Property Type

Marcus & Millichap Negotiates $11.7M Sale of Shopping Center in Ruston, Louisiana

by Alex Tostado October 28, 2020

RUSTON, LA. — Marcus & Millichap has negotiated the $11.7 million sale of Ruston Marketplace, a 94,000-square-foot retail center in Ruston. The property was leased to eight tenants at the time of sale, including Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. The seller, Hutton, delivered the asset in June 2019. The property is located at 1208 Woodward Ave., two miles north of downtown Ruston and adjacent to Interstate 20. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction. Brian Munn of Marcus & Millichap represented the buyer, George Snelling. “We sourced a private 1031 exchange buyer who was trading out of self-storage,” says Taylor about Snelling. “We have seen a notable trend of multifamily, industrial and self-storage sellers trading into retail to achieve a higher return.”

October 28, 2020

Development Multifamily Texas

Mill Creek Breaks Ground on 360-Unit Modera Frisco Square Apartments

by Taylor Williams October 28, 2020

FRISCO, TEXAS — Mill Creek Residential has broken ground on Modera Frisco Square, a multifamily project in Frisco that will add 360 Class A units to the local supply. The wrap-style community will offer one-, two- and three-bedroom units that are furnished with granite or quartz countertops, tile backsplashes, individual washers and dryers and private patios or balconies. Amenities will include a pool, grilling and picnic areas, fitness center, coffee bar, conference room and a golf simulator. The first move-ins are expected to begin in spring 2022.

October 28, 2020

Development Multifamily Texas

KWA Tops Out 358-Unit Phase II of Arlington Commons Apartment Project

by Taylor Williams October 28, 2020

ARLINGTON, TEXAS — Locally based general contractor KWA Construction has topped out The Truman, a 358-unit multifamily project that represents Phase II of the $250 million Arlington Commons project. Designed by JHP Architecture, The Truman will feature studio, one-, two- and three-bedroom units ranging in size from 598 to 1,715 square feet. Amenities will include a pool, outdoor grilling stations, fire pit, game area, fitness center, coworking spaces, e-gaming room and a dog park. Completion of Phase II is scheduled for August 2021. Nehemiah Co. is developing Arlington Commons, which will ultimately consist of 1,300 units that will be delivered over five phases.

October 28, 2020

Development Multifamily Texas

Herman & Kittle Opens $38.5M Vireo Affordable Apartments in Houston

by Taylor Williams October 28, 2020

HOUSTON — Indianapolis-based developer Herman & Kittle Properties Inc. has opened The Vireo, a $38.5 million affordable housing property located at 1212 Tidwell Road in northeast Houston. The community features 264 units consisting of 60 one-bedroom residences, 132 two-bedroom apartments and 72 three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Each residence is furnished with washer and dryer hookups and private balconies/patios. Communal amenities include outdoor grilling stations, a business center, fitness center, children’s play area and a dog park. Storage units and garages are also available for rent.

October 28, 2020

Acquisitions Office Texas

Coldwell Banker Arranges Sale of 68,124 SF Office Building in Lubbock

by Taylor Williams October 28, 2020

LUBBOCK, TEXAS — Coldwell Banker Commercial has arranged the sale of a 68,124-square-foot office building in Lubbock. Built in 1997, the property formerly served as a call center for Convergys, a provider of information management software for corporate users. Coldwell Banker represented the seller, which sold the asset to Harmony Public Schools, a Houston-based organization of K-12 charter schools that focuses on science, technology, engineering and math (STEM). The sales price was undisclosed.

October 28, 2020

Acquisitions Healthcare Texas

MedCore Partners Sells 22,000 SF Medical Office Plaza in Sunnyvale, Texas

by Taylor Williams October 28, 2020

SUNNYVALE, TEXAS — MedCore Partners has sold Sunnyvale Medical Plaza, a 22,000-square-foot medical office property located at the corner of U.S. Highway 80 and South Collins Road in Sunnyvale, an eastern suburb of Dallas. The property was fully leased at the time of sale to several local providers, including primary care and cardiology practices. The buyer was not disclosed.

October 28, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Associated Bank Provides $29M Construction Loan for Senior Living Development in Bloomington, Minnesota

by Kristin Harlow October 28, 2020

BLOOMINGTON, MINN. — Associated Bank has provided a $29 million loan for the construction of a 133-unit senior living development in Bloomington. Dubbed ThePOINTE Bloomington, the independent living community is the second of a two-phase project on a 7.5-acre site. Phase I, currently under construction, is the 118-unit Cherrywood Pointe community that features assisted living and memory care. ThePOINTE will rise five stories. Amenities will include a pickleball court, outdoor pool, clubhouse, community room, fitness center, kid’s playroom, craft room, business center and rooftop deck. United Properties is the developer. Jim Vitt of Associated Bank handled the loan closing.

October 28, 2020

Development Michigan Midwest Retail

Meijer to Open 42,000 SF Rivertown Market in Detroit’s East Jefferson Corridor

by Kristin Harlow October 28, 2020

DETROIT — Meijer, the City of Detroit and RDG Rivertown Market LLC have unveiled plans for a new ground-up grocery development located at 1475 E. Jefferson Ave. within the city’s East Jefferson Corridor. Meijer will operate the 42,000-square-foot store, dubbed Rivertown Market. The project marks the fourth small-format store for Meijer. Other locations are in Grand Rapids, Royal Oak and Lansing. Rivertown Market will offer fresh food and artisan groceries as well as Meijer- and national-branded products. The Detroit location will create approximately 60 jobs. Rockford Construction is the general contractor. Gun Lake Investments and Mercantile Bank are financing the project, which is expected to take 14 months to build.

October 28, 2020

Acquisitions Industrial Midwest Ohio

Boulder Group Brokers $10.5M Sale of Industrial Building in Mansfield, Ohio

by Kristin Harlow October 28, 2020

MANSFIELD, OHIO — The Boulder Group has brokered the $10.5 million sale of a 314,736-square-foot industrial facility in Mansfield, located midway between Columbus and Cleveland. The building is net leased to School Specialty Inc., a distributor of supplies, furniture, technology products, supplemental learning products and curriculum solutions for education. The facility is located at 100 Paragon Parkway within an industrial park that is home to other tenants such as FedEx, Coca-Cola, Frito-Lay and the Ohio Army and National Guard. The building features 49,500 square feet of office space with expansion capabilities. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A private investor sold the asset to a Northeast-based real estate investment trust. School Specialty’s lease expires in October 2025.

October 28, 2020

Development Industrial Midwest Missouri

Opus Breaks Ground on 182,000 SF Spec Industrial Development in Liberty, Missouri

by Kristin Harlow October 28, 2020

LIBERTY, MO. — The Opus Group has broken ground on Heartland Meadows Commerce Center, a 182,000-square-foot industrial development in Liberty, a suburb of Kansas City. It is the first speculative, new-construction project within the larger Heartland Meadows Industrial Park in the past decade, according to Opus. The building will be able to accommodate up to eight tenants and feature 220 car parking stalls, up to 43 dock positions, two drive-in doors, trailer parking and a clear height of 32 feet. Completion is slated for August 2021. Opus is serving as developer, design-builder, architect and engineer. Patrick McGannon and Matthew Severns of Kessinger-Hunter are handling leasing.

October 28, 2020

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