ALLEN, TEXAS — WatchGuard Video, a provider of video systems for law enforcement, has opened its new, 140,000-square-foot corporate office in Allen, a northeastern suburb of Dallas. Designed by Texas-based GFF Inc., the two-story property can accommodate approximately 500 employees and offers amenities such as a fitness center, racquetball court, recreation room and an in-house medical clinic for employees. Adolfson & Peterson handled construction of the building, which began in April.
FARMERS BRANCH, TEXAS — Greysteel has negotiated the sale of Villa Gardens, a 142-unit multifamily property in the Dallas metro of Farmers Branch. The property features studio, one-, two- and three-bedroom units. Amenities include a pool, playground and on-site laundry facilities. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel represented the seller and procured the buyer, both of whom requested anonymity.
IRVING, TEXAS — JED Industrial, the holding company for Thermal Edge, which provides electric cooling solutions, has acquired a 101,500-square-foot industrial asset located at 1800 Hurd Drive in Irving. Nathan Denton and Stephen Williamson of Lee & Associates represented the seller, BD Land Co., in the transaction. Trace Elrod of Jackson Cooksey represented JED Industrial. Thermal Edge will be the actual occupant of the space, with plans to move in by late 2018 and be operational by the beginning of 2019.
DALLAS, ALLEN AND FRISCO, TEXAS — SHOP Cos. has brokered the sale of three retail properties totaling 48,736 square feet in the Dallas area. The sold properties include the 12,153-square-foot Stacy Plaza in Allen; the 5,083-square-foot Sprint & Castle Spa in Frisco; and a 3,500-square-foot, single-tenant property in Dallas. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the four different sellers in each transaction. All three buyers are based in Texas.
HOUSTON — Evoqua Water Technologies, a Pittsburgh-based water treatment company, has signed a 107,000-square-foot industrial lease expansion at 15414 International Plaza Drive in Houston. The property was built in 1999 and features 24-foot clear heights, 22 dock-high doors and 16,000 square feet of office space. Evoqua previously occupied about 45,000 square feet within the park but will consolidate three Houston-area locations into its expanded space by the fourth quarter. David Buescher and Geoff Perrott of JLL represented Evoqua in the lease negotiations. Logan Greer and Rives Nolen of InSite Realty represented the landlord, EastGroup Properties.
MILWAUKIE, ORE. — Guardian Real Estate Services has received construction financing for the development of Axletree, a multifamily project located at the intersection of SE Main and SE Washington streets in Milwaukie, a suburb of Portland. Casey Davidson of HFF arranged the floating-rate construction loan through a regional bank, while Ira Virden and Carrie Kahn, also of HFF, arranged joint venture equity for the project through Hanover Financial. Terms of the loans were not released. Slated for completion in third-quarter 2019, the property will feature 110 units in a mix of studio, one- and two-bedroom floor plans averaging 610 square feet. The community will also offer approximately 7,000 square feet of ground-floor retail space and 77 parking stalls. Axletree is the first multifamily community to be built in Milwaukie since 1995, according to HFF.
FAIRFIELD, N.J. — Weiss Realty has acquired the Fairfield Business Center, a seven-building industrial/flex complex totaling 336,220 square feet and located on 16.8 acres in Fairfield. The sales price was $30 million. Fairfield Business Center was 88 percent leased to 61 tenants at the time of sale. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Kubby Tischler of Cushman & Wakefield represented the seller, Denholtz Associates, in the transaction. Denholtz Associates had owned the property since 1999.
BREA, CALIF. — DAUM Commercial has brokered the sale of an industrial property located 331-333 Cliffwood Park St. in Brea. SAME Investments sold the building to LFT-Cliffwood for $16.1 million. Constructed in 1974, the 99,552-square-foot property features 7,900 square feet of office space, four dock-high loading doors, a ground-level loading door, 22- to 24-foot minimum warehouse clearance, a fenced yard and a recently installed Energy Star-rated “cool roof.” Chris Migliori and the DAUM Commercial team represented the seller, while Chuck Wilson and Brain Chastain of Colliers International represented the buyer in the deal.
NEW YORK CITY — Madison Realty Capital has provided a $55 million construction loan for a mixed-use development underway at 948 Myrtle Ave. in Brooklyn. The loan will be used to complete construction of the project and to refinance existing debt, as well as cover any additional costs associated with the transaction. Meridian Capital previously provided a $15 million bridge loan to the borrower, an experienced local builder, for the project in late 2017. The developer plans to construct a three-building, 214,487-square-foot mixed-use project on the site that will feature rental and condominium units as well as ground-floor retail and parking. The developer acquired the site in December 2014 and has now completed all demolition, site excavation and foundation work. The project is slated for completion in 2020.
SHORT HILLS, N.J. — Stream Capital Partners has arranged the $12 million sale of a Walgreens property in Short Hills, located about 25 miles west of Manhattan. Phil DiGennaro, Jordan Shtulman and Jonathan Wolfe of Stream Capital represented the undisclosed seller in the transaction. The buyer was a private investor. The 14,963-square-foot property has 19 years remaining on the triple-net lease, which expires in 2036.
