Property Type

Spectra Breaks Ground on 180-Bed Student Housing Community Near University of West Florida

by John Nelson November 6, 2020

PENSACOLA, FLA. — Spectra Student Living has begun construction on Rhelm, a 180-bed student housing community located a half-mile south of the University of West Florida campus in Pensacola. The property is scheduled for completion in August 2021. The community will feature eight three-story buildings offering 66 units alongside shared amenities including a media production room, computer center, swimming pool and sundeck, private study areas, a gaming area and indoor bike storage. Spectra Student Living is a student housing developer and investor based in Indianapolis. The company’s management division, Spectra Management LLC, operates Rhelm. The property’s leasing office is now open and all units are priced per bed and include most utilities.

November 6, 2020

Acquisitions Retail Southeast Virginia

Partnership Purchases Shopping Center in Richmond’s Short Pump District for $10.8M

by John Nelson November 6, 2020

RICHMOND, VA. — A partnership between Auerbach Funds, Elevation Real Estate Group and Beechmont Acquisitions has acquired Parc Place, an 82,968-square-foot shopping center in Richmond. The sales price was $10.8 million, a discount to its 2016 sales price of $25 million. This marks the second acquisition since Auerbach Funds announced its first close for Auerbach Opportunity Fund III in mid-October. The fund has a target size of $100 million. Parc Place is located at 11736 W. Broad St. in the city’s Short Pump district. The shopping center’s tenant roster includes Dollar Tree, PetSmart, Anytime Fitness, DXL Big + Tall, LensCrafters and Sports Clips. Loretta Cataldi and Sara Goodall of Divaris Real Estate’s Richmond office represented the buyer in the transaction. The seller is an entity doing business as London Reo Retail-VA LLC.

November 6, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 442,035 SF Industrial Lease for Best Choice Products in Metro Dallas

by Taylor Williams November 6, 2020

MESQUITE, TEXAS — Lee & Associates has negotiated a 442,035-square-foot industrial lease in the eastern Dallas suburb of Mesquite for Best Choice Products, an e-commerce firm that provides home furniture and other consumer goods. The company’s new fulfillment and distribution center will be located at 5151 Samuell Blvd., which is located near Interstate 30 and includes 7,600 square feet of office space. Reed Parker of Lee & Associates represented Best Choice Products in the lease negotiations. Nick Thomas represented the landlord, Prologis, on an internal basis. Nathan Orbin, Kurt Griffin and Ann Jaggers of Cushman & Wakefield marketed the property on behalf of Prologis. Best Choice Products has already hired 30 employees as part of the effort to make the facility operational in time for the holiday shopping season. The Tustin, Calif.-based firm expects to hire another 50 workers on a temporary, seasonal basis.

November 6, 2020

Acquisitions Multifamily Texas

JLL Brokers Sale of 262-Unit Willow Ridge Apartments in Southwest Houston

by Taylor Williams November 6, 2020

HOUSTON — JLL has brokered the sale of Willow Ridge Apartments, a 262-unit multifamily community located near Texas Medical Center in southwest Houston. Built in 1977, the property features one-, two- and three-bedroom units and amenities such as a pool, business center and a clubhouse. Joey Rippel, Chris Young and Kyle Whitney of JLL represented the seller, Houston-based Sentinel Capital LLC, in the transaction. Laura Sellingsloh of JLL originated a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of the buyer, Alfa TX Investment Group. Willow Ridge has had an average occupancy rate of 93 percent over the past five years.

November 6, 2020

Industrial Leasing Activity Texas

Dot It Restaurant Fulfillment Signs 134,272 SF Industrial Lease in Arlington

by Taylor Williams November 6, 2020

ARLINGTON, TEXAS — Dot It Restaurant Fulfillment has signed a 134,272-square-foot industrial lease at 4200 Empire Road in Arlington. The company is more than doubling its footprint of 60,000 square feet at its previous space at 2001 E. Randol Mill Road. Luke Davis and Matt Dornak of Stream Realty Partners represented the landlord, ML Realty Partners, in the lease negotiations. John Brewer and Riley Maxwell of Transwestern represented Dot It, which provides food safety products and print fulfillment solutions for the food and beverage industry.

November 6, 2020

Loans Multifamily Student Housing Texas

Marcus & Millichap Arranges Acquisition Loan for 475-Bed Student Housing Property in Stillwater, Oklahoma

by Taylor Williams November 6, 2020

STILLWATER, OKLA. — Marcus & Millichap has arranged a bridge loan of an undisclosed amount for the recapitalization and acquisition of a 475-bed student housing property located one block from Oklahoma State University in Stillwater. Todd McNeill and Jacob Rich of Marcus & Millichap arranged the 36-month, nonrecourse loan on behalf of the undisclosed borrower. The name of the property and direct lender were also not disclosed.

November 6, 2020

Development Office Texas

CMS Properties Breaks Ground on 84,000 SF Office Project in Lubbock

by Taylor Williams November 6, 2020

LUBBOCK, TEXAS — Locally based developer CMS Properties Inc. has broken ground on an 84,000-square-foot office project at 5107 82nd St. in Lubbock. The four-story, Class A building will feature 21,000-square-foot floor plates, suites that are divisible to 5,000 square feet and views that overlook Lakeridge Country Club. Coldwell Banker Commercial Capital Advisors is handling leasing for the project, which is expected to be complete in the first quarter of 2021.

November 6, 2020

Acquisitions Midwest Minnesota Multifamily

Timberland Partners Purchases 205-Unit Luxury Apartment Property in Rochester, Minnesota

by Kristin Harlow November 6, 2020

ROCHESTER, MINN. — Timberland Partners has purchased Preserve on Maine, a 205-unit luxury apartment property in Rochester near Minneapolis. The purchase price was undisclosed. Built in 2017, the community is located at 4010 Maine Ave. SE. The seller, Harbor Bay Real Estate Advisors, was also the property’s developer. Amenities include a fitness center, outdoor heated pool, entertainment room, dog run, pet spa and walking trails. There is also a daily shuttle service to the Mayo Clinic. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented Harbor Bay.

November 6, 2020

Acquisitions Illinois Midwest Retail

First National Realty Partners Acquires Tesla Dealership in Westmont, Illinois

by Kristin Harlow November 6, 2020

WESTMONT, ILL. — First National Realty Partners has acquired a 23,164-square-foot Tesla sales and service center located at 50 W. Ogden Ave. in Westmont, about 18 miles west of Chicago. The purchase price and seller were undisclosed. The location is one of five Tesla service centers in the state of Illinois. It is situated near other car dealerships such as Mercedes-Benz, Porsche and Lamborghini.

November 6, 2020

Loans Midwest Multifamily Nebraska

Columbia Pacific Advisors Provides $28.4M Refinancing for Multifamily Asset in Omaha

by Kristin Harlow November 6, 2020

OMAHA, NEB. — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $28.4 million loan for the refinancing of Legacy Crossing in Omaha. The borrower, Vukota Capital Management, will use the funds to refinance existing debt as well as renovate a number of units and common areas. Legacy Crossing consists of 408 units across 17 garden-style apartment buildings. The community offers a number of amenities such as a fitness center, tennis court, pool, playground and business center. Avantic Residential is the property manager. Jason Kahn of Meridian Capital Group arranged the loan, terms of which were undisclosed.

November 6, 2020

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