DALLAS — Over the next eight weeks, Amazon plans to hire approximately 1,500 people in preparation for opening its 2.3 million-square-foot fulfillment center at 1301 Chalk Hill Road, located approximately seven miles west of downtown Dallas. The facility is expected to be fully operational by May 31. Last fall, The Dallas Morning News reported that Amazon had signed a 20-year lease at the 101-acre facility, which had recently been acquired by Toronto-based Granite REIT. The property features 41-foot clear heights, 2,500 auto parking spaces and 300 trailer parking spaces. As the largest e-commerce firm in the world, Amazon is investing more than $800 million in the establishment of safety measures like temperature checks, enhanced cleanings, sanitation stations and onsite testing for COVID-19.
IRVING, TEXAS — JLL has arranged an undisclosed amount of construction financing for DFW Park 161, an industrial project near DFW International Airport in Irving that will eventually total more than 2.4 million square feet. The development team, a partnership between Invesco Real Estate and Perot Development Co., broke ground in late February on Phase I of the 196-acre project, which will feature about 1 million square feet of speculative space. DFW Park 161 will ultimately consist of four Class A buildings with cross-dock configurations, 32- to 40-foot clear heights and a total of 383 trailer parking spaces. Stephen Bailey, Dustin Volz and John Rose of JLL arranged the five-year construction loan on behalf of the development team.
COLLEGE STATION, TEXAS — Miami-based One Real Estate Investment has acquired Element at University Park, a 192-unit apartment community located about two miles from Texas A&M University in College Station. Built in 2000, the property features one- and two-bedroom units with stainless steel appliances and individual washers and dryers. Amenities include a business center, courtyard, tennis court and picnic area. Mitch Sinberg and Brad Williamson of Berkadia originated a 10-year Freddie Mac acquisition loan for the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured Electra Capital as an equity partner.
HOUSTON — EDGE Realty Partners Capital Markets has brokered the sale of a 49,865-square-foot retail center located at the junction of Interstate 45 and Monroe Boulevard in Houston. According to LoopNet Inc., the property was built on 1.9 acres in 1970. Tenants include Chinese restaurant Oriental Gourmet and Majestic Tuxedos. Burdette Huffman of EDGE Realty Partners represented the undisclosed seller in the transaction. The buyer was also undisclosed.
LAREDO, TEXAS — New York-based Arbor Realty Trust has provided a $3.2 million Fannie Mae loan for the refinancing of Bella Brisa Apartments, a 42-unit community located in the Rio Grande Valley city of Laredo. The property was built in 2012. Jared Stein of Arbor originated the loan, which was structured with a 10-year term, a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
SALT LAKE CITY — KBS Development, in partnership with Salt Development, has completed the construction of Hardware Apartments, a multifamily community located at 455 W. 200 North near downtown Salt Lake City. Immediately following the completion, Sacramento-based Oakmont Properties acquired the resort-style asset from KBS Real Estate Investment Trust III for an undisclosed amount in an off-market transaction. KBS and Salt Development began ground-up construction of the 453-unit apartment property in mid-2016 with Hardware West, the 267-unit first phase, delivered in June 2018. Hardware East comprises the remaining 186 units. Hardware Apartments is situated within Hardware Village adjacent to the historic Salt Lake Hardware Building, a five-story office building constructed in 1909. Hardware Apartments features a mix of penthouse, loft, studio, one-bedroom and two-bedroom apartments, as well as townhomes and brownstone row houses. Community amenities include a fitness center, yoga room, climbing wall, resident library, mediation garden, game room, conference room and rooftop lounge with infinity pool. Eli Mills and Patrick Bodnar of CBRE represented the buyer and seller in the deal. Although the price was not disclosed, the transaction represents the largest multifamily asset sale in the Utah’s history, according to CBRE. Additionally, Bruce Fischer, Tatyana Litovsky, Chrisdo Fan …
MENIFEE, CALIF. — C.W. Driver Cos. has broken ground on the reconstruction of Menifee Valley Middle School, located at 26255 Garbani Road in Menifee. The $38 million, 71,277-square-foot project will help transition the campus to a magnet school focused on visual and performing arts. The redevelopment includes the addition of two new classroom buildings, restorations to the Visual and Performing Arts Center, construction of an open-concept library and renovations to existing locker rooms. Slated for completion in spring 2021, the renovated campus will also feature the reconstruction of temporary portable classrooms into permanent classrooms and lab spaces that create a centralized academic courtyard and cohesive community. Additional modifications include a new music and choir space, a renovated stage in the Visual and Performing Arts Center, introduction of outdoor learning spaces, large classroom windows and active learning spaces optimized for use in the arts, music and sciences known as flex labs. Menifee Valley Middle School’s new library will include a flexible plan configuration, collaboration spaces to facilitate group work and soft seating areas for students. On the athletic front, the redevelopment will renovate existing locker rooms with ADA upgrades, AV improvements and the addition of washers and dryers. BakerNowicki Design Studio …
COSTA MESA, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a recently vacated retail property located at 2666 Harbor Blvd. in Costa Mesa. Red Mountain Retail Group, a real estate developer, acquired the asset from a private family for an undisclosed price. Ace Hardware formerly occupied the 104,980-square-foot lot, located at the southwest corner of Harbor Boulevard and Mesa Verde Drive. Ace vacated the property when its lease expired on April 30. Additionally, there was a sublease in place with an auto dealer that expired with the Ace Hardware lease. Bill Pedersen, Michael Pakravan and Matthew Sundberg of Matthews Real Estate handled the transaction.
RICHMOND, CALIF. — Dermody Properties has purchased Goodrick Logistics Center, a two-building, 172,445-square-foot e-commerce and distribution facility located at 2589 and 2593 Goodrick Ave. in Richmond. Terms of the transaction, including the name of seller and acquisition price, were not released. The property at 2589 Goodrick Ave. is currently available for lease and can accommodate one to three tenants ranging in size from 15,000 square feet to 57,872 square feet. An international mattress distributor occupies the entire facility at 2593 Goodrick Ave. Built in 2018, 2589 Goodrick Avenue features 24-foot clear height, 10 drive-in doors, 75-foot by 65-foot column spacing, LED warehousing lighting and an ESFR fire protection system. Mark Detmer, Bo Mills and Ryan Sitov of JLL represented Dermody Properties in the sale. Jason Ovadia, Patrick Metzger, Eddie Shuai and Mike Murray, also of JLL, will handle leasing for the property.
URBANA-CHAMPAIGN, ILL. — Jackson Dearborn Partners (JDP) has broken ground on ICON, a 276-bed student housing development located near the University of Illinois in Urbana-Champaign. The project is being developed in partnership with Sub4 Development and Green Street Realty. Amenities will include a fitness center, lobby and lounge area and a third-floor deck with an outdoor grilling area. The developers raised equity through CrowdStreet, an online investment platform. Alpha Capital CRE arranged a $19.9 million construction loan with Associated Bank. Alec Bliss of Associated Bank managed the loan and closing. ICON is slated to open for the 2021-22 academic year.