FISHERS, IND. — JVM Realty Corp. has acquired The Mark at Fishers District, a 260-unit luxury apartment community in Fishers, a northern suburb of Indianapolis. The company has also acquired Fishers District, an 18-acre development with 98,186 square feet of fully leased retail and restaurant space. A dual-branded Hyatt House and Hyatt Place hotel is also on the site but was not part of the sale. JVM plans to use its in-house management and marketing teams for the residential component, but will engage a national expert in retail services to assist with management of the retail portion. George Tikijian and Hannah Ott of Cushman & Wakefield represented the seller, Thompson Thrift. The sales price was not disclosed.
MINNEAPOLIS — The Opus Group has broken ground on Nordeast Business Center, a 130,440-square-foot speculative industrial building in Minneapolis. Located at the corner of University Avenue and 37th Avenue Northeast, the project will feature 136 vehicle parking stalls, 22 dock doors, two drive-in doors, 19 trailer parking stalls and a clear height of 32 feet. Completion is slated for summer 2022. Opus is the developer, design-builder, architect and structural engineer. John Ryden, Matt Oelschlager and Mike Bowen of CBRE are marketing the property for lease.
FLINT TOWNSHIP, MICH. — LRC Commercial has acquired Lux off Linden in Flint Township for $3.5 million. The 92-unit multifamily property is located at 1440 Linden St. LRC plans to update the units and add 90 storage units. Trinity AAA will manage the asset. Waller Group represented LRC in the transaction, which accounts for LRC’s fourth acquisition in the state of Michigan.
HOUSTON — Houston-based investment firm Nitya Capital has acquired a portfolio of nine multifamily properties totaling 2,555 units that are located in six different cities within the Dallas-Fort Worth (DFW) metroplex. Nitya Capital, which acquired the portfolio from locally based investment firm Raven Multifamily, plans to upgrade the properties with about $15 million in capital improvements to unit interiors and amenity spaces. Taylor Snoddy, James Roberts and Phillip Wiegand of NorthMarq brokered the sale. Steve Whitehead and William Hancock, also with NorthMarq, arranged an undisclosed amount of floating-rate acquisition financing on behalf of the new ownership.
EL PASO, TEXAS — Houston-based NewQuest Properties has brokered the sale of Sunrise Village Center, a 186,880-square-foot shopping center located near Fort Bliss in El Paso. Sunrise Village Center was originally built in 1957 and was 44 percent leased at the time of sale. Current tenants include Dollar General, Sally’s Beauty Supply and Black Fridays Daily Discount Store. The buyer, which plans to redevelop the property, was a Houston-based private investor doing business as JMK5 Holdings LLC. The seller was a family trust and original owner of the property. David Luther, Kelley Workman and Dakota Workman of NewQuest represented both parties in the deal.
AUSTIN, TEXAS — Newmark has negotiated the sale of Northstar Apartments, a 200-unit multifamily community located near The Domain mixed-use development in North Austin. Built in 1986, the property’s units feature granite countertops, glass backsplashes, stainless steel or black appliances and private balconies/patios. Amenities include a pool, outdoor grilling area, fitness center, dog park and a clubhouse with a kitchen and lounge. Jim Young of Newmark represented the seller, Houston-based Nitya Capital, in the transaction. The buyer, California-based Langdon Street Capital, plans to implement a value-add program.
FORT WORTH, TEXAS — HGR Industrial Surplus has signed a 184,723-square-foot lease at Junction 20/35, a 1.1 million-square-foot industrial development in Fort Worth. Built in 1989 and renovated in 2021, the property is located at the nexus of Interstates 20 and 35. The owner, Los Angeles-based CIM Group, purchased the asset in 2020. Following this deal, Junction 20/35 is now fully leased.
GRAND PRAIRIE, TEXAS — Dallas-based Proterra Properties has purchased four acres in Grand Prairie, located roughly midway between Dallas and Fort Worth, for the development of a 110,000-square-foot office and warehouse building. The property will be able to accommodate one or two tenants and will feature 32-foot clear heights, 30 dock doors, 130-foot truck court depths and an ESFR sprinkler system. Completion is slated for 2022.
By Tim McFarland, Sansone Group It is hard to describe 2020 as anything other than a lost year. COVID-19 brought us quarantines, social distancing, masks and plenty of uncertainty. The pandemic pushed our healthcare system to the brink, stressed our supply chain and caused a global economic slowdown. The St. Louis commercial real estate market certainly felt the effects of COVID-19, with retail and hospitality being hit the hardest. The retail sector was turned upside down by lockdowns that transformed homes into virtual offices, mandates that forced the closure of non-essential businesses and capacity restrictions that required restaurants to learn how to survive without dine-in business for a large portion of the year. These factors have caused an increase in vacancy to nearly 5 percent, and average asking rates to soften to $13.02 per square foot, off by 15 cents per square foot from this time last year. Perhaps most intriguing was seeing trends in the retail market accelerated by COVID-19. E-commerce For years now there has been a trend toward e-commerce. That is true now more than ever as the pandemic has accelerated the drive to digital. More than five years of e-commerce adoption was compressed into a three-month …
BOSTON — JLL has brokered the $74.6 million sale of a 102,727-square-foot office building in Boston’s Seaport District that will soon be converted to a life sciences facility. The nine-story building at 51 Melcher St. was originally constructed in 1916 as a concrete masonry warehouse and renovated in 2013. Coleman Benedict, Scott Carpenter and Mike Shepard of JLL represented the seller, Zurich Alternative Asset Management, and procured the buyer in the transaction. JLL has also been retained to lease the property on behalf of the new ownership.