LEXINGTON, KY. — Cushman & Wakefield has arranged the $31 million sale of The Fountains at Andover, a 318-unit apartment community in Lexington. The Wilkinson Group acquired the property, rebranded it as Reserve at Hamburg and plans to upgrade individual units. Amenities include a car care center, fitness center, sports court, swimming pool, tennis court and two lakes with fountains. Mike Kemether and Craig Collins of Cushman & Wakefield represented the undisclosed seller in the transaction.
AUSTIN, TEXAS — Miami-based balance sheet lender 3650 REIT has originated an $87.9 million construction loan for 48 East, a 33-story condominium project that will be located in the Rainey Street district of Austin. The property will feature 249 units ranging in size from 456 to 851 square feet. Amenities will include a rooftop pool, viewing deck and a fitness center. The borrower was a joint venture between Austin-based Pearlstone Partners and Miami-based Newgard Development Partners. Mike Guterman of Highland Realty Capital and John Ghiselli of Waterloo Real Estate Investments placed the nonrecourse loan, which carried a 75 percent loan-to-cost structure.
THE WOODLANDS, TEXAS — Wealth and human resources consulting firm Alight Solutions has signed a 180,000-square-foot office lease within The Woodlands, a master-planned community located north of Houston. The company’s new office space will offer access to walking trails and other outdoor amenities. The build-to-suit lease is for a building in The Woodlands that is currently under construction and is expected to be complete by spring 2020. Ronnie Deyo and David Bale of JLL represented Alight Solutions in the lease negotiations. Robert Parsley, Norm Munoz and Jillian Fredericks of Colliers International represented the landlord and developer, The Howard Hughes Corp.
BEDFORD, TEXAS — Dallas-based Henry S. Miller Cos. has arranged the sale of a 15,000-square-foot medical office building in Bedford, located northeast of Fort Worth near DFW International Airport. The property was built in 2001 and was triple-net-leased to Texas Health Family Care at the time of sale. Darrell Hurmis and Lily Chang of Henry S. Miller represented the seller and buyer, respectively, in the transaction. The sale included a 19,800-square-foot adjacent tract that will be used to provide additional parking.
GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has brokered the sale of Bardin Professional Center, a 9,358-square-foot office building in Grand Prairie, located roughly midway between Dallas and Fort Worth. The two-story property, which was built in 2003, is situated just off Interstate 20 and was 82 percent leased at the time of sale. Leigh Richter of Bradford Commercial represented the seller, IM Bardin LLC, in the deal. The buyer, Nabua Property Holdings LLC, plans to renovate the building.
RICHARDSON, TEXAS — CBRE has negotiated an 8,828-square-foot office lease at 3001 E. George Bush Turnpike in Richardson, a northeastern suburb of Dallas. Tommy Nelson and Ben Davis of CBRE represented the landlord, Buchanan Street Partners, in the lease negotiations. Jeff Smith of Transwestern represented the tenant, Cardiovascular Provider Resources LLC.
CHICAGO — Home Chef has unveiled plans to move its headquarters into the redeveloped Old Post Office in Chicago this year. Home Chef, which merged with The Kroger Co. in 2018, will use the new space to accelerate growth, develop new products and expand its offerings. The company, which produces meal kits, will occupy 74,000 square feet. Home Chef currently has more than 750 employees in the Chicago area at its corporate offices in the Wrigley Building, satellite offices and distribution center in Bedford Park. The renovation of the Old Post Office Building is an $800 million project currently underway by owner 601W Cos. to transform the property into office space. Other tenants who have recently signed leases include Walgreens, Ferrara Candy Co. and AbelsonTaylor.
FORT WAYNE, IND. — Vermillion Development, a Chicago-based real estate firm, has opened Silver Birch Fort Wayne, an affordable seniors housing community in Fort Wayne. Design and engineering firm HED partnered on the project. The 97,000-square-foot community sits on 4.2 acres and features 119 units. The assisted living facility offers studio and one-bedroom units for older adults in need of supportive housing. Silver Birch Fort Wayne is the eighth facility opened by Silver Birch Living, which is the operational arm of Vermillion. The property is adjacent to a golf course, which was recently acquired by a nearby university to be repurposed as a fitness center.
DETROIT — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small-balance loan for the refinancing of Van Dyke Apartments located at 1780 Van Dyke St. in Detroit. The 40-unit multifamily property was built in 1928 and renovated in 2018. Michael Jehle of Arbor originated the 20-year loan, which features a 30-year amortization schedule.
GRAND RAPIDS AND GRANDVILLE, MICH. — The Donut Conspiracy is opening two new locations in Grand Rapids and Grandville in western Michigan. The Grand Rapids store will span 1,500 square feet and include an industrial kitchen for production. The Grandville store, formerly home to Orange Leaf Frozen Yogurt, spans 1,800 square feet. The Donut Conspiracy was founded in 2017. Each location features vintage décor and themes around historic conspiracy theories.
