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All-Stor-South-Congress-Austin
AcquisitionsIndustrialSelf-StorageTexas

Pegasus Group Acquires 575-Unit Self-Storage Facility in South Austin

by Taylor Williams

AUSTIN, TEXAS — New York City-based investment firm The Pegasus Group has acquired All Stor South Congress, a 575-unit self-storage facility in South Austin. The property opened in July 2018 and consists of 298 climate-controlled and 227 non-climate-controlled drive-up units, in addition to four parking spaces for rent. Brian Somoza and Steve Mellon of JLL represented the seller, an affiliate of locally based development firm Endeavor Real Estate Group, in the transaction. Pegasus Group will manage the property under its Central Self Storage flag.

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AcquisitionsMultifamilySeniors HousingTexas

SLIB Arranges Sale of 108-Bed Windsor Rehabilitation Center in Terrell, Texas

by Taylor Williams

TERRELL, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Windsor Rehabilitation & Health Care Center, a 108-bed skilled nursing facility in Terrell, approximately 30 miles east of Dallas. The 41,140-square-foot property was built on 5.2 acres in 1994. The property was the sole Texas community for the seller, an unnamed regional company. The buyer was a national seniors housing owner-operator with a large portfolio in the state. The price was also not disclosed.

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AcquisitionsRetailTexas

SHOP Cos. Negotiates Sale of 30,697 SF Shops at Stonebrook in Frisco

by Taylor Williams

FRISCO, TEXAS — SHOP Cos., a retail investment sales brokerage firm, has negotiated the sale of Shops at Stonebrook, a 30,697-square-foot center in Frisco. Built in 2017, the property houses tenants such as Ellie K Salon, Aura Nail Bar, The Salt Retreat, Pizzeria Alba, Maroc Hamam Spa and Fit Body Lab. The buyer and seller were not disclosed.

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Burle-Business-Park-Lancaster-Pennsylvania
AcquisitionsIndustrialNortheastOfficePennsylvania

CBRE Negotiates Sale of 1.2 MSF Burle Business Park in Lancaster, Pennsylvania

by Taylor Williams

LANCASTER, PA. — CBRE has negotiated the sale of Burle Business Park, a 1.2 million-square-foot office and industrial campus located in the eastern Pennsylvania city of Lancaster. The sales price was $30.2 million. The 75-acre property comprises 16 buildings that were 90 percent leased at the time of sale to more than 40 tenants across a variety of industries. Amenities include a cafeteria, café, a conference room and catering service. Bill Tourtellotte of CBRE represented the seller, BURLE Business Park LP, in the transaction. The buyer was Jersey Holdings.

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DevelopmentIllinoisMidwestMultifamily

City Club Apartments Opens Phase II of Chicago Apartment Property

by Kristin Harlow

CHICAGO — Detroit-based City Club Apartments has opened Phase II of the MDA building in downtown Chicago’s Loop District. Phase II is a seven-story building with 81 units. The project is the first of two new developments opening in the next 18 months that are part of City Club’s “apartment hotel” strategy, whereby residents are able to choose between short- and long-term leases. Amenities include a rooftop sky park with a pool, outdoor theater, grill station and lounge seating. The second floor houses an entertainment and conference room that connects to Phase I via a sixth-floor skybridge. Residents have access to amenities at both buildings, including the onsite restaurant Elephant & Castle, a fitness center, Zen garden, bicycle room, bark park and business center. The 23-story Phase I features 190 units. That building dates back to 1927 and was redeveloped into apartments in 2006. Monthly rents start around $1,500 for studios.

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AcquisitionsIndustrialMidwestOhio

W. P. Carey Acquires Manufacturing Facility in Columbus for $27M

by Kristin Harlow

COLUMBUS, OHIO — W. P. Carey Inc. has acquired a 567,000-square-foot light manufacturing facility in Columbus for $27 million. The Class A facility is net leased to a U.S. wholly owned subsidiary of Knowlton Development Corp. Inc., a global provider specializing in package design and manufacturing solutions for beauty, personal care and home care brands. The building features a clear height of 30 feet and offers convenient access to I-270 and the Rickenbacker International Airport. The seller was undisclosed.

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AcquisitionsIllinoisMidwestMultifamily

33 Realty Brokers $25M Condo Deconversion Sale in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — 33 Realty has brokered the $25 million deconversion sale of Randall Village Condominiums in Crystal Lake, about 45 miles northwest of Chicago. Built in 1998, the property consists of 21 two-story buildings as well as a clubhouse and 26 garage parking spaces. Amenities include a pool, fitness center, grilling area and meeting rooms. Sean Connelly, John Meyer and Matt Petersen of 33 Realty brokered the transaction. The undisclosed buyer plans to invest in substantial unit upgrades. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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AcquisitionsIndianaMidwestMultifamily

KC Venture Group Acquires 193-Unit Apartment Community in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — KC Venture Group has acquired Penn Circle Apartments in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Built in 2013, the five-story asset sits on 6.2 acres at 12415 N. Pennsylvania St. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Inland. KC Venture Group is a real estate company engaged in the ownership, acquisition and management of multifamily communities in the Midwest and Texas.

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DevelopmentIndustrialMidwestMissouri

BCB Development to Build 167,000 SF Cold Storage Facility in Metro Kansas City

by Kristin Harlow

LIBERTY, MO. — BCB Development is building a 167,000-square-foot cold storage facility in Liberty, a suburb of Kansas City. The Class A property will be located in the Heartland Meadows Industrial Park. Construction is set to begin in July and wrap up in the second quarter of 2022. Plans call for a fully insulated building and specialized floor slabs to maintain refrigeration and freezer temperatures. John Stafford, Chris Cummins and Turner Wisehart of Colliers International will market the project for lease. The facility will be the first cold storage building in the Kansas City market, according to Colliers.

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230-Classon-Ave.-Brooklyn
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

CIT Group Provides $35.7M Construction Loan for Brooklyn Mixed-Income Project

by Taylor Williams

NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.

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