Property Type

Walker & Dunlop Originates $80.1M Refinancing of 1,155-Unit Multifamily Community in Suburban Chicago

by Katie Sloan November 6, 2020

GLENDALE HEIGHTS, ILL. — Walker & Dunlop Inc. has originated an $80.1 million refinancing of Ellyn Crossing, a garden-style multifamily community located about 30 miles west of Chicago in Glendale Heights. Ellyn Crossing was built from 1973 to 1978, and Rockwell Partners acquired the property in phases from 2014 to 2020. Since acquiring the property, the company has invested $4.5 million in unit upgrades and $1.5 million in common area upgrades. The loan provides an additional $1 million for ongoing renovations, which are scheduled for completion in six to nine months from the loan closing. Pat Dempsey of Walker & Dunlop secured the loan through Freddie Mac’s floating-rate program. “Rockwell is one of the leaders in the value-add investing space and they did a masterful job of assembling a complicated broken condo project and renovating it into a quality, garden-style apartment community,” says Dempsey. The 1,155-unit, 30-building community offers shared amenities including a resident clubhouse, business center, activity room, fitness center, pool, sundeck, tennis court, sand volleyball court, playground and picnic areas. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S. Chicago-based Rockwell Partners is a real estate investment firm with a portfolio of properties …

November 6, 2020

Development Hospitality Texas

Satya Breaks Ground on Dual Hyatt-Branded Hotel Totaling 298 Rooms in Houston

by Taylor Williams November 5, 2020

HOUSTON — Locally based development and consulting firm Satya has broken ground on a dual Hyatt-branded hotel at 7329 Fannin St. in Houston. The site is located in a Qualified Opportunity Zone within the Texas Medical Center and will house a 159-room Hyatt Place hotel and a 139-room Hyatt House hotel within a 14-story building. Shared amenities will include multiple dining venues, two bars, a lobby workstation, pool and a fitness center. The project team include Dallas-based architecture firm G2 and general contractor E.E. Reed & Associates. IBC Bank provided financing for construction, which is expected to be complete in 2022.

November 5, 2020

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 190,000 SF Industrial Lease in Fort Worth

by Taylor Williams November 5, 2020

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 190,000-square-foot industrial lease at 2601 Sylvania Cross Drive in Fort Worth. According to LoopNet Inc., the property was built in 2003. Thomas Grafton and Matt Carthey of Holt Lunsford Commercial represented the tenant, packaging firm Global Co Pak LLC, in the lease negotiations. Andrew Ward with Mercantile Partners represented the landlord.

November 5, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 176,645 SF Industrial Portfolio in DFW

by Taylor Williams November 5, 2020

IRVING AND ALLEN, TEXAS — Marcus & Millichap has arranged the sale of the Royal Cornerstone Portfolio, which consists of two buildings in the DFW metroplex totaling 176,645 square feet. One of the properties is located in Irving, and the other is located in the northeastern suburb of Allen. The subject properties are situated on a combined 11.3 acres and were built in 1997 and 2000. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

November 5, 2020

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers $8.1M Sale of Fort Worth Industrial Building Leased to FedEx

by Taylor Williams November 5, 2020

FORT WORTH, TEXAS — Lee & Associates has brokered the $8.1 million sale of a 92,450-square-foot industrial building in Fort Worth that is leased to FedEx. The property was constructed on 10.4 acres in 1998 as a build-to-suit, and FedEx has occupied the entirety of the building since that time. Ryan Barr and Ryan Bennett of Lee & Associates represented the locally based seller in the transaction. Cushman & Wakefield represented the buyer, California-based MH Sherman Co., which acquired the asset via a 1031 exchange.

