KALAMAZOO, MICH. — KeyBank Real Estate Capital has provided a $14.4 million Freddie Mac loan for the acquisition of Pavilion Estates in Kalamazoo. The 531-pad manufactured housing community was built in 1965 and is situated on 74.3 acres of land. Tim Weldon of KeyBank originated the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
CHICAGO — Colliers International has arranged the sale of a 221,522-square-foot industrial building in Chicago for an undisclosed price. The property sits on 7.3 acres at 3355 W. 31st St. The building features a clear height of 32 feet and 14 crane bays. Steve Kohn and Mike Senner of Colliers represented the seller, Crown Steel Sales. Ed Wabick of Paine Wetzel represented the buyer, Cinespace Chicago Film Studios. Cinespace specializes in the development, management and operation of studio facilities.
MANOR, TEXAS — Addison, Texas-based RightQuest will develop Flats at ShadowGlen, a 248-unit multifamily community in Manor, about 12 miles northeast of Austin. The property will feature a pool, fitness center, clubhouse with a media center and a dog park. Cross Architects is handling design of the project, which is expected to deliver in summer 2019. Scott LaMontagne and Michael Gonzalez of JLL brokered the sale of the 12 acres on which the development will be situated.
MESQUITE, TEXAS — The City Council of Mesquite, an eastern suburb of Dallas, has approved the development of The Verde Center at Peachtree, a $250 million medical campus and mixed-use development. Minneapolis-based Ryan Cos. USA Inc., along with several partners, will develop the 60-acre project, the first phase of which will deliver 600,000 square feet of medical inpatient, outpatient and office space. Later phases will feature a 25-acre amenity center with walking trails and a fitness center. Other elements of the project will include a hotel and conference center and a senior living community. Construction of Phase I is expected to commence by mid-2019.
LEWISVILLE, TEXAS — A partnership between New Jersey-based investment firm Lamar Cos. and Real Capital Solutions has acquired Shops at Vista Ridge and Vista Ridge Plaza, two adjacent retail centers totaling approximately 292,000 square feet in Lewisville, a northern suburb of Dallas. Retailers at the properties, which the new ownership sees as value-add investments, include Bed, Bath & Beyond, DSW, Burke’s Outlet and Pier 1 Imports. Disney Investment Group brokered the sales of the properties.
HOUSTON — HFF has placed a $48.5 million loan for the refinancing of CITYCENTRE Five, a 201,437-square-foot office building in Houston. The property is located within a 50-acre mixed-use development that includes three apartment communities and a 265-room hotel. Colby Mueck of HFF arranged the loan through New York Life Real Estate Investors on behalf of Midway Cos., a Houston-based development and management firm.
SOUTHLAKE, TEXAS — New York-based Meridian Capital has arranged a $23.2 million CMBS loan for Cedar Ridge Office Park, a 129,000-square-foot office property in Southlake, a northern suburb of Fort Worth. The two-building development was built in 2005 and 2007 and offers a total of 538 parking spaces. Allan Lieberman, Steven Adler and Simcha Schick of Meridian Capital arranged the 10-year loan on behalf of the borrower, Connecticut-based TS Partners.
LAS VEGAS — Panattoni Development Co. has broken ground Centennial Commerce Center, located at 6405 E. Centennial Parkway in North Las Vegas. Situated on 10.4 acres, the property will feature 204,000 square feet of speculative industrial space. Valued at $16 million, the cross-dock facility will feature 32-foot clear heights, an ESFR sprinkler system, LED warehouse lighting and flexible office build-outs. Additionally, the property will be designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway 10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, is the owner of the development. Vertical construction is slated to begin this month, with completion scheduled for December. Greg Tassi and Donna Alderson of CBRE are marketing the property for lease.
SAN JOSE, CALIF. — Newmark has arranged $25.6 million in permanent financing for a research and development building located at 5500-5550 Hellyer Ave. in San Jose. Robert Slatt, Jeff Wilcox and Charlie Kokernak of Newmark secured the 10-year, fixed-rate loan, which features a 30-year amortization schedule through a conduit lender for the undisclosed borrower. The two-story property is divided into three tenant spaces and is fully occupied by industrial flex and office users.
GLENDORA, CALIF. — Champion Real Estate Co. has completed the disposition of Grand & Alosta, a grocery-anchored retail center located in Glendora, to 655 South Grand Avenue Owner LLC for an undisclosed price. Champion Glendora, an affiliate of Champion, acquired the vacant 85,615-square-foot building in 2016 and redeveloped it into a smaller, 70,811-square-foot, multi-tenant shopping center. Sprouts Farmers Market and Marshalls anchor the fully occupied property. Bryan Ley, Gleb Lvovich and Justin Kundrak of HFF represented the seller, while the buyer represented itself in the transaction.
