DALLAS — A partnership between private equity fund manager Citymark Capital and Dallas-based CAF Capital Partners has purchased Spring Parc, a 304-unit apartment community in Dallas. The property is located on the city’s north side and offers amenities such as two pools, a Wi-Fi café and a dog park. The new ownership, which also recently acquired a 323-unit apartment community in nearby Lewisville, will upgrade the property’s common areas and unit interiors.
MCALLEN AND PHARR, TEXAS — California-based investment firm Cardinal Industrial has acquired a two-property portfolio of industrial assets totaling 463,708 square feet in the Rio Grande Valley. One of the properties is located in McAllen and the other is located in Pharr. The sale includes 25.7 acres of land near the United States-Mexico border. Dustin Volz, Zane Marcell and Grant Matthews of JLL represented Cardinal Industrial in the transaction. John Opinsky of Frampton & Opinsky LLC represented the undisclosed seller.
AUSTIN, TEXAS — The Jenkins Organization, a Houston-based developer and operator of self-storage properties, has opened Manchaca Storage, a 795-unit facility in Austin. The official opening of the 93,225-square-foot property was held on Sept. 10. Manchaca Storage, which offers both climate- and non-climate-controlled space, will primarily serve the south Austin area.
ST. CHARLES, MD. — FCP has sold two multifamily properties in St. Charles, roughly 30 miles south of Washington, D.C., for $56 million. Preservation Partners acquired the assets, which include the 136-unit Headen House and the 204-unit Huntington. The communities are part of a larger portfolio that FCP acquired in 2009. Over the past eight years, FCP repositioned and sold portions of the portfolio. All of the units at Headen House and Huntington are affordable under the U.S. Department of Housing and Urban Development’s (HUD) Section 8 program.
MIAMI — Berkadia has arranged a $45.8 million bridge loan for the acquisition of River Oaks Marina & Tower, a 199-unit apartment community located along the Miami River at 1951 N.W. S. River Drive in Miami. Charles Foschini and Christopher Apone of Berkadia arranged the three-year, floating-rate loan through a correspondent life company on behalf of the buyer, a Miami-based real estate investment firm. The new ownership will use proceeds of the loan to modernize the 20-story community and update its amenity base. River Oaks Marina & Tower offers a mix of one-, two- and three-bedroom units ranging in size from 720 square feet to 1,942 square feet. Community amenities include a clubhouse, pool, business center and a barbecue/picnic area.
DUNWOODY, GA. — Grubb Properties is moving forward with Park at Perimeter Center East, a 19-acre mixed-use project in Dunwoody, roughly 17 miles north of Atlanta. The Charlotte-based company has submitted a rezoning request to the Dunwoody City Council to rezone the site from “Office Industrial” to include residential and retail. The proposed project would include a mix of 900 condominiums, 500,000 square feet of new office space, approximately 12,000 square feet of retail space and three acres of green space. The site is already home to three office buildings totaling 285,000 square feet. After acquiring the site, Grubb Properties refreshed the buildings’ interiors and updated the lobbies. The buildings house tenants such as Veritas Collective, Alzheimer’s Association, Hotel Equities and Marx Okubo Associates. Grubb Properties will focus on making the project walkable and bikeable, encouraging the utilization of nearby transit options such as MARTA. Park at Perimiter East will have a 12-foot shared-use path around the perimeter that will run alongside an existing bike lane. An approval timeline and construction schedule were not disclosed.
NORTH CHARLESTON, S.C. — Norvell Real Estate Group LLC has arranged the $16.9 million sale of Ashley Center, a 70,000-square-foot office building located at 4401 Belle Oaks Drive in North Charleston. Frank Norvell of Norvell Real Estate arranged the transaction on behalf of the seller, RCF Ashley Center LLC. Norvell also renewed leases with Ingevity South Carolina LLC, which occupies 20,758 square feet, and Aerotek Inc., which occupies 8,834 square feet. Chris Fraser of Avison Young represented the buyer.
PORT CHARLOTTE, FLA. — DSH Hotel Advisors has arranged the $7 million sale of a Microtel Inn & Suites by Wyndham in Port Charlotte. Dennis Hopper of DSH Hotel Advisors represented both the seller, Interdevco, and the buyer, Maingate East Development, in the transaction. The Microtel Inn & Suites features a business center, fitness center, complimentary breakfast, free Wi-Fi, outdoor pool and meeting rooms. The hotel is located near the Charlotte County Historical Center, Bayshore Park Fishing Pier and the Cultural Center of Charlotte County.
KANSAS CITY, MO. — Hunt Midwest has begun construction of the third building at Hunt Midwest Business Center in Kansas City. Slated to open in March 2019, HMBC Logistics III will span 217,783 square feet with a clear height of 32 feet. The developer has also secured the necessary permits for HMBC Logistics IV, which will span 425,000 square feet with a clear height of 36 feet. The first two buildings at the park are now fully leased to Vanguard Packaging, Great Plains Packaging, Online Labels, Wurth DMB and Voss Lighting.
SCHAUMBURG, ILL. — Triumph Higher Education Group has signed a 21,000-square-foot lease to move its headquarters to 150 N. Martingale Road in Schaumburg. The education provider, which owns Auguste Escoffier School of Culinary Arts, plans to move from Hoffman Estates in October. Triumph will backfill some of the office space formerly occupied by The Nielsen Company, which moved its operations to downtown Chicago last year. Andy Strand, Mark Kolar and Adam Pines of JLL negotiated the lease transaction on behalf of Triumph.
