourse loan included a fixed 3.63 percent interest rate. The borrower was not disclosed. For the industrial transaction, Trillium arranged a $2.2 million loan through an unnamed regional bank on behalf of The Memory Co., a designer and marketer of licensed sports related gifts, collectibles and home décor. The five-year loan features a fixed 4.2 percent interest rate. Trillium Capital Resources is a commercial mortgage banking firm with offices located in Columbus, Ga., Atlanta and Jacksonville, Fla.

March 29, 2021

Development Office Texas

AP Construction Reaches Midpoint of PGA of America Headquarters Project in Frisco

by Taylor Williams March 29, 2021

FRISCO, TEXAS — General contractor Adolfson & Peterson Construction (AP Construction) has reached the midpoint of the development of PGA of America’s 106,622-square-foot headquarters building in Frisco. The building will be situated on a 6.2-acre tract within the new 660-acre campus, which will also include two new championship golf courses, a 500-room Omni PGA Frisco Resort and a golf entertainment district. Approximately 150 employees will work in the four-story headquarters building, which is scheduled to be fully complete in the first quarter of 2022. PGA of America originally announced its relocation from South Florida to Frisco in December 2018. At the time, the organization projected an initial investment of $500 million in the local economy, a figure that is anticipated to grow to $2.5 billion over the next 15 to 20 years.

March 29, 2021

Acquisitions Industrial Self-Storage Texas

Watchman Properties Sells 238-Unit Self-Storage Facility in Amarillo

by Taylor Williams March 29, 2021

AMARILLO, TEXAS — Watchman Properties has sold Amarillo Lock Storage, a 238-unit self-storage facility in northwest Texas. The property spans 42,150 net rentable square feet. An undisclosed national REIT purchased the asset for an undisclosed price. Andrew Plunkett, Cameron Vale and Parker Sweet of Berkshire Hathaway Storage Group brokered the deal.

March 29, 2021

Acquisitions Industrial Texas

Petoskey Plastics Buys 53,627 SF Industrial Facility in Metro Dallas

by Taylor Williams March 29, 2021

MCKINNEY, TEXAS — Petoskey Plastics, a manufacturer of resins and other plastic products, has purchased a 53,627-square-foot industrial facility at 2050 Couch Drive in the northern Dallas suburb of McKinney. According to LoopNet Inc., the single-tenant property was built on 15 acres in 1985 and renovated in 2001. Evan Hammer of Whitebox Real Estate represented Petoskey Plastics, which will use the building as its new headquarters, in the transaction. The seller was not disclosed. The new ownership will expand the building by 40,00 square feet to accommodate more warehouse and silo space, a move that is expected to add anywhere from 50 to 100 new jobs in the process.

March 29, 2021

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 68-Unit Complex in San Antonio

by Taylor Williams March 29, 2021

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Executive Apartments, a 68-unit complex in northwest San Antonio. The property was built in 1964 and, according to Apartments.com, offers one- and two-bedroom units, as well as a pool and a business center. Bryce Smith and Paul Yazbeck of TMG represented the seller and the buyer, both of which requested anonymity, in the transaction. The new ownership will implement a value-add program to the unit interiors and building exteriors.

March 29, 2021

Acquisitions Michigan Midwest Retail

Kohan Acquires 706,925 SF Lansing Mall in Michigan

by Kristin Harlow March 29, 2021

LANSING, MICH. — Kohan Retail Investment Group has acquired Lansing Mall in Michigan for an undisclosed price. The 706,925-square-foot regional mall is located at 5330 W. Saginaw Highway in Lansing. Tenants include JC Penney, Regal Cinemas, Best Buy, Barnes & Noble, TJ Maxx and Shoe Carnival. CBRE’s National Retail Partners Midwest team represented the seller, Brookfield Properties Group.

March 29, 2021

Acquisitions Illinois Midwest Multifamily

SVN | Chicago Commercial Brokers $3M Sale of Apartment Building in Chicago

by Kristin Harlow March 29, 2021

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit apartment building in Chicago’s Rogers Park neighborhood for roughly $3 million. The vintage asset is located at 7005-7013 N. Ridge Blvd. Peter Theodore of SVN represented the undisclosed seller. A Europe-based investor purchased the building and plans to make improvements to the property in the coming years.

March 29, 2021

Illinois Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges $2.7M Loan for Refinancing of Chicago Multifamily Asset

by Kristin Harlow March 29, 2021

CHICAGO — Maverick Commercial Mortgage has arranged a $2.7 million Freddie Mac loan for the refinancing of a 13-unit multifamily asset located at 1049 N. Paulina St. in Chicago’s Wicker Park neighborhood. The timber, loft-style building features a mix of one- and two-bedroom units. All residences have been updated. Matthew Cohen of Maverick arranged the 20-year loan, which features a 55 percent loan-to-value ratio, a fixed interest rate for 10 years, a floating rate for 10 years and a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.

March 29, 2021

Industrial Iowa Leasing Activity Midwest

ColorCoat Signs 20,000 SF Industrial Lease in Cedar Rapids, Iowa

by Kristin Harlow March 29, 2021

CEDAR RAPIDS, IOWA — ColorCoat Inc. has signed a nearly 20,000-square-foot industrial lease at 551 60th Ave. in Cedar Rapids. The company will occupy roughly one-half of the newly constructed building and will use the space for painting vinyl windows and doors. Adam Gibbs of GLD Commercial represented ColorCoat in the lease. The landlord was undisclosed. ColorCoat plans to invest $400,000 and create 40 new jobs in Cedar Rapids. The company currently maintains nine manufacturing operations across the country.

March 29, 2021

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