OMAHA, NEB. — Investors Realty has brokered the sale of the Hi-Park Campus in Omaha for $11.4 million. The asset consists of eight flex industrial buildings that were fully leased at the time of sale. Located on the southeast corner of 94th and F streets, the campus spans 150,000 square feet. Ember Grummons of Investors Realty represented the buyer, Fulton Acquisitions. Clint Seemann of Investors Realty and John Dickerson of OMNE represented the seller, Hannibal Properties.
COTTAGE GROVE, MINN. — The Opus Group will build a 35,600-square-foot expansion for North Star Sheets at Southeast Industrial Park in Cottage Grove, about 10 miles south of St. Paul. North Star Sheets, a producer of corrugated paper products for manufacturing needs, currently occupies a 168,000-square-foot building on 16 acres. The company will use the expansion to increase capacity and add another rail spur to enhance its rail service infrastructure. Opus will serve as developer, design-builder, architect and structural engineer. Hillcrest Development LLLP owns Southeast Industrial Park. Eric Rossbach and Andy Heieie of Colliers International are the leasing agents for the property.
CHICAGO — American Street Capital (ASC) has arranged an $8.2 million loan for the refinancing of a 45-unit multifamily building in Chicago. Located in the Logan Square neighborhood, the property was originally built in 1928 and was recently modernized. Floor plans range from one-bedrooms to three-bedrooms. Igor Zhizhin of ASC arranged the agency loan, which features a five-year term, a fixed interest rate and a 30-year amortization schedule. Prior to this transaction, ASC also placed the acquisition bridge loan and original permanent debt for the asset.
FORT WORTH, TEXAS — HomeGoods, a division of Massachusetts-based discount retail giant TJX Cos., will open a 1 million-square-foot distribution center within Carter Park East, a 556-acre industrial development in Fort Worth. The 100-acre build-to-suit property will also serve as a regional distribution center for HomeGoods’ sister brand, Homesense. Seth Koschak, Jeff Rein and Forrest Cook of Stream Realty Partners represented the developers of the building, New York-based Clarion Partners and a fund advised by Crow Holdings Capital, in the lease negotiations. Tony Kepano and Nathan Lawrence with CBRE represented the tenant. Rob Riner Cos. is the master developer of Carter Park East, which is located south of Interstate 20 and east of Interstate 35 on the south side of Fort Worth.
FORT WORTH, TEXAS — Dallas-based Stonemont Financial Group has broken ground on three speculative industrial buildings totaling 699,000 square feet in Fort Worth. The developments will consist of a 213,000-square-foot building at FM 156 near Chaplin Drive and two buildings totaling 486,000 square feet at Golden Triangle and Harmon Road. Construction of all three buildings is set to begin in the coming weeks, with completion of the first project slated for March 2022 and delivery of the second and third buildings scheduled for May 2022.
ARLINGTON, TEXAS — JLL has negotiated the sale of a 12-building, 582,803-square-foot industrial portfolio in Arlington. The portfolio includes 109th Street Business Park (414,724 square feet), 2821 East Randol Mill (40,000 square feet), 1170-1180 109th Street (93,079 square feet) and 3016-3030 Avenue East (35,000 square feet). The infill buildings were collectively 77 percent leased at the time of sale. Stephen Bailey, Dustin Volz, Dom Espinosa, Wesley Gilmer and Pauli Kerr of JLL represented the seller, Fort Worth-based investment firm Fort Capital, in the transaction. The buyer was Arden Group, a national investment management firm.
PLANO, TEXAS — Florida-based investment firm CTO Realty Growth Inc. (NYSE: CTO) has purchased The Shops at Legacy North, an approximately 236,000-square-foot office and retail center in Plano, for $72.5 million. The property was built on 12.7 acres in 2007 and was 83 percent leased across its office and retail components at the time of sale. The retail portion of the property consists of 121,496 square feet and houses tenants such as Capital Grille, Seasons 52, Mexican Sugar, Benihana and Ra Sushi. The office component spans 114,936 square feet and is home to users such as Unum, Technologent, Timmons Group, BRP and Shift Digital.
AUSTIN, TEXAS — An affiliate of Miami-based One Real Estate Investment has acquired Lotus Village, a 222-unit apartment community in North Austin. Built in 2012, the property offers one-, two- and three-bedroom units with hardwood floors, individual washers and dryers and private balconies/patios. Communal amenities include a fitness center, clubhouse, business center, picnic area and a pet play area. Brad Williamson of Berkadia arranged acquisition financing through LoanCore on behalf of the buyer. The seller was undisclosed.
LOGAN TOWNSHIP, N.J. — Developer J.G. Petrucci Co. Inc. has broken ground on Port Logistics Center at Logan, a 1.8 million-square-foot industrial project in Logan Township, located in the southern part of the state. Construction is underway on Building A, which will span 1 million square feet and feature a clear height of 40 feet, 663 vehicle parking spaces and 241 trailer parking spaces. Completion of Building A is slated for the fourth quarter. The other three buildings, which total 261,000, 253,500 and 331,870 square feet, are currently being marketed for lease.
COLORADO SPRINGS, COLO. — Evergreen Devco has purchased a former Sears store property located at Chapel Hills Mall in Colorado Springs from Northwood Investors for $5.7 million. The vacant property includes a two-story, 141,000-square-foot building, parking lots and 12.6 acres. Built in 1981, the Sears store served as the western anchor of the Chapel Hills Mall until the store closed in March 2019. Evergreen Devco plans to demolish the building and redevelop the property into Outlook Briargate, a 300-unit apartment complex. The development will offer a mix of one-, two- and three-bedroom units spread across multiple buildings. Community amenities will include a clubhouse, fitness center, outdoor pool, shade structures and barbecue areas. Construction is slated to begin in July, with the first units available for rent in 2022.
