Property Type

JLL Negotiates Sale of 798,246 SF Speedway Logistics Crossing in Fort Worth

by Taylor Williams December 9, 2020

FORT WORTH, TEXAS — JLL has negotiated the sale of Speedway Logistics Crossing, a newly built, 798,246-square-foot industrial complex in Fort Worth. The two-building property is situated on 55 acres within two miles of the intersection of Interstate 35 and State Highway 114 and was 82 percent leased at the time of sale. Building features include 36-foot clear heights, 134 dock-high doors, 173 trailer parking spaces and ESFR sprinkler systems. John Huguenard, Dustin Volz, Stephen Bailey, Dom Espinosa and Zach Riebe of JLL represented the seller, Scannell Properties, in the transaction. James Campbell Co., a Hawaii-based investment firm, purchased the property for an undisclosed price.

December 9, 2020

Development Illinois Industrial Midwest

Phoenix Investors to Build Phase II of Industrial Park in Normal, Illinois

by Kristin Harlow December 9, 2020

NORMAL, ILL. — An affiliate of Phoenix Investors has unveiled plans to build Phase II of the North Normal Industrial Park in Normal near Bloomington. The 500,000-square-foot addition will be built on 30 acres of land at 301 W. Kerrick Road. In June, Phoenix acquired the partially completed Phase I, which consists of 500,000 square feet that is leased to electric vehicle company Rivian. Phoenix expects to complete construction of Phase I in early 2021 and Rivian plans to take occupancy in March. Plans for Phase II include a clear height of 32 feet and 50 exterior docks. The space will be easily divisible for two users. The City of Normal approved tax-increment financing for the project.

December 9, 2020

Loans Midwest Minnesota Multifamily

Merchants Capital Provides $21.5M in Debt Financing for Apartment Property Under Construction in Minneapolis

by Kristin Harlow December 9, 2020

MINNEAPOLIS — Mortgage banking company Merchants Capital has provided more than $21.5 million in debt financing for The Bessemer at Seward Commons, a 128-unit apartment community currently under construction in Minneapolis. Located at 2200 Snelling Avenue, the transit-oriented development will include a clubroom, fitness center, outdoor terrace, dog run, package system, pet wash station and bicycle storage. The property is part of a larger development known as Seward Commons, which includes four separate housing developments. Merchants secured the 30-month construction loan on behalf of the co-developers, Schafer Richardson, Seward Redesign and Noor Cos. The City of Minneapolis awarded $5.4 million in tax-increment financing over a 26-year period. The project also received environmental clean-up funds from Hennepin County, Metropolitan Council and MN Department of Employment and Economic Development. A timeline for completion was not disclosed.

December 9, 2020

Acquisitions Illinois Midwest Multifamily

Triad Real Estate Brokers $16.8M Sale of Apartment Complex in Peoria, Illinois

by Kristin Harlow December 9, 2020

PEORIA, ILL. — Triad Real Estate Partners has brokered the sale of Dunlap Falls in Peoria for $16.8 million. The 180-unit apartment complex was built in 1997. The property underwent a $4.2 million renovation in 2019 that included a new clubhouse and fitness center along with upgrades made to nearly 150 units. A Massachusetts-based portfolio owner sold the asset to a Chicago-based owner and operator.

December 9, 2020

Development Multifamily Texas

CapitaLand to Develop 341-Unit Apartment Community in Austin

by Taylor Williams December 9, 2020

AUSTIN, TEXAS — CapitaLand Ltd., an investment and development firm based in Singapore, will develop a 341-unit apartment community in Austin. The firm has entered into an 80/20 joint venture with an undisclosed local developer to build the project, which will be located on a 4.7-acre parcel on the city’s north side. The property’s location puts it near The Domain, as well as the new McKalla Place Major League Soccer Stadium that is slated to open this spring. Units at the new community will feature studio, one- and two-bedroom floor plans. Completion is slated for 2023.

