SAN ANTONIO — NorthMarq Capital has arranged a loan of an undisclosed amount for the refinancing of Hidden Oaks Apartments, a 124-unit multifamily community in San Antonio. Bryan Leonard of NorthMarq negotiated the loan, which carried a fixed interest rate and a 10-year term followed by an amortizing payment schedule, on behalf of the undisclosed borrower. UNUM Group, a life insurance company based in Tennessee, provided the funds.
AUSTIN, TEXAS — Nordic Realty Partners, a privately held investment firm with offices in Los Angeles, Austin and Chicago, has purchased a 76,000-square-foot industrial property located within Cameron Industrial Park in northeast Austin. The property spans four acres and houses three warehouse buildings. The seller, Byram Properties, has owned the buildings since 1984.
SHEBOYGAN, WIS. — Marcus & Millichap has brokered the $8.9 million sale of Champion Self-Storage, a 999-unit self-storage portfolio in Sheboygan. The portfolio includes five facilities, three of which are located on Playbird Road. The unit mix is comprised of 65 climate-controlled units, 734 non-climate controlled units, 18 storage containers, six warehouse spaces and 176 parking spaces for boats and recreational vehicles. The portfolio accounts for nearly half of the available self-storage space in Sheboygan, according to Marcus & Millichap. Sean Delaney of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.
NILES, ILL. — SEDCO Capital, an asset management company headquartered in Saudi Arabia, has purchased a distribution facility occupied by FedEx Ground in the Niles submarket of Chicago. The purchase price was not disclosed. SEDCO used a separate account managed by ElmTree Funds LLC to acquire the property. The 306,448-square-foot facility is located at 5959 W. Howard St. Originally constructed in 2015 as a build-to-suit for FedEx Ground, the net-leased property features 101 dock doors. FedEx has approximately 11 years remaining on its lease.
JANESVILLE, WIS. — Zilber Property Group has unveiled plans to develop a 300,000-square-foot speculative industrial building in Janesville. Known as Zilber Industrial 1 at Janesville, the building will be situated on an 18-acre site at the corner of Beloit Avenue and Highway 11. The facility will feature a clear height of 32 feet, LED lighting, an ESFR sprinkler system, on-site trailer parking and expandable loading options. A timeline for completion was not disclosed.
HIGHLAND PARK, ILL. — Berger Asset Management has sold a 52,000-square-foot retail building known as the Tesla Building in Highland Park. The sales price was not disclosed. The two-story property is located at 1200 Old Skokie Valley Road. The anchor tenant, Tesla, occupies 32,000 square feet. Bystol Performance Center, a sports performance and personal training firm, occupies the remaining 20,000 square feet. In order to develop the property, Berger Asset Management first had to complete three different acquisitions from unrelated parties to form an assemblage that would ultimately create the existing asset and 140-space parking lot. The site originally consisted of a series of buildings with 10 parking spaces. Tesla signed on as a tenant at the building in 2014. At the location Tesla provides sales, service and charging stations for its north suburban Chicago and southeast Wisconsin clientele. Bystol Performance Center also signed its lease in 2014. Joshua Silverglade of The Equitable Group of Companies represented Berger in the transaction. The buyer, a Hawaii-based private investor, purchased the asset while completing a 1031 tax-deferred exchange.
NEW LENOX, ILL. — HSA PrimeCare, the national healthcare real estate division of HSA Commercial Real Estate, has begun development of a 40,000-square-foot medical office building on Silver Cross Hospital’s campus in New Lenox, immediately west of the I-355/I-80 interchange and about 40 miles southwest of Chicago. Scheduled for completion in December, the facility will house the hospital’s urgent care, occupational health and primary care clinics. Eppstein Uhen Architects is the architect. PREMIER Design + Build is the general contractor.
FULTON, MD. — Capitol Seniors Housing has opened Arbor Terrace Fulton, an assisted living and memory care community in Fulton, approximately 20 miles north of Washington, D.C. The $27.5 million, 73,000-square-foot community features 86 apartments. The location is immediately adjacent to the Marketplace at Maple Lawn, a mixed-use community anchored by Harris Teeter. Arbor Terrace Fulton is also next to Fulton Elementary, Lime Kiln Middle School and the Reservoir High School, which will add an intergenerational quality to the community. The Arbor Co. partnered with Capitol on the project, and will serve as operator. Baltimore-based BCT Architects designed the property, while Dallas-based Faulkner Design Group handled the interiors.
The Pittsburgh office market has experienced significant new development over the last five years, particularly in the urban and downtown fringe submarkets. This is expected to continue in the coming years, with several new developments that are currently in planning or under construction. Historically, urban office supply in Pittsburgh has been constrained due to the economic hurdles of new development. With limited sites for new projects, land costs at a premium and significant site work required, Pittsburgh’s nominal rent growth did not allow for economically viable projects. However, rent growth in recent years has led to a new wave of development, which has accommodated companies moving to Pittsburgh along with existing businesses growing and/or relocating within the market. Most of the new office development has taken place in urban submarkets surrounding downtown, including the Strip District, Oakland, East Liberty and the North Shore. These submarkets have attracted more development than the CBD due to greater availability of development sites, as well as lower construction costs. Development Pockets Total development costs of Class A office buildings on the fringe of the CBD are generally $250 to $300 per square foot. For this project cost, gross rents in the range of $30 …
SAN ANTONIO AND LAS VEGAS — The Preiss Co. (TPCO), in a joint venture partnership with BCEG International Investment US (BCEGI), has acquired the 624-bed High View Place Student Apartments in San Antonio and the 480-bed Rebel Place in Las Vegas. Neither the sellers nor purchase prices were disclosed. Located at 15949 Chase Hill Blvd. and serving the University of Texas at San Antonio student population, High View Place offers a variety of one-, two- and four-bedroom floor plans. Each of the 204 units includes a kitchen, balcony, in-unit washer and dryer, 50-inch TV, complimentary high-speed internet and cable, and walk-in closets. Amenities include study spaces, a clubhouse, computer lab, swimming pool, gaming center, sand volleyball court and grilling area. TPCO is overseeing a multi-million refurbishment of the property, which marks the company’s third acquisition in the San Antonio market in the last 12 months. Plans call for electronic key-fob installation and upgrades to the interior flooring, amenities and internet service. Rebel Place is located at 3896 Swenson St. near the University of Nevada, Las Vegas. Each fully furnished apartment includes energy-efficient appliances, cable television packages, internet and in-unit washer and dryers. Community amenities include a fitness center, picnic area, …
