GARLAND, TEXAS — Fort Worth-based investment firm Fort Capital has acquired 4040 Forest Lane, a 603,795-square-foot industrial building in Garland, a northeastern suburb of Dallas. The Class B property was built in 1960 and is designed to house manufacturing tenants. The seller was not disclosed. With this acquisition, Fort Capital now owns and operates more than 1.1 million square feet of industrial space.
HOUSTON — HFF has arranged the sale of 1001 McKinney, a 375,440-square-foot office building in Houston’s CBD. The 23-story, transit-oriented property was built in 1947 and features an on-site conference facility and a bike room with showers. The property was roughly 76 percent leased at the time of sale. Dan Miller, Marty Hogan and Johnny Kight of HFF represented the seller, a partnership between Houston-based Cameron Management and New York-based Silverpeak Real Estate Partners. The team also procured the buyer, a partnership between TRC Capital Partners LLC and Amstar America LLC.
HOUSTON — PCCP LLC, a real estate finance firm with offices in New York and California, has provided a $72 million loan for the refinancing of Millennium High Street, a 340-unit apartment community in Houston. The Class A property features 26,000 square feet of ground-floor retail space and offers amenities such as a fitness center, yoga studio and a dog park, as well as a pool and spa. The borrower was a partnership between The Dinerstein Cos. and Coventry Real Estate Advisors.
LUBBOCK, TEXAS — Atlanta-based REIT Preferred Apartment Communities Inc. (PAC) has purchased The Bloc, a student housing community serving Texas Tech University in Lubbock. The property totals 556 beds across 140 units. Amenities include a rooftop lounge, pool with cabanas, tanning rooms, outdoor grilling areas, fitness center, coffee bar and private study rooms. The seller was not disclosed.
BROOKSHIRE, TEXAS — Houston-based Welcome Group has broken ground on a 137,434-square-foot industrial facility and new headquarters for multinational diesel engine manufacturer MAN Energy Solutions in Brookshire, about 40 miles west of Houston. The facility will be located within the new, 650-acre Twinwood Business Park and will be able to house more than 140 employees. Approximately a quarter of the square footage will be office space.
BOYNTON BEACH, FLA. — ARA Newmark has arranged the $43.9 million sale of Aventine at Boynton Beach, a 216-unit apartment community in Boynton Beach, a city in Palm Beach County. Avery Klann, Hampton Beebe and Jonathan Senn of ARA Newmark arranged the transaction on behalf of the seller, Massachusetts-based Claremont Cos. Tampa-based Robbins Property Associates acquired the asset. Constructed in 2002, Aventine at Boynton Beach includes a mix of one-, two- and three-bedroom units and features a fitness center, resort-style pool, car care center and barbecue and picnic areas. The new ownership plans to upgrade unit interiors and enhance the community’s amenity package.
RALEIGH, N.C. — RealOp Investments has purchased a seven-building office portfolio spanning more than 223,000 square feet in the Raleigh-Durham area. The Greenville, S.C.-based investor purchased the portfolio from Sun Life Assurance Co. of Canada, a subsidiary of Sun Life Financial, for $30.6 million. The properties in the sold portfolio include RDU Center I, a 60,083-square-foot office building located near Raleigh-Durham International Airport; Horizon I, II and IV, three office assets located along Six Forks Road in north Raleigh spanning 105,747 square feet; and Franklin Park, a three-building brick campus in Chapel Hill totaling 57,288 square feet. Blake Thomas and Grant Linderman of Avison Young’s Raleigh-Durham office represented the seller in the transaction. RealOp Investments has tapped Arnold Siegmund and Carlo DiGiorgio of Avison Young to provide leasing services for the portfolio.
BRANDYWINE, MD. — Velocis, in partnership with Katz Properties, has acquired Brandywine Crossing, a 230,925-square-foot retail center located at 15922 Crain Highway in Brandywine, roughly 20 miles southeast of Washington, D.C. The name of the seller and sales price were not disclosed. Safeway anchors the open-air center, which is also home to tenants such as Marshalls, Target and Costco. Katz will manage the property. The transaction marks Velocis’ fifth acquisition in the Washington, D.C., metro area since 2011.
ORLANDO, FLA. — HFF has brokered the sale of Dellagio Town Center, a 109,890-square-foot retail center located along Orlando’s Restaurant Row. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF arranged the transaction on behalf of the undisclosed seller. Concorde Group Holdings LLC acquired the property for an undisclosed price. Constructed in 2009, Dellagio Town Center was 95.8 percent leased at the time of sale to tenants including Fleming’s Prime Steakhouse, BRAVO! Cucina Italiana, Dragonfly Sushi, Big Fin Seafood Kitchen and Urbain40.
GERMANTOWN, TENN. — Rendina Healthcare Real Estate has broken ground on a new 120,000-square-foot medical facility for Campbell Clinic in Germantown, roughly 21 miles southeast of Memphis. The Tennessee-based orthopaedic clinic currently offers care at five outpatient clinics and two ambulatory surgery centers. The new facility will be located adjacent to Campbell Clinic’s existing orthopaedics building, which will be renovated in conjunction with the new construction. The new building will include an ambulatory surgery center with eight operating rooms, an outpatient orthopaedic clinical space and an expanded physical therapy and sports performance area. Rendina expects to wrap up construction on the four-story building by fall 2019.
