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4615-W-McDowell-Rd-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

CapRock Partners Buys Newly Built 146,500 SF Industrial Building in Phoenix

by Amy Works

PHOENIX — CapRock Partners has acquired a newly built industrial building located at 4615 W. McDowell Road in Phoenix. The 146,500-square-foot facility can accommodate up to four light manufacturing and distribution tenants. The building offers two 2,000-square-foot speculative office spaces, 32-foot clear heights, 26 dock-high and four grade-level loading doors and a concrete truck court. Additionally, the eight-acre site is equipped with heavy power capacity (3,600 amps, 277/480 volts). Payson MacWilliam and Don MacWilliam of Colliers International represented CapRock in the deal. Terms of the off-market transaction were not released.

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DevelopmentNevadaRetailWestern

Safeway Breaks Ground on 62,000 SF Location at Damonte Ranch Town Center in Reno

by Amy Works

RENO, NEV. — Safeway has broken ground for a new grocery store at Damonte Ranch Town Center, located at the corner of Steamboat Parkway and Damonte Ranch Parkway in south Reno. The 62,000-square-foot store will be the grocery store chain’s third location in the Reno-Sparks market. Safeway will join RC Willey and The Home Depot as anchor tenants at the 509,000-square-foot shopping center, which Lewis Retail Centers owns. The retail center is part of the 2,000-acre Damonte Ranch master-planned community, which includes approximately 19,497 households within a three-mile radius of the shopping center.

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DevelopmentIndustrialTexas

Clarion Partners, Crow Holdings, Riner Cos. Acquire Land for 7 MSF Industrial Park in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between New York-based Clarion Partners, investment management firm Crow Holdings Capital and developer Rob Riner Cos. has acquired 556 acres in Fort Worth for the development of a 7 million-square-foot industrial park that will be branded Carter Park East. The site is located on the city’s south side near Interstates 20 and 35 and will house both speculative and build-to-suit structures for various industrial and logistics users. Site work is scheduled to begin this month, and the first speculative buildings are expected to be complete in summer 2021. The largest area of the site will be marketed as a build-to-suit opportunity that can accommodate a user with a requirement as large as 1.8 million square feet. Stream Realty Partners is leasing the property.

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Stonemont-McKinney
DevelopmentIndustrialTexas

Stonemont Financial Breaks Ground on 231,000 SF Industrial Complex in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Atlanta-based Stonemont Financial Group has broken ground on a 231,000-square-foot industrial complex in McKinney, a northern suburb of Dallas. The property will be located near McKinney National Airport and will consist of two buildings spanning approximately 107,000 and 124,000 square feet. Building features will include 28- to 30-foot clear heights, 24 dock doors and more than 230 combined parking spaces. Bob Moore Construction is the general contractor for the project, and Callaway Architecture is designing it. Lee & Associates will handle leasing, and Dallas-based Somervell Commercial Realty is serving as the development manager. Completion is slated for the first quarter of 2021.

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Franciscan-at-Bear-Creek-Euless-Texas
LoansMultifamilyTexas

Paragon Mortgage Provides $38.4M HUD Loan for Refinancing of Multifamily Asset in Metro Dallas

by Taylor Williams

EULESS, TEXAS — Phoenix-based Paragon Mortgage Corp. has provided a $38.4 million HUD loan for the refinancing of The Franciscan at Bear Creek, a 264-unit multifamily asset located in the western Dallas suburb of Euless. The property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling areas and a resident clubhouse. Jim Swanson of Paragon Mortgage placed the nonrecourse loan through HUD’s 223(f) program, a product that carries a loan term of up to 35 years, on behalf of the undisclosed borrower.

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Frost-Tower-Fort-Worth
Leasing ActivityOfficeTexas

Infrastructure Design Firm Signs Office Lease at Frost Tower in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Infrastructure design firm HNTB Corp. has signed an office lease at Frost Tower, a 314,879-square-foot building in downtown Fort Worth. The property was completed in 2018 and offers a full-service restaurant, conference and event center, elevated outdoor patio areas and wine lockers. Seth Koschak and Cullen Donohue of Stream Realty Partners represented the landlord, Anthracite Realty Partners, in the lease negotiations. Sven Sykes, Brad Balke, Daniel Rudd and Billy Vahrenkamp of Colliers International represented the tenant

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Leasing ActivityNAIOfficeTexas

NAI Robert Lynn Negotiates 26,418 SF Office Sublease for Veritex Community Bank in Dallas

by Taylor Williams

DALLAS — NAI Robert Lynn has negotiated a 26,418-square-foot office sublease for Texas-based Veritex Community Bank at 12750 Merit Drive, a newly renovated building in North Dallas. Veritex Bank is expanding its footprint in Dallas, and the new space will accommodate about 150 of the company’s 700 total employees. Amenities at the property include a conference center, fitness center, tenant lounges and a deli. Kent Smith of NAI Robert Lynn and Dan Boyles of NAI Partners’ Houston office represented Veritex Bank in the lease negotiations. The name and representative of the original tenant and landlord were not disclosed.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Arranges Sale of Two Multifamily Assets in Springfield, Massachusetts, for $76M

by Taylor Williams

SPRINGFIELD, MASS. — CBRE has arranged the sale of Pynchon Terrace and Edgewater Apartments, a pair of multifamily assets in Springfield, Massachusetts, for $76 million. Pynchon Terrace was built in 1971, renovated in 2006 and totals 250 units in three- and four-bedroom floor plans. Edgewater Apartments was constructed in the mid-1970s, renovated in 2006 and features 362 units that comprise a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Simon Butler, Biria St. John, John McLaughlin, Jeff Kunitz and Mike Canori of CBRE represented the seller, Silver Street Development Corp., in the transaction. The team also procured the buyer, Los Angeles-based investment firm BLVD Capital.

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Autumn-Ridge-Lopatcong-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Larken Associates Begins Leasing 198-Unit Apartment Community in Lopatcong, New Jersey

by Taylor Williams

LOPATCONG, N.J. — Development and management firm Larken Associates has begun leasing Autumn Ridge, a 198-unit apartment community in Lopatcong, located near the New Jersey-Pennsylvania border. The 14-building property consists of 148 multifamily residences and 50 units that are reserved for renters age 55 and older. Floor plans feature one-, two- and three-bedroom units that are equipped with quartz countertops, stainless steel appliances, vinyl plank flooring and individual washers and dryers. Amenities include a pool, package concierge system, game area, conference room, fitness center, playground and a lounge with a dry bar. The first units are expected to be available for occupancy later this year.

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Mary-Stone-School-Auburn-Massachusetts
DevelopmentMultifamilyNortheastSeniors Housing

Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing

by Taylor Williams

AUBURN, MASS. — Pennrose has received financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will involve the repurposing of the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of new units in studio, one- and two-bedroom formats. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Eighty percent of the units will be reserved for seniors earning up to 60 percent of area median income. The remaining units will have market-rate rents. As part of the development plan, Pennrose has contributed $25,000 to the Town of Auburn for new equipment for the public playground on the property.

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