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.
Property Type
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.
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.
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.
FORT WORTH, TEXAS — Developer and operator Tradition Senior Living has begun construction on a 309-unit facility within the 270-acre Clearfork mixed-use development in Fort Worth. The Tradition-Clearfork will offer independent living, memory care and assisted living services. The property’s 214 independent living residences and 95 acute and memory care units will be available in one- and two-bedroom formats and will range in size from 880 to 2,200 square feet. Residents will have access to 24-hour concierge and valet services, secure parking and transportation options. Common areas will include lounges, card rooms, a movie theater, fitness center, pool and other spaces for daily social activities and wellness programs. Completion is slated for summer 2023.
HOUSTON — NAI Partners has brokered the sale of a 35,634-square-foot industrial building located at 9260 Bryant St. in southeast Houston. According to LoopNet Inc., the single-tenant property as built on 2.5 acres in 1961. NAI Partners’ Darren O’Conor represented the buyer, TEHO International (USA) LLC, in the transaction. Ryan Fuselier and David Buescher with JLL represented the seller, an entity doing business as Bryant Street Building Ltd.
Weidner Apartment Homes Sells Accolade Multifamily Property in Phoenix to Knightvest Capital for $155M
by Amy Works
PHOENIX — Weidner Apartment Homes has completed the disposition of Accolade, an apartment community in Phoenix. Knightvest Capital acquired the asset for $155 million, or $282,847 per unit. Constructed in 1984 on 28 acres, Accolade features 548 apartments, four swimming pools, two spas, a resident clubhouse, leasing office, open-air conference room and cybercafé. Apartments offer full-size washers/dryers, wood-style vinyl flooring, walk-in closets and private patios or balconies. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
PICO RIVERA, CALIF. — DAUM Commercial Real Estate has arranged the acquisition of an industrial property located at 8500 Mercury Lane in the Los Angeles suburb of Pico Rivera. Chicago-based CenterPoint Properties acquired the property from the undisclosed occupant for $63 million in an off-market, sale-leaseback transaction. The 173,134-square-foot facility features a 32-foot clear heights, 24 dock-high doors with the potential for six additional doors and an ESFR sprinkler system. The asset is situated less than two miles from Interstate 5. Jordan Lara, Rudy Lara and Nick Peukpiboon of DAUM handled the transaction.
SALT LAKE CITY — BCC Construction has unveiled plans for Altitude, a multifamily property located near the Salt Lake City International Airport in Salt Lake City. The seven-story, 117,565-square-foot community will feature 156 apartments, a rooftop deck, fitness center and two levels of parking. Construction is slated to begin in spring 2022, with completion scheduled for summer 2023.
Focus Healthcare Partners, LCS Acquire Seniors Housing Community in Fountain Hills, Arizona
by Amy Works
FOUNTAIN HILLS, ARIZ. — Focus Healthcare Partners and Life Care Services (LCS) have acquired Fountain View Village, a senior living community in Fountain Hills, a suburb of Phoenix. LCS will operate the community following the acquisition. Fountain View Village consists of 90 independent living units, 68 assisted living units, 45 memory care units and 48 units within its dedicated health center.