AUSTIN, TEXAS — California-based KBS has sold Southpark Commerce Center, a 372,763-square-foot industrial park in Austin, to institutional investment firm BentallGreenOak for an undisclosed price. Built in 1998, the four-building property was fully leased at the time of sale and features 24-foot clear heights and a 36 percent office finish. Trent Agnew, Dustin Volz, Dom Espinoza, Josh Villareal and Wesley Gilmer of JLL represented KBS in the transaction.
LELAND, N.C. — Latitude Management Real Estate Holdings Inc. has received a $53.2 million acquisition loan for Harrington Village Apartments, a multifamily property located at 4276 Harrington Road in the Wilmington suburb of Leland. Harrington Village totals 387,315 square feet and includes 333 one- and two-bedroom units. The property also features seven commercial units totaling 11,895 square feet that are available for lease. Units include granite countertops, in-unit washer and dryer connections, nine-foot ceilings, walk-in closets and balconies in select units. Community amenities include access to a bark park and dog washing station, business center, outdoor grilling area, clubhouse, fitness center and a pool with a sundeck and outdoor entertainment area. At close, an additional plot of interior retail space will be permitted for the development of 16 additional residential units, with construction completion slated to finish by the end of the year. In addition, the sponsor intends to allocate capital to add 12 more residential units to a vacant pad of entitled land on the site. Paul Brindley, Jeff Sause, John Gavigan and Harrison Kalt of JLL arranged the loan through Sound Point Capital Management LP on behalf of Latitude Management. The non-recourse, interest-only bridge loan was structured at …
SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, will build a 305,000-square-foot facility at the intersection of Interstate 10 and Loop 410 in San Antonio. ARCO National Construction is designing the project, which will feature space for approximately 45,000 pallets of frozen or refrigerated product. Construction is set to begin this fall, and the facility is expected to be operational by late 2022.
IRVING, TEXAS — A partnership between Washington, D.C.-based investment firm FCP and Dallas-based S2 Capital has acquired Oxford Park Apartments, a 308-unit multifamily community in Irving’s Las Colinas district. Built in 1995, the property offers one-, two- and three-bedroom units and amenities such as a fitness center, business center and a resident clubhouse, according to Apartments.com. JLL represented the undisclosed seller in the transaction. The new ownership plans to implement a value-add program, including a rebranding of the property.
TAMARAC, FLA. — Sean Harrington and Joel Zusman of Aztec Group have arranged a $45 million, non-recourse loan for the refinancing of Tamarac Village, a 211-unit luxury rental apartment community in the Broward County city of Tamarac. JKM Developers is the developer on the project. The City of Tamarac owns the land. Boca Raton-based Lotis is the parent company of JKM, and Blue Bell, Pa.-based Capital Solutions Inc. invested an undisclosed amount for the project. New York City-based Limekiln Real Estate provided full term interest only financing. Tamarac Village Phase I, a Lotis Community, was completed in 2020 and is currently 99 percent occupied. Tamarac Village Phase I is located at 9141 W Commercial Blvd. on a 6.9-acre parcel that is ground-leased from the City of Tamarac. Phase I includes a two-story fitness facility, 8,885-square-foot clubhouse featuring a game and media room, resort-style pool and private garage spaces. Phase II of Tamarac Village is under construction and scheduled for completion in 2022, which will bring the overall community to 401 units.
ROSENBERG, TEXAS — SuperNova Furniture will open a 40,000-square-foot store at Brazos Town Center, a 550-acre mixed-use development by local developer NewQuest Properties in Rosenberg, a southwestern suburb of Houston. The lease term is 10 years, and the store, which is located in a space formerly occupied by department store Gordman’s, is set to open this fall. The lease pushes the property’s retail occupancy rate to 98 percent. Joe Silver and Chris Pitts of Streetwise Retail Advisors represented the retailer in the lease negotiations.
PLANO, TEXAS — Development and investment firm Granite Properties has signed three tenants to office leases totaling 34,000 square feet at Granite Park, its office 90-acre development situated at the corner of the Dallas North Tollway and State Highway 121 in Plano. The tenants included The Point Group, a full-service marketing agency that was represented in the lease negotiations by Nick Lee and Jeremy Brubaker of NAI Robert Lynn; Digital.ai, a software application firm that was represented by Wills Bauer and Randy Cooper of Stream Realty Partners; and HNTB, an infrastructure solutions firm that was represented by Charles Daggett, Kris Knapstein and Dina Zavislak of Savills. Robert Jimenez and Aarica Mims represented Granite Properties on an internal basis.
LARGO, MD. — Retail Properties of America Inc. (RPAI) plans to begin developing the first building within Carillon, a planned mixed-use development in Largo. Construction on the first building known as The Ella, a 125,000-square-foot medical office building, will begin in the second half of 2021. The Ella will be situated 300 feet from the University of Maryland Capital Region Medical Center. The property will also be located close to the Largo Town Center Metro Blue and Silver lines, onsite surface parking and access to the Capital Beltway. RPAI is in active negotiations with prospective tenants.
MERRITT ISLAND, FLA. — Hunt Capital Partners and co-developers HumanKind Housing LLC and Kingdom Development Inc. have secured $4 million in Low Income Housing Tax Credit (LIHTC) equity financing to acquire and rehabilitate 85 units of affordable housing in Merritt Island. Total development cost at the property, known as Tropical Manor Apartments, is $17.3 million. Other funding sources include Bonneville Multifamily Capital extending a $12.3 million HUD 223(f) construction-to-permanent loan and RBC Capital is the underwriter of the publicly sold bonds issued by Brevard County Housing Authority. Tropical Manor is located in the central part of Merritt Island, approximately six miles west of Cape Canaveral in Brevard County. The acquisition and rehab project of the two-bedroom/one-bathroom units will preserve nine two-story garden-style apartment buildings, a one-story community building and a one-story maintenance building. The units are restricted to households earning up to 60 percent of area median income (AMI). In addition, the financing will result in continued affordability for residents as Tropical Manor’s Department of Housing and Urban Development Section 8 HAP contract will be extended for 20 years. Five of the units will be Americans with Disabilities Act accessible. After the renovation, the in-unit amenities will include garbage disposals, …
NORTON, MASS. — CBRE has brokered the sale of a 209,643-square-foot industrial facility in Norton, located near the Massachusetts-Rhode Island border. Built in 1986, the property was fully leased to U.S. Cabinet Depot at the time of sale. Building features include a clear height of 28 feet, 20 docks and an ESFR sprinkler system. Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Daniel Hines of CBRE represented the seller, Paradigm Capital Advisors, in the off-market transaction. Denver-based Black Creek Group acquired the asset for an undisclosed price.
