RAVENNA, OHIO — Industrial Commercial Properties (ICP) has acquired a GE Lighting warehouse and distribution building spanning 420,500 square feet in Ravenna, about 15 miles east of Akron. The property sits on 37.5 acres at 150 Loomis Parkway. GE will remain in a portion of the building for a short period of time, but 150,000 square feet will be available for lease immediately, according to ICP. Building features include more than 30 docks, 100 trailer parking spots and rail service. ICP plans to make substantial upgrades to the property, including upgrades to both interior and exterior lighting, a modernized sprinkler system and pavement and interior renovations. Additionally, the developer has 12 acres contiguous to the property under contract. The land could support expansion of the building to 800,000 square feet. This transaction marks ICP’s eighth acquisition in 2021, bringing the company’s portfolio to more than 150 properties and 42 million square feet across five states.
SAN ANTONIO — Cadence McShane, the metro Dallas-based general contractor that is a division of The McShane Cos., has completed Brookwood Senior Apartments, a 197-unit affordable housing project in San Antonio catering to senior citizens. Designed by B&A Architects, the six-acre property features one- and two-bedroom units. Amenities include a clubroom, fitness center, dining area, lounge, arts and crafts studio, game room, salon and self-storage rooms. Outdoor amenities include a pool, herb garden and two courtyards. The four-story, wood-frame property also houses carports and 224 parking spaces. San Antonio-based Mission GD developed the property, which is located at 9015 Ingram Road on the city’s west side, in partnership with the Texas Department of Housing & Community Affairs (TDHCA). Information on renter restrictions was also undisclosed.
CINCINNATI — Marcus & Millichap has brokered the sale of Village Crossings Shopping Center in Cincinnati for $6.8 million, which exceeded 93 percent of the list price, according to the brokerage. The Aldi-anchored shopping center spans 89,008 square feet and is located at 10400 Reading Road. Other tenants include CAM International Market, JOANN Fabrics, H&R Block, Breakthrough Fitness, Mala Hot Pot and Firestone. Scott Wiles, CJ Jackson, Erin Patton and Craig Fuller of Marcus & Millichap’s Patton Wiles Fuller Group marketed the property on behalf of the seller, a private REIT. The team also secured the buyer, Maryland-based America’s Realty LLC, a privately held shopping center operator. America’s Realty received permanent financing at 70 percent loan-to-value from a credit union.
CHICAGO — Codal, a digital development and consulting firm, has signed a 15,972-square-foot office lease at Chicago’s Old Post Office development. Relocating from 11 E. Hubbard St., the company is expanding by approximately 10,000 square feet and expects to take occupancy of its new space this summer. The firm currently has 50 employees and says it will more than double that headcount over the next few years. Eastlake Studio designed the space. Brad Serot and Tony Coglianese of CBRE represented Codal in the lease. Dan Heckman and Matt Whipple of Telos Group represented ownership.
LENEXA, KAN. — Centralized Supply Chain Services (CSCS) has joined the tenant lineup at The District at Lenexa City Center in Lenexa. Copaken Brooks is the owner and developer of the mixed-use development. CSCS is relocating from 8140 Ward Parkway to the second and third floors of Penn II, leasing approximately 6,500 square feet of office space. CSCS is a restaurant supply chain company and the exclusive purchasing agent for the Applebee’s and IHOP brands. Headquartered in Kansas City with an office in Glendale, Calif., the company provides procurement, inventory and distribution services for its clients. When fully developed, Lenexa City Center will consist of more than 2 million square feet, including civic components for the City of Lenexa, nearly 1 million square feet of office and retail space, and 375 residential units.
HOUSTON — Denver-based operator MorningStar Senior Living and Houston-based real estate giant Hines are nearing completion of MorningStar Assisted Living & Memory Care at River Oaks, a 112-unit seniors housing facility in Houston. The six-story community will feature 85 assisted living residences and 27 memory care suites. The site is bordered by River Oaks, West University, The Texas Medical Center, Montrose, Downtown and the Galleria. The opening is set for this fall.
AUSTIN, TEXAS — Law firm Vinson & Elkins has signed a 50,273-square-foot office lease at Indeed Tower, a 673,000-square-foot office building under construction at 200 W. Sixth St. in downtown Austin. A joint venture between Trammell Crow Co. and Principal Real Estate Investors is developing the 36-story building, which is expected to be complete this summer. The law firm’s lease covers the entire 25h floor and part of the 26th floor.
JOHNSTOWN, COLO. — Stockton, Calif.-based A.G. Spanos Cos. has completed the sale of Rise at 2534, an apartment property located at 5070 Exposition Drive in Johnstown. A New York City-based pension fund advisor purchased the community for an undisclosed price. Completed in late January 2020, Rise at 2534 features four four-story residential buildings on 8.5 acres. The property offers 236 units, averaging 920 square feet, with spa bathrooms, Bluetooth shower heads, Nest thermostats, keyless fob entry and full-sizer washers/dryers. Community amenities include a heated pool, dog park, sports lounge, golf simulator, coffee bar and 24-hour fitness center. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.
PALM SPRINGS, CALIF. — Faris Lee Investments has brokered the sale of Gene Autry Plaza, a grocery-anchored retail property located in Palm Springs. Santa Barbara, Calif.-based Investec Real Estate Cos. sold the asset for $23.4 million. The name of the buyer was not released. Smart & Final Extra is the anchor tenant of the retail center. The property is historically 98 percent occupied. Don MacLellan and Rick Chichester of Faris Lee represented the seller and buyer in the deal.
AUSTIN, TEXAS — Cushman & Wakefield has negotiated a 19,601-square-foot office lease at Uplands Corporate Center in South Austin. Matt Frizzell and Kevin Granger of Cushman & Wakefield represented the landlord, San Francisco-based Drawbridge Realty, in the lease negotiations. The tenant, North Carolina-based engineering firm Kimley-Horn, will occupy part of a 124,080-square-foot building that is under construction and represents the second phase of the development.