SAN ANTONIO — Marcus & Millichap has brokered the sale of a 534-unit self-storage facility located at 13608 Galm Road in northwest San Antonio. Almost all of the units at the 66,338-square-foot facility feature climate-controlled space. Jon Danklefs of Marcus & Millichap represented the seller, a developer, in the transaction. The buyer, New York City-based Andover Properties LLC, will operate the facility under its trade name Storage King USA.
ELGIN, TEXAS — Houston-based self-storage developer The Jenkins Organization has broken ground on a 208-site RV resort in Elgin, about 25 miles northwest of Austin. Jenkins will operate the new park under the Great Escapes brand. Amenities will include a clubhouse with a kitchen, a resort-style pool, fitness center, outdoor grilling areas and a dog park. The opening of the facility, which will be Jenkins’ fourth Great Escapes location, is scheduled for winter 2021.
GRAPEVINE, TEXAS — Local automotive dealer Sewell BMW of Grapevine has signed a 252,400-square-foot industrial lease at 1717 W. Airfield Drive in the Fort Worth suburb of Grapevine. According to LoopNet Inc., the property was built in 1989 and totals approximately 500,000 square feet. Blake Kendrick, Jeremy Kelly and Sarah Ozanne with Stream Realty Partners represented the landlord, Clarion Partners, in the lease negotiations. Ben Sumner with Centurion Real Estate Partners represented the tenant.
GRAND PRAIRIE, TEXAS — Sign manufacturer Optimal Elite Management LLC has purchased a 63,483-square-foot office/warehouse building located in the central metroplex city of Grand Prairie. The two-story building is situated on 9.5 acres within Great Southwest Industrial Park and comprises 46,950 square feet of light manufacturing space and 16,533 square feet of office space. The seller, Breg Inc., will continue to occupy the site for the next six months through a sale-leaseback. Noah Dodge and Jason Finch of Bradford Commercial Real Estate Services represented Optimal Elite Management in the deal. Steve Koldyke, Brian Gilchrist and Chris Powers of CBRE represented the seller.
ARLINGTON, VA. — Phillips Realty Capital has arranged a $141.8 million refinancing loan for The Sur, a 360-unit apartment community in Arlington’s National Landing district. Erkiletian Development Co. delivered the property earlier this year and will use the funding to recapitalize the construction loan, with reserves funding additional lease-up costs. KKR provided the three-year, non-recourse loan, which features interest-only payments and extension options. The Sur offers studio to three-bedroom floor plans. According to Apartments.com, unit interiors range from 507 to 1,419 square feet and rents range from $1,989 to $7,728 per month. Communal amenities include 16,503 square feet of retail space, a fitness center, firepits, Zen garden, pet spa, conference center, pool and a clubhouse. The Sur is located at 3400 Potomac Ave., five miles south of downtown Washington, D.C., and one mile south of Amazon’s HQ2 campus. Adam Bieber, Malcolm Shaw and Bill Wrench or Phillips Realty represented the borrower in the loan transaction.
COLUMBIA, S.C. — Magnus Development Partners will break ground on 803 Industrial Park, a planned spec development that will feature nearly 1 million square feet of industrial space adjacent to Columbia Metropolitan Airport. Magnus plans to break ground on Building One, a 201,120-square-foot asset, in early 2021. Building One will feature a 130-foot-deep truck court, up to 57 dock-high doors, 72 trailer drop spaces, 50-foot-by-54-foot bays, 32-foot clear heights, ESFR fire protection and LED lighting. The building will be subdividable for users needing as little as 34,020 square feet of space. The industrial park, being developed by Columbia Metropolitan Airport’s development arm, is also situated near the UPS regional air and ground hubs, a FedEx Freight and Norfolk Southern transload rail terminal, and one mile from Interstate 26. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers International | South Carolina will handle leasing efforts on behalf of the owner. A timeline for completion was not disclosed.
MARIETTA, GA. — Capital One Commercial Banking has provided a $43.7 million Freddie Mac refinancing loan for Stratford Ridge, a 446-unit apartment complex in Marietta. FCP is the owner and borrower. Thomas Reynolds of Capital One originated the 10-year term loan, which features a fixed interest rate below 3 percent and five years of interest-only payments followed by a 30-year amortization schedule. The loan utilizes the Secured Overnight Financing Rate (SOFR) in the United States, avoiding the need to switch from LIBOR when it comes to an end at the end of 2021. Stratford Ridge offers one- to four-bedroom floor plans. Communal amenities include a pool, fitness center, package lockers and a dog park. The community is situated at 2560 Delk Road, 15 miles northwest of downtown Atlanta.
RICHMOND, VA. — Enterprise Community Development (ECD) has completed construction of The Rosa, an affordable seniors housing community in Richmond’s historic Jackson Ward neighborhood. Partners on the project include the City of Richmond, the Richmond Redevelopment & Housing Authority, Virginia Housing (formerly VHDA), the Federal Home Loan Bank, the U.S. Department of Housing and Urban Development (HUD), Truist Financial Corp., Enterprise Housing Credit Investments and the Virginia Department of Housing and Community Development. Grimm + Parker served as the project architect, while Harkins Builders was the general contractor. The four-story building features 82 mixed-income apartments, including 36 affordable units designated for workforce housing. The Rosa is named after the former school on the site. Although primarily new construction, the project included the adaptive reuse of a historic convent into eight of the multifamily units, as well as the preservation of a garden established by the Catholic Diocese to commemorate the former site of St. Joseph’s Catholic Church, believed to be the first Catholic congregation for African-Americans in the South. The complex also features 6,000 square feet of retail space. All residents of The Rosa previously lived in Fay Towers, a 200-unit senior community built in 1976. The ribbon cutting of …
ASHBURN, VA. — Bell Partners Inc. has acquired Westwind Farms, a 464-unit multifamily community in Ashburn. The property, which was built in 2005, offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fitness center, business center, pool, playground and a dog park. The asset is situated at 22541 Hickory Hill Square, 30 miles west of downtown Washington, D.C. The Greensboro, N.C.-based buyer will rebrand the community as Bell Ashburn Farms. The seller and sales price were not disclosed.
BILLERICA, MASS. — Newmark has negotiated the sale of Concord Road Corporate Center, a 362,550-square-foot office complex located approximately 25 miles northwest of Boston in Billerica. The three-building, Class A property offers a fitness center with lockers and showers, a conference center, game room, outdoor patio with seating areas and a bocce court. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Torin Taylor of Newmark represented the undisclosed seller in the transaction and procured KS Partners as the buyer. Dominick Romano of Newmark provided financial analysis support. The property received upgrades to its exteriors, lobbies and amenity spaces in recent years.