Property Type

Hunt Midwest to Develop 322,000 SF Spec Industrial Facility in Louisville

by Alex Tostado January 15, 2020

LOUISVILLE, KY. — Kansas City, Mo.-based Hunt Midwest will develop Blankenbaker Logistics Center, a speculative industrial building located 13 miles southeast of downtown Louisville within Blankenbaker Station business park. Blankenbaker Logistics Center will occupy a 20-acre site at 13007 Rehl Road and include more than 322,000 square feet of leasable space, 187 surface parking stalls, 44 tractor trailer parking stalls and a 140-foot truck court. Building features will include 32 dock positions in a cross-dock configuration with 36-foot clear heights, four drive-in doors and mechanical dock equipment. Completion of the Blankenbaker Logistics Center is scheduled for December of this year. Located south of Interstate 64 and west of Interstate 265, Blankenbaker Logistics Center will be adjacent to the local FedEx Ground terminal, with access to UPS Worldport and Ford’s Kentucky Truck and Louisville Assembly Plants. The design team includes civil engineer Mindel Scott, architect H2B Architects and general contractor Summit Construction. Kevin Grove of CBRE will represent Hunt Midwest in the lease-up of the facility.

January 15, 2020

Acquisitions Alabama Multifamily Southeast

Newmark Knight Frank Arranges $21M Sale of Two Urban Birmingham Apartment Properties

by Alex Tostado January 15, 2020

BIRMINGHAM, ALA. — The Newmark Knight Frank (NKF) Multifamily group has brokered the sale of two Birmingham multifamily assets: Pawnee Square, a 72-unit community located in the city’s Highland Park neighborhood; and Jemison Flats, a 59-unit community located downtown. The Jemison Flats sale also included more than 23,000 square feet of commercial space. Bo Flurry and Justin Uffinger of NKF’s Birmingham office represented the sellers in both transactions. San Diego-based Verada Properties sold Pawnee Square, located at 2912 Pawnee Ave., to Birmingham-based Welden Field Development. The apartment building was 92 percent occupied at the time of sale. Constructed in 1979, Pawnee Square offers one- and two-bedroom floorplans, including loft-style units. The community features a pool and is situated near both the University of Alabama at Birmingham and the central business district. Jemison Flats, located at 1827 1st Ave. in Birmingham’s Theater District, was sold by Birmingham-based LIV. JLL worked on behalf of the borrower, Highland Real Estate Capital, to secure a three-year, floating-rate acquisition loan through Bridge Investment Group. The apartment building was 93 percent occupied at the time of sale and offers studios, one- and two-bedroom loft-style floorplans, as well as an outdoor green space area, fitness center, grilling station …

January 15, 2020

Development Georgia Retail Southeast

Allied Esports, Simon Announce 13,000 SF Esports Venue Coming to Mall of Georgia

by Alex Tostado January 15, 2020

BUFORD, GA. — Allied Esports, a global esports entertainment company, and Simon Property Group Inc., a REIT and shopping mall operator, have announced that Mall of Georgia in Buford will be the location for the companies’ first dedicated esports venue. The two-level, 13,000-square-foot facility will be a gaming and esports destination. The venue will feature regular amateur and professional esports tournaments and events spanning a variety of games and genres. The location, which will have full broadcast and streaming production capabilities, will also offer PCs and consoles for daily use, full food and beverage options and experiential retail. The redevelopment of the current retail space is expected to begin in the second quarter of 2020, with an opening of the venue anticipated in the second half of the year. Mall of Georgia, the largest shopping destination in the Southeast, features more than 200 shops, a dining pavilion and movie theater. Allied Esports and Simon announced a strategic alliance in June 2019. The two companies plan to open dedicated esports venues at Simon centers around the country and create a co-produced national amateur esports tournament — the Simon Cup — featuring online competition and in-person events at Simon locations.

January 15, 2020

Acquisitions Florida Retail Southeast

SRS Negotiates $10.9M Sale of Retail Center Near Daytona International Speedway

by Alex Tostado January 15, 2020

DAYTONA BEACH, FLA. — SRS Real Estate Partners has negotiated the $10.9 million sale of Speedway Village, a three-building, 28,075-square-foot retail center located directly across the street from Daytona International Speedway. The center was fully occupied at the time of sale to tenants including Verizon Wireless, Jimmy John’s, FedEx Office, The Vitamin Shoppe, Eyeglass World and Smashburger. The seller, Evans Speedway LLC, developed the property in 2008. The buyers, Ty and Tovah Lohman, represented themselves. Kevin Yaryan, Patrick Luther and Matthew Mousavi of SRS represented the seller in the transaction.

