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DevelopmentIndustrialTexas

Stream Realty, Principal Complete 3.3 MSF Bay Area Business Park Near Port Houston

by Taylor Williams

HOUSTON — Stream Realty Partners and Principal Real Estate Investors have completed the final phase of Bay Area Business Park, a 3.3 million-square-foot industrial development located near Port Houston. The final phases consisted of three speculative building totaling 1.3 million square feet that were approximately 20 percent preleased at delivery. Development of the original 137-acre site began in 2007, with Phase I being completed in 2008 and adding 1.2 million square feet to the local supply. Phase II was completed in 2016 and added 850,000 square feet, and in 2019, the development team purchased an additional 95 acres for the property’s third and final phase.

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Eatery-Essentials-Dallas
IndustrialLeasing ActivityOfficeTexas

Eatery Essentials to Open 400,000 SF Headquarters, Manufacturing Plant in Dallas

by Taylor Williams

DALLAS — Eatery Essentials, a provider of food storage containers and the U.S. subsidiary of Taiwanese supplier Vigour Pak, will relocate its corporate headquarters and primary manufacturing and warehousing operations to a 400,000-square-foot facility in Dallas. The facility will be located at 2425 Danieldale Road on the city’s south side and is expected to be operational by October. Eatery Essentials anticipates that the move will create about 150 new jobs.

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AcquisitionsMultifamilySeniors HousingTexas

SLIB Brokers $8M Sale of Bishop Davies Nursing Care Center in Hurst, Texas

by Taylor Williams

HURST, TEXAS — Senior Living Investment Brokerage (SLIB) has brokered the sale of Bishop Davies Nursing Care Center, a 161-bed skilled nursing facility in Hurst, located between Dallas and Fort Worth. An owner-operator looking to exit the industry sold the property to a regional seniors housing owner-operator from Louisiana for $8 million. The 70,000-square-foot facility sits on a 5.2-acre lot and was 74 percent occupied at the time it was listed.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 41,830 SF Industrial Lease in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Lee & Associates has negotiated a 41,830-square-foot industrial lease at 4100 New York Ave. in Arlington. According to LoopNet Inc., the property was built in 2018 and spans 110,468 square feet. Adam Graham and Mark Graybill of Lee & Associates represented the landlord, Boston-based Cabot Properties, in the lease negotiations. David Eseke and Gary Collett of Cushman & Wakefield represented the tenant, Wastequip Manufacturing Co., a Charlotte-based manufacturer of trash containers, compactors and other waste management equipment.

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ParkPlace-Chandler-AZ
ArizonaDevelopmentOfficeWestern

Douglas Allred Co. Breaks Ground on 300,000 SF Office Project at Park Place in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — The Douglas Allred Co. has broken ground on two additional office buildings at its Park Place Development on Price Corridor in Chandler. Located at the northeast corner of Price and Willis roads, the three-story buildings will offer 150,000 square feet each. Willmeng Construction, serving as general contractor, will deliver the buildings along with an 800-stall parking structure. Upon completion, the project will offer 10- to 12-foot ceiling heights, high-quality finishes and a six per 1,000 parking ratio. Balmer Architectural Group is providing architectural services for the project, which will add to the existing 1.5 million square feet of office, manufacturing and retail space at Park Place.

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Rise-Central-Beaverton-OR
LoansMultifamilyOregonWestern

Pensam Provides $52M Refinancing for Rise Central Apartments in Beaverton, Oregon

by Amy Works

BEAVERTON, ORE. — Miami-based Pensam has provided $52 million in capital to refinance Rise Central, a multifamily property located at 12875 SW Crescent St. in Beaverton. The floating-rate loan has a three-year term with extension options. The name of the borrower was not released. Built in 2019, Rise Central features 230 apartments and more than 5,000 square feet of retail space. With rents ranging from $1,000 to $3,200 per month, the community offers units with high-end finishes and open floor plans, along with a resort-style amenity package. Additionally, the property is located adjacent to the train station in the Westgate Redevelopment Master Plan, which comprises a 45,000-square-foot arts and cultural center and a hotel.

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6345-Brackbill-Boulevard-Mechanicsburg
IndustrialLoansNortheastPennsylvania

Cushman & Wakefield Arranges $20.3M Refinancing of Industrial Asset in Mechanicsburg, Pennsylvania

by Taylor Williams

MECHANICSBURG, PA. — Cushman & Wakefield has arranged a $20.3 million loan for the refinancing of 6345 Brackbill Boulevard, a 507,634-square-foot industrial asset in Mechanicsburg, located outside of Harrisburg. The property was fully leased at the time of sale and features proximity to several major thoroughfares, including Interstates 81, 76, 83 and 283. John Alascio, Sridhar Vankayala and Maya Steinberger of Cushman & Wakefield placed the loan through Univest Bank & Trust Co. on behalf of the borrower, Penwood Real Estate Investment Management LLC.

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535-N-Wilmot-Rd-Tucson-AZ
AcquisitionsArizonaHealthcareNAIOfficeWestern

NAI Horizon Negotiates $11.5M Sale of Banner Health Medical Building in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — NAI Horizon has arranged the sale of a fully occupied medical building, located at 535 N. Wilmot Road in Tucson. 535 Wilmot Investors, an affiliate of The Schomac Group, sold the property to AP MP, an affiliate of MBRE Health Care, for $11.5 million. Banner Health occupies the 40,936-square-foot medical building on a long-term basis and recently renewed its lease for another 10 years. Justin Lanne and Andrew Sternberg with NAI Horizon’s Tucson represented the seller in transaction.

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The-John-Adams-Queens
AcquisitionsMultifamilyNew YorkNortheast

Global One Real Estate Acquires John Adams Apartment Building in Queens for $26.5M

by Taylor Williams

NEW YORK CITY — Global One Real Estate Fund II, an affiliate of locally based investment firm Nelson Management Group, has acquired The John Adams, 115-unit apartment building in the Forest Hills neighborhood of Queens. The sales price was $26.5 million. The six-story building offers proximity to several public transit lines and amenities such as bike storage space, package lockers and onsite laundry facilities. The seller was not disclosed.

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Sunland-North-Mesa-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

Marcus & Millichap Brokers $5M Acquisition of Sunland North Apartment Complex in Arizona

by Amy Works

MESA, ARIZ. — Marcus & Millichap has arranged the purchase of Sunland North, an age-restricted apartment complex located at 4740 E. Broadway Road in Mesa. A developer acquired the property from an undisclosed seller for $5 million. Built in 1984, the 35,000-square-foot property features 23 one-bedroom/one-bath units and 22 two-bedroom/one-bath units for residents age 55 or older. All units feature washer/dryer hookups and patios. Community amenities include a swimming pool, office, storage sheds and covered parking. Paul Bay of Marcus & Millichap’s Phoenix office procured the buyer in the deal.

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