AURORA, COLO. — J.A. Green Development Corp. has acquired approximately 175 acres of land, located at 26100-26120 E. 68th Ave. in Aurora. The property, situated adjacent to the 75-acre parcel that JAG purchased in 2018, will be part of the JAG Logistics Center at DIA (Denver International Airport). ACP DIA 1287 Investors LLC sold the property for an undisclosed price. Situated at the southern border of Denver International Airport, the business park will ultimately contain more than 3 million square feet of Class A warehouse space in two phases. The logistics center will feature flexible build-to-suit sites ranging from 100,000 square feet to 1 million square feet with an available delivery in fourth-quarter 2020. Alec Rhodes, Tyler Smith and Aaron Valdez of Cushman & Wakefield’s Denver Industrial team are the exclusive listing agents for JAG Logistics Center at DIA, which is part of the Porteos master-planned development and located within a confirmed Opportunity Zone.
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SOUTH PASADENA, CALIF. — Los Angeles-based Gelt Inc. has acquired Southmark Storage, a self-storage facility located in South Pasadena. Southmark Storage LLC, a California-based private investor, sold the property for $16.5 million. Situated on a 1.8-acre site at 919 Mission St., the six-building property features 623 indoor storage units, 42 outdoor rental units, a site office and a two-bedroom manager’s apartment. At the close of escrow, the property, which was built in 1986, was 99 percent occupied. Immediately upon closing, Gelt hired Extra Space Storage to streamline operations at the property. Gelt also plans to install new roofs, asphalt and paint, as well as signage, property access systems and the addition of a web payment platform. Greg Nassir and Edward Matevosian of CBRE represented the seller, while Gelt was self-represented in the transaction.
Many of us remember a time when a great new job was measured primarily by the paycheck and the size of the office. How times have changed. And nothing illustrates that better than the favor of mixed-use developments. As the workforce demographic has evolved, so have the amenities that attract top talent. Smart companies know that creating an appealing environment for the best candidates means access to food options, walking distance to shopping and retail choices, and close proximity to housing. Millennials are a big part (but not the only part) of this changing trend, especially as older millennials assume decision-making roles. But employers in general are learning that it makes sense to cater to their workforce by creating a more attractive work environment. From malls to millennials The landscape of American living and working has transformed over the decades. Up until the mid-20th century, mixed-use was everywhere, as many shop owners and employees lived in homes behind their businesses or apartments above their shops. With the rapid growth of the federal interstate system and growing popularity of single-use zoning regulations, however, commercial and residential spaces were largely separated. Not surprisingly, this combination gave rise to the golden age of …
GRAND PRAIRIE, TEXAS — Stream Realty Partners has broken ground on Grand Lakes | I-30, a 296,615-square-foot industrial project in Grand Prairie, located roughly midway between Dallas and Fort Worth. GSR Andrade is the project architect; Kimley-Horn is the civil engineer and The Conlan Co. is the general contractor. The project is expected to be delivered by the third quarter. Heitman, a global real estate investment management firm, will acquire the property upon completion. Stream Realty Partners will also handle leasing and management of the facility.
ROUND ROCK, TEXAS — Marcus & Millichap has brokered the sale of Mustang Storage, a 723-unit self-storage facility in Round Rock, a northern suburb of Austin. The property, which features 161,590 square feet of traditional storage space, includes 509 storage spaces for boats and recreational vehicles. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The trio also procured the buyer, GYS Development, which specializes in development and management of self-storage assets. Tim Speck of Marcus & Millichap also assisted in closing the deal.
HOUSTON — Brixmor Property Group Inc., a New York City-based shopping center REIT, has sold Northwood Plaza, a 136,747-square-foot retail center in Houston. Anchored by local grocer Food City, the property was 91 percent leased at the time of sale to tenants such as Beauty Supply, Family Dollar, Burger King and Subway. Ryan West, John Indelli and Charles Strauss of HFF represented Brixmor in the transaction. Michael Johnson and Stuart Hepler of HFF arranged acquisition financing through Amerant Bank on behalf of the undisclosed buyer.
FRISCO, TEXAS — Presidium, an investment and development firm with offices in Dallas and Austin, has begun construction on Artistry at Edgestone, a 188-unit independent living community in the northern Dallas suburb of Frisco. Situated on 18 acres, the property will offer amenities such as a pool, fitness and wellness center, library and cyber lounge, media and game rooms, hair salon, walking trails and an arts and crafts center. Completion is slated for summer 2020. San Antonio-based Mason Joseph Co. Inc. arranged a $31.9 million HUD loan for the construction and permanent financing of the project.
IRVING, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Victory Shops @ Riverside II, a 6,333-square-foot strip retail center in Irving. The property was built in 2017 and was 100 percent occupied at the time of sale by tenants on triple-net leases including Domino’s Pizza. STRIVE represented the seller, a Dallas-based investor, and procured the buyer in the transaction. Both parties requested anonymity.
HAUPPAUGE, N.Y. — HFF has arranged the $16 million sale of a two-building, 131,223-square-foot office complex in Hauppauge, Long Island. Located at 330 and 350 Motor Parkway, the property was originally built in 1971 and renovated between 2012 and 2016. The complex is currently 94 percent leased. Amenities include a full-service cafeteria, fitness center with locker rooms, shared conference rooms and tenant storage areas. Jose Cruz, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver of HFF represented the sellers, KABR Group and Capstone Realty Group, in the transaction. The buyer was Long Island-based Valley East Management.
HOBOKEN, N.J. — Spirit Bascom Ventures has acquired a 30-unit apartment building in Hoboken. The sales price was $15.5 million. Located at 204 Grand St., the six-story property was built in 2000. The building consists of a mix of one- and two-bedroom apartments. Nat Gambuzza and Manny Sanghera of CBRE represented the undisclosed seller in the transaction. Jamie Leachman of HFF arranged acquisition financing for Spirit Bascom through Citizens Bank.