Property Type

IPA Arranges Sale of Multifamily Portfolio Totaling 2,048 Units in DFW

by Taylor Williams July 3, 2018

DALLAS AND FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of the Quality Estates Value-Add Portfolio, which features eight properties totaling 2,048 units in the Dallas-Fort Worth area. Four of the properties totaling 992 units are located in Fort Worth and two assets totaling 492 units are located in Garland. Communities in Grand Prairie and Arlington featuring 292 and 272 units, respectively, were also included in the portfolio. Will Balthrope, Drew Kile and Joey Tumminello of IPA, along with Al Silva and Ford Braly of Marcus & Millichap, represented the seller, a private investor based in Canada, in the transaction. Carl Pankratz of NorthMarq Capital and Jeremy Sain of HFF co-brokered acquisition financing through a life company for six of the properties on behalf of the buyer, Texas-based Exponential Property Group. The properties were built between 1977 and 1985 and held by a single owner/seller for nearly 30 years, on average.

July 3, 2018

Acquisitions Retail Texas

Albanese Cormier Acquires 105,605 SF Shopping Center in Fort Worth

by Taylor Williams July 3, 2018

FORT WORTH, TEXAS — Beaumont-based investment firm Albanese Cormier Holdings has acquired Renaissance Square, a 105,605-square-foot shopping center in Fort Worth. The Class A property, which was built in 2014 and is shadow-anchored by Walmart, was 98.5 percent leased at the time of sale. The shopping center’s tenant roster includes anchor Ross Dress for Less, Marshalls, Dollar Tree and Hibbett Sports. Eric Wohl and Andrew Cunningham of Hanley Investment Group represented Albanese Cormier in the transaction. Jeffrey Jackson of CBRE represented the seller, Midland-based Moriah Real Estate Co.

July 3, 2018

Development Industrial Texas

Food Producer to Open 47,000 SF Industrial Facility in Conroe on July 6

by Taylor Williams July 3, 2018

CONROE, TEXAS — Galdisa USA, a subsidiary of Mexican food producer Galdisa, will open a 47,000-square-foot industrial facility in Conroe, about 40 miles north of Houston, on Friday, July 6. About 25 new jobs will be created at the facility, which is the company’s first in the United States. Galdisa is involved in the production and sale of products such as peanuts, pumpkin seeds, chickpeas and fava beans for retail and industrial uses.

July 3, 2018

Industrial Leasing Activity Texas

Colliers Secures 113,152 SF Industrial Lease in Houston

by Taylor Williams July 3, 2018

HOUSTON — Colliers International has secured a 113,152-square-foot industrial lease at 5301 Polk St. in southeast Houston. The tenant is CustomSpace, a provider of full-service industrial space for tenants looking for footprints in the 250- to-10,000-square-foot range. Barkley Peschel and Mike Davis of Colliers International, along with Trey Erwin of Lee & Associates, represented CustomSpace, which now has eight locations nationwide.

July 3, 2018

Development Midwest Minnesota Multifamily

Doran Opens 257-Unit Apartment Development in Maple Grove, Minnesota

by Kristin Harlow July 3, 2018

MAPLE GROVE, MINN. — Doran Cos. has opened The Reserve at Arbor Lakes, a 257-unit apartment development in Maple Grove, a northwestern suburb of Minneapolis. The luxury apartment community features more than 80,000 square feet of amenity space, including a 25,000-square-foot clubhouse and two terraces with an outdoor pool, spa, grilling stations, lounge areas, bocce ball courts and a putting green. In addition to 243 apartments, the four-story property features 12 townhomes and two guest suites. Monthly rents for one-bedroom units start at $1,525.

July 3, 2018

Loans Michigan Midwest Multifamily

Bernard Arranges $17M Refinancing for Apartment Property in Detroit

by Kristin Harlow July 3, 2018

DETROIT — Bernard Financial Group has arranged a $17 million CMBS loan for the refinancing of River Place Apartments in Detroit. The 301-unit apartment complex, originally built from 1891 to 1908, features lofts and townhomes. River Place GP LLC was the borrower. Dennis Bernard of Bernard Financial originated the loan.

July 3, 2018

Acquisitions Industrial Midwest Ohio

Wilson Investment Acquires Five-Building Industrial Property in Metro Cincinnati

by Kristin Harlow July 3, 2018

CINCINNATI — Wilson Investment Properties has acquired a five-building industrial property spanning 100,656 square feet in metro Cincinnati. The fully occupied property is located eight miles from downtown Cincinnati and three miles from the Cincinnati/Northern Kentucky International Airport. The property was acquired at a 9.1 percent cap rate. Wilson Investment is a Silicon Valley-based real estate investment firm. Neither the purchase price nor the seller was disclosed.

July 3, 2018

Acquisitions Illinois Midwest Retail

Love’s Travel Stops Purchases Two Development Sites in Illinois

by Kristin Harlow July 3, 2018

ROCHELLE AND HAMPSHIRE, ILL. — Love’s Travel Stops has purchased two development sites in Illinois. The first site is a 17-acre parcel near I-88 in Rochelle, about 30 miles south of Rockford. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in the sale. Intermodal Capital Holdings LP was the seller. Love’s also purchased a 99-acre farm in Hampshire, about 40 miles east of Rockford. Schmidt represented the seller, the Henning family. The site, located near I-90, will also include an Arby’s restaurant. Construction of both travel stops is expected to begin this month. Love’s provides truck drivers and motorists with 24-hour access to places to purchase gasoline, diesel fuel, travel items and snacks. The company plans to open more than 40 new locations this year, according to Realty Metrix.

July 3, 2018

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $4.5M Sale of Apartment Building in Savage, Minnesota

by Kristin Harlow July 3, 2018

SAVAGE, MINN. — Marcus & Millichap has arranged the $4.5 million sale of Lynn Court Apartments in Savage, about 15 miles south of Minneapolis. The 45-unit apartment building is located at 4350 W. 124th St. All of the units are one-bedroom units. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller. Neither the name of the buyer nor the seller was disclosed.

July 3, 2018

Acquisitions Multifamily Southeast Virginia

CBRE Arranges $78M Sale of Apartment Community in Northern Virginia

by Camren Skelton July 3, 2018

ALEXANDRIA, VA. — CBRE has arranged the $78 million sale of Crystal Woods of Alexandria, a 344-unit apartment community located at 4905 Southland Ave. in Alexandria, roughly eight miles south of Washington, D.C. Jonathan Greenberg, Bill Roohan, Bob Dean, Brian Margerum, Yalda Ghamarian and Thomas Leachman of CBRE arranged the transaction on behalf of the buyer, Republic Properties Corp. Constructed in 1976, Crystal Woods features a fitness center, pool, playground, courtyard, picnic areas and laundry facilities. The previous ownership implemented capital improvements to building systems and common areas. Crystal Woods is located within a 15-minute drive of employment centers including the Pentagon, U.S. Patent & Trademark Office, the Department of Defense Mark Center campus and Inova Alexandria Hospital. In addition, the property is less than a mile from Landmark Mall, which is scheduled for a 2020 redevelopment start by The Howard Hughes Corp.

July 3, 2018

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