Property Type

Ellume

FREDERICK, MD. — Matan will open a U.S. manufacturing facility in Frederick for the digital diagnostics company, Ellume. Once fully operational, the facility will have the capacity to produce 19 million Ellume COVID-19 Home Tests per month. The facility is on track to begin limited operation in the second half of 2021, and will be Ellume’s first U.S. located facility. The Ellume COVID-19 Home Test was the first rapid COVID-19 self-test to be granted Emergency Use Authorization by the U.S. Food and Drug Administration (FDA) for both asymptomatic and symptomatic use without a prescription. In February, Ellume announced a $231.8 million investment from the U.S. Department of Defense (DOD) and Department of Health and Human Services (HHS) to accelerate production of its COVID-19 home tests. The agreement provided funding to support the establishment of Ellume’s first U.S. manufacturing facility. As part of this agreement, Ellume will provide 8.5 million COVID-19 home tests to the U.S. government by end of the year. Ellume’s U.S. operation will include two manufacturing facilities totaling more than 180,000 square feet that Matan Progress Labs is developing. Matan, a Washington, D.C.-based commercial real estate development firm, says the company will deliver the first two buildings in …

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Ravens Crest

MANASSAS, VA. — JLL Capital Markets has arranged the $113 million sale of Ravens Crest, a garden-style multifamily community located in Manassas, which is about 30 miles from Washington D.C. JLL worked on behalf of the seller, a partnership between LCOR and a fund managed by the Real Estate Group of Ares Management Corp., to complete the sale to the buyer, a partnership between a fund managed by Clarion Partners LLC and Blackfin Real Estate Investors. Additionally, Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL arranged acquisition financing on behalf of Clarion and Blackfin. Ravens Crest has a total of 444 one- and two-bedroom units that have been recently updated to feature stainless steel appliances, updated lighting, cabinetry, granite countertops, walk-in closets, balconies or patios and wood-style flooring. Community amenities include a newly renovated clubhouse and fitness center, business center, picnic area with grills, playground, private swimming pool, outdoor kitchen and recreation areas. The property also has a jogging trail located right behind it. Ravens Crest is located at 8098 Ravens Crest Court. In the past, the property has had a 95 percent occupancy rate with an average rent growth of 3.7 percent annually.

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East Coast Warehouse

SAVANNAH, GA. — CBRE has secured a 499,200-square-foot industrial lease with East Coast Warehouse at 521 Morgan Lakes Blvd. in Savannah. Bill Waxman, Chris Dempsey and Blaine Kelley of CBRE represented the tenant in the lease transaction. CBRE’s Bill Sparks represented the landlord, Principal Financial. There are currently no other tenants in the building. New Jersey-based East Coast Warehouse provides temperature-controlled logistics services to the food and beverage industry. East Coast Warehouse has also expanded in other port markets along the East Coast, such as the Ports of New York/New Jersey, Philadelphia and Baltimore. The industrial facility totals nearly 1 million square feet and features 36-foot clear heights, LED lighting and 220 dock doors. It is located close to Interstates 95 and 16 and the Port of Savannah.

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Cherokee Commons

ACWORTH, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $11.4 million sale of Cherokee Commons Shopping Center, a 103,719-square-foot, Kroger-anchored retail property located 33 miles north of Atlanta in Acworth. Built in 1986, the center was 91 percent leased to tenants including Pet Supplies Plus and CosmoProf at the time of sale. Kyle Stonis and Pierce Mayson of SRS represented the seller, Collett Capital, in the disposition of the property to Bandera Ventures. The buyer was self-represented in the transaction.

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OPA LOCKA, FLA. — Redwood National Properties LLC and Winston Capital Partners LLC are co-developing The Mirage at Sailboat Cove, a new workforce housing community in Opa Locka. Upon completion, the property will offer 112 townhome units featuring four-bedroom and 2.5-bathroom floorplans available to low- and middle-income residents. The Mirage at Sailboat Cove runs alongside Mitchell Lake in northern Miami-Dade County, and is located within 1.5 miles of Interstate 95. The property currently stands at 60 percent completed, and all units are projected to be delivered within the third quarter of 2021, which is two months ahead of schedule. Redwood and Winston Capital’s partners on the project include the City of Opa-locka, Coastland Construction, LB Construction and BAS Holdings Investments LLC. Brian Sidman of BAS Holdings is leading Redwood National Properties LLC, and David Burstyn is leading Winston Capital Partners.

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Eastlake-Logistics-Center-El-Paso

EL PASO, TEXAS — Stonelake Capital Partners, a Texas-based real estate private equity firm, has acquired a 69-acre site in El Paso for the development of Eastlake Logistics Park, a 1.1 million-square-foot speculative industrial project. The site is located at the corner of Eastlake Boulevard and Interstate 10, adjacent to Amazon’s future fulfillment center. Construction is scheduled to begin in the fourth quarter and to be complete in the third quarter of 2022. CBRE is leasing the development.

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Skyline-Commerce-Center-Mesquite

MESQUITE, TEXAS — Global investment firm KKR has acquired Skyline Commerce Center, a 198,000-square-foot, newly built industrial property located in the eastern Dallas suburb of Mesquite. The seller, Conor Commercial, began construction on the two-building development in April 2020. Building 1 features 32-foot clear heights, 23 truck docks, 12 trailer parking stalls and 133 car parking spots. Building 2 offers 28-foot clear heights, 18 truck docks and 122 car parking spaces.

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EL PASO, TEXAS — KeyBank Real Estate Capital has provided $30 million in Freddie Mac acquisition financing for Bungalows at North Hills, a 342-unit multifamily property in El Paso. Built on 18 acres in 2009, the property features studio, one-, two-, three- and four-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling areas. Caleb Marten and Chris Neil of KeyBank originated the financing. The borrower was a real estate private equity firm based in New England. The property has since been rebranded as Forty649 North Hills Apartments.

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DALLAS — Locally based owner United Development Co. has completed renovations of Park Forest, an office building located at 3530 Forest Lane in Dallas. The project began in 2018 with the relocation of office tenants from two one-story buildings to a three-story, 66,299-square-foot building. The project also included upgrades to the new building’s common areas, amenity spaces and exteriors. The two one-story buildings were demolished, and a Lone Star Self Storage facility will open in their place in June.

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FRISCO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Frisco Crossing, a 12,158-square-foot retail center located on the northern outskirts of Dallas. Frisco Crossing was fully occupied at the time of sale to tenants such as Stonelake Family Dentistry, Palio’s Pizza Café and Frisco Pharmacy. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were local investors that requested anonymity, in the transaction.

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