Property Type

Mesa West Capital Provides $32.1M Acquisition Loan for Industrial Property in Lockport, Illinois

by Kristin Harlow September 12, 2019

LOCKPORT, ILL. — Mesa West Capital has provided a $32.1 million loan for the acquisition of the I-355 Industrial Center in Lockport, 30 miles southwest of Chicago. Built in 2017, the 611,576-square-foot industrial property is situated on 33 acres and comprises two buildings. It features a clear height of 32 feet, 30 dock doors and a shared 185-foot truck court. The property is currently leased to one tenant, Berlin Packaging LLC, which occupies approximately 17 percent of the available space. Steve Roth of CBRE arranged the loan on behalf of the borrower, a joint venture between High Street Realty Co. and Angelo Gordon. A portion of the five-year, floating-rate loan will be used to pay for tenant improvements and lease-up costs.

September 12, 2019

Indiana Industrial Leasing Activity Midwest

Aerospace Firm Signs 56,592 SF Industrial Lease in Plainfield, Indiana

by Kristin Harlow September 12, 2019

PLAINFIELD, IND. — Aersopace firm Safran Nacelles Services Americas LLC has signed a 56,592-square-foot industrial lease at the Gateway V distribution center in Plainfield near the Indianapolis International Airport. HSA Commercial Real Estate owns the property, which is located at 845 Airtech Parkway. The firm, based in Paris, France, entered into a 10-year lease and plans to take occupancy in December after relocating from a smaller facility within the market. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction. Zak Mirkowski and Taylor Wood of Savills represented the tenant. Developed on a speculative basis, the 262,758-square-foot Gateway V features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 car parking stalls and 70 trailer positions. The facility is now 50 percent leased. LifeNet Health, a provider of transplant solutions, leased 68,175 square feet earlier this year.

September 12, 2019

Acquisitions Midwest Office Wisconsin

Founders 3 Brokers $8.4M Sale of Office Building in Wauwatosa, Wisconsin

by Kristin Harlow September 12, 2019

WAUWATOSA, WIS. — Founders 3 Real Estate Services has brokered the sale of a 51,651-square-foot office building in Wauwatosa, about six miles west of Milwaukee, for $8.4 million. Built in 2002, the Class B property is located at 10400 Innovation Drive. Ned Purtell and Andy Hess of Founders 3 represented the seller, 10400 Innovation LLC. Rupesh Agrawal purchased the asset.

September 12, 2019

Development Office Texas

Granite Properties to Develop 18-Story Office Building in Plano

by Taylor Williams September 12, 2019

PLANO, TEXAS — Granite Properties, a commercial investment and development firm with five offices around the country, will develop Granite Park Six, an 18-story, 415,000-square-foot office building within the 90-acre Granite Park mixed-use development in Plano. Designed by BOKA Powell, the Class A property will front State Highway 121 and feature a market café, customer lounge with coffee service, a bar, golf simulator, lecture hall, three conference centers and an outdoor amenity deck on the fifth floor. Balfour Beatty is serving as the general contractor for the project, construction of which could begin as early as the first quarter of 2020.

September 12, 2019

Acquisitions Multifamily Texas

SWBC Acquires 348-Unit Apartment Community in Corpus Christi

by Taylor Williams September 12, 2019

CORPUS CHRISTI, TEXAS — SWBC Real Estate has acquired Stoneleigh Apartments, a 348-unit multifamily community in Corpus Christi. Built in phases between 2005 and 2008, the garden-style community features one- and two-bedroom units and amenities such as three pools, a fitness center, communal kitchen and resident clubhouse. Stoneleigh was 95 percent occupied at the time of sale. SWBC will implement a $3.5 million value-add program targeting unit interiors, amenity spaces and building exteriors.

