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RiverVue-Apartments-Fort-Worth
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 375-Unit Apartment Property in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of RiverVue Apartments, a 375-unit multifamily property in Fort Worth. Built in 2017, the community is located within the 63-acre Trinity River in Waterside mixed-use development and consists of studio, one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling area, cyber lounge and conference room, on-site storage units, a game room and nearby walking trails. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the buyer, St. Regis Properties, in the sale. Jake Roberts, also of IPA, arranged a 10-year, fixed-rate loan for the acquisition through an undisclosed life insurance company.

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Company NewsIndustrialTexas

3M to Close 220,000 SF Manufacturing Plant in North Austin

by Taylor Williams

AUSTIN, TEXAS — 3M, the Minnesota-based manufacturer best known for office products like Post-It notes and Scotch tape, will close its 220,000-square-foot plant in north Austin by the end of 2019. The property will be marketed for sale once it closes. According to the Minneapolis Star Tribune, the closing will impact approximately 120 jobs, though laid-off employees can apply for positions at 3M in other locations.

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DevelopmentIndustrialTexas

Logistics Firm to Open New Distribution Center in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Dematic, an Atlanta-based provider of technology and software for supply chain operators, will open a new, build-to-suit distribution center in Fort Worth. The center will be used to store, sequence and ship company equipment, modules and components. Colliers International provided site selection services, and TCRG Properties and Ironwood Realty Partners are developing the property. The opening is slated for the second quarter of 2019.

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Park-Ninety-Six-90-Dallas
LoansMultifamilyTexas

Hunt Provides $35M Bridge Loan for Apartment Community in Dallas

by Taylor Williams

DALLAS — Hunt Real Estate Capital has provided a $35 million bridge loan for the acquisition of Park Ninety Six 90, a 506-unit multifamily community in Dallas. The property offers studio, one-, two- and three-bedroom units and amenities such as three pools, a resident lounge, fitness center, playgrounds, dog parks and outdoor grilling areas. A portion of the proceeds will be used to renovate select unit interiors and to make exterior upgrades. The borrower was a joint venture between California-based Concord Real Estate and New York-based Sun Equity Partners.

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Mary-Manor-Sunnyvale-CA
AcquisitionsCaliforniaRetailWestern

SRS Arranges $10.3M Sale of 11,950 SF Retail Center in Sunnyvale, California

by Amy Works

SUNNYVALE, CALIF. — SRS Real Estate Partners has negotiated the sale of Mary Manor Center, a retail center in Sunnyvale. A high-net-worth private investor acquired the property from a local family office for $10.3 million in a 1031 exchange. Located at 201 S. Mary Ave., the two-building property is situated on 1.1-acre site. The 11,950-square-foot property is fully occupied by Starbucks Coffee and six other neighborhood retailers. This is the first time the property has traded hands since it was built in 2004. Chris Tramontano, John Redfield and Bruce Frazier of SRS represented the seller in the transaction.

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IndustrialLoansWashingtonWestern

iBorrow Provides $10.2M Loan for Industrial Building in Metro Seattle

by Amy Works

ARLINGTON, WASH. — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $10.2 million loan for an industrial building in Arlington, approximately 45 miles north of Seattle. The borrower group plans to use the proceeds to fund the value-add component of the property. The 244,590-square-foot property, which features 16,108 square feet of office space, was 84 percent leased at the time of financing.

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AcquisitionsMultifamilyNevadaSeniors HousingWestern

The Ensign Group Acquires 73-Unit Seniors Housing Community in Las Vegas

by Amy Works

LAS VEGAS — The Ensign Group, through its Bridgestone Living portfolio company, has acquired Villa Court Assisted Living and Memory Care in Las Vegas. The community features 53 units of assisted living and 20 units of memory care. Villa Court had an occupancy rate of approximately 74 percent at the time of acquisition. This acquisition brings Ensign’s portfolio to 186 skilled nursing operations (22 of which also include assisted living), 52 assisted and independent living operations, 21 hospice agencies, 22 home health agencies and six home care businesses across 16 states. Ensign owns the real estate at 69 of its 237 healthcare operations.

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Campbell-Shops-at-24th-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Orion Investment Negotiates $4M Sale of Retail Center in Phoenix

by Amy Works

PHOENIX — Orion Investment Real Estate has arranged the sale of Campbell Shops at 24th, a retail center in Phoenix. Yuma-based Santa Fe Arms LLC sold the property to KCS Arizona for $4 million, or $466 per square foot. At the time of sale, the approximately 8,584-square-foot property was fully occupied. Tenants include 7-Eleven, Ye Old Pipe & Tobacco, Fit Optical and Noble Eatery. Ari Spiro and Sean Stutzman of Orion Investment represented the seller, while Larry Kush of Orion and Sunhee Lee of Cambridge Properties represented the buyer in the deal.

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AcquisitionsIndustrialNevadaWestern

RealComm Advisors Brokers $1.7M Acquisition of Industrial Property in Las Vegas

by Amy Works

LAS VEGAS — RealComm Advisors has arranged the purchase of an industrial property located within the Martin Hinson Business Center at 6683 Schuster St. in Las Vegas. Tabs Realty acquired the property for $1.7 million. Greg Pancirov and Mike De Lew of RealComm Advisors represented the buyer in the deal.

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AcquisitionsIllinoisIndustrialMidwest

Dayton Street Partners Acquires 172,000 SF Logistics Facility in Suburban Chicago for $31.5M

by Kristin Harlow

ALSIP, ILL. — Dayton Street Partners, together with an institutional investor, has acquired a 172,000-square-foot logistics facility in Alsip for $31.5 million. The seller, Experior Transport, will lease back the building for the next 15 years. The property features 100,376 square feet of warehouse space with a clear height of 32 feet, 69 dock doors and one drive-in door. There is also a 30,000-square-foot truck maintenance facility with 12 drive-in doors and 41,624 square feet of office space. Joshua Hearne of Cawley Chicago represented the buyer. Robin Stolberg, Kurt Sarbaugh, Steve Skok and Sam Berry of HFF arranged acquisition financing on behalf of Dayton Street.

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