PORTER, TEXAS — The Signorelli Co., the locally based developer behind the 1,400-acre Valley Ranch master-planned community, has opened Valley Ranch Self Storage, a 750-unit facility located in the northeastern Houston suburb of Porter. The three-story property has a gross square footage of 100,000 square feet and offers climate-controlled space. Units range in size from five-by-five feet to 10-by-30 feet, with units on higher levels accessible by elevator.
LAKELAND, FLA. — Parkway Property Investments LLC and Silverpeak Real Estate Partners have broken ground on Lakeland Central Park, a 740-acre, Class A industrial development near the intersection of Interstate 4 and Polk Parkway in Lakeland. When complete, the property will contain more than 5 million square feet of industrial space suitable for manufacturing and distribution users. The site features one-and-a-half miles of frontage along Polk Parkway. Charles Foschini, Christopher Apone, Michael Weinberg and Alec Fox of Berkadia arranged the $38.3 million construction financing. The first phase of Lakeland Central Park’s construction will include a 708,000-square-foot industrial building and the infrastructure to deliver development-ready sites throughout the project. The first phase is scheduled to open in the fourth quarter of 2022. The project is expected to take two phases, with the entire build out to be complete in seven years. This property is a private investment vehicle managed by Silverpeak, which is jointly capitalized by Silverpeak and an unnamed institutional investor with over $130 billion of real estate assets under management. Parkway will develop and manage Lakeland Central Park. The ownership has tapped JLL to lease the industrial park.
SAN ANTONIO — Berkadia has arranged a $33.9 million bridge loan for Timberhill Commons, a 340-unit apartment community in northwest San Antonio. Built in 2020, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a clubhouse. Charles Foschini of Berkadia arranged the financing through KeyBank Real Estate Capital on behalf of the borrower, an entity doing business as Timberhill Commons Ltd. The loan, proceeds of which will be used to repay construction debt, carried a three-year term, floating interest rate and a 70 percent loan-to-value ratio.
SAN MARCOS, TEXAS — New York City-based Dwight Capital has provided a $26.7 million HUD loan for the refinancing of Sadler House, a 240-unit multifamily asset in San Marcos, located roughly midway between Austin and San Antonio. The property was built between 2016 and 2018 and consists of seven residential buildings, seven garages and a leasing center/clubhouse. Amenities include a pool, fitness center, dog park and an outdoor courtyard and entertainment pavilion. Josh Hoffman and Alex Shoenfeld of Dwight Capital originated the financing on behalf of the undisclosed borrower.
ORLANDO, FLA. — Cushman & Wakefield has arranged the $63 million sale of 20 North Orange Avenue, a 279,780-square-foot office tower located in downtown Orlando’s central business district. Banyan Street Capital, a Miami-based private equity firm, purchased the property in a joint venture with a fund managed by DRA Advisors. The price was disclosed by the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi of Cushman & Wakefield, with support from colleagues Zach Eicholtz, Ryan Jenkins and Brooke Tulley, represented the selling partnership, which comprised funds managed by Apollo Global Management, principals of Square2 Capital and Steelbridge Capital. The new ownership has tapped Robert Kellogg, Todd Davis and Colin Morrison of Cushman & Wakefield to lease the property. Banyan Street Capital will operate the office building in collaboration with Square2 Capital. Built in 1983, the 16-story building was purchased by the sellers in 2014 when it was 73 percent leased. The previous ownership spent approximately $5.3 million in capital improvements, including streetscape enhancements, updating both lobby areas, modernizing elevator and mechanical systems and renovating all of the common areas. As a result of these enhancements, occupancy improved to 90 percent. New tenants have been added such …
COLLEGE STATION AND BRENHAM, TEXAS — Alliance Consolidated Group of Cos. has acquired a portfolio of net-leased medical office properties totaling 16,097 square feet in Texas for approximately $6 million. The portfolio consists of a 12,958-square-foot asset at 1730 Birmingham Road in College Station and a 3,139-square-foot property at 539 Medical Parkway in Brenham. Michael Moreno of Matthews Real Estate Investment Services represented the undisclosed seller in the deal. Texas ENT & Allergy is a tenant at both properties.
CHESTERFIELD, VA. — Digital Fortress, a multi-tenant and wholesale data center provider, has opened a 250,000-square-foot data center campus in Chesterfield, about 16 miles south of Richmond. The facility, known as Digital Fortress Richmond, features a raised floor design for its data center space that has 4.1 megawatts of IT load, as well as an additional 200,000 square feet of shell core expansion space supporting up to 25 megawatts of power. The property also features office space that can house up to 120 employees and N+1 redundancy, which offers a fully distributed, uninterrupted power supply for users. The facility is LEED Gold-certified, meaning it takes steps to be environmentally conscious. Located in Meadowville Technology Park, Digital Fortress Richmond provides connectivity with a newly constructed fiber system that links to major connectivity hubs in the market. Digital Fortress operates 10 data center and colocation facilities in Chicago, Denver, Lynwood, Calif., Piscataway, N.J., Portland, Richmond and Seattle.
CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $29.1 million sale of Scarlet Point, a 274-unit apartment community in Charlotte. The approximately 24-acre site is situated on Springmont Lane in west Charlotte, approximately five miles from the Uptown district. Scarlet Point was built in 1974 and was approximately 85 percent occupied at the time of sale. Originally two separate adjacent communities, the property features two swimming pools, two laundry facilities and a dog park. Scarlet Point’s unit mix includes one- and two-bedroom flat- and townhome-style floorplans. Ron Corrao of Capstone represented the seller, TG Real Estate, in the transaction. The buyer, Lucern Capital Partners, plans to continue TG’s renovation program and invest several million dollars into interior upgrades and necessary capital improvements. Select apartment homes were recently upgraded with wood-style vinyl flooring, shaker cabinetry and stainless steel appliances.
GAINESVILLE, FLA. — American Commercial Realty (ACR) has acquired Hampton Forest Apartments, a 152-unit multifamily community in Gainesville. The seller, an entity doing business as Fox Hollow Apartments LLC, sold the property for an undisclosed price. JLL arranged the sale, as well as $14 million in acquisition financing for the buyer. Hampton Forest Apartments has one- and two- bedroom floorplans, with most having private balconies or patios. The community includes 19 two-story concrete block buildings with a leasing office and resident services building, as well as a swimming pool on a nearly 10-acre site. The property was 96 percent occupied at the time of sale. ACR is planning to make a series of improvements at Hampton Forest, including new quartz countertops and cabinets in the kitchens, the addition of modern plank flooring and contemporary fixtures and washers and dryers in many of the units. There will also be new grilling and dining stations, as well as enhancements to the pool area and upgrades to the landscaping. Park Partners, a Boca Raton, Fla.-based renovation management company, is in charge of doing the upgrades to Hampton Forest. Atrium Management will manage the property. Located at 7301 W. University Ave., Hampton Forest is …
CLARKSVILLE, IND. — A new apartment community known as Bolt + Tie has opened in Clarksville, just north of Louisville. Leasing is currently underway. Located in Water Town Square on Main Street, Bolt + Tie rises four stories with 96 units. The project also includes office suites, retail space and a restaurant on the first floor. Apartment residents have access to amenities such as a clubhouse, rooftop deck, indoor bike storage, coworking space and conference rooms. Monthly rents start at $999. Cornerstone Group was the developer. The name Bolt + Tie pays homage to the history of the area, according to Cornerstone. The land that Bolt + Tie and Water Tower Square occupy was originally a rail car yard. The bolt and tie was what connected the rail cars together.
