HOUSTON — Marcus & Millichap has brokered the sale of West Bellfort Self Storage, a 350-unit facility in southwest Houston. The property was built on 4.3 acres in 2008 and features 42,925 net rentable square feet of non-climate-controlled space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Houston-based limited liability company, in the transaction. A Dallas-based limited liability company purchased the asset for an undisclosed price.
BELLAIRE, TEXAS — Local Office, a Houston-based coworking concept, has opened an 11,000-square-foot space at 4909 Bissonnet St. in the Houston suburb of Bellaire. The pet-friendly space is the third for Local Office and features kitchen facilities, conference rooms and private furnished offices. A private partnership owns the building.
SAN ANTONIO — Worth & Associates has landed the first tenant at Walker Ranch Business Park, the locally based developer’s 135,000-square-foot office and flex project on the city’s north-central side. Computer Solutions, a San Antonio-based technology and IT consulting firm, will occupy 20,540 square feet at Building II, where about 90 employees will work. The 78,000-square-foot Building II is under construction, and the tenant expects to take occupancy of its new space in April 2021. Russell Noll of Transwestern represented Computer Solutions in the lease negotiations.
DALLAS — CBRE has negotiated a 69,130-square-foot office lease renewal at Plaza of the Americas, an office complex located at 700 N. Pearl St. in downtown Dallas that consists of two 25-story buildings. Harlan Davis, Phil Puckett and Jeff Ellerman of CBRE represented the tenant, law firm Thompson Coe, in the lease negotiations. Transwestern’s Kim Brooks, Justin Miller, Paul Wittorf, Laney Underwood and Ford Childress represented the landlord, a partnership between M-M Properties and Invesco Real Estate.
SOUTH ELGIN, ILL. — Synergy Construction Group has completed Panton Mill Station, a 100-unit luxury apartment development in South Elgin, about 40 miles west of Chicago. The four-story building is located on the banks of the Fox River and includes 10,000 square feet of retail space and a 180-stall surface parking lot. Amenities include a fitness center, business center and outdoor kitchens. Ware Malcomb provided architecture and interior design services for the project. Residents can now receive one month of free rent. Monthly rents start around $1,410.
ST. LOUIS — NorthMarq has arranged a $13 million loan for the refinancing of Trinity Park Apartments, a 490-unit multifamily portfolio in St. Louis. The properties are located at 11043 Mollerus Drive and 11065 Dunklin Drive. Noah Juran of NorthMarq’s Cincinnati office worked alongside David Garfinkel of NorthMarq’s St. Louis office to structure the three-year loan with two years of interest-only payments followed by a 25-year amortization schedule. A regional bank provided the loan, which lowers the interest rate and provides additional time for the portfolio to stabilize, according to Juran.
PLAINFIELD, IND. — Merchants Capital has provided a $10 million loan for the construction of Haven Homes, a 52-unit affordable and supportive housing community in Plainfield. The borrower, RealAmerica Cos., has partnered with Sheltering Wings, a nonprofit that provides emergency housing for survivors escaping abuse, to ensure 25 percent of the units are allocated for project-based vouchers specifically for survivors of domestic violence. Additionally, all residents will have access to supportive services in the community resource center and clubhouse. Cummins Behavioral Health Systems Inc. will provide mental health services while Sheltering Wings will provide domestic abuse support. Construction has commenced with completion slated for fall 2021.
MADISON, WIS. — Marcus & Millichap has arranged the sale of a 117,791-square-foot industrial property in Madison for $6.4 million. Compass Group occupies the building, which is located at 2305 Daniels St. The tenant recently executed a new long-term, net lease. Brett Winger and Dominic Sulo of Marcus & Millichap’s The Sulo Group secured and represented the buyer, a limited liability company. Seller information was not disclosed.
LEMONT, ILL. — First National Realty Partners has acquired Lemont Village Square, a 59,939-square-foot shopping center in Lemont, located about 27 miles southwest of Chicago. The purchase price and seller were undisclosed. The Aldi-anchored property sits at the corner of 127th and State streets. It is 96 percent leased. Other tenants include Starbucks, The Learning Experience, Jimmy Johns, AT&T and Verizon Wireless.
PHILLIPSBURG, N.J. — Bridge Development Partners has sold Phase I of Bridge Point 78, an industrial complex in Phillipsburg that consists of approximately 2.2 million square feet across four buildings. Phase I was completed in 2019 and is part of a larger, 3.8 million-square-foot development. Bridge Development secured Japanese clothing manufacturer and retailer UNIQLO as an anchor tenant in October 2019. Beverage distributor Mark Anthony Brands also signed a lease for 419,460 square feet in April of this year. PGIM Real Estate purchased the property for an undisclosed price. Brian Fiumara of CBRE brokered the deal.
