Property Type

Transwestern Investment Group Acquires 238,533 SF Industrial Property in Metro Atlanta

by Alex Tostado June 3, 2020

FAIRBURN, GA. — Transwestern Investment Group has acquired Bohannon Logistics Center, a 238,533-square-foot industrial building in Fairburn. The seller, DHL Supply Chain, delivered the asset earlier this year. The property is situated at 5002 Bohannon Road, 13 miles southwest of Hartsfield-Jackson Atlanta International Airport and 22 miles southwest of downtown Atlanta. The building features 47 dock doors, 32-foot clear heights, 130 auto parking spaces, 54 trailer parking spaces and a 185-foot concrete truck court. Transwestern Real Estate Services will provide property management services. Reed Davis and Bob Currie of JLL are handling leasing efforts. Mike Chambers and Bill Kee of NAI Brannen Goddard represented the seller in the transaction. The sales price was not disclosed.

June 3, 2020

Florida Loans Multifamily Southeast

JLL Provides $32.3M Refinancing Loan for Apartment Complex Near Orlando

by Alex Tostado June 3, 2020

DAVENPORT, FLA. — JLL has provided a $32.3 million loan through Freddie Mac for the refinancing of Lake House, a 240-unit apartment complex in Davenport. HFF, a JLL company and Freddie Mac Optigo lender, will service the 10-year, floating-rate loan. Lake House offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fishing lake, tennis court, outdoor grill area, pool, fitness center, storage space and a car wash area. The asset is situated at 200 Village Blvd., 29 miles south of downtown Orlando. Mona Carlton, Elliott Throne, Jesse Wright, Amit Kakar and Michael DiCosimo of JLL originated the loan on behalf of the borrower, Beachwold Residential.

June 3, 2020

Development Industrial Texas

Hunt Southwest to Develop 370,000 SF Spec Industrial Project in El Paso

by Taylor Williams June 3, 2020

EL PASO, TEXAS — Dallas-based industrial developer Hunt Southwest will enter the El Paso market with Rojas East Distribution Center, a 370,000-square-foot speculative project that will be located about 15 miles southeast of the downtown area. The two-building complex will offer proximity to Interstate 10 and the Zaragoza International Bridge, which connects El Paso to its sister city of Ciudad Juarez, Mexico. Building features will include parking for up to 292 automobiles and 42 trailers, as well as 28- to 32-foot clear heights, ESFR sprinkler systems and build-to-suit office spaces. PSRBB Industrial Group Inc. is handling design services for the development, and Conlan Co. is the general contractor. Sonny Brown & Associates will handle leasing of the project. Construction is underway and expected to be complete in the first quarter of 2021.

June 3, 2020

Cedar-Crossing-Distribution-Center-Houston

Acquisitions Industrial Texas

JLL Negotiates Sale of 129,527 SF Cedar Crossing Distribution Center in Metro Houston

by Taylor Williams June 3, 2020

BAYTOWN, TEXAS — JLL has negotiated the sale of Cedar Crossing Distribution Center, a 129,527-square-foot industrial property located in the eastern Houston suburb of Baytown. Built in 2009, the property was fully leased at the time of sale to Merih Cotton Corp., a family-owned cotton distributor. The front-load building is situated on 7.3 acres within Cedar Port Industrial Park and features 24-foot clear heights and 33 dock-high doors. Trent Agnew, Rusty Tamlyn, Charlie Strauss, Ethan Goldberg and Richard Quarles of JLL represented the seller, a partnership between Mountain West Industrial Properties and American National Insurance Co., in the transaction. High Street Logistics Properties purchased the asset for an undisclosed price.

