Property Type

Presidium, Partners Group Unveil Plans for 109-Acre Mixed-Use Project in Austin

by Taylor Williams December 23, 2020

AUSTIN, TEXAS — Texas-based developer Presidium and global investment manager Partners Group have unveiled plans for River Park, a 109-acre mixed-use project that will be located on East Riverside Drive near Oracle’s newly announced headquarters campus. The new master plan for the project calls for more than 10 million square feet of commercial and residential space across office, retail, hospitality, entertainment and multifamily uses. The residential component will also include 400 affordable housing units. River Park will be a multi-phase project that is expected to take 10 to 20 years to fully build out. A new street network of short, pedestrian-friendly blocks and trail connections will link the various uses and connect to the surrounding neighborhood and a new multimodal transit hub. Gensler is leading the design of the project. The team anticipates beginning construction with a 15-acre portion along the southeastern side of the site.

December 23, 2020

Acquisitions Multifamily Student Housing Texas

Newmark Brokers Sale of 1,842-Bed Northpoint Crossing Student Housing Community in College Station

by Taylor Williams December 23, 2020

COLLEGE STATION, TEXAS — Newmark has brokered the sale of Northpoint Crossing, a 1,842-bed student housing community serving Texas A&M University in College Station. The 627-unit property was developed in 2014 and 2015 and is located across the street from the north corner of campus. Units feature studio, one-, two-, three- and four-bed floor plans. Amenities include two fitness centers, two computer labs, a 24-hour clubhouse, game rooms, outdoor grilling stations, sauna and steam rooms and a rooftop terrace. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the sellers, Woodridge Capital and funds managed by Oaktree Capital Management LP, in the transaction. Both entities are based in Los Angeles. A joint venture between affiliates of global investment manager Ares Management Corp. and New York-based private equity firm Timberline Real Estate Ventures purchased the asset for an undisclosed price.

December 23, 2020

Acquisitions Multifamily Texas

Passco Acquires 338-Unit Lenox Overlook Apartments in San Antonio

by Taylor Williams December 23, 2020

SAN ANTONIO — California-based investment firm Passco Cos. has acquired Lenox Overlook, a 338-unit apartment community in north-central San Antonio. Built in 2019, the property features one-, two- and three-bedroom residences averaging 861 square feet. Units are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies/patios. Communal amenities include a pool with a sundeck and swim-up bar, indoor and outdoor fitness centers, a dog park with a wash station, clubhouse with billiards and TVs and a business center. Patton Jones of Newmark represented Passco in the transaction. The seller and developer was Austin-based Oden Hughes. Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco, which has also rebranded the community as TruNorth at Bulverde.

December 23, 2020

Acquisitions Multifamily Texas

TruAmerica Buys 408-Unit Arbors of Las Colinas Apartments in Irving

by Taylor Williams December 23, 2020

IRVING, TEXAS — Los Angeles-based investment firm TruAmerica Multifamily has purchased Arbors of Las Colinas, a 408-unit apartment community in Irving. Built in 1985, the Class B property offers one-, two- and three-bedroom units across 19 buildings. Amenities include two pools with spas and cabanas, a pet park, fitness center and courtyard with grilling stations. Eric Calub, Greg Smith, Thad Wetterau and Paul Harris of The Moran Co. represented the buyer and the undisclosed seller in the transaction, which marks TruAmerica’s first acquisition in Texas. Jaime Zadra, Robert Younkin, Garrett Meyers and Nikki Mooney of PGIM Real Estate Finance provided $45.9 million in acquisition financing for the deal.

December 23, 2020

Development Industrial Midwest South Dakota

Amazon to Build First Fulfillment Center in South Dakota

by Kristin Harlow December 23, 2020

SIOUX FALLS, S.D. — Amazon.com Inc. has unveiled plans to open its first fulfillment center in the state of South Dakota. The 640,000-square-foot development will be located in Sioux Falls and is expected to open in 2022. Amazon expects to create 1,000 full-time jobs at the facility. Employees will work alongside Amazon robotics to pick, pack and ship small items to customers such as books, electronics and toys. Since 2010, Amazon has invested more than $1 million in South Dakota, including infrastructure and compensation to employees in the state.

