FRISCO, TEXAS — Bell Partners Inc., a North Carolina-based multifamily investment firm, has acquired The Emerson and Emerson Court, two adjacent communities in Frisco totaling 410 and 312 units, respectively. Both properties offer a resort-style pool with grilling stations and cabanas, indoor and outdoor gaming lounges and a fitness center. Bell Partners will merge the two properties, both of which were built within the last five years, into a single community that will be rebranded as Bell Frisco Market.
FRISCO, TEXAS — VanTrust Real Estate will develop The Offices Three at Frisco Station, a 210,000-square-foot office building located within the 242-acre Frisco Station mixed-use development north of Dallas. Construction of the six-story, speculative building will begin this week and is expected to be complete in 2021. Amenities will include structured parking, a fitness center, conference center and a tenant lounge. VanTrust previously developed Offices One at Frisco Station, which is 98 percent leased, and has completed shell construction of Offices Two at Frisco Station, which is 35 percent preleased. HKS Inc. is the project architect, and Manhattan Construction is the general contractor. Cushman & Wakefield will handle leasing.
BEDFORD, TEXAS — Denver-based investment firm PaulsCorp LLC has purchased The Morgan, a 464-unit multifamily community in Bedford, a northeastern suburb of Fort Worth. The seller, a partnership between Transwestern Investment Group and S2 Capital LLC, acquired the property in 2018 and upgraded roughly half the units with stainless steel appliances, quartz countertops and custom cabinetry. The partnership also upgraded the clubhouse, leasing office and fitness center. The Morgan was 91 percent occupied at the time of sale.
HOUSTON — Hunt Real Estate Capital has provided an $18.1 million Fannie Mae loan for the refinancing of Copperwood Ranch Apartments, a 280-unit affordable housing community in Houston. Built on 12.1 acres in 2003, the property features 48 one-bedroom units, 168 two-bedroom units and 64 three-bedroom units. Amenities include a pool, recreation room, playground, fitness center and onsite laundry facilities. The loan was structured with a 15-year term, two years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.
SUGAR LAND, TEXAS — California-based direct lender Money360 has closed a $16 million bridge loan for the refinancing of an undisclosed office building in Sugar Land, a southwestern suburb of Houston. The nonrecourse loan was structured with a floating interest rate, three-year term and a 75 percent loan-to-value ratio. The borrower was also not disclosed.
CHICAGO — Three tenants have signed office leases at 150 North Michigan, a 41-story Class A office tower in Chicago’s East Loop. The German American Chamber of Commerce of the Midwest Inc. will take a full floor and Insight Global Tech will occupy 11,469 square feet on the 36th floor. Additionally, law firm Jackson Lewis renewed its lease for 29,793 square feet on the 24th and 25th floors. Combined, the three leases total 59,321 square feet. Sara Spicklemire, Kelsey Scheive and Seth Tuscher of CBRE represented ownership, CBRE Global Investors. The 654,508-square-foot property is currently 87 percent leased and recently underwent a $7 million renovation. The property is known for its diamond-shaped peak.
FLORHAM PARK, N.J. — California-based investment firm KBS has sold Park Avenue at Morris County, a trophy office park in Florham Park for $311 million. The deal marks the highest price for a multi-tenant office building in suburban New Jersey since 2008, according to CBRE, which brokered the deal. The buyer was a New York City-based private investor. Situated on 135 acres, Park Avenue at Morris County consists of six Class A office buildings totaling just under 1.2 million square feet. The campus, located in Northern New Jersey approximately 20 miles west of Manhattan, was developed in phases between 1989 and 1999. The property also features a 7,000 square-foot private daycare and preschool facility. During its ownership period, KBS introduced new amenities such as a fitness center with personal training spaces, basketball courts, volleyball courts and a soccer field, as well we service-based amenities like a car wash and a dry cleaner. KBS also upgraded the buildings’ roofs, HVAC systems, elevators and conference centers while adding transportation amenities such as electric car charging stations and shuttle service to nearby public transit lines. The property was 89 percent occupied at the time of sale. “Though we purchased this property during the economic …
MADISON, WIS. — CG Schmidt, a Milwaukee-based construction management and general contracting firm, has purchased an office building located at 433 W. Washington Ave. in Madison. The building will serve as CG Schmidt’s Madison office, replacing the current office at 10 W. Mifflin St. Keller Real Estate Group sold the five-story, 34,255-square-foot building. CG Schmidt plans to remodel the building and update it for efficiency and sustainability. Kahler Slater Architects designed the modernization. Construction has begun with completion slated for this July. CG Schmidt will occupy three floors, with the two remaining floors available for commercial and retail lease.
COLUMBUS, IND. — Herman & Kittle Properties Inc. has opened Ashford Park Apartments, a 209-unit multifamily complex in Columbus, about 45 miles south of Indianapolis. The one-bedroom units measure 705 square feet, while two-bedroom residences span 1,020 square feet and three-bedroom apartments are 1,334 square feet. Amenities include two fitness centers, a library, business center, theater, game room, pet spa and car wash station.
MISHAWAKA, IND. — Hanley Investment Group Real Estate Advisors has arranged the $3.8 million sale of a single-tenant property net leased to Aldi in northern Indiana’s Mishawaka. Originally built in 2007 and remodeled in 2019, the 20,000-square-foot building is located at 210 W. Douglas Road. Jeff Lefko, Bill Asher and Dylan Mallory of Hanley, in association with Midland Atlantic Properties Inc., represented the California-based 1031 exchange buyer. A Florida-based private investor sold the asset. The sales price represents a cap rate of 4.5 percent.