Property Type

JLL Arranges $71.5M Sale of Industrial Facility Near Orlando

by Alex Tostado December 4, 2020

APOPKA, FLA. — JLL has arranged the $71.5 million sale of a 289,839-square-foot industrial facility in Apopka. The property is situated within the 180-acre Mid-Florida Logistics Park, 20 miles northwest of downtown Orlando. The seller, BlueScope Properties Group, delivered the asset in July on a build-to-suit basis for an undisclosed beverage company. The asset features 36-foot clear heights, ESFR sprinklers, LED lighting, cold storage capacity with space for 6,200 pallets, five cold dock doors and 10 dry dock doors. John Huguenard, Sean Devaney, Julia Silva, Luis Castillo, Brian Walsh and Keith Largay of JLL represented the seller in the transaction. Realty Income Corp. acquired the property.

December 4, 2020

Acquisitions Georgia Multifamily Southeast

RADCO Sells Apartment Complex Near Atlanta for $71.3M

by Alex Tostado December 4, 2020

NORCROSS, GA. — The RADCO Cos. has sold Ashford Indian Trail, a 467-unit apartment complex in Norcross, for $71.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, barbecue areas, sand volleyball court, fitness center and a dog park. TruAmerica Multifamily Investments acquired the asset, which is located at 1100 Indian Trail Lilburn Road NW, 22 miles northeast of downtown Atlanta. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller in the transaction.

December 4, 2020

Acquisitions Georgia Multifamily Southeast

Olive Tree Disposes Multifamily Community in Metro Atlanta for $21.2M

by Alex Tostado December 4, 2020

COLLEGE PARK, GA. — Olive Tree Property Holdings LLC has sold The Life at Lakeview, a 326-unit multifamily community in College Park, for $21.2 million. The property offers studio, one- and two-bedroom floor plans. According to Apartments.com, rents at the gated complex range from $733 per month to $965. Olive Tree acquired the asset in 2018 for $12.7 million and implemented upgrades to the security systems around the complex. The buyer was not disclosed.

December 4, 2020

Development Industrial Texas

Reports: Lowe’s to Open 1.5 MSF Distribution Center Near Houston, Create 200 Jobs

by Taylor Williams December 4, 2020

NEW CANEY, TEXAS — Lowe’s (NYSE: LOW) will open a 1.5 million-square-foot distribution center on the northern outskirts of Houston, creating about 200 jobs in the process, according to reports from multiple news outlets including Community Impact Newspaper and the Houston Business Journal. According to the former publication, the home improvement retailer’s new center will be located along Gene Campbell Road in New Caney at the East Montgomery County Improvement District’s industrial park. Local ABC affiliate abc13.com also reports that the facility is expected to open in July and represents approximately $65 million in public and private capital investment. The stock price of Lowe’s opened at $151.99 per share on Friday, Dec. 3, up from $115 per share a year ago.

December 4, 2020

Industrial Leasing Activity Texas

Dunavant Distribution Signs 784,000 SF Industrial Lease in Metro Houston

by Taylor Williams December 4, 2020

PASADENA, TEXAS — Third-party logistics firm Dunavant Distribution Group has signed a 784,000-square-foot industrial lease at Bay Area Business Park in the eastern Houston metro of Pasadena. John Nicholson of Colliers represented the tenant in the lease negotiations. Justin Robinson and Jeff Pate of Stream Realty Partners represented the landlord, PEPF Red Bluff. The three-building property is located near Port Houston and recently underwent an expansion to become the largest single-owner industrial business park in Houston, according to the brokerage team.

