Property Type

Dalfen Industrial Acquires Turnpike Logistics Center in West Palm Beach for $60.6M

by Julia Sanders September 24, 2021

WEST PALM BEACH, FLA. — Dalfen Industrial has acquired Turnpike Logistics Center, a 317,499-square-foot logistics facility in West Palm Beach. The sales price was $60.6 million. John Huguenard, Luis Castillo, Cody Brais, Sky Groden of JLL Capital Markets represented the developer and seller, Jeff Greene. Completed in 2020, Turnpike Logistics Center is a two-building facility comprising a 124,479-square-foot building at 1673 Meathe Drive and a 193,000-square-foot building at 1715 Meathe Drive. The rear-load buildings have features such as 32-foot clear heights, concrete tilt-wall construction, deep column spacing, a total of 94 dock-high doors, two drive-in doors, ESFR fire protection and vehicle parking. Formerly known as Greene Space Industrial, Turnpike Logistics Center has direct on-ramp access to the Florida Turnpike and is located about 5.9 miles from Palm Beach International Airport. The property is also about 6.8 miles from downtown West Palm Beach.

September 24, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Crown Bay Group Purchases Workforce Housing Community in Atlanta for $31.1M

by Julia Sanders September 24, 2021

UNION CITY, GA. — Crown Bay Group LLC, an Atlanta-based multifamily real estate investment firm, has purchased The Park at Netherley, a 294-unit workforce housing community in Union City. The sales price was $31.1 million, or nearly $106,000 per unit. The seller was Blue Magma. Built in 1988, The Park at Netherley offers one-, two- and three-bedroom apartments. Community amenities include a business center, clubhouse, playground, swimming pool and a fitness center. The property was 93 percent occupied at the time of sale. Located at 6770 Buffington Road, The Park at Netherley is located about 13.4 miles from the Atlanta Metropolitan State College and 15.2 miles from Clayton State University. Additionally, the property is about 7.8 miles from Hartsfield-Jackson Atlanta International Airport. Since 2019, more than $1 million of capital improvements have been completed at the apartment complex in order to enhance curb appeal, upgrade interiors, improve exteriors and common area amenities. As the new owner, Crown Bay plans to launch an interior renovation program to enhance unit interiors. Crown Bay Management, the firm’s property management division, will manage the residential community.

September 24, 2021

Loans Multifamily Texas

Berkadia Arranges Acquisition Financing for 1,275-Unit Multifamily Portfolio in Houston

by Taylor Williams September 24, 2021

HOUSTON — Berkadia has arranged an undisclosed amount of acquisition financing for a portfolio of five multifamily properties totaling 1,275 units in the Westwood and Braeswood/Fondren submarkets in southwest Houston. The properties — Airport Crossing, The Townhomes, Terrace at West Sam Houston, Casa Grande and Plaza at Hobby Airport — were all built between 1976 and 1983. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia arranged the financing through Voya Investment Management on behalf of the borrower, New York-based July Residential. The debt was structured with a four-year term, a 75 percent loan-to-value ratio and provisions for funding capital expenditures.

September 24, 2021

Data Centers Development Illinois Industrial Midwest

Prime Data Centers to Invest up to $1B to Develop Industrial Campus in Metro Chicago

by Kristin Harlow September 24, 2021

ELK GROVE VILLAGE, ILL. — Prime Data Centers has unveiled plans to build a 750,000-square-foot data center campus in the Chicago suburb of Elk Grove Village. The three-facility project will be one of the largest data center campuses in the O’Hare market, according to the company. Prime Data Centers plans to invest up to $1 billion for the project. A timeline for completion was not provided.

September 24, 2021

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Brokers Sale of 152,030 SF Shopping Center in Greensboro, North Carolina

by Julia Sanders September 24, 2021

GREENSBORO, N.C. — Marcus & Millichap has brokered the sale of West Market Shopping Center, a 152,030-square-foot, Food Lion-anchored retail property in Greensboro. The property sold for $9.1 million. David Gant and Lori Schneider of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Built in 1963, West Market Shopping Center is located at 4637-4653 W. Market St. The property’s tenant roster includes Cato, Strength & Body and Reconsidered Goods.

