PLANO, TEXAS — Multifamily development firm Wood Partners has opened Alta 289, a 288-unit community located at 7950 Preston Road in Plano. The property includes one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, a dog park and an open courtyard area. Coworking spaces and a private conference room are also available for resident use.
SAN ANTONIO — JLL has negotiated the sale of Admiral Apartments, a 208-unit multifamily community in northeast San Antonio. Scott LaMontagne, Robert Arzola, Moses Siller and Zar Haro of JLL represented the seller, The PPA Group, in the transaction. The buyer, Disrupt Equity Partners, plans to implement a value-add program.
MESQUITE, TEXAS — A partnership between Centurion American Group and the City of Mesquite has broken ground on Iron Horse Village, a 54-acre mixed-use project located east of Dallas that will include 336 single-family homes, 130,000 square feet of retail, restaurant and entertainment space and 4.5 acres of green space. The initial phases of development are expected to be complete in 2020.
COLUMBUS, OHIO — NKF Multifamily Capital Markets has arranged the sale of a three-property multifamily portfolio comprising 550 units in Columbus for $43.6 million. The portfolio consists of Abbington Village, Ashley Village and Chatham Village. Each was built in 1987 and is situated in the southeast portion of the city. George Skaff of NKF arranged the sale on behalf of the buyer, AndMark Investment Fund. Purvesh Gosalia of NKF arranged $34.8 million in fixed-rate acquisition financing through Freddie Mac. AndMark plans to make improvements to the properties.
LOS ANGELES — Forever 21 Inc. has filed for chapter 11 bankruptcy in the United States Bankruptcy Court in the District of Delaware. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The Wall Street Journal reports Forever 21 could close up to 350 stores worldwide, including up to 178 In the U.S. Forever 21 intends to operate in a business-as-usual manner, honoring all company policies, including gift cards, returns, exchanges, reimbursement and sale purchases. Forever 21 has obtained $275 million in financing from its existing lenders with JPMorgan Chase Bank N.A. as agent, as well as $75 million in new capital from TPG Sixth Street Partners.
SCOTTSDALE, ARIZ. — Griffin Capital Essential Asset REIT has acquired McKesson III, a Class A office building located in Scottsdale. Ryan Cos. sold the asset for $37.7 million. McKesson Corp. occupies the 124,879-square-foot asset, which is situated on 11 acres at 5801 N. Pima Road, on a long-term basis. McKesson, a healthcare industry supplies and technology company, utilizes the facility as an expansion of its Scottsdale office campus. The project is subject to an 83-year leasehold interest in land owned by members of the Salt River Pima-Maricopa Indian Community. Ryan Cos., as general contractor and developer, completed the facility in June. Griffin Capital Essential Asset REIT purchased two adjacent buildings, also leased by McKesson, in April 2018 for $67 million. Team Toci of Cushman & Wakefield represented Ryan Cos. in the sale of McKesson III.
MINNEAPOLIS — Marcus & Millichap has brokered the sale of Brunsfield North Loop in Minneapolis for $14.6 million. The 47-unit apartment building is located at 915 Washington Ave. in the North Loop neighborhood. Built in 2012, the five-story property also includes three commercial spaces. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.
INDIANAPOLIS — CBIZ Inc. has signed a 53,000-square-foot office lease at Parkwood Crossing in north Indianapolis. The professional and financial services company will occupy space at Eight Parkwood, a 204,126-square-foot building within the eight-building, 1.2 million-square-foot office park. Rubenstein Partners LP and Strategic Capital Partners LLC acquired Parkwood Crossing in 2016. The companies have invested approximately $20 million in improvements at the property, including a 14,000-square-foot amenity building that opened in 2018. Traci Kapsalis, Adam Broderick and Brittany Shuler of JLL, along with Gibraltrar Real Estate Services, handled the lease transaction on behalf of building ownership. Matt Waggoner of JLL represented the tenant.
GILBERT, ARIZ. — Evergreen Devco has commenced construction for The Post at Cooley Station, a grocery-anchored shopping center located at the southeast corner of Recker and Williams Field roads in Gilbert. Situated on 23 acres, the retail center will feature 23,000 square feet of multi-tenant shop space in three buildings. Anchored by Fry’s Marketplace, the project will also include AutoZone, Taco Bell and Burger King. Currently, the center is 65 percent preleased, with one junior-anchor pad available. Butler Design Group, Optimus Civil Design Group, Kraemer Engineers and Laskin & Associates are the design consultants for the project. Alexander Building Co. is serving as site contractor. Evergreen Devco purchased the property on Sept. 19, and construction is scheduled for completion in third-quarter 2020.
KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Michaels in Kansas City for $3.9 million. The 22,810-square-foot building is situated on 1.9 acres at 8551 Prairie View Blvd. Renovated in 2012, the property serves as a pad site to Zona Rosa, a 1 million-square-foot retail center. Jeff Lefko and Bill Asher of Hanley represented the seller, Texas-based N3 Real Estate. Steve Maynard of Maynard Group represented the buyer, a private partnership from Southern California and Missouri.