December 9, 2020

Development Multifamily Texas

Howard Hughes to Open 163-Unit Lane at Waterway Apartments in Metro Houston

by Taylor Williams December 9, 2020

THE WOODLANDS, TEXAS — This month, the Howard Hughes Corp. (NYSE: HHC) will open The Lane at Waterway, a 163-unit apartment community in The Woodlands, about 30 miles north of Houston. The property features one-, two- and three-bedroom units, as well as townhomes, that are furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities include a fitness center, outdoor cooking areas and a clubroom. Rents start at $1,675 per month for a one-bedroom unit, according to apartmentfinder.com.

December 9, 2020

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $21.5M Agency Loan for Affordable Housing Property in El Paso

by Taylor Williams December 9, 2020

EL PASO, TEXAS — Lument, the newly combined organization of Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $21.5 million Freddie Mac loan for the renovation of Jackie Robinson Memorial Apartments in El Paso. Built in 1975, the property consists of 186 units that are restricted to renters earning 60 percent or less of the area median income. The loan features a fixed interest rate, 18-year term with three years of interest-only payments and a 35-year amortization schedule. The capital improvement program will include a gut renovation of all residential units, from new drywall to new kitchen appliances. In addition, exteriors will be improved with new windows and doors, repaired or replaced roofs and new stair towers. Construction began in October 2020 and is expected to be complete within 24 months.

December 9, 2020

Colorado Development Loans Multifamily Western

X Company Receives $105.3M Construction Loan for 22-Story Residential Tower in Denver

by Amy Works December 9, 2020

DENVER — The X Company has received $105.3 million in construction financing for X Denver2 (XD2), a multifamily project in the Arapahoe Square neighborhood of downtown Denver. Eric Tupler, Christopher Peck and Josh Smith of JLL Capital Markets arranged the loan through CIM Group for the borrower. Located at the corner of 21st and Arapahoe streets, the 22-story XD2 will offer private residences and fully furnished co-living suites with individual bedrooms and bathrooms. Additionally, the property will feature more than 15,700 square feet of collaborative working space; a three-story members-only club offering a resort-style pool and deck; full-serve fitness center with daily classes; and entertainment lounge equipped with a bar. The project also borders the upcoming infrastructure updates that are transforming 21st and Wynkoop streets into an easily accessible walk-path, restricting vehicles on each street.

December 9, 2020

California Company News Retail Western

Online Clothing Retailer Stitch Fix Reports 10 Percent Revenue Growth to $490.4M

by Amy Works December 9, 2020

SAN FRANCISCO — Stitch Fix (NASDAQ: SFIX) has reported a net revenue of $490.4 million, an increase of 10 percent year-over-year, for the first quarter of fiscal year 2021, which ended Oct. 31. The online personal styling service reports that new clients have grown dramatically during the pandemic. The company has nearly 3.8 million active clients, an increase of 347,000, or 10 percent year-over-year, and 241,000 new clients quarter-over-quarter. The company reported a slight decrease of 4 percent year-over-year of net revenue per active client, which totals $467. “This quarter we are proud to have achieved several multi-year highs, including our highest sequential client addition on record,” says Katrina Lake, founder and CEO. According to the company’s shareholder letter, it aims to deliver between 20 percent and 25 percent growth for the full fiscal year. The company delivers clothing personalization services to clients through a combination of data science and human judgement. Since its founding in 2011, the company has helped millions of people discover and purchase apparel, shoes and accessories curated by Stitch Fix stylists and algorithms.

December 9, 2020

Development New York Northeast Office

JNY Capital, United Hoisting to Develop $175M Office Project in Queens

by Taylor Williams December 9, 2020

NEW YORK CITY — A partnership between boutique investment firm JNY Capital and United Hoisting Co. will develop The Oasis, a $175 million office and life sciences project in Queens. The 11-story building will be located at 38-42 12th St. in the Long Island City neighborhood. The Oasis will consist of 343,500 square feet of traditional office and life sciences space, 34,700 square feet of street-level retail space, 30,700 square feet of event space and a 17,000-square-foot rooftop bar/restaurant. The Oasis will also feature 30,000 square feet of terrace and outdoor green space and parking for more than 650 cars. Construction is expected to begin in the second or third quarter of 2021 and to be complete in the third or fourth quarter of 2022. Lee & Associates is marketing the property for lease.

December 9, 2020

Newer Posts

Older Posts