SHERMAN, TEXAS — Dallas-based investment firm Preston Forrest Capital has acquired a 518,700-square-foot industrial property that is situated on a 70-acre site in the North Texas city of Sherman. The building is situated within the 3,300-acre Progress Park master-planned development, which houses tenants such as Tyson Foods, Sunny Delight and Texas Instruments. The property was fully leased at the time of sale and serves as a regional distribution hub for CertainTeed Corp., an international building products manufacturer. Stan McClure of CBRE represented the seller, The State of Texas Permanent School Fund and General Land Office, in the transaction.
ALEDO, TEXAS — General contractor Satterfield & Pontikes is nearing completion of Annetta Elementary School, a $36.5 million project that will support about 800 students within the Aledo Independent School District. Aledo is located about 20 miles west of Fort Worth. The 107,391-square-foot project features grade-level pods with collaborative learning spaces and an open library with reading nooks and natural light that overlooks a learning hub. PBK served as the project architect, and Dunaway acted as the structural engineer. The development team expects the school to be open in August at the start of the fall 2021 semester.
FORT WORTH, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Sedona Village, a 172-unit affordable housing property in Fort Worth. The property was built in 2012 and consists of five three-story buildings and a single one-story maintenance building. Colliers Mortgage originated the loan, which carried a 15-year term and a 30-year amortization schedule, on behalf of the borrower, Fort Worth Housing Solutions.
SAN ANTONIO — KM Realty Investment Trust Inc., a Houston-based REIT, has acquired City Base Commons, a 32,449-square-foot shopping center that is located on a 7.5-acre site south of downtown San Antonio. Locally based firm GFR Development sold the asset for an undisclosed price. City Base Commons was 95 percent leased at the time of sale to tenants such as Credit Human, Kung Fu Tea, Jimmy John’s, McAlister’s Deli, Raising Cane’s and Smoothie King.
CHICAGO — The Community Builders has unveiled plans to develop a $102 million, 20-story affordable housing project in Chicago’s Loop. The high-rise development has been selected as the winner of the City of Chicago’s C40 Reinventing Cities competition, which encourages carbon neutral and sustainable development. The 207 rental units will range from studio to two-bedroom and are restricted to tenants earning between 30 to 80 percent of area median income (AMI). Slated to occupy city-owned land at the corner of Van Buren Street and Plymouth Court, the project was selected via a request for proposals process, which was issued last year through the international C40 Reinventing Cities competition. Designed by Studio Gang along with DesignBridge and JAQ Corp, the “Assemble Chicago” project was selected over three other net-zero proposals due to its superior design, commitment to affordability, family-sized units, development team experience, proposed purchase price and community feedback, according to the city. The site is currently occupied by a vacant parking garage and vacant land. Located at the nexus of multiple transit lines, the building will include a two-level podium with a food hall for minority-owned restaurants, a produce grocer and wellness clinic. Plans also call for approximately $2 million in improvements for …
COLUMBUS, OHIO — The Pizzuti Cos. is underway on the development of two speculative industrial buildings within Global Court Logistics Center, which is located in the Rickenbacker submarket of Columbus. Global Court I will span 158,700 square feet while Global Court II will total 196,400 square feet. Both buildings will feature a clear height of 32 feet and LED lighting. Completion is slated for this December. CBRE and Pizzuti will provide leasing services. Since 1998, Pizzuti has developed more than 12 million square feet of industrial space in the Rickenbacker submarket.
WEST ST. PAUL, MINN. — Upland Real Estate Group’s net lease team has negotiated the sale of a Hobby Lobby-occupied property in West St. Paul for $6.3 million. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. The property sold to a California-based buyer. Hobby Lobby’s portfolio consists of 900 stores in 46 states.
NORFOLK, NEB. — Avison Young has brokered the $4.5 million sale of Sunset Plaza Mall in Norfolk, a city in northeast Nebraska. The 232,347-square-foot shopping center is located at 1700 Market Lane. The property was lender-owned and was roughly 48 percent occupied at close of escrow. Built in 1968 and renovated in 1994, the mall sits on 31 acres and features a mix of 30 regional and national tenants, including JC Penney, Bath & Body Works, Famous Footwear and GNC. Chris Maling and David Maling of Avison Young represented the seller, Wells Fargo Bank, in the value-add transaction. The duo also procured the buyer, Tennessee-based LBD Properties LLC.
DETROIT — Colliers International has arranged the sale of two industrial buildings in Detroit for an undisclosed price. The first property at 13901 Joy Road spans 456,156 square feet. The second building at 8211 Decatur Road totals 113,332 square feet. Peter E. Kepic and Peter J. Kepic of Colliers represented the buyer, Schostak Brothers & Co. Inc., as well as the seller, Joy Road Holdings LLC. Schostak has retained the duo to market the buildings for lease. Schostak says the purchase fits its strategy of buying and renovating well-located industrial properties.
UPPER MOUNT BETHEL, PA. — Developer River Pointe Logistics and CBRE have revealed updated plans for River Pointe Commerce Park, a 725-acre industrial project located in the Lehigh Valley city of Upper Mount Bethel. The development, which is located 1.5 miles from Interstate 80, will now consist of 15 buildings totaling approximately 6 million square feet. The first, 420,000-square-foot building is expected to deliver in 2022 and will feature a clear height of 45 feet, 42 docks and two drive-in doors. Jake Terkanian and Sean Bleiler of CBRE are the leasing agents for the project.