FITCHBURG, WIS. — Dwight Capital has provided a $22.7 million HUD-insured loan for the refinancing of The Fairways Apartments in Fitchburg, a southern suburb of Madison. The 369-unit apartment complex is comprised of 14 buildings and is situated on Nine Springs Golf Course. Amenities include a pool, common areas and two tennis courts. Brandon Baksh of Dwight originated the loan, which benefited from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. The borrower was undisclosed.
CHICAGO — Cushman & Wakefield has brokered the sale of 2032 N. Clybourn Ave. in Chicago’s Lincoln Park for $15 million. The site includes a 150,000-square-foot brick warehouse and adjacent land near the Lincoln Yards development. Eric Sorensen, Larry Goldwasser and Kathleen Nelson of Cushman & Wakefield represented the seller, Anixter Center, a nonprofit that serves the deaf and people with developmental disabilities or behavioral health needs. The buyer, an affiliate of Interra Realty, intends to redevelop the property.
HOUSTON — Los Angeles-based PCCP LLC has funded a $70.7 million acquisition loan for Millennium High Street, a 340-unit apartment community in the River Oaks area of Houston. Built in 2013, the property consists of four residential buildings, a parking garage and 26,304 square feet of retail space on a 6.3-acre site. The unit mix comprises 229 one-bedroom residences, 91 two-bedroom apartments and 20 three-bedroom units with an average size of 901 square feet. Units feature stainless steel appliances, contemporary countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a rooftop lounge. The borrower was Miami-based Galium Capital. The seller was a partnership between The Dinerstein Cos. and Coventry Real Estate Advisors that also developed the property. Millennium High Street was 93 percent occupied at the time of the loan closing.
DENTON, TEXAS — CBRE has negotiated the sale of Denton Crossing 3 and 4, two newly built industrial buildings totaling 525,332 square feet in the North Texas city of Denton. The first building spans 398,442 square feet and was fully leased at the time of sale, while the second structure totals 126,890 square feet and was vacant at the time of sale. The properties, both of which were built in 2020, feature 32- to 36-foot clear heights, ESFR sprinkler systems and immediate proximity to Interstate 35. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE represented the seller, Scannell Properties, in the transaction. The buyer was James Campbell Co., an investment firm based in Hawaii. The sales price was not disclosed. The new ownership has tapped Dallas-based Holt Lunsford Commercial to lease Denton Crossing 4.
MCKINNEY, TEXAS — JLL has arranged the sale of Logistics Center at McKinney, a 431,710-square-foot industrial property located in the northern Dallas suburb of McKinney. The development consists of two rear-load buildings totaling 129,914 and 301,796 square feet. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Pauli Kerr of JLL represented the seller, Atlanta-based Core5 Industrial Partners, in the transaction. Thor Equities Group purchased the property for an undisclosed price.
MESQUITE, TEXAS — Vehicle Accessories Inc., a manufacturer of automotive parts like splash guards, body side moldings and bumper protectors, will relocate its corporate headquarters to Mesquite, an eastern suburb of Dallas. The move is expected to bring about 315 new jobs and $30 million in total capital investment to the local economy. The company will consolidate its operations in Buffalo, Toronto, nearby Sunnyvale, Texas, and Magog (Quebec) into a build-to-suit, 310,000-square-foot building at Alcott Logistics Station. Vehicle Accessories plans to take occupancy of the building, which is being developed by Jackson-Shaw, by the end of 2022.
ALLEN, TEXAS — MD7, a provider of mobile infrastructure consulting services, has signed a 25,000-square-foot office lease in the northeastern Dallas suburb of Allen. The firm is relocating its headquarters from San Diego to One Bethany West, which is located on the 17-acre Watters Creek campus. The move is expected to bring about 200 new jobs and $6.8 million in capital investment to the regional economy.
PISCATAWAY, N.J. — Indianapolis-based Duke Realty has completed a 622,230-square-foot, build-to-suit industrial project for Bob’s Discount Furniture in the Northern New Jersey community of Piscataway. Building features include 40-foot clear heights, 125 dock doors, 302 automobile parking spaces and 127 trailer parking spaces. The Connecticut-based national discount retailer, which operates 150 stores across 23 states, expects to bring hundreds of new jobs to the area in the coming years as it expands its supply chain and distribution network.
STATE COLLEGE, PA. — Aspen Heights Partners, an Austin-based developer of apartment and student housing communities, has broken ground on Aspen East Penn, a 651-bed multifamily project in State College, home of Penn State University. The two-building property will be located less than a mile from campus and will house 24,299 square feet of ground-floor retail space. In addition, Aspen East Penn will feature one-, two-, three-, four- and five-bed floor plans across its 262 units, 28 of which will be reserved as workforce housing. Amenities will include a pool, courtyard and an outdoor terrace. Completion is slated for 2023.
NEW YORK CITY — JLL has arranged the $88.5 million sale of a 76,000-square-foot residential development site located within a Qualified Opportunity Zone in the Long Island City area of Queens. The site is zoned to allow a total buildable area of 444,000 square feet. Bob Knakal, Stephen Palmese, Brendan Maddigan and Jonathan Hageman of JLL represented the seller, an undisclosed private investor, in the transaction. Christopher Peck, Andrew Scandalios, Rob Hinckley, Jeff Julien and Nicco Lupo of JLL arranged an equity partnership with Bridge Investment Group on behalf of the buyer, a joint venture between The Domain Cos., L+M Development Partners and The Vorea Group.