September 12, 2019

Acquisitions Retail Texas

Disney Investment Group Brokers Sale of 129,941 SF Retail Power Center in Temple, Texas

by Taylor Williams September 12, 2019

TEMPLE, TEXAS — Dallas-based Disney Investment Group (DIG) has brokered the sale of Bird Creek Crossing, a 129,941-square-foot retail power center located in the Central Texas city of Temple. Built in 2007 and shadow-anchored by Target and Home Depot, the property was 98 percent leased at the time of sale to tenants such as Best Buy, Michaels, PetSmart and SPEC’s Wine & Spirits. David Disney and Adam Crockett of DIG represented the undisclosed seller and procured the private 1031 exchange buyer.

September 12, 2019

Loans Multifamily Texas

Bellwether Enterprise Provides $56M Freddie Mac Acquisition Loan for South Austin Apartments

by Taylor Williams September 12, 2019

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital LLC has provided a $56 million Freddie Mac loan for the acquisition of Bridge at Asher Apartments, a 452-unit community in south Austin. The property is situated on 50 acres at 10505 South Interstate Highway 35 and features amenities such as two pools, a fitness center, game lounge and an outdoor fire pit. Approximately 51 percent of the units are reserved for renters earning 80 percent or less of the area median income. Kevin Bowen of Bellwether originated the loan on behalf of the undisclosed borrower.

September 12, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $13.5M for Houston Area Apartments

by Taylor Williams September 12, 2019

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has placed two loans totaling $13.5 million for a pair of multifamily assets in the greater Houston area. In the first transaction, Brandon Brown of LMI Capital arranged a $7.5 million loan for the refinancing of a 100-unit property in Fort Bend County. The loan carried a fixed 3.52 percent interest rate and five years of interest-only payments. In the second deal, Kurt Dennis of LMI Capital placed a $6 million loan for a 90-unit community in Texas City. That loan was structured with a fixed interest rate for seven years and three years of interest-only payments.

September 12, 2019

Colorado Development Industrial Western

Bradbury Properties, Confluent Development Launch Next Phase of 100-Acre Industrial Hub in Metro Denver

by Amy Works September 12, 2019

DENVER — Bradbury Properties and Confluent Development have broken ground on three additional buildings at HighField Business Park, an industrial park located at the intersection of E-470 and Peoria Street southeast of Centennial Airport in metro Denver. Upon completion, the three projects will bring the 100-acre near to full build-out, spanning approximately 10 years and totaling 1.25 million square feet of industrial space. Only 12 acres on the park’s north end will remain undeveloped. The new buildings include a 202,000-square-foot, single-story facility, slated for completion in second-quarter 2020; and 160,000-square-foot and 130,000-square-foot speculative buildings, slated for completion in first-quarter 2020. Brinkman Construction and Ware Malcomb are serving as general contractor and architect, respectively, for the FedEx property. Murray & Stafford and Intergroup Architects comprise the project team for the spec buildings. The spec facilities will feature front-park, rear-load design with shared truck courts. HighField Business Park currently features 750,000 square feet of fully leased industrial space. Upon completion of this phase of development, the park will consist of six buildings totaling 800,000 square feet of space. Current tenants at the park include Charter Communications, Gateway Classic Cars, EdgeConneX, Linn Star Transfer and Liteye Systems. Jim Bolt of CBRE leads the …

September 12, 2019

Acquisitions California Office Western

Stanton Road Capital Acquires 211,916 SF Office Building in Orange County, Plans Upgrades

by Amy Works September 12, 2019

ORANGE, CALIF. — Los Angeles-based Stanton Road Capital (SRC) has acquired TriCentre, a Class A office tower located in Orange, for an undisclosed price. The name of the seller was not released. Completed in 1986, the 10-story TriCentre features 211,916 square feet of office space. The property is situated within the “Platinum Triangle” at the convergence of Interstate 5, California State Route 57 and California State Route 55. At the time of sale, the building was 78 percent leased to a variety of high-profile tenants, including Farmers Insurance, Children’s Home Society of California, MegaMex Foods and Lockheed Martin. The buyer has plans to invest significant post-acquisition capital to improve the tenant experience, including a fully overhauled lobby and courtyard, as well as building upgrades. SRC has retained Cushman & Wakefield to handle leasing and property management of TriCentre.

September 12, 2019

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