Property Type

CanTex Capital Refinances 893,738 SF Manufacturing Facility in Fort Worth

by Taylor Williams August 28, 2024

FORT WORTH, TEXAS — Dallas-based investment firm CanTex Capital has refinanced Sylvania Industrial Park, an 893,738-square-foot manufacturing facility in Fort Worth. Sylvania Industrial Park sits on 55 acres and was leased to 15 tenants at the time of the loan closing, including Tyson Foods, TK Airport Solutions, JR New Energy and Andes Coil Processors. Jim Curtin, Jarrod McCabe, Luke Rogers and Jordan Buck of JLL arranged the three-year, floating-rate loan through MetLife Investment Management on behalf of CanTex Capital. The loan amount was not disclosed.

August 28, 2024

Affordable Housing Development Multifamily Texas

Housing Trust Group Breaks Ground on $26M Affordable Housing Project in North Austin

by Taylor Williams August 28, 2024

AUSTIN, TEXAS — Multifamily developer Housing Trust Group has broken ground on Red Oaks, a $26 million affordable housing project in North Austin. The property will have 70 units in studio, one- and two-bedroom formats that will be reserved for households earning between 30 and 60 percent of the area median income. The Texas Department of Housing & Community Affairs issued $16 million in Low-Income Housing Tax Credits for the project, and Bank of America provided a $15.6 million construction loan. Berkadia originated a $7 million Freddie Mac permanent loan, and the Austin Housing Finance Corp. contributed a $4 million RDHA loan. Preleasing at Red Oaks is scheduled to begin in fall 2025.

August 28, 2024

Loans Multifamily Oklahoma Texas

Thorofare Capital Funds $23M Loan for Refinancing of Multifamily Property Near Tulsa

by Taylor Williams August 28, 2024

BROKEN ARROW, OKLA. — Los Angeles-based Thorofare Capital has funded a $23 million loan for the refinancing of Dream Aspen Creek, a 240-unit multifamily property in Broken Arrow, located just east of Tulsa. Built in 2018, the property features 17 residential buildings that house one- and two-bedroom units on a 12.2-acre site. Amenities include a pool, clubhouse, fitness center, dog run, outdoor grilling and dining stations and package lockers. David Perlman, Jacob Yi and Jason Campbell of Thorofare Capital originated the fixed-rate loan on behalf of the borrower, an affiliate of Florida-based DLP Capital.

August 28, 2024

Acquisitions Industrial Texas

Partners Capital Acquires 74,335 SF Industrial Flex Building in Southwest Austin

by Taylor Williams August 28, 2024

AUSTIN, TEXAS — Partners Capital, the investment arm of full-service commercial real estate firm Partners Real Estate, has acquired Monterey Tech Center, a 74,335-square-foot industrial flex building in southwest Austin. The site at 4407 Monterey Oaks Blvd. lies just beyond the intersection of U.S. Highway 290 and MoPac Expressway, and the building was 16 percent leased at the time of sale. Veritex Community Bank provided an undisclosed amount of acquisition financing for the deal. The seller and sales price were also not disclosed.

August 28, 2024

Loans Office Retail Texas

PACE Equity Provides $1.6M in C-PACE Financing for Historic Building in San Antonio

by Taylor Williams August 28, 2024

SAN ANTONIO — Milwaukee-based PACE Equity has provided $1.6 million in C-PACE (commercial property-assessed clean energy) financing for The Allen, a historic building located just north of downtown San Antonio. Originally built in 1928 and formerly housing a flowers and antiques shop, The Allen currently serves as the office headquarters of developer Headwall Investments and also offers traditional retail space. The redevelopment included energy-efficiency improvements, including HVAC and lighting system upgrades. The borrower was not disclosed.