September 24, 2021

Acquisitions Industrial Midwest Minnesota

Colliers Arranges Sale of 1.9 MSF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow September 24, 2021

MINNEAPOLIS — Colliers International has arranged the sale of a 22-building industrial portfolio spanning 1.9 million square feet in metro Minneapolis. The sales price was undisclosed. Half of the portfolio features a high office finish and is located in the southwest submarket of Minneapolis, while the other half is comprised of warehouse and distribution product. Mark Kolsrud, John McCarthy, Peter Carbonneau, Peter Loehrer, Kyle Delarosby and Lydia Paasch of Colliers represented the seller, a national industrial owner. The team also procured the buyer, Nicola Wealth Real Estate Acquisitions LTD. Mike Taylor, Brian Bonipart and Pat Taylor of Gantry secured a $130 million loan on behalf of the buyer. A life insurance company provided the seven-year loan, which featured a sub-3 percent rate and a 30-year amortization schedule.

September 24, 2021

Development Industrial Midwest Ohio

CRG Breaks Ground on 1 MSF Spec Distribution Facility in Etna, Ohio

by Kristin Harlow September 24, 2021

ETNA, OHIO — CRG and its capital partner Lexington Realty Trust have broken ground on Building E at The Cubes at Etna 70 in Etna, about 20 miles east of Columbus. The more than 1 million-square-foot speculative distribution facility will be located at 9800 Schuster Way. Completion is slated for spring 2022. The building will feature a clear height of 40 feet and 108 dock positions. Contegra Construction is the general contractor and Lamar Johnson Collaborative, a subsidiary of CRG’s parent company, Clayco, is the architect. Jeff Lyons of CBRE will market the project for lease. This is the second development at The Cubes at Etna 70, which encompasses 289 acres of former farmland that CRG and Lexington purchased in 2018. CRG completed development of a 1.2 million-square-foot build-to-suit for Kohl’s in 2020. Four sites remain available for development. All told, the site can accommodate up to 2 million square feet of additional construction.

September 24, 2021

Acquisitions Illinois Midwest Multifamily

Albion Residential Purchases 719-Unit Apartment Community in Suburban Chicago, Plans $23M Revitalization

by Kristin Harlow September 24, 2021

PALATINE, ILL. — Albion Residential has purchased Birchwood on Sterling, a 719-unit apartment community in Palatine, a northwest suburb of Chicago. Matt Schoenfeldt of JLL Capital Markets arranged a $94.2 million loan on behalf of Albion through Voya Investment Management. Pete Evans of Berkadia Chicago and Richard Evans of Berkadia Milwaukee, along with support from local Berkadia colleagues, represented the undisclosed seller. Albion plans to undertake a $23 million renovation project, completion of which is slated for early 2024. All units that have not been recently updated will be modernized. Additional plans call for an expanded and updated club room, a newly built fitness center, renovation of the pool and the addition of fire pits, bocce ball and dog runs. Birchwood on Sterling was originally built in the 1970s.

September 24, 2021

Acquisitions Illinois Midwest Office

The Equitable Funds Acquires Two-Building Office Property in Schaumburg, Illinois

by Kristin Harlow September 24, 2021

SCHAUMBURG, ILL. — The Equitable Funds LLC has acquired 1340-1350 Remington Road in Schaumburg for an undisclosed price. The company plans to combine the two-building, one-story office property with an additional asset, 1305-1375 Remington Road, and create a campus known as One Story Schaumburg. The newest buildings total roughly 48,000 square feet and were 30 percent leased at the time of acquisition. When combined with the earlier acquisition, One Story Schaumburg will total more than 130,000 square feet. All of the buildings were constructed in the same style by one developer. The Equitable Funds plans to execute a renovation and repositioning program for all the buildings. A spec suite program will be implemented to offer move-in ready spaces ranging from 1,500 to 3,000 square feet. Plans also call for an amenity center and more outdoor seating. NAI Hiffman is the leasing agent. One Story LLC, a property management firm recently formed by Jonathan Berger and Joshua Silverglade, will manage the asset.

September 24, 2021

Development Multifamily Texas

OHT Partners Breaks Ground on 315-Unit Lenox Bayside Apartments in Southeast Houston

by Taylor Williams September 24, 2021

HOUSTON — Multifamily developer OHT Partners has broken ground on Lenox Bayside, a 315-unit apartment community in the Clear Lake area of southeast Houston. The community will be situated adjacent to Baybrook East, a retail center at which a 106,000-square-foot H-E-B grocery store is currently under construction. Designed by Davies Collaborative, Lenox Bayside will offer one-, two- and three-bedroom units and amenities such as a pool, 24-hour collaborative work studio, outdoor grilling areas and a dog park. The opening of the community is scheduled for early 2023. The H-E-B store is scheduled to open before the end of the year.

September 24, 2021

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