PORT ST. LUCIE, FLA. — Brennan Investment Group has delivered a 411,000-square-foot industrial facility for City Electric Supply/Tamco in Port St. Lucie. The property, which features 40,000 square feet of office space, will also serve as City Electric’s North American Manufacturing headquarters. The tenant manufactures and distributes lighting and electrical equipment products through City Electric Supply branches throughout the country. Tamco, one of City Electric’s retail brands with stores nationwide, is consolidating its space from five locations around Port St. Lucie to the new facility. In addition to developing the new facility, Brennan also acquired the five locations that Tamco occupied before selling them to an undisclosed Florida-based investor.
SMYRNA, TENN. AND CANTON, MISS. — Nissan Group of North America will furlough 10,000, hourly manufacturing employees in its Tennessee and Mississippi plants. The decision comes on the heels of the Japanese automaker closing its manufacturing plants in Smyrna and Canton until at least the end of April due to the coronavirus pandemic. The plant in Smyrna is located 27 miles southeast of downtown Nashville. The plant produces 640,000 vehicles annually and employs 7,250 workers. The plant in Canton is located 22 miles north of Jackson. The plant produces 450,000 vehicles annually and employs 5,250 workers.
SUMTER, S.C. — Colliers International has arranged the $13.9 million sale of a triple-net leased, Walmart Neighborhood Market-occupied property in Sumter. Hutton Development developed and sold the 41,990-square-foot building, which is situated at 343 Pinewood Road, three miles south of downtown Sumter and 40 miles east of downtown Columbia. Walmart signed a new 13-year lease with the new owner, an undisclosed private investor based in Florida completing a 1031 exchange. Jereme Snyder of Colliers represented the seller in the transaction.
CAPE CANAVERAL, FLA. — LV Lending, a local private lender, has provided a $4.2 million refinancing loan for a 7.7-acre vacant site in Cape Canaveral, a town on Florida’s Space Coast. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-story, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the mortgage broker.
SAN ANTONIO — Locally based developer Embrey Partners has received financing from Wells Fargo for the construction of a 338-unit multifamily community at the historic Borden Creamery property, located adjacent to the Pearl District in San Antonio. Construction is scheduled to begin in July with the demolition of a self-storage facility currently on the 5.1-acre site. Humphreys & Partners is designing the project, completion of which is slated for July 2023. The Borden building will be preserved in a separate project by AREA Real Estate LLC to include 60,000 square feet of office and retail commercial space. Embrey’s development pipeline currently includes more than 6,000 new units.
ARLINGTON, TEXAS — Multifamily Property Group, a California-based private equity firm, has acquired 2121 Apartments, a 128-unit community in Arlington. The property features one-, two- and three-bedroom units with tile backsplashes, walk-in closets and private patios or balconies. Amenities include a pool, tennis court, fitness center and a lounge and café bar. Dougherty Mortgage arranged a 12-year acquisition loan through a partnership with Old Capital Lending for the transaction.
RICHARDSON, TEXAS — Colliers International has arranged the sale of 2703 Telecom, a 121,420-square-foot office building located in the northeastern Dallas suburb of Richardson. Construction firm Hill & Wilkinson recently signed a 10-year lease as the anchor tenant at the building, which was 100 percent leased at the time of sale. Dallas-based Pillar Commercial sold the asset to Goldenberg & Associates Inc. for an undisclosed price. Creighton Stark and Chris Boyd of Colliers handled the transaction.
DALLAS, GARLAND AND PLANO, TEXAS — Avison Young has brokered the $8.1 million sale of a trio of single-tenant healthcare properties occupied by DaVita Dialysis in the Dallas area. The portfolio included an 8,436-square-foot property in Plano that was built in 2008 and is adjacent to a senior living home; a 7,400-square-foot building in Garland that was built in 1992 and is situated within a major commercial corridor; and a 7,954-square-foot asset in Dallas that was built in 2007 within a mile of Methodist Dallas Medical Center. Patrick Barnes of Avison Young represented the seller, a California-based private investor. Christopher Goodman-Triolo of NLF Advisors represented the buyer, a Dallas-based investor.
IRVING, TEXAS — Holt Lunsford Commercial has negotiated a 15,885-square-foot industrial lease at 2833 W. Airport Freeway in Irving. Canon Shoults and Maddy Canty of Holt Lunsford represented the landlord, Sealy Capital Management, in the lease negotiations. Todd Hubbard of NAI Robert Lynn represented the tenant, temperature-controlled logistics firm SCL Cold Chain.
ASPEN, COLO. — Marcus & Millichap has brokered the sale of Centennial Aspen Apartments, a three-story multifamily property located in Aspen. Birge & Held acquired the community for $50.5 million, or $338,926 per unit. Moshe Safdie, a world-renowned architect, designed the property, which was completed in 1986. The 11-building, 149-unit property is located at the base of Smuggler Mountain within a 15-minute walk from downtown Aspen. Community amenities include storage, laundry facilities, a playground and assigned parking. Greg Price and Jason Hornik of Marcus & Millichap’s Denver office represented the local seller and procured the buyer in the transaction.