GRAND PRAIRIE, TEXAS — Cherryman Industries, a manufacturer and distributor of office furniture, has signed an 189,200-square-foot industrial lease at Grand Lakes 4053 in Grand Prairie, located roughly midway between Dallas and Fort Worth. Duke Realty owns the front-load building, which features 32-foot clear heights, a 185-foot truck court, 112 automobile parking spaces and 44 trailer parking spaces. Krista Raymond and Dave Anderson of CBRE represented Cherryman Industries in the lease negotiations. Randy Wood represented Duke Realty on an internal basis.
PLANO, TEXAS — Chicago-based NXT Capital has provided a $29 million first mortgage loan for the acquisition of a 250-unit apartment community in Plano. The property is located within half a mile of U.S. Highway 75 and offers a pool, fitness center, outdoor grilling area, business center, tennis court, media room and an indoor basketball court. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.
AUSTIN, TEXAS — Atlanta-based NitNeil Partners will develop an 877-unit self-storage facility at 2021 Airport Blvd in Austin. The four-story, 100,000-square-foot facility will be developed within a Qualified Opportunity Zone on the city’s east side. The opening is currently scheduled for March 2020.
MESQUITE, TEXAS — Urban Air Adventure Park, an entertainment concept that centers on trampolines, will open a 30,706-square-foot venue in Mesquite, an eastern suburb of Dallas. The venue will be located within a freestanding building at 3777 Childress Ave. that was previously occupied by sporting goods retailer Gander Mountain, which filed for bankruptcy in 2017. David Zoller and Derek Schuster of Weitzman represented the landlord in the lease negotiations. Mike Stern and Josh Flores of EDGE Realty Partners represented Urban Air, which plans to open the venue late this summer.
HOUSTON — Austin-based Retail Solutions has brokered the sale of a 28,000-square-foot warehouse located at 2121 Gulf Central Drive on Houston’s southeastern side. According to LoopNet Inc., the property was built in 1999. Jeff Fralick and Jim Thompson of Retail Solutions represented the buyer in the sale, and Ed Frantz of CBRE represented the seller. Both parties requested anonymity.
PHOENIX — FSC Realty has purchased Alta Midtown, a multifamily community located in midtown Phoenix. Wood Partners sold the asset for $52 million, or $231,111 per unit. Developed in 2017, Alta Midtown features 225 apartments with contemporary interiors and nine-foot or taller ceilings. Community amenities include a resort-inspired pool and spa, rooftop lounge and on-site beer garden. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
CARLSBAD, CALIF. — RAF Pacifica Group (RPG) has purchased five properties totaling six buildings in the Carlsbad market. RPG acquired the assets for a total consideration of $59.6 million. RPG acquired a 67,528-square-foot, value-add industrial property, located at 6305 El Camino Real in Carlsbad, from an institutional owner for $10.5 million. The property features 20-foot clear heights, seven dock-high doors, 195 parking stalls, approximately 28,941 square feet of office space, 28,940 square feet of R&D space and 9,647 square feet of warehouse space. Aric Starck of Cushman & Wakefield represented both RPG and the seller in the deal. The company also purchased three properties within the Carlsbad Research Center in Carlsbad from A&M CapRE Aston LLC: 2320 Faraday Avenue, 2320 Faraday Avenue and 1905 Aston Avenue. The 23,375-square-foot asset at 2320 Faraday Ave. and the 17,451-square-foot facility at 2330 Faraday Ave. are fully occupied, creative-industrial properties that sold for $12.8 million. Each building offers 16-foot to 18-foot clear heights, two grade-level loading doors, 1,000 amps of 227-480 volts and a parking ratio of 3.5/1,000 square feet. RPG acquired the property, at 1905 Aston Ave., for $12.4 million. The asset features 48,818 square feet of creative industrial R&D and corporate headquarters …
PHILADELPHIA — Comcast Spectator and partner The Cordish Cos. have unveiled plans to build a $50 million Esports Arena in South Philadelphia. The sports facility will serve as the home arena for the Philadelphia Fusion of the international Overwatch League. The arena will be constructed near the city’s other major sports stadiums. The 60,000-square-foot building will include seating for 3,500 and will contain 10,000 square feet set aside for training facilities and team offices. Construction is expected to begin this summer and be completed in 2021. Kansas City-based firm Populous will serve as lead architect.
RENO, NEV. — Carson City, Nev.-based Mission Senior Living has broken ground on Mountain Lakes Estates Retirement Community in Reno. The 121,000-square-foot, four-story building will feature 130 active adult apartments for residents of at least 55 years of age. The project is scheduled for completion in spring 2020. The new property will be one of six Mission Senior Living communities, with additional locations in Nevada, Arizona and Oregon.
CAMBRIDGE, MASS. — Urban Spaces has broken ground on Kendall East, a four-story, 136-unit, mixed-use development in the Kendall Square neighborhood of Cambridge. The project is located at 99-119 1st St., 18 Hurley St. and 29 Charles St. Designed by architectural firm Perkins Eastman, the development will also include 15,000 square feet of retail as well as 23 parking spaces. Construction is slated for completion in 2020.