CHICAGO — Puratos, a Belgium-based international food science company, has signed a 6,668-square-foot lease to occupy space at Mural Park. The office will operate as an innovation center to expand the company’s U.S. footprint and service its Midwest clients. Jeff Dowdell, Katie Steele and William Briggs of Transwestern represented the landlord, Condor Partners, in the lease transaction with Puratos. Mural Park is a 200,000-square-foot creative office project in Chicago’s Pilsen neighborhood that involves the transformation of two existing industrial buildings from the early 1900s. The project is now 18 percent pre-leased. Anchor tenant 5 Rabbit Cerveceria is slated to open in early 2019. Maverick Commercial Mortgage Inc. arranged $33.7 million in construction financing. An East Coast-based mortgage REIT provided the financing.
Property Type
APPLE VALLEY, MINN. — Marcus & Millichap has negotiated the $4.6 million sale of a 5,511-square-foot retail property in Apple Valley, a suburb of the Twin Cities. Starbucks and Sleep Number fully occupy the building. Austin Weisenbeck, Daniel Dalmaso and Sean Sharko of Marcus & Millichap secured and represented the Minnesota-based buyer. Matthew Hazelton assisted in closing the transaction as the broker of record in Minnesota. The seller was not disclosed.
DALLAS — Hines has broken ground on The Victor, a 39-story residential tower that will be located within the Victory Park mixed-use development in Dallas. According to culturemap.com, the project carries a price tag of $150 million. The for-rent property will consist of 344 units featuring 10-foot ceilings, private balconies and floor-to-ceiling windows. Amenities will include a resort-style pool, a fitness center, coworking and conference spaces, social lounges with complimentary beverage and coffee bars, a pet spa, bike shop and 9,500 square feet of street-level retail space. Munoz + Albin designed the building, which is slated for a second-quarter 2021 completion. Preleasing will begin in fall 2020.
HOUSTON — Strategic Storage Trust IV Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a 540-unit self-storage facility in Houston. The facility, which was built in 2007, is located at 8415 Queenston Blvd. and spans approximately 63,000 net rentable square feet. The property was 91 percent leased at the time of sale. Nick Walker and John Fenoglio of CBRE brokered the deal. The seller was not disclosed.
HOUSTON — Houston-based Gordon Partners has acquired University Plaza, a 95,960-square-foot retail center in Houston. The property was built in 1979 and is leased to tenants such as Goodwill, Dollar Tree, Arby’s and The UPS Store. Micha van Marcke and Chace Henke of EDGE Realty Capital Markets represented the undisclosed seller in the transaction.
COOKEVILLE, TENN. — CBL Properties, along with Browning Development Solutions and CHM LLC, has opened The Shoppes at Eagle Point, a power retail center located on Interstate Drive in Cookeville. Publix, Academy Sports + Outdoor, Ross Dress for Less, PetSmart, Shoe Carnival and Ulta Beauty anchor the 228,000-square-foot shopping center. Additional tenants include Panera Beach and Chipotle Mexican Grille, among other shops and restaurants.
CARROLLTON, TEXAS — Vivid Cosmos Granite LLC, a provider of sinks, countertops and other housing fixtures, has signed a 68,562-square-foot industrial lease at Luna Distribution Center in Carrollton, a northern suburb of Dallas. George Billingsley of Billingsley Co. internally represented the landlord in the transaction. Eric Crutchfield of Stream Realty Partners represented the tenant.
HOUSTON — NAI Partners has arranged the sale of a 20,000-square-foot industrial facility located at 8317 N. Willow Place in Houston. According to LoopNet Inc., the property was built in 2018. Travis Land and John Ferruzzo of NAI Partners represented the seller, Steadfast Development, in the transaction. Marc Drumwright of Southwest Realty Advisors represented the buyer.
ORLANDO, FLA. — Jefferson Apartment Group (JAG) has completed the sale of Azul Baldwin Park, an apartment property located at 4460 Lower Park Road in Orlando. An undisclosed buyer acquired the asset for $43 million. Developed by JAG and Pacolet Milliken Enterprises, the property features 178 apartments. On-site amenities include a spa, resort-style pool with sundeck and an outdoor kitchen, as well as a grilling area, fitness center and clubroom.
MYRTLE BEACH, S.C. — Eyzenberg & Co. has secured a $26 million first mortgage bridge loan to replace a $22.6 million construction loan for THEBlvd, a mixed-use property in Myrtle Beach. Land South of MB LLC is the borrower and retained Eyzenberg & Co. last year as its financial advisor for the development of THEBlvd. David Eyzenberg, Jeff Conti and Anastasia Vladislavova of Eyzenberg & Co. arranged the loan, which was provided by Rialto Capital Management. Located at 1410 N. Ocean Blvd., the 42,000-square-foot property features live entertainment, restaurant and retail space. At the time of financing, the recently completed property was 70 percent leased to tenants, including Tin Roof, Banditos Cantina, BurgerFi and Starbucks Coffee.