LEWISVILLE, TEXAS — Kuehne & Nagel, a global transport and logistics firm based in Switzerland, has signed a 267,902-square-foot industrial lease renewal at 1800 Waters Ridge Drive in the northern Dallas metro of Lewisville. Steve Trese and Wilson Brown of CBRE represented the landlord, Teachers Insurance & Annuity of America, in the lease negotiations. Blake Anderson of Savills represented the tenant.
KINGWOOD AND COLLEGE STATION, TEXAS — Breakfast eatery Snooze will open two new restaurants totaling 7,800 square feet, one in the northern Houston suburb of Kingwood and the other in College Station. The first restaurant will be located in the Kingwood Place Shopping Center and will span 3,800 square feet. The second will be located within Chimney Hill Retail Centers in College Station and will total 4,000 square feet. The openings are slated for August 2020 and February 2021, respectively. Houston-based Baker Katz represented Snooze in both lease negotiations. Stephen Tou of The Retail Connection represented the landlord in the Kingwood deal, and Clint Oldham and Brett Boatner of Oldham Goodwin represented the landlord in the College Station deal. Since its founding in 2006, Snooze has opened more than 40 restaurants across six states.
CARROLLTON, TEXAS — Holt Lunsford Commercial has negotiated an 8,817-square-foot industrial lease at 1415-1421 Hutton Drive in the northern Dallas suburb of Carrollton. Josh Barnes and Canon Shoults of Holt Lunsford represented the landlord, Frontier Equity, in the lease negotiations. Michael Haggar of JLL represented the tenant, Aquabella LLC.
ONTARIO, CALIF. — CenterPoint Properties has purchased an industrial property located 5600 E. Airport Drive in Ontario. Situated on 94.2 acres, the asset features 1.6 million square feet of industrial space. The acquisition includes a short-term leaseback with the existing tenant. However, CenterPoint plans to market the property for lease in the future. The company intends to leverage the existing improvements and capitalize on a parking ratio five times greater than the market average. The site can accommodate multiple tenants, including a combination of standalone yards. Thad Mallory, Bret Hardy and Jim Linn of Newmark Knight Frank represented CenterPoint in the off-market transaction. Terms of the deal, including seller and acquisition price, were not released.
PHOENIX — PCCP has provided a $49.2 million senior loan to Vancouver, Wash.-based IDM Cos. for the ground-up development of Acero Algodon. The Class A, garden-style multifamily community will be located in the West Valley of Phoenix. Situated on 20.5 acres along North 91st Avenue, Acero Algodon will offer 458 apartments in a mix of 196 one-bedroom units, 238 two-bedroom units and 24 three-bedroom units, spread across 24 three-story buildings. All floor plans will feature quartz countertops, stainless steel appliances, vinyl plank flooring with carpeted bedrooms, walk-in closets, in-unit laundry rooms and private patios or balconies. On-site amenities will include 901 parking spaces, two resort-style swimming pools, a fitness center with yoga and spin studio, business center, community lounge and kitchen, game room, dog park, and barbecue and picnic areas. Construction is scheduled to start soon, with the first units planned for delivery in mid-2021. Total build-out is slated for completion in mid-2022. David Kidder, Adam Deermount, Steve Sims and John Meek of Landmark Real Estate arranged the financing.
EVANSTON, ILL. — Developer Condor Partners and seniors housing operator Solera Senior Living are developing Trulee Evanston, a 163-unit luxury community in Evanston. A JLL Capital Markets team led by Joel Mendes arranged construction debt and joint venture equity for the project. A national bank provided the debt and an institutional private equity fund manager provided the equity. Total project costs are estimated at $75 million. Construction will commence immediately with completion slated for 2021. The nine-story development will feature a mix of private independent living, assisted living and memory care units. Trulee will include multiple terraces and views of downtown Evanston and Lake Michigan.
CHICAGO — Draper and Kramer Inc. has completed the second phase of its ongoing renovation of Lake Meadows Market in Chicago’s Bronzeville neighborhood. The final element of Phase II was a full interior and exterior renovation of the shopping center’s 193,000-square-foot Jewel-Osco grocery store. Jewel-Osco parent company Albertsons shared costs of the $2.3 million project, which also included the addition of a mural entitled “Heart of Bronzeville” by local artist Corey Jenkins. Previous Phase II work included the addition of more than 18,000 square feet of new and renovated retail space for new tenants, including Taco Bell, Wing Stop, Home Run Inn Pizza and Sola Salon Studios and Culver’s. Camburas & Theodore Ltd. Served as the architect for the Jewel-Osco renovation and Powers & Sons Construction Co. was the general contractor.
GLENDALE, ARIZ. — Industrial Outdoor Ventures has purchased a heavy industrial facility with storage yard, located at 4800 W. Pasadena Ave. in Glendale. WHAL Properties sold the asset for an undisclosed price. Situated on 4.6 acres, the property includes a 29,625-square-foot industrial service facility with 3,300 square feet of office space and a paved storage yard. The site is fully secured and zoned for a wide range of heavy industrial uses and features heavy three-phase power and 16-foot to 24-foor clear ceiling heights. Additionally, the property is situated near Interstates 10 and 17, less than a mile from the BNSF Intermodal Facility and 12 miles from Phoenix Sky Harbor Airport. Currently, MasTec, a multi-national infrastructure engineering and construction company, occupies the entire property. Kerri Scott and Bob Broyles of Colliers International represented the seller in the deal.
KILDEER, ILL. — The Boulder Group has arranged the $24 million sale of a single-tenant property net leased to Whole Foods in Kildeer, approximately 40 miles northwest of Chicago. The 50,000-square-foot building is located at 20281 N. Rand Road and serves as the anchor to Kildeer Market Place. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-based real estate company. An East Coast-based investor purchased the asset in a 1031 exchange.
PALMDALE, CALIF. — Sinclair Printing has completed the sale of an industrial warehouse located at 600 W. Technology Drive in Palmdale. Greenlaw Partners acquired the asset for $15 million. Dennis Marciniak and Larry McEwan of DAUM Commercial Real Estate Services completed the transaction. The buyer secured a multi-national technology company as a tenant for the 130,392-square-foot building. Situated on 8.7 acres, the property features ample warehouse space and a total of 15,000 square feet of office, conference room and an overflow storage space. The building features 28-foot clear heights, four dock-high loading doors and refrigeration.