Property Type

Harsch Investment Buys Four-Building Business Park in Washington for $14.7M

by Amy Works November 6, 2020

AUBURN, WASH. — Harsch Investment Properties has purchased 30th & B Street Business Park in Auburn for $14.7 million. A partnership between Accord Business Park, D&E Enterprises, Green Valley Ridge Partners and LLC & TDW Auburn previously owned the property. Jim Honan of Neil Walter Co. presented the off-market deal to Harsch. The four-building property features 101,460 square feet of rentable space. At the time of acquisition, the property was fully leased to 19 manufacturing tenants in spaces between 1,500 square feet to 18,000 square feet.

November 6, 2020

Acquisitions Colorado Industrial Western

DAKA Properties Divests of Flex/Industrial Facility in Fort Collins for $4.7M

by Amy Works November 6, 2020

FORT COLLINS, COLO. — Fort Collins-based DAKA Properties has completed the sale of a flex/industrial property located at 825 SW Frontage Road in Fort Collins. Front825 acquired the asset for $4.7 million. Situated on 2.7 acres, the 30,012-square-foot property features large product showrooms, warehouse space and light manufacturing space. The property has been remodeled multiple times since originally developed, including 1989, 2004 and 2012. Jared Goodman of Cushman & Wakefield represented the seller, while Jason Ells of Cushman & Wakefield represented the buyer in the deal.

November 6, 2020

Acquisitions Multifamily Nevada Western

DCG Brokers $1.9M Sale of Multifamily Property in Midtown Reno

by Amy Works November 6, 2020

RENO, NEV. — Dickson Commercial Group (DCG) has negotiated the sale a multifamily property located at 941 S. Virginia St. in Reno’s midtown district. Leah Bader sold the property to JRK Investments LCC for $1.9 million. The 8,080-square-foot asset, Best Bet Motor Lodge, is a multifamily-converted motel asset on 0.33 acres. The number of units were not disclosed. Trevor Richardson and Chris Moton of DCG Multifamily represented the buyer and seller in the deal.

November 6, 2020

Illinois Loans Midwest Multifamily Top Stories Walker & Dunlop

Walker & Dunlop Originates $80.1M Refinancing of 1,155-Unit Multifamily Community in Suburban Chicago

by Katie Sloan November 6, 2020

GLENDALE HEIGHTS, ILL. — Walker & Dunlop Inc. has originated an $80.1 million refinancing of Ellyn Crossing, a garden-style multifamily community located about 30 miles west of Chicago in Glendale Heights. Ellyn Crossing was built from 1973 to 1978, and Rockwell Partners acquired the property in phases from 2014 to 2020. Since acquiring the property, the company has invested $4.5 million in unit upgrades and $1.5 million in common area upgrades. The loan provides an additional $1 million for ongoing renovations, which are scheduled for completion in six to nine months from the loan closing. Pat Dempsey of Walker & Dunlop secured the loan through Freddie Mac’s floating-rate program. “Rockwell is one of the leaders in the value-add investing space and they did a masterful job of assembling a complicated broken condo project and renovating it into a quality, garden-style apartment community,” says Dempsey. The 1,155-unit, 30-building community offers shared amenities including a resident clubhouse, business center, activity room, fitness center, pool, sundeck, tennis court, sand volleyball court, playground and picnic areas. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S. Chicago-based Rockwell Partners is a real estate investment firm with a portfolio of properties …

November 6, 2020

Development Hospitality Texas

Satya Breaks Ground on Dual Hyatt-Branded Hotel Totaling 298 Rooms in Houston

by Taylor Williams November 5, 2020

HOUSTON — Locally based development and consulting firm Satya has broken ground on a dual Hyatt-branded hotel at 7329 Fannin St. in Houston. The site is located in a Qualified Opportunity Zone within the Texas Medical Center and will house a 159-room Hyatt Place hotel and a 139-room Hyatt House hotel within a 14-story building. Shared amenities will include multiple dining venues, two bars, a lobby workstation, pool and a fitness center. The project team include Dallas-based architecture firm G2 and general contractor E.E. Reed & Associates. IBC Bank provided financing for construction, which is expected to be complete in 2022.

