AUSTIN, TEXAS — NitNeil Partners, an Atlanta-based self-storage investment and development firm, has acquired land in Austin for the construction of a 900-unit, 100,000-square-foot self-storage facility. The four-story property, which will be located about three miles from downtown Austin, is scheduled to break ground during the first quarter of 2019 and to be delivered by early 2020. The project marks NitNeil’s first investment in Texas.
EL PASO, TEXAS — CBRE has negotiated an 80,269-square-foot industrial lease renewal at 14 Butterfield Trail Blvd. in El Paso. The warehouse/distribution facility services the Ciudad Juarez manufacturing operations of the tenant, Key Tronic Corp., a Washington-based provider of fully assembled computers and their parts. Chad McCleskey and Christian Giese of CBRE represented the landlord, Elp Butterfield 14 LLC, in the lease negotiations.
SIKESTON, MO. — Midas Hospitality has opened a new Hampton Inn hotel in Sikeston in southeastern Missouri. The $11 million project spans 57,000 square feet and four stories. The 92-room hotel features an indoor swimming pool, fitness center, business center and meeting rooms. The hotel is located within the 100-acre Cotton Ridge development, which will include restaurants, a movie theater and other retail tenants. Midas Hospitality will own and manage the hotel. Sister company MC Hotel Construction was the general contractor for the project. Gray Design served as the architect. Bank of Missouri financed the project. Hampton Inn is part of the Hilton chain of hotels.
MCCOOK, ILL. — Assemblers Inc. has renewed its lease for 353,322 square feet of industrial space in McCook, a southwestern suburb of Chicago. The private assembly and contract packaging company fully leases the building at 8601 W. 47th St. The company has occupied the space since 2016. Built in 2015, the property features a clear height of 32 feet. Geoffrey Kasselman of Newmark Knight Frank negotiated the lease transaction, which included tenant improvements such as more power to support additional cooler and freezer areas, on behalf of Assemblers. Heitman Capital Management is the landlord.
SOUTH BEND, IND. — Holladay Properties has sold Colfax Place in downtown South Bend for $1 million. Colfax Place Offices LLC was the buyer. The seven-story, 28,674-square-foot office building is located at 220 W. Colfax Ave. The building is currently 81 percent occupied by tenants such as Michiana Health Information Network, The American National Red Cross, Christopher B. Burke Engineering Ltd. and Vanguard Eldercare Medical Group. Indiana & Michigan Power constructed the building in the 1920s and Holladay has owned the property since 1988. Cressy Commercial Real Estate brokered the transaction.
CHICAGO — Westwood Financial has purchased Clybourn Galleria in Chicago’s Lincoln Park neighborhood for an undisclosed price. The 24,601-square-foot retail center is located at 1841-1847 N. Clybourn Ave. Constructed in 2005, Clybourn Galleria is fully leased to tenants such as Natuzzi Italla Furniture, Jos. A. Bank, SWEAT, Massage Envy, Amazing Lash, Smartchoice MRI and Red Wing Shoes. Amy Sands and Clinton Mitchell of HFF marketed the property on behalf of the seller, Newport Capital Partners.
NORTH PLATTE, NEB. — Dougherty Mortgage has provided a $2.1 million Fannie Mae loan for the refinancing of Pacific Place Apartments in North Platte. The 64-unit affordable housing property is situated on 3.8 acres in central Nebraska. Built in 1997, the property includes two buildings with a children’s playground and two laundry facilities. The 10-year loan, under Fannie Mae’s Multifamily Affordable Housing program, features a 30-year amortization schedule. North Platte Housing Partners LLC was the borrower.
DENVER — Equity Residential has acquired Alexan Uptown, a luxury apartment tower located at 1935 Logan St. in Denver’s Uptown neighborhood. Trammel Crow Residential sold the 12-story property for an undisclosed price. Completed in 2017, the tower features 372 units in a mix of studio, one- and two-bedroom floor plans averaging 771 square feet. Individual units feature high-end finishes, including premium cabinetry, quartz countertops, stainless steel appliances, oversized windows, high ceilings, mudrooms, custom closets and balconies. On-site community amenities include a resort-style pool and spa with views of downtown, Coors Field and the Rocky Mountains; a state-of-the-art fitness center with yoga, cross training and spin studios; a fifth-floor games lawn; clubhouse; catering kitchen; resident lounge; business center; pet spa; and electric car charging stations. Jordan Robbins and Anna Stevens of HFF represented the seller and procured the buyer in the deal. The acquisition marks Equity’s re-entry into the Denver market since exiting in area in January 2018.
OREM, UTAH — A joint venture between Millstream Partners and Redstone Residential has acquired Summerwood Condos, a 282-bed community located near Utah Valley University in Orem. The property was built in 2003 and is set to undergo a complete renovation and rebranding. Unit interiors will be updated with new furniture and appliances; new flooring; fresh paint; quartz countertops; and a gigabit Internet upgrade. Exterior upgrades will include the addition of a new fitness center and clubhouse; a triple-decker hot tub; fire pit; and refreshed outdoor living amenities. The property was purchased under a Freddie Mac green program. In accordance, the new ownership will be installing equipment to reduce water consumption by more than 50 percent and will install solar panels to offset common area electric expenses. The seller in the transaction and a timeline for renovations were undisclosed.
MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.