December 4, 2020

Acquisitions Multifamily Texas

Indus Management Acquires 396-Unit Sharpstown Garden Apartments in Houston

by Taylor Williams December 4, 2020

HOUSTON — Indus Management, a locally based affordable housing owner-operator, has acquired Sharpstown Garden Apartments, a 396-unit workforce housing community in southwest Houston. The property features one-, two- and three-bedroom units. According to Apartments.com, Sharpstown Garden was originally built in 1960 and renovated in 2000 and now offers amenities such as multiple pools, a business center and a clubhouse. Indus Management purchased the community from Pryzant Management, which had spent approximately $900,000 in capital improvements over the last four years. Chris Young and Joey Rippel of JLL brokered the deal.

December 4, 2020

Acquisitions Multifamily Texas

Hamilton Zanze Sells 264-Unit Bradford Pointe Apartments in North Austin

by Taylor Williams December 4, 2020

AUSTIN, TEXAS — San Francisco-based investment firm Hamilton Zanze has sold Bradford Pointe, a 264-unit apartment community in North Austin. The property was built in 1984 and offers one- and two-bedroom residences averaging 638 square feet. Units feature wood-style flooring, upgraded appliances and resurfaced countertops, and select units have private patios and balconies. Amenities include two pools, a fitness center, business center, playground, resident clubhouse and an outdoor kitchen. Hamilton Zanze acquired Bradford Pointe, which was 95 percent occupied at the time of sale, in 2015. The buyer was not disclosed.

December 4, 2020

Acquisitions Indiana Industrial Midwest Missouri

Stan Johnson Co. Brokers Sale of 1.9 MSF Industrial Portfolio Across Four States

by Kristin Harlow December 4, 2020

INDIANA, MISSOURI, OKLAHOMA AND GEORGIA — Stan Johnson Co. has brokered the sale of a four-property industrial portfolio totaling approximately 1.9 million square feet across four markets. The sales price was undisclosed. The properties are leased to a mix of public and private tenants. The buildings include: 2001 Commerce Parkway in Franklin, Ind.; 65 Corporate Woods Drive in Bridgeton, Mo.; 524 N. Sara Road in Yukon, Okla.; and 6878 Kelly Ave. in Morrow, Ga. Mollie Alteri, Joey Odom, Mike Sladich, Maggie Holmes and Michael Watson of Stan Johnson represented the seller, an institutional advisor based in New York. The buyer was a Dallas-based institutional investor.

December 4, 2020

Development Midwest Missouri Multifamily

IMPACT Strategies Breaks Ground on 128-Unit Luxury Apartment Development in St. Louis

by Kristin Harlow December 4, 2020

ST. LOUIS — IMPACT Strategies has broken ground on 2200 LaSalle at Lafayette Square, a 128-unit luxury apartment development in the historic Lafayette Square district of St. Louis. The $25 million project is a redevelopment of a 12-acre industrial site. Cornerstone Development and Chouteau Avenue Partners are the developers while HOK Architects is the project architect. The five-story property will include a two-story parking structure. An amenity deck level will include a private bar, clubroom and fitness area, as well as an outdoor space with a pavilion, fire pit, grilling station and pool. Completion is slated for mid-2022.

December 4, 2020

Illinois Midwest Retail

Comparable Sales for Ulta Beauty Drop 8.9 Percent in Third Quarter

by Kristin Harlow December 4, 2020

BOLINGBROOK, ILL. — Ulta Beauty Inc. (NASDAQ: ULTA) reports that its comparable sales, which includes store sales and e-commerce sales, decreased 8.9 percent in the third quarter on a year-over-year basis. The cosmetics retailer’s third quarter ended Oct. 31. Bolingbrook-based Ulta says the drop is due to the impact of COVID-19. This quarter, Ulta opened 17 new stores, compared with 31 new stores in third-quarter 2019. Net income was $74.8 million compared with $129.7 million for the same period last year. “We know guests are changing how they shop beauty, but importantly, their engagement with the category remains strong,” says Mary Dillon, CEO. Early holiday sales trends in November were encouraging, according to Dillon, but the retailer anticipates that comparable store sales will decline in the range of 12 to 14 percent in the fourth quarter.

December 4, 2020

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