CHICAGO — Interra Realty has negotiated the sale of a 14-unit multifamily property in Chicago’s West Town neighborhood for $3.3 million. Built in 1889 and extensively renovated in 2017, the property is located at 1436 W. Erie St. and includes a mix of studio, one- and two-bedroom units. The property was fully leased at the time of sale. Brad Feldman and Adam Saxon of Interra represented both parties. The buyer plans to make further updates to the units.
HOUSTON — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta Med Main, a 338-unit multifamily property that will be located within the Texas Medical Center in Houston. The community will include a structured parking garage and amenities such as a pool, fitness center, communal office space, dog park and a courtyard. Completion is slated for spring 2020.
COPPELL, TEXAS — Bradford Commercial Real Estate Services has arranged the sale of a 37,069-square-foot office building located at 635 Fritz Drive in Coppell, a northwestern suburb of Dallas. Erik Blais and Richmond Collinsworth of Bradford Commercial represented the seller, International Association of Venue Managers Inc., in the transaction. Ben Appleby of Paladin Partners represented the buyer, Tanam LLC.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer Capital Markets Group has arranged the sale of Deep Run 3, a 355,449-square-foot office building in Richmond. The Class A office building recently underwent a $19 million renovation, with new additions including a 250,000-square-foot parking garage, roof, fitness center and cafeteria. The renovation also included updating the building’s lobbies and elevators. Deep Run 3 was 98 percent leased at the time of sale to tenants including McKesson Medical-Surgical, Essex Bank’s headquarters and Travelers Insurance. Eric Robison and Erik Berkman of Cushman & Wakefield | Thalhimer represented the seller, Markel | Eagle Partners, in the transaction. An undisclosed buyer acquired the property for $158 per square foot.
KATY, TEXAS — NAI Partners has secured a 21,750-square-foot industrial lease at 1430 Vanderwilt Lane in the western Houston suburb of Katy. The property was built in 2005. Shaffer Braun of NAI Partners represented the undisclosed landlord in the lease negotiations. The tenant was Florida Water Products, which serves swimming pool builders, retailers and service companies throughout Florida and Texas.
WEST PALM BEACH, FLA. — McCraney Property Co. has sold a total of 498,487 square feet of industrial space in two separate transactions to Cabot Properties in West Palm Beach. The first deal was for a warehouse and distribution portfolio totaling 173,812 square feet within Vista Business Park. The second transaction included four of the five industrial buildings with Turnpike Business Park totaling 324,675 square feet. Turnpike Business Park spans 35 acres, and notable tenants include Primestones Granite, XPO Logistics, TCI, Summit Retail Solutions, Intellico Solutions, Stanley Stephens Flooring, United Water, MasTec Advanced Technologies, Contents Only and RENCO Construction. Christopher Thomson, Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in both transactions. The sales prices were not disclosed.
GEORGETOWN, TEXAS — Hanley Investment Group has completed the $1.9 million sale-leaseback of a 2,567-square-foot restaurant building leased to Bush’s Chicken in Georgetown, a suburb of Austin. Austin Blodgett and Eric Wohl of Hanley Investment Group represented the local seller in the deal. Sam Sheikh with Realty Austin represented the buyer, an Austin-based private investor. Both parties requested anonymity.
DALLAS — Lee & Associates has negotiated a 13,297-square-foot office lease at 750 N. St. Paul St. in Dallas. Nathan Denton of Lee & Associates represented the tenant, Mayer LLP, in the lease negotiations. Ben Davis, Jackie Marshall and Fletcher Cordell of CBRE represented the landlord, Quadrant.
RICHMOND, VA. — Marcus & Millichap has arranged the $33.2 million sale of a 201-unit multifamily portfolio in Richmond. The sold portfolio includes Lofts at Franklin, a 67-unit complex situated in Richmond’s Shockoe Bottom neighborhood. The pet-friendly complex offers one- and two-bedroom floor plans and includes onsite security cameras and a furnished roof deck. The other property in the portfolio sale was Plant I, a 134-unit multifamily community situated just south of Shockoe Slip along the James River in the Manchester District, about two miles south of downtown Richmond. The pet-friendly community offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, furnished roof deck, onsite security cameras, valet trash pickup and assigned parking spaces. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented the seller, a privately owned development company, and procured the buyer, a Philadelphia-based privately owned investment and management entity.
ALEXANDRIA, VA. — KeyBank has provided a $25.3 million CMBS refinancing loan for Rose Hill Plaza, a 145,925-square-foot shopping center in Alexandria. The non-recourse, 10-year loan was underwritten with a fixed interest rate and 30-year amortization schedule. The loan will be used by the undisclosed borrower to refinance existing debt. The Safeway-anchored shopping center is situated about five miles west of downtown Alexandria and its 31 tenants include Dollar Tree, McDonald’s, Tuesday Morning, Walgreens, Subway, Advance Auto Parts, Anytime Fitness, SunTrust Bank, 7-Eleven, Gabe’s, T-Mobile and Little Caesars.
