HOUSTON — Hunt Real Estate Capital has provided a $28.3 million Freddie Mac loan for the refinancing of Heights at Post Oak, a 940-unit affordable housing community in Houston. Built in 1972 on 39.4 acres, the property offers units that are all available to residents earning less than 60 percent of the area median income. The loan carries a sever-year term, floating interest rate and three years of interest-only payments. The borrower, Iliad Realty Group, will implement a value-add program over the next year, which will deliver upgrades to the interiors of vacant units, as well as new amenities such as a leasing office and fitness center. Sal Torre of Estreich & Co. arranged the funds with Hunt.
TEMECULA, CALIF. — Calavo Growers, an international farm products company known for its distribution of avocados, has completed the sale of an industrial property located at 28410 Vincent Moraga Drive in Temecula. Stos Partners acquired the asset for $7.1 million. Calavo Growers has occupied the 64,678-square-foot industrial property since 1985. The building features an open warehouse, refrigerated cooler space, large yard space, excess land, dock loading, heavy power and 125 parking spaces. Calavo primarily uses the building as an avocado packing plant and will continue its operations under a new long-term, 30,000-square-foot lease in Suite B of the building. Rob Gunness and Kevin Kelly of CBRE represented the seller in the transaction.
FRISCO, TEXAS — Complexity Gaming, an esports organization, has opened its 11,000-square-foot office headquarters at The Star, the Dallas Cowboys 91-acre mixed-use campus in Frisco. Designed by ICRAVE, the space features a public area and retail space, as well as training rooms and innovation labs for esports players, which compete professionally in video games. A GameStop Performance Center will also open this summer and will carry merchandise from Complexity Gaming.
GOLD BEACH, ORE. — Compass Commercial Real Estate Services has arranged the $4.2 million sale of Jot’s Resort, a hotel located at 94360 Wedderburn Loop in Gold Beach. The names of the seller and buyer were not released. Situated on 7.3 acres at the mouth of the Rogue River, the resort features 102 one-bedroom/one-bath guestrooms, a marina, pool, gift and tackle shop, and fitness center, as well as Rod ‘n Reel Restaurant & Bar, a fully equipped restaurant. Dan Kemp of Compass Commercial represented the seller, while Paul Grout of Signature Realty co-brokered the deal.
MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of McAllen Commerce Center, a 32,864-square-foot office building located in the Rio Grande Valley region. Gustavo Torres of Marcus & Millichap’s San Antonio office represented the seller, a private investor, in the transaction. Joshua Murphy of Marcus & Millichap represented the buyer, also a private investor. Additional terms of sale were not disclosed.
SHELBYVILLE, IND. — Ranger Power has unveiled plans to build a $175 million, 199-megawatt solar project in Shelbyville, about 30 miles southeast of Indianapolis. Ranger Power plans to begin building the project in 2022 with completion slated for 2023. Upon completion, the plant will generate enough power to serve 35,000 households. Electricity generated by the project will be distributed exclusively through Indianapolis-based Wabash Valley Power Association, a wholesale electric supplier to 19 non-profit electric cooperatives in Indiana. The agreement extends through 2057. Approximately 1,014 acres of the 1,200-acre project are devoted to solar panels. Ranger has signed 17 lease agreements with private landowners within Shelby County. The project is called Speedway Solar, a reference to the Indianapolis 500 racing tradition. Shelby County Council approved the development in March.
CHICAGO — Audit, tax and consulting firm RSM has expanded its footprint to 165,323 square feet within CME Center in Chicago. The property, located on South Wacker, is now 95 percent occupied. CME Center consists of two 40-story office towers connected by a 10-story center structure. The property totals 2.3 million square feet. Completed in phases during the 1980s, the asset was recently redeveloped with redesigned lobbies and common area enhancements. Tishman Speyer owns the property. Joe Gordon and Justin Lewis of Tishman Speyer represented ownership in the lease transaction with RSM. Rick Schuham of Savills represented RSM, which has 10,000 employees in 86 offices across the United States.
MOUNT PROSPECT, ILL. — Avison Young has negotiated the sale of a 182,298-square-foot industrial portfolio in Mount Prospect for an undisclosed price. The two-building portfolio was 90 percent leased at the time of sale. The properties are situated on 8.2 acres at 1900-2000 Carboy Drive. Erik Foster, Mike Wilson, Chris Lydon and Chris Tecu of Avison Young represented the owner, Brennan Investment Group. San Francisco-based Glen Una Management Co. purchased the buildings.
CRYSTAL LAKE, Ill. — Skender has broken ground on Residences of Crystal Lake, an independent living community in Crystal Lake, approximately 45 miles northwest of Chicago. Turnstone Development is leading the project. The three-story, 63,000-square-foot facility will offer 60 affordable units for seniors, and includes 5 ADA-accessible units, 12 adaptable units and two sensory units. Other project partners include design firm UrbanWorks, civil engineering firm GroundWork Ltd. and owner’s representative DKI Inc. The community is scheduled for completion in March 2020.
RICHFIELD, MINN. — The Silver Group has brokered the sale of a single-tenant retail building occupied by Dunkin’ Donuts in Richfield, a suburb of Minneapolis. The sales price was not disclosed. The newly constructed, 2,000-square-foot building includes a drive-through window and outdoor seating. Dunkin’ has a 15-year lease. The Silver Group represented the seller, a local developer. Amy Senn of Newmark Knight Frank represented the buyer, which completed a 1031 tax-deferred exchange. The Richfield location is one of six standalone Dunkin’ stores in the Twin Cities.