COLUMBUS, TEXAS — Chicago-based Brennan Investment Group LLC has acquired a nine-building manufacturing campus situated on 15 acres at 200 Texas Ave. in Columbus, about 75 miles west of Houston. The properties were 100 percent leased to KW International, which produces oil and gas production and measurement equipment, at the time of sale. Brennan will lease back the space to the tenant, which houses its headquarters at the property.
CONROE, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Redford Park Apartments, a 212-unit multifamily property in Conroe, a northern suburb of Houston. Built in 1983, the property offers one- and two-bedroom units, as well as a tennis court, pool and resident clubhouse. ClearWorth Capital will implement a value-add program to the asset, the seller of which was not disclosed. Nathan Stone of Berkadia arranged acquisition financing for the deal.
GARLAND, TEXAS — Plastipak Packaging, a Michigan-based supplier of plastic bottles to companies such as Dr. Pepper, PepsiCo and Kraft Heinz, will invest $10 million in its production facility in Garland, a northeastern suburb of Dallas. The expansion of the plant, which spans roughly 400,000 square feet and has been operational since 1996, is expected to create six new jobs.
MISSOURI CITY, TEXAS— NAI Partners has arranged a 30,000-square-foot industrial lease at 14039 S. Gessner Road in Missouri City, a southwestern suburb of Houston. Darren O’Conor and Jake Wilkinson of NAI Partners represented the landlord, Roadrunner Ltd., in the lease negotiations. Wes Williams of Boyd Commercial represented the tenant, Almofa LLC, a Houston-based furniture supplier.
BRASELTON, GA. — FedEx Ground, a subsidiary of FedEx Corp., has developed a new distribution center located at 350 Braselton Parkway in Braselton, about 50 miles northeast of Atlanta. The 500,000-square-foot facility is part of the company’s network expansion plan that includes the addition of 17 major hubs and 500 facilities either expanded or relocated since 2005. A ribbon-cutting ceremony for the facility is scheduled for Thursday, Oct. 25. The building will open with more than 350 employees, and FedEx Ground plans to add positions as the demand for service grows. The new facility will be able to sort up to 15,000 packages per hour. FedEx Ground has 105,000 employees, more than 600 distribution hubs and local pickup-and-delivery stations and 63,000 motorized vehicles operated by 5,600 locally owned small businesses to transport more than 8.3 million packages daily. The daily volume of packages that FedEx Ground handles has more than doubled in the past 10 years.
RALEIGH, N.C. — Dominion Realty Partners is breaking ground on the newest office building at The Offices at Wade in West Raleigh. Development for Wade V will commence on Tuesday, Oct. 23, at 5438 Wade Park Blvd. The six-story, 209,000-square-foot office building has been designed to achieve LEED Gold certification and marks the Dominion Realty’s 21st green certified development. PGIM Real Estate is partnering with Dominion Realty on the project, which Triangle Business Journal reports will cost $62 million to develop. The media outlet is also reporting that the project is being built on a speculative basis.
MIAMI — Berkadia has arranged a $46.9 million loan for the acquisition of Downtown Dadeland, a seven-acre urban retail development located 7250 N. Kendall Drive in Miami. Brad Williamson and Mitch Sinberg of Berkadia secured the financing for the borrower, Midtown Capital Partners, a real estate investment and asset management firm led by Alejandro Velez and Alexander Saieh. A life company originated an initial $44.5 million loan with a $2.4 million earnout. The 10-year loan was secured with five years interest-only payments and a interest rate with no prepayment after seven years. Built in 2008 and renovated in 2015, the property consists of 126,133 square feet of ground-floor retail space occupied by a mix of national, regional and local tenants, 416 condo units and more than 500 parking space in seven buildings. At the time of sale, the retail portion of the property was 97 percent leased. Tenants include West Elm, Chili’s Bar & Grill, Men’s Wearhouse, Club Champion, Orangetheory Fitness, Paul Mitchell, The Brass Tap, Pubbelly Sushi, Harry’s, Ghee, Erba, Barley and The Brick.
TUCSON, ARIZ. — DSW Commercial Real Estate, along with Iridius Capital and JCR Capital, has purchased Campbell Plaza, a shopping center located along Campbell Avenue in Tucson. The Krausz Cos. sold the property for $33 million. Albertson’s and Ross Dress for Less are tenants at the 190,022-square-foot, core-plus asset. Mark Lucescu of Lucescu Realty represented the seller, while James Hardman of DSW Commercial Real Estate represented the buyer. Tim Storey of Newmark Realty Capital secured equity and debt financing for the acquisition.
SEATTLE — Colliers International has arranged the sale of Tyee Apartments and Levere Apartments, two multifamily properties located in Seattle’s University District. Kennedy Tyee LLC and Levere LLC sold the properties to Seattle University District LP for $20 million. The transaction is the first time the assets have traded in more than 50 years. Built in 1963 and located at 4115 Brooklyn Ave. NE, Tyee Apartments features 48 units in a mix of studios and one-bedroom units. Constructed in 1927 and located at 4105 Brooklyn Ave. NE, Levere Apartments offers 40 studio, one- and two-bedroom units. Tim McKay, Dan Chhan, Sam Wayne and Arvin Vander Veen of Colliers International handled the transaction.
MILL CREEK, WASH. — Coast Equity Partners has completed the sale of Mill Creek Medical Pavilion (MCMP), a medical office building in Mill Creek, a suburb north of Seattle. A private investor acquired the property for $9.5 million. Located at 16030 Bothell Everett Highway, MCMP features 26,126 square feet of medical office space. Built in 1983 and renovated in 2011, the property is fully leased to a variety of healthcare providers, including outpatient services for family medicine, physical therapy, vision care, psychiatry and dentistry. Chris Bodnar and Lee Asher of CBRE’s Denver office, along with Paul Carr, Steve Perovich and Marcus Yamamoto of CBRE Puget Sound Healthcare Properties, represented the seller.
