DALLAS — Idaho-based Cold Summit Development will build a $60 million cold storage facility at 2800 Cedardale Road in South Dallas. The 343,000-square-foot facility will be situated on 29 acres and will feature 50-foot clear heights. Site work and construction are anticipated to start immediately with completion slated for September 2021. Cold Summit Dallas will be just the 12th cold storage facility built in the metroplex in the last 20 years, according to the developer.
HEREFORD, TEXAS — A subsidiary of Green Plains Inc. (NASDAQ: GPRE), a processor of food commodities, has entered into an agreement to sell its ethanol plant in Hereford, located outside Amarillo, for $39 million. Green Plains has also entered into an asset purchase agreement to acquire the storage and transportation assets and the assignment of railcar leases associated with the Hereford ethanol plant for $10 million. Hereford Ethanol Partners LP is buying the plant.
HOUSTON — Berkadia has brokered the sale of Chartwell Court, a 243-unit apartment community in North Houston. Built in 1995, the property offers one- and two-bedroom units that average more than 1,000 square feet and feature walk-in closets, individual washers and dryers and private patios and balconies. Amenities include a pool, business center, fitness center, outdoor grilling areas and a clubhouse. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Los Angeles-based National Asset Services Inc., in the transaction. The buyer was San Antonio-based REEP Equity.
CHICAGO — Logistics Property Co. (LPC) has closed its develop-to-core fund named LPC Logistics Venture One LP with total equity commitments of $1 billion from several global institutional investors. The fund focuses on ground-up development opportunities across the country. Chicago-based LPC, launched in early 2018, focuses on the acquisition, development and management of logistics properties across North America. The company has already allocated approximately 90 percent of the fund with significant holdings in Atlanta, Chicago, Dallas, Houston, Seattle and Pocona, Pa. MIRA Real Estate, part of Macquarie Group and the majority shareholder of LPC, acted as exclusive financial advisor and placement agent on the fund. LPC manages properties in key logistics markets with an estimated value of over $1.5 billion.
CHICAGO — PGIM Real Estate has provided an $81.7 million Fannie Mae loan for the refinancing of The Draper, a 342-unit, 11-story apartment complex in Chicago’s Uptown neighborhood. CEDARst Cos. was the borrower. The Draper is a redevelopment of an office building dating back to the 1950s. CEDARst began converting the building into apartments in 2018 and completed renovations in 2019. Of the property’s 342 units, 10 percent are reserved for residents earning up to 60 percent of the area median income. The fixed-rate loan has a 12-year term with six years of interest-only payments. Craig Foreman and Lee McNeer of PGIM Real Estate originated the loan. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management business of Prudential Financial Inc.
WEST LAFAYETTE, IND. — Mortgage banking company Merchants Capital has arranged a $17 million HUD-insured loan for the refinancing of Trailside Flats in West Lafayette. Van Rooy Properties Inc. was the borrower that received the 35-year, nonrecourse loan through the HUD 223(f) program, which is used for the purchase or refinancing of multifamily properties. The 195-unit multifamily property is located at 2101 Country Squire Court. In 2017, Van Rooy acquired an existing multifamily property at the site and renovated it in addition to developing new buildings on vacant land. Amenities at the property include a pool, fitness center, coworking space, bocce ball court and coffee bar.
MAPLE GROVE, MINN. — JLL Capital Markets has brokered the $14.5 million sale of a 102,994-square-foot distribution center located at 8175 Jefferson Highway in the suburban Minneapolis community of Maple Grove. The single-tenant property is triple net leased to GAF Materials LLC, a roofing manufacturer. David Berglund and Colin Ryan of JLL represented the seller, a partnership between PCCP and Capital Partners. An affiliate of Boston-based STAG Industrial Inc. purchased the asset.
INDIANAPOLIS AND MAPLE GROVE, MINN. — SRS Real Estate Partners has negotiated the sale-leaseback of a two-property retail portfolio in the Midwest for $7.2 million. Christian Brothers Automotive sold both buildings and then signed 15-year leases. The first property is located at 3985 W. Smith Valley Road in Indianapolis. The 5,264-square-foot building sits on nearly two acres. The second asset is located at 9565 Zachary Lane in Maple Grove, a suburb of Minneapolis. The building spans 5,561 square feet on 1.4 acres. Frank Rogers and Michael Carter of SRS represented the all-cash buyer, a Midwest-based private investor that completed a 1031 tax-deferred exchange.
SAN ANTONIO — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of Franklin Park Alamo Heights, a 221-unit seniors housing community in San Antonio. Built in 2017 by locally based owner-operator Franklin Park, the property offers independent living, assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield arranged the loan through an unnamed regional bank on behalf of Franklin Park.
SAN ANTONIO — University Health System, a locally based healthcare provider, has purchased two office buildings totaling roughly 165,000 square feet in San Antonio. The properties are located at 5800 Farinon Drive and 5959 Northwest Parkway in the University Park submarket. Kevin Cosgrove and Scott Ferguson of Stream Realty Partners represented the seller, New York-based Clarion Partners, in the transaction. Ken Adams and Chad Gunter of Transwestern represented University Health Systems, which will also occupy the properties. The deal represents the largest office trade in San Antonio in 2020, according to the brokerage team
