MADISON, WIS. — Harbor Group International LLC has acquired the headquarters of Spectrum Brands in Madison for $52 million. The single-tenant office building was originally built in 2013 and renovated in 2017. It rises four stories and spans 252,122 square feet. Spectrum Brands, a hardware, home improvements and pet supplies company, occupies the property on a net-lease basis through 2034. Livesey Co. was the seller.
ST. LOUIS PARK, MINN. — Ryan Cos. and The Excelsior Group have broken ground on 10 West End, an 11-story speculative office building in St. Louis Park’s West End. The 343,000-square-foot property is situated near I-394 and Highway 100. Typical floor plates will span 30,362 square feet. ACORE Capital provided project financing. Ryan A+E is the architect and Ryan Construction is the general contractor. Mike Honsa of Transwestern will lease the property. A timeline for completion was not disclosed.
BISMARCK, N.D. — IRET has sold five apartment communities comprising 414 units in Bismarck for an aggregate price of $24 million. The properties include Crestview, Kirkwood Manor, North Pointe, Pebble Springs and Westwood Park. Proceeds from the transaction will be utilized to pay down borrowings on IRET’s revolving line of credit. The company plans to increase its presence in target markets of Denver and the Twin Cities, according to Mark Decker Jr., president and CEO. The buyer was not disclosed.
CHICAGO — Smith Senior Living has broken ground on an expansion project at Smith Village, a continuing care retirement community in Chicago’s Beverly neighborhood. The project will modernize the community’s Johanson Wing, which offers short-term rehabilitation, skilled nursing care and therapy rooms. The expansion will feature a three-story, 10,204-square-foot structure upon completion. Construction will actually reduce the number of licensed beds in Johanson Wing from 100 to 78, as most double-occupancy rooms will be replaced by private suites. Development costs for the project are estimated at $22.3 million.
ESCONDIDO, CALIF. — Lee & Associates – North San Diego County has arranged the sale of a retail asset located in Escondido. Malakooti & Kaikavoosnejad Revocable Trust sold the property to Goodwill Industries of San Diego for $6.1 million. Located at 315 W. Washington Ave., the building features 17,908 square feet of retail space. The property is situated on a 2.1-acre lot adjacent to City Hall and the California Center for the Arts. Michael Golden of Lee & Associates – North San Diego County represented the seller, while Bryan Cunningham of Flocke & Avoyer represented the buyer in the deal.
AUSTIN, TEXAS — A joint venture between multifamily developer The NRP Group and New York-based Willton Investment Group has broken ground on Lucent, a 368-unit multifamily project in Austin’s Tech Ridge neighborhood. Nearby employers include Dell, General Motors, Applied Materials, Samsung and Apple. The community will consist of 16 residential buildings that feature one-, two- and three-bedroom units with attached garages and a standalone clubhouse. Amenities will include a resort-style pool with a sundeck, fire pits, a fitness center, bike storage and package concierge services. BMO Harris provided construction financing for the project, which is expected to be complete in early 2021.
GRAND PRAIRIE, TEXAS — SWBC Real Estate LLC, in partnership with International Capital LLC, has begun construction on The Royalton at Grand Prairie, a 300-unit multifamily community situated along President George Bush Turnpike and Interstate 20 in Grand Prairie. Located roughly midway between Dallas and Fort Worth, the property will feature one-, two- and three-bedroom units averaging 886 square feet. Residences will be equipped with hardwood-style floors, granite countertops, stainless steel appliances, walk-in closets and individual washers and dryers. Amenities will include a pool, fitness center a with spin and yoga studio, dog park, package lockers and outdoor grilling and gathering areas.. The general contractor for the project is Galaxy Builders; the architect is Cross Architects and the engineering firm is G&A Consultants. Bank of Texas provided financing for the project, which has a construction timeline of 20 months.
ODESSA, TEXAS — Marcus & Millichap has brokered the sale of More Space Storage Center, a 611-unit self-storage facility in the West Texas city of Odessa. The property sits on approximately five acres, spans 92,562 net rentable square feet and was 53 percent occupied at the time of sale. Brandon Karr of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.
HOUSTON — ClearWorth Capital has acquired Steeplecrest, a 260-unit apartment community located at 11220 West Road in northwest Houston. Built in 1993, the property features one- and two-bedroom units and amenities such as a pool, outdoor picnic area, business center, storage space and a conference room. ClearWorth will implement a value-add program to the property’s unit interiors, clubhouse, building exteriors and landscaping. Chris Curry, Todd Marix and Estee Ibanez of JLL represented the seller, a joint venture between WillMax Multifamily Investors LP and Thackeray Partners, in the transaction.
FRISCO, TEXAS — PowerSecure Lighting, a provider of LED lighting products, has signed a 75,000-square-foot industrial lease at the 216-acre Star Corporate Center development in Frisco. PowerSecure Lighting will serve as the anchor tenant at a 160,000-square-foot, rear-load building that will also function as the company’s new corporate headquarters. Cabot Properties and Stream Realty Partners originally broke ground on the building, which is now fully occupied, in January 2018.