January 15, 2020

Acquisitions Office Texas

Ricchi Group Acquires 200,000 SF Optima Business Park in Dallas

by Taylor Williams January 15, 2020

DALLAS — Locally based investment firm Ricchi Group has acquired Optima Business Park, a 200,000-square-foot office park located at 8777 N. Stemmons Freeway in northwest Dallas. The property, which previously served as the headquarters for cosmetics firm Mary Kay, consists of an eight-story building that was constructed in 1976 and a five-story building that was added in 1985. Len Wood of American Group LLC represented Ricchi Group in the transaction. Jay Lucas of Cushman & Wakefield represented the seller, Optima Stemmons LLC.

January 15, 2020

Leasing Activity Office Texas

Cushman & Wakefield Negotiates 218,312 SF Office Lease Renewal in Fort Worth

by Taylor Williams January 15, 2020

FORT WORTH, TEXAS — Cushman & Wakefield has negotiated a 218,312-square-foot office lease renewal at 3201 N. Sylvania Ave. in Fort Worth. Rick Hughes of Cushman & Wakefield represented the tenant, ThyssenKrupp Elevator Corp., in the lease negotiations. James Whitney represented the landlord, Sylvania Industrial Park Inc., on an internal basis.

January 15, 2020

Leasing Activity Office Texas

Q2 Holdings Signs 128,990 SF Office Lease at Aspen Lake Three in Austin

by Taylor Williams January 15, 2020

AUSTIN, TEXAS — Q2 Holdings, a provider of cloud-based software, has signed a full-building lease to occupy Aspen Lake Three, a 128,990-square-foot office project under construction in Austin. The developer, a joint venture between Patrinely Group and USAA Real Estate, plans to begin construction on the Class A project this spring. Will Douglas, Russell Young and Harrison Schuhmacher of JLL represented Q2 Holdings in the lease negotiations. Ben Tolson of AQUILA Commercial and Dennis Tarro of Patrinely Group represented the joint venture.

January 15, 2020

Loans Multifamily ORIX Texas

Hunt Real Estate Capital Provides $45M Refinancing of San Antonio Multifamily Portfolio

by Taylor Williams January 15, 2020

SAN ANTONIO — Hunt Real Estate Capital has provided a $45 million bridge loan for the refinancing of a portfolio of 645 multifamily units in San Antonio and nearby Universal City. The sponsor was LYND Co., a locally based investment and development firm. The portfolio includes the 224-unit Auburn Creek in San Antonio; the 205-unit Fairways 5 in San Antonio; and the 216-unit Meadows Apartments in Universal City, all of which were built in the mid-1970s. LYND will use a portion of the proceeds to renovate the properties and upgrade countertops, backsplashes, cabinetry, plumbing fixtures, flooring and appliance packages.

January 15, 2020

Acquisitions Office Texas

LandPark Advisors Brokers Sale of 68,000 SF Office Building in Houston

by Taylor Williams January 15, 2020

HOUSTON — LandPark Advisors LLC has brokered the sale of a 68,000-square-foot office building located at 397 N. Sam Houston Parkway in Houston. The building is situated on three acres near Beltway 8, Interstate 45 and George Bush Intercontinental Airport and includes a three-story parking deck. Will McGrath and Ryan Burnaman of LandPark Advisors represented the seller, JLC Omni LLC, in the transaction. Other terms of sale were not disclosed.

January 15, 2020

Northrop-Grumman-Innovation-Systems-Campus-Chandler-AZ

Arizona Industrial Loans Office Western

NorthMarq Arranges $185M Loan for Northrop Grumman Innovation Systems Campus in Arizona

by Amy Works January 15, 2020

CHANDLER, ARIZ. — The San Diego office of NorthMarq has arranged a $185 million loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler. A life insurance company funded the fixed-rate loan, which amortizes over 23 years. Eric Flyckt, Wyatt Campbell and Casey Allred of NorthMarq secured the loan for Northrop Grumman, an aerospace and defense technologies designer and manufacturer. The campus comprises a three-story, Class A office building totaling 352,545 square feet and a 269,852-square-foot manufacturing facility. The property serves as Northrop Grumman Innovation Systems’ Launch Vehicle Division Headquarters. Designed and manufactured at the campus, the launch vehicles transport cargo to the International Space Station, launch satellites and are used for military functions. The campus is located within San Diego-based Douglas Allred Co.’s Park Place, a 200-acre business park situated at the intersection of Loop 101 and 202 freeways.

January 15, 2020

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