LEXINGTON, KY. — NAI Isaac has secured the $8.5 million sale of Stonewall Shopping Center, a 79,142-square-foot retail center located at 3101 Clays Mill Road in Lexington. Al Isaac of NAI Isaac arranged the transaction on behalf of the seller. Eli Mashni of Keller Williams represented the buyer. Other terms of the deal were not disclosed. Stonewall Shopping Center was 85 percent leased at the time of sale to tenants such as Bargain Hunt, Dollar Tree, Domino’s, Goodwill and Peoples Exchange Bank.
PASADENA, TEXAS — Multinational chemicals firm LyondellBasell has begun work on a $2.4 billion manufacturing plant in Pasadena, a suburb of Houston located near the port. Spanning 140 acres, the plant will manufacture propylene oxide and tertiary butyl alcohol, two chemicals used in the production of a variety of consumer goods, including bedding, furniture, carpeting, building materials and adhesives. The plant is expected to begin operations by 2021. An analysis from the Greater Houston Partnership states that the project will have more than $450 million in economic impact on the region.
IRVING, TEXAS — Trammell Crow Co. and Elm Tree Funds will build a 259,947-square-foot government office building on a 27-acre tract in Irving. The project is a build-to-suit for the General Services Administration, which has signed a 20-year lease. U.S. Citizenship and Immigration Services will use the property as its Texas Service Center. Construction is scheduled to begin in August and to be completed in early 2020. Gensler is serving as the project architect and Manhattan Construction Co. is the general contractor.
KATY, TEXAS — NewQuest Properties will develop a 66,000-square-foot expansion project at Grand Morton Town Center, located in the western Houston metro of Katy. Several retailers, including HomeGoods, Michaels, Petco and Hallmark have already preleased space at the property. NewQuest plans to break ground in the coming months, with the first stores opening in early summer 2019.
MESQUITE, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Pioneer Plaza, a 51,390-square-foot retail center in Mesquite, an eastern suburb of Dallas. The property was 85 percent occupied at the time of sale to mix of national, regional and local tenants. The seller was a group of investors based in California and Canada, and the buyer was a Texas-based investor.
GARLAND, TEXAS — TIG Real Estate Services Inc. has negotiated the sale of a 15,000-square-foot industrial building located at 3640 Marquis Drive in Garland, a northeastern suburb of Dallas. The Class B property was built in 1972 and includes eight drive-in doors. Matt Spellman of TIG represented the buyer in the transaction. Other terms of sale were not disclosed.
WARRENVILLE, ILL. — McShane Construction Co. has been selected by developer Interforum Holdings to construct a new apartment community called Canterra Residences in Warrenville, about 30 miles west of Chicago. The 364-unit complex will be built around a central parking garage. Amenities will include a health club, yoga studio, business center, pool and dog wash station. Construction will be done in phases with the entire development slated for completion in late 2020. Baranyk Associates LTD is providing architectural services. Interforum is a privately held real estate development and investment firm based in Northfield, Ill.
HODGKINS, ILL. — PCCP and Midwest Industrial Funds have acquired a vacant, 490,000-square-foot warehouse in Hodgkins, about 20 miles southwest of Chicago. The purchase price was not disclosed. The buyers plan to renovate the property and rename it as Hodgkins Center of Commerce. The venture plans to tear down part of the building in order to modernize it with 45 additional exterior docks, new office space, ESFR fire system, new roof and HVAC systems. Upon completion, the property will include 408,000 square feet with 62 dock doors and a clear height of 26 feet. The seller was not disclosed.
FRANKLIN PARK, ILL. — Matthews Real Estate Investment Services has brokered the sale of an 87,464-square-foot industrial building in Franklin Park for $11.6 million. DHL occupies the property. Neither the buyer nor the seller was disclosed. Maxx Bauman of Matthews brokered the transaction. The sales price represented a sub-6 percent capitalization rate.
PORTAGE, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.6 million HUD 223(f) loan for the refinancing of Timberwood Crossing in Portage, just south of Kalamazoo. The multifamily property includes 254 units. The fixed-rate loan, which features a 35-year term, will refinance the original short-term loan Cohen secured for the acquisition of the property. Trillium Investments was the borrower.