LYNCHBURG, VA. — Phoenix Investors has acquired the former LSC Communications Printing Co. Inc. plant in Lynchburg. The 760,000-square-foot property is situated on 50 acres at 4201 Murray Place. The asset features 32 dock doors, 62 slots for trailer storage, 523 passenger parking spots, eight drive-in doors and two interior rail spurs supported by Norfolk Southern. The property has sat vacant since LSC filed for Chapter 11 bankruptcy after the U.S. Department of Justice blocked a proposed merger with Quad Graphics. Daniel Knopf and Armando Nuñez of CBRE represented the buyer in the transaction. LSC sold the asset for an undisclosed price. Milwaukee-based Phoenix Investors also acquired a 1 million-square-foot former tire plant of Titan International Inc. in Brownsville, Texas.
NORTH CHARLESTON, S.C. — Berkadia has negotiated the $33.3 million sale of Palmetto Creek Townhomes, a 260-unit multifamily community in North Charleston. The property offers one-, two- and three-bedroom floor plans, 75 percent of which were recently renovated. According to Apartments.com, rents range from $1,000 per month to $1,175. Communal amenities include a pool, fitness center, playground and a grilling area. Palmetto Creek is situated at 3311 Mountainbrook Ave., 16 miles northwest of downtown Charleston. Mark Boyce and Blake Coffey of Berkadia represented the seller, Dallas-based Lurin Capital, in the transaction. Washington, D.C.-based Brick Lane acquired the asset.
KISSIMMEE, FLA. — JLL has arranged the $26.3 million sale of Osceola Village, a 122,845-square-foot, Publix-anchored shopping center in Kissimmee. The center, which was delivered in 2008, was 82 percent leased at the time of sale to tenants including DaVita Kidney Care, Orlando Health and Visionworks. The asset is situated on 20 acres at 3040 Dyer Blvd., 22 miles south of downtown Orlando. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, an affiliate of Glenborough LLC, in the transaction. New York City-based East Coast Acquisitions purchased the property.
ATLANTA — Village Supply, a pop-up market focusing on women- and minority-owned businesses, will open within Buckhead Village in Atlanta. Vendors will be able to showcase their products at the store, which is situated at 272 Buckhead Ave., between Warby Parker and Bella Cucina. The store will be open from 10 a.m. to 7 p.m. Thursday to Saturday, and from noon to 5 p.m. Sundays. The vendor lineup will rotate regularly. The initial lineup includes Cheese Me, which is open through November; Made Leather Co. and Botanical Safari, which will open Black Friday and remain in the store until January 2021; and BreezKakes, which will be open from Dec. 3 to 6. Jamestown acquired Buckhead Village in July 2019. The 355,646-square-foot property was built in 2014 and features office, retail and restaurant space. The office space is leased to Spanx and No18 coworking. Retailers include Hermes and Tom Ford, as well as entertainment and fitness concepts.
GRAND PRAIRIE, TEXAS — Major League Cricket (MLC) has received approval from the City of Grand Prairie on a long-term lease agreement to redevelop the 5,445-seat AirHogs Stadium in Grand Prairie into the organization’s first major cricket venue in the United States. The stadium is currently the home field of the Texas Airhogs Minor League Baseball team. The project will increase the seating capacity to accommodate more than 8,000 spectators with additional and upgraded hospitality features and amenities. International architecture firm HKS has been tapped to design the project. Upon completion in 2022, the venue will house the Dallas franchise of MLC, as well as the headquarters of USA Cricket, the sport’s national governing body. MLC plans to launch its inaugural season in 2022, with the stadium expected to be ready for cricket by the spring of that year.
DALLAS — Ziegler has arranged $77.1 million of bond financing for Presbyterian Village North, a continuing care retirement community in North Dallas. The proceeds of the bonds will finance an expansion project that will add 112 new independent living units in a five-story building named The Hawthorne. The community sits on a 66-acre campus and currently consists of 89 buildings with 253 independent living units, 101 assisted living units, 44 memory care units and a health center operating 106 skilled nursing beds. Of the 97 units being marketed, 72 percent are already pre-sold. The project also includes renovations to the community’s existing common areas.
DALLAS — Hyatt Hotels Corp. (NYSE: H) has opened the 219-room Thompson Hotel in downtown Dallas, the first property under the Thompson lifestyle brand in Texas. Designed by Merriman/Anderson Architects, the hotel is the product of a redevelopment of a historic building at 205 N. Akard St. The property’s 219 rooms include 52 suites and two penthouses, and guests can also enjoy access to two onsite culinary destinations.
DALLAS — Colliers International has negotiated the sale of Ridge at Trinity Apartments, a 230-unit affordable housing community in southeast Dallas. The property, which consists of 19 buildings on 17.4 acres, was built in 1970 and renovated between 2015 and 2019. Amenities include a leasing office, onsite laundry facilities and open green spaces with playgrounds. Mark Allen and Courtland Charles of Colliers represented the seller, affordable housing owner-operator Hope Housing, in the transaction. The buyer and sales price were not disclosed.
AUSTIN, TEXAS — NAI Partners has brokered the sale of a 50,000-square-foot industrial building located at 4401 Supply Court in South Austin. Troy Martin of NAI Partners represented the buyer, CKD USA, the U.S. subsidiary of Japanese machine manufacturing firm CKD Corp. Joe Novek and Darryl Dadon of CBRE represented the seller. The new ownership plans to invest about $13 million in revamping the facility, which is expected to be operational in fall 2021 and bring about 70 new jobs to the area.
SIOUX CITY, IOWA — The Sioux City Council unanimously approved a development and minimum assessment agreement with Omaha-based Clarity Development for the redevelopment of the historic Badgerow Building in downtown Sioux City. Hunden Strategic Partners, a global real estate development advisory practice headquartered in Chicago, managed the developer solicitation and selection process on behalf of the city. Clarity plans to purchase the building from the city for $1 million and redevelop it under the name Badgerow Developer LLC. The $23 million project will transform the office building into a mixed-use property with a restaurant, cocktail lounge, Class A office space on the first two floors, 71 market-rate apartments on floors three through 11, and a health club on the top floor. Completion is slated for December 2022. The developer has committed to a minimum assessed building value of $10.9 million following the project’s completion. In return, the city will provide a grant equal to 100 percent of new incremental property taxes for 10 years and an amount equal to 75 percent of new incremental taxes for an additional five years. The city will also support the developer’s application for historic tax credits and lease nearly 200 parking spaces in the …