WICHITA FALLS, TEXAS — Lee & Associates has arranged the sale of a 458,810-square-foot industrial property located on a 97.1-acre site in Wichita Falls, about 115 miles northwest of Fort Worth. According to LoopNet Inc., the property was built in 1978 and features 21- to 45-foot clear heights and 12 dock-high doors. Nathan Denton, Reid Bassinger and Trey Fricke of Lee & Associates represented the seller, an entity doing business as 8600 Central Venture, in the transaction. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the buyer, Panda High Plains.
AUSTIN, TEXAS — Bellomy & Co. has brokered the sale of a 463-unit CubeSmart self-storage facility that is located approximately eight miles outside of downtown Austin. The property was built in 2019 and totals 57,707 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Dallas-based entity doing business as I35 South LP, in the transaction. The duo also procured the buyer, a locally based entity doing business as PG Cactus Bulldog I LLC.
ALLEN, TEXAS — Adolfson & Peterson Construction (AP Construction) has broken ground on the Stephen G. Terrell Recreation Center, a 150,000-square-foot facility in the northeastern Dallas suburb of Allen. The center will house two gyms, an indoor jogging track, weight room, group fitness areas, children’s play areas and a catering kitchen. On June 8, the Allen City Council approved $40.4 million in public financing to begin construction of the project, which is slated for an early 2023 completion. Denver-based Barker Rinker Seacat Architecture is designing the project.
CONROE, TEXAS — Houston-based Gordon Partners has completed the 35,000-square-foot expansion of Waterpoint Center, an office, retail and restaurant development located north of Houston on Lake Conroe. Retail and restaurant users that will soon be opening at the 140,000-square-foot waterfront property include Akashi Asian Bistro, Crust Pizza Co., Boardwalk Boutique, The Paleta Bar, Hunger Crush Café and Bar Lago Craft Cocktails. Gordon Partners will soon break ground on an additional 10,000 square feet of office and medical space that is expected to be complete in the first quarter of 2022.
JERSEY CITY, N.J. — Columbia Property Trust (NYSE: CXP) has completed Phase I of the redevelopment of 95 Columbus, a 680,000-square-foot office building in the Grove Street neighborhood of Jersey City. Global architecture firm Spector Group is leading design of the project, the first phase of which centered on the renovation of the lobby. The next phase of the redevelopment will involve the creation of a lounge area, as well as the enhancement of utility and elevator systems. Columbia is also constructing a bike storage room, bathrooms and shower facilities. Cushman & Wakefield has been tapped to lease the building following the completion of the redevelopment, which is slated for the this fall.
CHARLOTTE, N.C. — Dominion Realty Partners and New York Life Real Estate Investors has opened the FNB Tower, a 29-story office, retail and residential development at 401 S. Graham St. in Uptown Charlotte. FNB Corp., the corporate parent company of Pittsburgh-based First National Bank, signed a long-term commitment to become the tower’s anchor office tenant. New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., is the equity partner in the development. The developers broke ground on FNB Tower in January 2019 and have designed the tower to achieve both LEED certification and Three Green Globes. The tower is Uptown Charlotte’s newest and only green-certified, vertically integrated mixed-use development and is only the second dually certified mixed-use tower in the region, according to Dominion Realty Partners. FNB Tower is situated directly between Truist Field and Bank of America Stadium, home of the Charlotte Knights and Carolina Panthers, respectively. FNB Tower is a 420,000-square-foot building that includes 156,000 square feet of Class A office space with ground floor retail. The property also houses The Reid, which comprises 196 high-rise apartments that sit atop an eight-level parking deck. Community amenities include a pool and amenity sky deck and …
GLEN COVE, N.Y. — Locally based owner-operator Fairfield Properties has acquired Avalon Glen Cove, a 367-unit apartment community located about 30 miles northeast of New York City on Long Island. The property offers studio, one- and two-bedroom units with walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, two fitness centers, an outdoor picnic area and a cinema room. Maryland-based investment firm FCP served as Fairfield Properties’ preferred equity partner in the acquisition. The new ownership has since rebranded the community as Fairfield Metro at Glen Cove.
MEMPHIS, TENN. — LRC Properties, in a joint venture with funds managed by Miami-based Rialto Capital Management, has purchased a 1.1 million-square-foot industrial portfolio in Memphis for $57 million. The seller was not disclosed. The portfolio is currently 100 percent occupied by tenants including Geodis Logistics and Dayco. The properties are located at 3530 East Raines Road, 5510 East Holmes Road and 5540 East Holmes Road. LRC Properties plans to do minor capital improvements to the portfolio. With this purchase, New York City-based LRC Properties owns approximately 6 million square feet of commercial properties in the Southeast. LRC has recently purchased the 640,000-square-foot Technicolor Building in Memphis; a 288,860-square-foot industrial property at 2 Dell Parkway in Nashville; and a 469,830-square-foot industrial property in Jacksonville.
EAST ORANGE, N.J. — Progress Capital has arranged a $53 million loan for the refinancing of LOTUS 315, a 180-unit multifamily building located in the Northern New Jersey community of East Orange. The property also houses 33,151 square feet of ground-floor commercial space. The borrower, locally based developer Blackstone 360, delivered the eight-story building in 2019. Units feature stainless steel appliances and individual washers and dryers, and amenities include an outdoor garden with a lounge, private garden terraces, a fitness center and shuttle service to Newark Penn Station. Brad Domenico of Progress Capital arranged the nonrecourse loan through Arbor Commercial Mortgage.
MIAMI — Berkadia has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit apartment community along Miami River. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the sponsor, Neology Life Development Group, a Miami-based residential and commercial real estate firm. LoanCore Capital originated the two-year, floating-rate loan with three 12-month extension options at a 72 percent loan-to-value ratio. Suzanne Amaducci-Adams and Alexandra Lehson of Bilzin Sumberg were the legal team representing the venture in the refinancing and initial financing. Located at 1951 NW S River Drive, Pier 19 Residences & Marina is located 3.8 miles from downtown Miami and 4.9 miles from Miami International Airport. The property was originally built in 2011 as condominiums. In 2018, Neology purchased the 21-story property and invested more than $2 million to transform the property into a lifestyle-driven residential community. Pier 19 offers one-, two- and three-bedroom units ranging from 720 to over 1,200 square feet. Individual units feature granite countertops, marble and ceramic flooring, stainless steel kitchen appliances, walk-in closets, in-unit washer/dryer and balconies. Community amenities include a marina with 10 slips, a pool deck with pool and hot tub, a dog …