December 23, 2020

Colorado Development Industrial Western

Trammell Crow, Clarion Partners Acquire Development Site for 1.2 MSF Industrial Park in Metro Denver

by Amy Works December 23, 2020

DENVER — Trammell Crow Co., along with its capital partner Clarion Partners, has purchased an 89.6-acre vacant land site for the development of 104th Commerce Park, an industrial park located at 104th Avenue, just east of the intersection of State Highway 85 and Interstate 76 in metro Denver. Terms of the acquisition were not released. Totaling 1.2 million square feet, 104th Commerce Park will feature five industrial and distribution buildings built in two phases, with spaces ranges from 20,000 square feet to 290,000 square feet, as well as build-to-suit lease options. Tyler Carner, Jeremy Ballenger, Jessica Osternick and Daniel Close of CBRE will handle marketing for the development. Murray & Stafford is serving as general contractor, Ware Malcomb is providing architectural services and Langan Engineering is serving as civil engineer.

December 23, 2020

Leasing Activity Michigan Midwest Office

Advertising Agency Doner to Move Southfield Headquarters

by Kristin Harlow December 23, 2020

SOUTHFIELD, MICH. — Advertising agency Doner has unveiled plans to open a new headquarters at 400 Galleria Officentre in Southfield. Doner plans to take occupancy of its new space in summer 2021. Designed by interior design firm Vocon, the 62,000-square-foot office will house roughly 375 employees. The office will include areas for in-person as well as virtual collaboration. The space will also include an advanced air filtration and purification system. Doner has been headquartered in Detroit area since 1937. Its current office is located at 25900 Northwestern Hwy in Southfield. Friedman Real Estate represented Doner in securing its new lease.

December 23, 2020

Affordable Housing Development Midwest Minnesota Multifamily

Woda Cooper to Develop 46-Unit Affordable Housing Project in Downtown Minneapolis

by Kristin Harlow December 23, 2020

MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride (PPL) in Living will co-develop Shelby Commons, a 46-unit affordable housing project in the North Loop neighborhood of downtown Minneapolis. The Minnesota Housing Finance Agency awarded $967,549 in housing tax credits for the project, which will be the first for Woda Cooper in the state of Minnesota. The four-story building will include underground parking, laundry facilities, a community room, lobby, playground and community gardens. Units will be available to residents who earn 30 to 80 percent of the area median income. The Minnesota Public Housing Authority has committed 12 project-based vouchers for rental assistance. Woda Cooper will occupy a management office at the property and PPL will maintain an onsite office to provide supportive services, including assistance to residents in the seven units set aside for those with homelessness and the five units set aside for persons with disabilities. Rochester, Minn.-based CRW Architecture & Design Group and Minneapolis-based BKV Group are the project architects. Kelly Construction & Design is the general contractor. Completion is slated for the second or third quarter of 2022.

December 23, 2020

Acquisitions California Industrial Western

LDK Ventures, PCCP Divest of 843,248 SF NorthBay Logistics Center in Vacaville, California

by Amy Works December 23, 2020

VACAVILLE, CALIF. — LDK Ventures and PCCP have completed the disposition of NorthBay Logistics Center in Vacaville. DRA Advisors acquired the asset for an undisclosed price. Situated on 68.8 acres at 700 Crocker Drive, the newly renovated distribution building features 843,248 square feet of cross-dock distribution space, including large concrete truck yards, 32- to 37-foot clear heights, enhanced office areas and gated, secure access. Serena & Lilly occupies 433,950 square feet of the property, while Wineshipping occupies the remaining 404,950 square feet. A large e-commerce company leases a portion of the excess land for trailer storage. Andrew Briner, Bret Hardy, Jim Linn, Kevin Shannon, Steven Golubchik of Newmark represented the sellers. Ramsey Daya, also of Newmark, procured financing for the buyer.

December 23, 2020

Acquisitions Midwest Minnesota Office Retail

KW Commercial Arranges $5.1M Sale of Office, Retail Portfolio Near Minneapolis

by Kristin Harlow December 23, 2020

ST. CLOUD, MINN. — KW Commercial | AMK Properties has arranged the sale of a three-property office and retail portfolio in St. Cloud near Minneapolis for $5.1 million. Named the Heritage Centre Portfolio, the assets include Heritage Market I, Heritage Business Centre and Heritage Professional Building. They range in size from 8,600 square feet to 25,300 square feet. Matthew Klein and Anthony Passanante of KW represented the buyer, Heritage Retail Partners LLC. Amy Senn, Bob Pounds, Tim Prinsen, Pete Tanis and Lori Pounds of Newmark represented the undisclosed seller.

December 23, 2020

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