November 5, 2020

Acquisitions Retail Texas

RMM Properties Buys 39,038 SF Retail Center in Southeast Houston

by Taylor Williams November 5, 2020

HOUSTON — Locally based investment firm RMM Properties LLC has purchased Centre South, a 39,038-square-foot retail center located at 11030 Kingspoint Road in southeast Houston. Built in 1970 and renovated in 2018, the property was 79 percent leased at the time of sale to tenants such as Sherwin-Williams, Brown Sugar BBQ and Club Rumba. In addition, new leases have been signed in 2020 with Southside Driving School, Internet Café and event planning firm La Fleur of Houston. Kelley Workman, David Luther and Dakota Workman of NewQuest Properties represented the seller, Community Commercial Properties II LLC, in the transaction. Kelley Workman also sourced and represented the buyer.

November 5, 2020

Development Mixed-Use Multifamily Southeast Virginia

Lowe, USAA Break Ground on Multifamily Redevelopment Project in Northern Virginia

by John Nelson November 5, 2020

ALEXANDRIA, VA. — Lowe and USAA Real Estate have broken ground on Park + Ford, an adaptive reuse project of two former office buildings within the Park Center complex in Alexandria. The two 14-story properties will feature 435 apartments upon completion. Also on the campus is an office building at 4300 King St. that includes a 55,000-square-foot X-Sport Fitness club. Apartments will include studio, one- and two-bedroom floor plans fitted with contemporary fixtures and appliances with a nod to Alexandria’s industrial history. Park + Ford will feature indoor and outdoor common areas for coworking, small gatherings or individual use. The apartment conversion is anticipated to be complete in 2021. The project team includes Bonstra | Haresign Architects and Whiting-Turner Contracting Co. Lowe will continue to manage the office building at 4300 King St. through its property management affiliate, Hospitality at Work. Lowe and USAA acquired the office campus in 2018 and financed the acquisition and conversion with a $128 million loan from Newport Beach, Calif.-based PIMCO.

November 5, 2020

Acquisitions Florida Industrial Southeast

Newmark Brokers $44M Sale of Industrial Building in Miami’s Sweetwater District

by John Nelson November 5, 2020

MIAMI — Newmark has brokered the $44 million sale of a 312,000-square-foot industrial facility located within Dolphin Commerce Park in Miami. Tech Data Corp. sold the property to Badia Spices, a local manufacturer and distributor of spices and herbs that will eventually move into the building. Built in 2002, the property at 2200 NW 112th Ave. is situated in Miami’s Sweetwater neighborhood near Dolphin Mall, the Florida Turnpike and Dolphin Expressway. Steve Medwin and Nick Wigoda of Newmark represented Badia Spices in the transaction.

November 5, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

King Street Breaks Ground on $170M Life Sciences Project in Boston

by Taylor Williams November 5, 2020

BOSTON — Locally based developer King Street Properties has broken ground on 101 Cambridgepark, a $170 million life sciences project located in the Cambridge area of Boston. King Street is partnering with California-based Healthpeak Properties on the 160,000-square-foot project, which will feature both traditional office and laboratory space within a five-story building. The property will also include 3,000 square feet of street-level retail space with outdoor seating. Completion is slated for the third quarter of 2022. Newmark is leasing the project.

November 5, 2020

Georgia Industrial Leasing Activity Southeast

Foundry Arranges 91,297 SF Industrial Lease in Metro Atlanta for Logistics Firm

by John Nelson November 5, 2020

STOCKBRIDGE, GA. — Foundry Commercial has arranged a 91,297-square-foot, 10-year lease for International Freight Forwarders (IFF) in Stockbridge, about 25 miles south of Atlanta. Atlanta-based IFF plans to occupy the space at Eagles Landing Trade Center II in the first quarter of 2021. The 400,000-square-foot building features 30-foot clear heights. Jordan Camp and Reid Hanner of Foundry represented the tenant in the lease negotiations. The landlord was an unnamed pension fund investor. IFF offers monthly storage, inventory management, quality control, packaging and crating, live loading and unloading of containers, stripping and loading of floor-loaded containers and multiple party routing of inbound consolidations for several industries.

November 5, 2020

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