ATLANTA — Weaver Capital Partners and the Seng Co., in conjunction with their joint venture equity partner SilverCap Partners, has acquired a 515,000-square-foot industrial portfolio located along Seaboard Industrial Boulevard in Atlanta’s West Midtown district. Patterson Real Estate Advisory Group served as the joint venture’s capital advisor and arranged acquisition financing through CIBC Bank USA. The sales price and terms of the financing were not disclosed. The joint venture acquired the nine-building portfolio from Zep Inc., which formerly owned and occupied the entire property. Zep, a manufacturer of maintenance and cleaning solutions, will lease back 58,000 square feet in one of the buildings in order to consolidate its operations in Adairsville, Ga., roughly 60 miles northwest of Atlanta. The new ownership will continue to operate the portfolio as industrial space.
HOUSTON — Trammell Crow Co. has broken ground on Phase II of Fallbrook Pines Business Park, a 127-acre industrial development located in northwest Houston. Phase II, which is being developed on a speculative basis, will deliver two Class A buildings totaling 660,073 square feet. Designed by Powers Brown Architecture, the buildings will feature cross-dock configurations, 32-foot clear heights, 52-foot wide column spacing, ESFR sprinkler systems and extra trailer parking and outside storage space. Delivery is slated for November. Phase I of the project, which delivered roughly 709,000 square feet, was completed in October 2015 and is fully leased to seven tenants.
DALLAS — Taconic Capital Advisors LP, an investment firm with offices in New York, London and Hong Kong, has acquired International Plaza I and II, a two-building office campus totaling 757,000 square feet in Dallas. Designed by HKS Inc., the Class A buildings were developed in 1999 and 2002, respectively, and until recently were leased to JPMorgan Chase and Fannie Mae. Both companies have relocated to Plano. Taconic will make capital upgrades to the campus, including new amenities. Other terms of sale were not released. The third building at International Plaza is under separate ownership and was not part of this transaction. Cushman & Wakefield will handle leasing and management of the property.
GARLAND, TEXAS — KeyBank Real Estate Capital has arranged a $56.4 million loan for the acquisition of Landmark at Lake Village North, an 848-unit multifamily community located in the Dallas metro of Garland. The property was built in 1983 and comprises 69 two- and three-story apartment buildings. Amenities include a fitness center and on-site laundry facilities. Amber Rao of KeyBank secured the non-recourse, floating-rate loan through an undisclosed life insurance company on behalf of Madera Residential. The loan also includes three years of interest-only payments and $5.4 million in funding for future capital improvements.
NORTH RICHLAND HILLS, TEXAS — Love Funding has secured a $14.4 million loan for the refinancing of Villas on Bear Creek, a 240-unit affordable housing community located in North Richland Hills, a northern suburb of Fort Worth. Built in 2000, the age-restricted property offers one- and two-bedroom units. Amenities include a pool, shuffleboard courts, putting green, business center, billiard room, a library and walking trails. Jonathan Camps of Love Funding secured the loan through HUD’s 223(f) program on behalf of The Wentwood Cos., an Austin-based investment firm
NORTH RICHLAND HILLS, TEXAS — Secondhand retailer Dirt Cheap has opened a 27,941-square-foot store at Rufe Snow Village, a 100,000-square-foot retail center in North Richland Hills, a northern suburb of Fort Worth. Beginning in May, Dirt Cheap will occupy an anchor space at the center, which is now 78 percent leased. Taylor Marks and Taylor Stinnett internally represented the landlord, Woodcrest Capital, in the lease negotiations.
MINNEAPOLIS — The Praedium Group has acquired Maverick North Loop Apartments in Minneapolis for an undisclosed price. Built in 2017, the rental property includes a six-story building with 155 units and a four-story building with 13 townhomes. The property also features 5,095 square feet of ground-floor retail space, half of which is leased to Starbucks. Amenities include a pool terrace, fitness center, clubhouse, dog bath and walk area. The seller was not disclosed.
Dickman/CORFAC International Brokers Sale of 187,000 SF Industrial Building in Sturtevant, Wisconsin
STURTEVANT, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 187,000-square-foot industrial building in Sturtevant, about 28 miles south of Milwaukee. The sales price was not disclosed. The property is located at 2620 90th St. Gallo Business Center Investments LLC purchased the building from 90th Street Industrial LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Noble of Dickman brokered the transaction.
WATERFORD, MICH. — Marcus & Millichap has arranged the sale of Secured Self Storage in Waterford, about 35 miles northwest of Detroit. The sales price was not disclosed. The 72,125-square-foot self-storage facility is located at 4303 Highland Road. Built in 1982, the property consists of 20 climate-controlled units and 535 standard units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the out-of-state buyer.
ELGIN, ILL. — Millennium Properties Real Estate has brokered the $1.1 million sale of a 51,230-square-foot office building in Elgin, about 35 miles northwest of Chicago. The property, located at 164 Division St., is 83 percent occupied by a variety of doctor offices, law firms and design firms. Brad Thompson and Daniel Hyman of Millennium brokered the sale. A partnership sold the property to a private investor.