Property Type

Legacy Union office

CHARLOTTE, N.C. — JLL will open its new office at 650 S. Tryon at Legacy Union in Uptown Charlotte. The office spans nearly two floors and 41,000 square feet at the mixed-use development. Jaime Boast, Bryan White and Chris Schaaf of JLL represented the company internally in the lease negotiations. Lincoln Harris is the developer and landlord of Legacy Union. JLL’s Charlotte team has grown 47 percent year-over-year since 2019. The firm’s new location consolidates four offices spread throughout the city, bringing together 150 professionals in a larger setting. The space can accommodate up to 200 employees, with additional options for future expansions available. Designed by Gensler, the new office will feature flexible furniture selections that can be reconfigured based on need, as well as floor plans that allow for social distancing, enhanced collaboration for in-person and remote workers and easy movement throughout the space. Charlotte-based Rodgers Builders was the general contractor of the new space, and JLL’s Project and Development Services group oversaw the build-out. Additionally, the new office will pursue both LEED Gold and WELL Silver certifications. While LEED focuses on sustainability within the building’s materials and processes, WELL seeks to increase employee productivity and happiness through biophilic …

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CHARLOTTE, N.C. — McCraney Property Co. has purchased 150 acres in an off-market assemblage of four parcels at the intersection of Garrison Road and West Boulevard in Charlotte. This transaction is believed to be the last remaining premium parcel in Charlotte’s Southwest Airport industrial submarket. If the site plan is approved by the City of Charlotte, McCraney will build 485 Logistics Industrial Park, a speculative, Class A industrial park encompassing approximately 1.2 million square feet across five buildings. The new park would bring McCraney’s Charlotte portfolio to more than 2 million square feet. Christopher Skibinski and Chris Loyd of Avison Young represented one of the four sellers in the land transaction.

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PLANO, TEXAS — California-based KBS has completed the renovation of Legacy Town Center, a three-building, 522,043-square-foot office complex in Plano. The property was developed in phases between 2001 and 2006 and offers amenities such as a fitness center, conference center, bike sharing program, car wash and a wellness room. KBS renovated the leasing office, conference center and locker rooms and added two new spec suites as part of the capital improvement program.

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Seton-Lake-Logistics-Center-Houston

HOUSTON — A partnership between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has begun work on Seton Lake Logistics Center, a 255,704-square-foot speculative industrial project in northwest Houston. Designed by Powers Brown Architecture, the cross-dock building will feature 32-foot clear heights, 36 trailer parking stalls and an ESFR sprinkler system. Rosenberger Construction is the general contractor for the 16.8-acre project, which is expected to be complete in October. CBRE has been tapped to lease the building.

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West-Gulf-Bank-Distribution-Center-Houston

HOUSTON — Illinois-based Molto Properties has broken ground on West Gulf Bank Distribution Center, a 115,642-square-foot industrial project located within Brookhollow West Business Park in northwest Houston. Building features include 97 car parking spaces, 24 trailer parking spaces, 28 loading docks and two drive-in doors and ramps. Nick Peterson and John Ferruzzo of Transwestern represented Molto Properties in its site selection and acquisition of the land. The duo also represented the developer in a subsequent sale of the land and building to moving company Armstrong Relocation, which plans to take occupancy of the building upon completion in September.

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DALLAS — Marcus & Millichap has brokered the sale of The Richelieu at Bluffview, a 100-unit multifamily complex in Dallas. The property was built in 1963 and consists of 11 buildings situated on 3.3 acres. Al Silva and Ford Braly of Marcus & Millichap represented the seller, family of the original developer, in the transaction. The duo also procured a California-based 1031 investor as the buyer. Both parties requested anonymity.

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DENTON, TEXAS — Phillips Edison & Co., a Cincinnati-based retail owner and developer, has acquired Hickory Creek Plaza, a 28,134-square-foot shopping center in the North Texas city of Denton. Shadow-anchored by Kroger, the center is leased to tenants such as Papa Murphy’s Pizza, Great Clips, H&R Block, Mathnasium, ATI Physical Therapy, Envy Nail Spa, Good Morning Donuts and Pizza Hut. The seller was not disclosed.

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INDIANAPOLIS — The RADCO Cos. has sold a portfolio of three multifamily properties comprising 1,426 units in Indianapolis for $108.5 million. Aion Partners was the buyer. The portfolio includes the 220-unit Ashford Georgetown, the 728-unit Ashford Meridian Hills and the 478-unit Creekside at Meridian Hills. All three assets are situated in the northwest portion of the city and include newly renovated one-, two- and three-bedroom floor plans. George Tikijian, Hannah Ott and Cameron Benz of Cushman & Wakefield Indiana brokered the transaction.

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ELGIN AND URBANA, ILL. — Berkadia has brokered the sale of three apartment communities in Illinois for $43.2 million. Ralph DePasquale of Berkadia’s Chicago office led the teams representing, the sellers. Wing Park Apartments is a 184-unit, garden-style property in Elgin, a northwest suburb of Chicago. A joint venture between New York-based Trevian Capital and Crown Properties Inc. sold the asset to Illinois-based Cunat Inc. The Urbana Two Portfolio is comprised of 304 units across two properties, Parkside and Stone Ridge Square. They are located within a quarter mile of each other in Urbana. Loop Investments acquired the asset from Illinois-based BWCU LLC.

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MACOMB, ILL. — American Street Capital (ASC) has secured a $14.3 million loan for the refinancing of a 317-unit multifamily portfolio in Macomb, located in western Illinois. Built between 2002 and 2005, the portfolio consists of four separate complexes. There is a mix of garden- and townhouse-style buildings with one-, two-, three- and four-bedroom units. Igor Zhizhin of ASC arranged the CMBS loan on behalf of the original developer. The 10-year, fixed-rate loan features a 30-year amortization schedule.

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