August 28, 2024

Affordable Housing Development Illinois Loans Midwest Multifamily

Habitat, Cabrera Capital Partners Receive $27M Capital Loan for Multifamily Redevelopment in Chicago

by Kristin Harlow August 28, 2024

CHICAGO — Habitat and Cabrera Capital Partners have received the approval of a $27 million capital loan from the Chicago Housing Authority (CHA) for the first phase of multifamily redevelopment of LeClaire Courts on the city’s Southwest Side. The 32-acre site was previously home to the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Under Habitat’s multi-phase plan, the site will be redeveloped into as many as 700 residential units, most of which will be affordable; nearly 440,000 square feet of commercial space; and publicly accessible open areas. The first phase will consist of two six-story buildings located on the west side of Cicero Avenue between 44th and 45th streets. Collectively, they will offer 183 apartment units in a mix of studio, one-, two- and three-bedroom floor plans as well as a 14,000-square-foot early childhood center and 2,200 square feet of first-floor retail space. Ninety percent of the units will be designated as affordable through income and rent restrictions accompanying the development’s various sources of public financial support, including the CHA, the Chicago Department of Housing and the Illinois Housing Development Authority (IHDA). The remainder will be available as market-rate units. Residents in …

August 28, 2024

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of Three-Building Woodridge Commerce Center in Suburban Chicago

by Kristin Harlow August 28, 2024

WOODRIDGE, ILL. — Colliers has arranged the sale of Woodridge Commerce Center, a three-building industrial complex in the southwest Chicago suburb of Woodridge. The sales price was undisclosed. Built in 2006, the buildings are situated on 12 acres in the center of International Centre Business Park. They feature clear heights ranging from 18 to 20 feet, a mix of private and shared loading and parking for 447 cars. Woodridge Commerce Center is 96 percent leased to 22 tenants. The weighted average lease term is nearly three years with in-place rents that average 15 to 20 percent below current market rates. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Unilev Capital and an affiliate of Palladius Capital Management. The buyer was a Chicago-area limited liability company. Colliers also arranged the property’s sale to Unilev in 2021.

August 28, 2024

Development Illinois Midwest Multifamily

Mia Rose Holdings Breaks Ground on 144-Unit Multifamily Community in Glen Carbon, Illinois

by Kristin Harlow August 28, 2024

GLEN CARBON, ILL. — Mia Rose Holdings has begun development of its first multifamily development in Illinois. Known as The Meridian, the luxury community will consist of 144 units at the intersection of Highway 157 and North Meridian Road. Completion is slated for spring 2025. The project will consist of 110,000 square feet across four three-story buildings and a one-story clubhouse. Amenities will include a resort-style pool, fitness center, dog park, garages and walking paths. Midas Construction is the general contractor, and Rosemann & Associates is the architect. The project team also includes civil engineer TWM Inc., mechanical, electrical and plumbing engineer Engenuity and property manager 2B Residential.

August 28, 2024

Leasing Activity Michigan Midwest Office

Crescent College and Career Preparatory Academy Leases 66,000 SF Office Building in Southfield, Michigan

by Kristin Harlow August 28, 2024

SOUTHFIELD, MICH. — Crescent College and Career Preparatory Academy, a charter school network, has leased a 66,000-square-foot office building at 26200 Lahser Road in Southfield. The three-story property is known as Lahser Center II. According to a release, the move will enable Crescent to expand and modernize its middle and high school programs. Jake Cinti, Stephen Powers and Lindsay Ornstein of OPEN Impact Real Estate, along with Charles Howard of Transwestern, represented the tenant. Matthew Schiffman of PA Commercial represented the landlord, Lahser Southfield LLC, doing business as Foster Financial Co. Inc. The tenant will relocate from its current location at 26555 Franklin Road in Southfield, where it has been leasing space from the Christian Tabernacle Church since 2017.

August 28, 2024

Acquisitions Illinois Midwest Restaurant Retail

Boulder Group Arranges $2.3M Sale of Chipotle-Occupied Property in Lansing, Illinois

by Kristin Harlow August 28, 2024

LANSING, ILL. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property net leased to Chipotle in Lansing, a southern suburb of Chicago. Chipotle maintains a 15-year lease with 10 percent rental escalations every five years and four five-year renewal options at the newly constructed building, which is located at 2302 Thornton Lansing Road. Randy Blankstein and Jimmy Goodman of Boulder represented the 1031 exchange buyer and the seller, a Midwest-based developer.

August 28, 2024

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