LEWISVILLE, TEXAS — Paint manufacturer and retailer Benjamin Moore has opened its 238,00-square-foot distribution center at 121 Lakepointe Crossing in the northern Dallas suburb of Lewisville. The company is relocating its local distribution operations from a 70,000-square-foot facility in Mesquite, a property that will continue to serve as a manufacturing plant. The company moved into its new space earlier this month. Mark Collins, Dean Collins and Bill Brown of Cushman & Wakefield represented Benjamin Moore in its site selection and lease negotiations.
FRISCO, TEXAS — Berkadia has arranged a $17.6 million loan for the refinancing of World Cup Plaza, a 91,428-square-foot retail center in Frisco. Located near Toyota Stadium, home of the FC Dallas Major League Soccer team, property houses tenants such as Blue Goose Cantina, The British Lion, The Green Gator, Rotolo’s Pizzeria, The Boardroom and Wells Fargo Bank. An undisclosed CMBS lender provided the 10-year loan, which features a fixed, sub-4 percent interest rate. The borrower was not disclosed.
WACO, TEXAS — A partnership between Blake Management Group and LifeCare Properties has broken ground on The Blake at Waco, a seniors housing community in Central Texas. Upon completion, the property will feature 112 units and offer assisted living and memory care services. The project is part of a $225 million joint venture announced in 2018 between Blake, a regional operator, and LifeCare, a developer. An expected completion date for The Blake at Waco was not released.
PLANO, TEXAS — JLL has negotiated the sale of Plano Medical Pavilion, a 48,192-square-foot medical office building located on the Baylor Scott & White Medical Center Plano campus on the northern outskirts of Dallas. Evan Kovac, Andrew Milne, Ben Appel, Brian Bacharach and Matt DiCesare of JLL represented the seller, a partnership between Heady Investments and Gulf Corp., in the transaction. Nashville-based Healthcare Realty Trust acquired the asset for an undisclosed price.
COLUMBIA, S.C. — A joint venture between Tampa-based 908 Group and Indianapolis-based Scannell Properties has broken ground on The Nine at Columbia, a 486-bed student housing community located near the University of South Carolina in Columbia. The community will consist of one five-story building and six two-story buildings offering townhomes. Shared amenities will include a sauna, fitness center, swimming pool, spa, an outdoor barbecue area and fire pits. FaverGray is serving as the general contractor. The development is set for completion in summer 2021.
FORT POLK, LA. — Corvias will begin a $15.8 million renovation of military housing at Fort Polk, a U.S. Army installation in Louisiana’s Vernon Parish. The renovations will include upgrading the facades, gutters, paint and roofs of 1,146 homes and three miles of roadways on the base. Corvias expects to begin construction this month with completion slated for 2021. The renovation project uses remaining basic allowance of housing (BAH) funds accumulated over previous years that are now being reinvested back into Fort Polk housing. Corvias and the U.S. Army have a 50-year partnership through the Military Housing Privatization Initiative (MHPI), which leverages private-sector capital to expand and modernize housing. Corvias has 13 installations throughout the country. In addition, Corvias will soon complete the final phase of a $34 million geothermal project including the installation of more than 2,400 geothermal heat pumps and upgrades across the installation, which are estimated to save the Army more than $1 million annually in energy saving.
CHARLOTTE, N.C. — Dalfen Industrial and Investcorp have partnered to acquire the North Carolina Industrial Portfolio, a 10-property, 1.9 million-square-foot industrial portfolio spanning from Charlotte to Greensboro. The buildings were built between 2000 and 2013. Major tenants of the portfolio include Crate & Barrel, Lenovo Group Ltd., United Technologies Corp., Britax, Geodis and Henkel AG & Co. Further details of the transaction were not disclosed.
CORAL GABLES, FLA. — BGI Capital has provided a $12 million loan for the renovation of a 52,179-square-foot office building in Coral Gables. The borrower, Location Ventures, will renovate the building’s ground floor into a new coworking business known as “FORUM.” Jason Shapiro of Aztec Group Inc. arranged the 24-month loan on behalf of the borrower. The building, located at 299 Alhambra Circle, will be the first location for the coworking platform. Location Ventures expects renovations to be completed within four to five months. The property is three blocks north of Miracle Mile and five miles east of downtown Miami.
ALPHARETTA, GA. — CBRE has arranged the sale of 4800 North Point, a 75,305-square-foot office building in Alpharetta. The buyer, Virtua Capital Management, will occupy 16,567 square feet, bringing the property to full occupancy. The four-story building is located at 4800 North Point Parkway, about two miles from The Avalon mixed-use project and 26 miles north of downtown Atlanta. Tom Shafer and John Hinson of CBRE represented the seller, Alvarez & Marsal Capital Real Estate, in the transaction. The sales price was not disclosed.
SAN FRANCISCO — Stockbridge Real Estate, a California-based investment firm with additional offices in Chicago and Atlanta, has acquired a portfolio of 17 industrial properties totaling 8.7 million square feet in seven states. Stockbridge purchased the portfolio from Hillwood, an industrial development and investment firm based in Fort Worth, Texas, according to IPE Real Assets, which tracks institutional property investments across the world. The analytics firm also reported that the transaction fetched a sales price of approximately $800 million. All of the properties are fully stabilized and have an average construction delivery date in 2018. The assets are located across the following markets: Dallas-Fort Worth, Austin, Columbus, Cincinnati, Nashville, Chicago, Las Vegas, Jacksonville and Eastern Pennsylvania. “This portfolio stands out for its high-quality, modern construction and well-connected, population-rich locations where major e-commerce industry tenants have chosen to expand their footprints,” says Nicole Stagnaro, managing director at Stockbridge. “In combination, these factors support the kind of cash flow visibility we expect from a long-term core portfolio.” The transaction comes on the heels of Stockbridge’s acquisition of a portfolio of 26 logistics and e-commerce facilities from San Diego-based Westcore Properties. PGIM Real Estate Finance served as the primary lender in both portfolio …