November 5, 2020

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 190,000 SF Industrial Lease in Fort Worth

by Taylor Williams November 5, 2020

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 190,000-square-foot industrial lease at 2601 Sylvania Cross Drive in Fort Worth. According to LoopNet Inc., the property was built in 2003. Thomas Grafton and Matt Carthey of Holt Lunsford Commercial represented the tenant, packaging firm Global Co Pak LLC, in the lease negotiations. Andrew Ward with Mercantile Partners represented the landlord.

November 5, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 176,645 SF Industrial Portfolio in DFW

by Taylor Williams November 5, 2020

IRVING AND ALLEN, TEXAS — Marcus & Millichap has arranged the sale of the Royal Cornerstone Portfolio, which consists of two buildings in the DFW metroplex totaling 176,645 square feet. One of the properties is located in Irving, and the other is located in the northeastern suburb of Allen. The subject properties are situated on a combined 11.3 acres and were built in 1997 and 2000. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

November 5, 2020

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers $8.1M Sale of Fort Worth Industrial Building Leased to FedEx

by Taylor Williams November 5, 2020

FORT WORTH, TEXAS — Lee & Associates has brokered the $8.1 million sale of a 92,450-square-foot industrial building in Fort Worth that is leased to FedEx. The property was constructed on 10.4 acres in 1998 as a build-to-suit, and FedEx has occupied the entirety of the building since that time. Ryan Barr and Ryan Bennett of Lee & Associates represented the locally based seller in the transaction. Cushman & Wakefield represented the buyer, California-based MH Sherman Co., which acquired the asset via a 1031 exchange.

November 5, 2020

Acquisitions Retail Texas

RMM Properties Buys 39,038 SF Retail Center in Southeast Houston

by Taylor Williams November 5, 2020

HOUSTON — Locally based investment firm RMM Properties LLC has purchased Centre South, a 39,038-square-foot retail center located at 11030 Kingspoint Road in southeast Houston. Built in 1970 and renovated in 2018, the property was 79 percent leased at the time of sale to tenants such as Sherwin-Williams, Brown Sugar BBQ and Club Rumba. In addition, new leases have been signed in 2020 with Southside Driving School, Internet Café and event planning firm La Fleur of Houston. Kelley Workman, David Luther and Dakota Workman of NewQuest Properties represented the seller, Community Commercial Properties II LLC, in the transaction. Kelley Workman also sourced and represented the buyer.

November 5, 2020

Development Mixed-Use Multifamily Southeast Virginia

Lowe, USAA Break Ground on Multifamily Redevelopment Project in Northern Virginia

by John Nelson November 5, 2020

ALEXANDRIA, VA. — Lowe and USAA Real Estate have broken ground on Park + Ford, an adaptive reuse project of two former office buildings within the Park Center complex in Alexandria. The two 14-story properties will feature 435 apartments upon completion. Also on the campus is an office building at 4300 King St. that includes a 55,000-square-foot X-Sport Fitness club. Apartments will include studio, one- and two-bedroom floor plans fitted with contemporary fixtures and appliances with a nod to Alexandria’s industrial history. Park + Ford will feature indoor and outdoor common areas for coworking, small gatherings or individual use. The apartment conversion is anticipated to be complete in 2021. The project team includes Bonstra | Haresign Architects and Whiting-Turner Contracting Co. Lowe will continue to manage the office building at 4300 King St. through its property management affiliate, Hospitality at Work. Lowe and USAA acquired the office campus in 2018 and financed the acquisition and conversion with a $128 million loan from Newport Beach, Calif.-based PIMCO.

November 5, 2020

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