June 3, 2020

Michigan Midwest Retail

Michigan’s Agree Realty Receives 87 Percent of May Rent Payments

by Kristin Harlow June 3, 2020

BLOOMFIELD HILLS, MICH. — Agree Realty Corp (NYSE: ADC), a retail real estate investment trust, received rent payments from 87 percent of its tenants in May, according to the company. Agree entered into May deferral agreements with tenants representing approximately 4 percent of its portfolio. All of Agree’s investment-grade tenants paid their rent for May. Acquisition activity in the second quarter through May 29 totaled $147.4 million. The acquisition of six properties occupied by Walmart comprised approximately 39 percent of acquisition capital deployed. Walmart remains the company’s top tenant, accounting for approximately 7.5 percent of annualized base rent. Agree has sold seven properties for gross proceeds of approximately $16.6 million quarter-to-date through May 29. Agree has also executed a new 20-year net lease with an undisclosed tenant for its former Art Van flagship store in Canton, Mich. Rent is expected to commence in the latter half of the third quarter. This was the only Art Van furniture store in the company’s portfolio. Bloomfield Hills-based Agree primarily engages in the acquisition and development of properties net leased to retail tenants. As of March 31, the company owned and operated a portfolio of 868 properties in 46 states with a gross leasable …

June 3, 2020

Acquisitions Affordable Housing Indiana Midwest Multifamily

Affordable Housing Investment Brokerage Arranges $10.4M Sale of Indiana Portfolio

by Kristin Harlow June 3, 2020

GARY, IND. — Affordable Housing Investment Brokerage Inc. has arranged the $10.4 million sale of a 14-building, 249-unit affordable housing portfolio in Gary, about 30 miles southeast of Chicago. All 14 buildings are located within a one-mile radius, with most situated along West 5th Avenue. The portfolio comprises 106 one-bedroom units, 110 two-bedroom units and 33 studio units. All units are covered under a housing assistance payments (HAP) contract that expires in January 2024. Rents range from $836 to $1,021 per month. Kyle Shoemaker of Affordable Housing Investment Brokerage represented the buyer and seller, both of which were private investors.

June 3, 2020

Acquisitions Iowa Midwest Multifamily Seniors Housing

SVN Chicago Commercial Brokers $2.8M Sale of Seniors Housing Property in Northern Iowa

by Kristin Harlow June 3, 2020

MASON CITY, IOWA — SVN Chicago Commercial has brokered the $2.8 million sale of Grant Village in Mason City in northern Iowa. The 64-unit affordable seniors housing property is located at 815-843 6th St. The property has a Section 8 contract with HUD, meaning tenants make a monthly contribution toward rent equal to 30 percent of their adjusted income. Cody Doran and Reid Bennett of SVN brokered the sale. A private buyer purchased the asset at the full asking price.

June 3, 2020

Leasing Activity Michigan Midwest Retail

Pet Supplies Plus to Open at Former Pier 1 Imports Store in Western Michigan

by Kristin Harlow June 3, 2020

HOLLAND, MICH. — Pet Supplies Plus will open at a former Pier 1 Imports store in Holland in western Michigan. The 9,000-square-foot space is located at Tolson Enterprise’s North Park Plaza shopping center, which is home to Walmart and Sam’s Club. Larry Siedell and Tjader Gerdom of Gerdom Realty & Investment, along with Bialow Real Estate, represented Pet Supplies Plus in the new lease.

June 3, 2020

Loans Multifamily Texas

Mason Joseph Provides $41.2M HUD Construction Loan for San Antonio Apartment Project

by Taylor Williams June 3, 2020

SAN ANTONIO — Mason Joseph Co. Inc., a San Antonio-based multifamily lender, has provided $41.2 million in construction and permanent financing for Culebra Commons, an apartment project that will be located off Loop 1604 on the city’s west side. The community will feature 327 units across seven three-story buildings and various Class A amenities. The nonrecourse loan was secured through HUD’s 221(d)(4) program and carries a fixed interest rate for the 28-month construction period and subsequent 40-year term. The borrower is a partnership between locally based development firm LYND Co. and T.R. Inscore LLC. Construction is scheduled to begin later this month.

June 3, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 101-Site RV Park in Azle, Texas

by Taylor Williams June 3, 2020

AZLE, TEXAS — Marcus & Millichap has brokered the sale of Flat Rock Road RV Park, a 101-site property located in Azle, located northwest of Fort Worth. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity. The deal closed at a sales price that was originally negotiated before the COVID-19 outbreak, according to Denninger.

June 3, 2020

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