Property Type

TGS-Cedar-Port-Baytown

BAYTOWN, TEXAS — TGS Cedar Port Partners, an affiliate of Trans-Global Solutions, has begun construction on two industrial buildings in Baytown totaling 646,421 square feet. The properties will be situated within TGS GS Cedar Port Industrial Park, a master-planned, rail-and-barge-served development near Port Houston. The buildings, which are being developed on a speculative basis, will total 496,421 square feet and 150,000 square feet. The larger of the two buildings will be expandable to 917,172 square feet and will feature 40-foot clear heights, 185-foot truck court depths and an ESFR sprinkler system. The second facility will be expandable to 600,000 square feet and will feature 36-foot clear heights. Powers Brown Architecture is designing the project, and E.E. Reed Construction is the general contractor. NAI Partners is the leasing agent. Completion is slated for the second and third quarters of next year, respectively.

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WHITELAND, IND. — Avison Young has brokered the sale of three industrial buildings totaling 878,410 square feet in Whiteland, a southern suburb of Indianapolis. The sales price was undisclosed. All the buildings are situated within the 2.4 million-square-foot Whiteland Exchange Business Park. The properties are fully leased to e-commerce and packing companies. Erik Foster and Mike Wilson of Avison Young’s Chicago office represented the seller, Jones Development. The duo worked in conjunction with Sean McHale and Peter Seoane of Avison Young’s Indianapolis office. Lexington Realty Trust was the buyer.

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MINNEAPOLIS — Ready Capital has closed a $39.2 million loan for the acquisition, renovation and stabilization of a 332-unit, eight-property multifamily portfolio in Minneapolis. The Class B properties are located in the Loring Park, Stevens Square and Whittier submarkets. The buyer plans to implement a capital improvement program to renovate unit interiors. The nonrecourse loan features a floating rate and a four-year term.

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COLUMBUS, OHIO — The NRP Group has broken ground on Sinclair Apartments, a 180-unit affordable housing community in Columbus. In partnership with the City of Columbus Housing Division, the transit-oriented development will be developed with tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank. Located at 5055 Sinclair Ave., the property will be reserved for Columbus-area residents who earn between 30 and 70 percent of the area median income. The three-building complex will replace Alrosa Villa, a live music venue that closed in 2020. Completion of the project is slated for 2023.

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NAPERVILLE, ILL. — Colliers has arranged the sale of Jefferson Business Center in Naperville for an undisclosed price. The 169,250-square-foot distribution center is located at 1748 Jefferson Ave. Completed in 2019, the Class A facility features a clear height of 32 feet, 21 loading docks, 203 car parking stalls and 23 trailer stalls. The building was fully leased to four tenants at the time of sale. Jeff Devine and Steve Disse of Colliers Chicago represented the seller, TA Realty. Black Creek Group was the buyer.

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CHICAGO — Skender has started the interior buildout of a two-story, 50,000-square-foot lab and office space for Hazel Technologies at 320 N. Sangamon, a new 13-story building being developed by Tishman Speyer and Mark Goodman & Associates in Chicago’s Fulton Market. Hazel, a USDA-funded technology company developing solutions to extend the shelf life of fresh produce, will move from its current location at Illinois Tech’s University Technology Park in the Bronzeville neighborhood. Hazel plans to double its local workforce to 70 employees in the coming year. The buildout includes space for both research and lab support, as well as 10,000 square feet of administrative and office space and 5,000 square feet of collaboration space. CBRE is the tenant representative, Perkins & Will is the architect and Cosentini Associates is the engineer. Completion is slated for spring 2022.

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Building-6-Titan-Innovation-Business-Park

HUTTO, TEXAS — Titan Development has broken ground on a 197,621-square-foot industrial project in the northern Austin suburb of Hutto. The facility is part of the 100-acre second phase of Titan Innovation Business Park. The rear-load building will offer 32-foot clear heights, 54 dock-high doors and an ESFR sprinkler system. Titan Development expects to deliver the building in late 2022.

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Atlas-Point-at-Prestonwood-Carrollton

CARROLLTON, TEXAS — An affiliate of private equity firm Livingston Street Capital has acquired Atlas Point at Prestonwood, a 183-unit active adult community in the northern Dallas suburb of Carrollton. The property offers one-, two- and three-bedroom units with walk-in closets, granite countertops, hardwood-style flooring and stainless steel appliances. Amenities include a pool, outdoor lounge with a kitchen, salon, fitness center and a pet washing station. The seller was not disclosed.

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GEORGETOWN, TEXAS — Wan Bridge, a Texas-based builder and operator, is underway on construction of Georgetown Heights, a 50-unit build-to-rent community that will be located on the northern outskirts of Austin. The community will feature three- and four-bedroom, two-story duplexes ranging in size from 1,400 to 2,100 square feet, as well as walking trails and green space. The development team is aiming to deliver the first model home by February.

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FORT WORTH, TEXAS — Terrydale Capital, a Dallas-based financial intermediary, has arranged a $1.6 million acquisition loan for an undisclosed industrial property in Fort Worth. The 25-year loan was structured with 4.75 percent interest rate, a 25-year amortization schedule and seven months of interest-only payments. Cody Baker of Terrydale Capital arranged the loan through a correspondent SBA lender on behalf of the undisclosed borrower.

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