NORCROSS, GA. — JLL has arranged the $11.7 million sale of Plaza 85 Business Park, a nine-building industrial and office building campus in Norcross. The property comprises 191,526 square feet and is situated on 13.8 acres. The industrial building feature 12- to 18-foot clear heights, dock-high and drive-in doors and a combination of rear- and front-loading configurations. At the time of sale, the asset was leased to 31 tenants. The business park is situated at 5970-6040 Unity Drive, less than one mile from Interstate 85 and 18 miles northeast of downtown Atlanta. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, Sperry Equities, in the transaction. Atlanta-based WePartner purchased the asset.
KYLE, TEXAS — Amazon has debuted its 308,000-square-foot sortation facility within Kyle Crossing Business Park in Central Texas. This facility is being used to sort packages before being transferred to a delivery station or last-mile delivery partner for final delivery to customers. More than 1,130 full- and part-time associate jobs have already been created through the opening of the facility, which is located just off Interstate 35. California-based Majestic Realty Co. owns the building.
FORT WORTH, TEXAS — Walker & Dunlop has funded a $17.8 million loan for the refinancing of Constellation Ranch, a 324-unit apartment community in Fort Worth. Built in 2015, Constellation Ranch features one-, two- and three-bedroom floor plans and amenities such as a pool, spa, clubhouse, business center, outdoor grilling areas and a pet park. Stuart Wernick and Matt Newton of Walker & Dunlop originated the financing, which was structured with a 10-year term and a floating interest rate, on behalf of the borrower, Maryland-based RailField Partners.
Colliers Provides Agency Loan for Refinancing of 128-Unit Multifamily Asset in Fredericksburg, Texas
FREDERICKSBURG, TEXAS — Colliers International has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Ten19@Friendship Lane, a 128-unit multifamily asset in Fredericksburg, about 80 miles west of Austin. The property was built in 1998 and offers amenities such as a fitness center, playground and onsite laundry services. Colliers originated the 12-year loan through a partnership with Old Capital Lending on behalf of the borrower, an entity doing business as DCP 1019 Friendship Lane LLC.
DALLAS — HSM Equity Partners, the development arm of Henry S. Miller Cos., will build a 15,540-square-foot industrial project in Dallas for OTR Fleet Service, a provider of maintenance services for commercial vehicles. Huntley Luna and Nick Robinson of Henry S. Miller Brokerage represented the developer, I-20 Industrial LP, in the acquisition of the 14.6-acre tract on which the project will be developed. Tom Clarke of Transwestern represented the seller, HCH Farms Ltd. Mark Smith of HSM Equity Partners will develop the facility.
NEW YORK CITY — Barclays has provided a $483 million senior loan for the refinancing of the headquarters building of auction house Sotheby’s, which is located at 1334 York Ave. on Manhattan’s Upper West Side. Sotheby’s has operated out of the 10-story, 506,000-square-foot building since 1980. After redeveloping the property in 2000, Sotheby’s entered into a sale-leaseback agreement with RFR Holdings in 2003, but regained ownership of the property in 2009. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani and Dominick Calisto of Newmark Knight Frank placed the five-year loan on behalf of Sotheby’s.
WORCESTER, MASS. — Marcus & Millichap has brokered the sale of a 301-unit CubeSmart self-storage facility in the central Massachusetts city of Worcester. The property features 19,776 square feet of net rentable climate-controlled space. Nathan Coe, Brett Hatcher, Gabriel Coe and Joseph French Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also an undisclosed limited liability company.
WEST ROXBURY, MASS. — General contractor Callahan Construction Managers has broken ground on Parkway Apartments, a 254-unit multifamily project in West Roxbury, located southwest of Boston. Designed by SK+I Architecture and developed by Lincoln Property Co., the property will consist of two four-story buildings offering a mix of market-rate and affordable units. Amenities will include a pool, fitness center, café, outdoor courtyard and a pet spa. Completion is scheduled for February 2022.
BAYONNE, N.J. — New Jersey-based Woodmont Properties has completed the lease-up Woodmont Bay Club, a 220-unit luxury multifamily community in Bayonne, located just outside New York City. The property is now fully occupied. Units feature studio, one-. two- and three-bedroom floor plans ranging in size from 650 to 1,500 square feet. Amenities include a pool, rooftop terrace, fitness center, business center, game room, pet spa and a golf simulator.
NORTHBROOK, ILL. — In order to lower costs, The Allstate Corp. (NYSE: ALL) says it is implementing a restructuring plan that will impact roughly 3,800 employees primarily in claims, sales, service and support functions. The cuts, which make up about 8 percent of the company’s workforce, come as the insurer is consolidating and closing regional offices around the country, according to Crain’s Chicago Business. Allstate expects to incur $290 million in restructuring charges, primarily for severance and employee benefits. It also expects to incur $80 million in real estate exit costs from office closures. The insurance giant is headquartered at 2775 Sanders Road in Northbrook, Ill. Its stock price closed at $92.26 per share Thursday, Oct. 1, down from $105.61 one year ago.