MINNEAPOLIS — Marcus & Millichap has arranged the sale of a 7,500-square-foot property net leased to O’Reilly Auto Parts in Minneapolis for $2.2 million. The building is located at 710 E. Lake St. Sean Doyle, Matthew Hazelton, AJ Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, an unnamed developer. The team also secured and represented the buyer, a California-based fund manager.
MACON, GA. — Irving Consumer Products, a manufacturer of paper products, has unveiled plans to develop a $400 million tissue manufacturing facility in Macon, creating over 200 jobs. The 700,000-square-foot facility will be built on 136 acres in the Sofkee Industrial Park off Ga. 247 and Allen Road, according to The Telegraph. The Canadian company is one of North America’s leading producers of household paper and baby diaper products. Irving’s brands include Scotties, Royale and Majesta. Engineering and planning of the new facility are underway, and construction is expected to begin this summer. The project is slated for completion in 2019.
COLLEGE STATION, TEXAS — Stratus Properties Inc. (NASDAQ: STRS) will develop Jones Crossing, a 258,000-square-foot mixed-use project situated on a 72-acre tract in College Station. The retail component of the project will be anchored by a 106,000-square-foot H-E-B. The company expects to break ground during the third quarter and open the H-E-B store in mid-2018.
FORT MYERS, FLA. — TruAmerica Multifamily, in partnership with MSD Capital LP, has acquired Sienna at Vista Lake, a 640-unit apartment community located at 3701 Winkler Ave. in Fort Myers, for approximately $66 million. Constructed as two communities on adjacent parcels in 1991, the property was combined and rebranded in 2010. The garden-style community is situated on 35 acres and offers a mix of one- and two-bedroom units. Amenities include two resident clubhouses, two swimming pools, a spa, fitness center, dog park, basketball court, tennis court, sand volleyball court and a jogging trail. TruAmerica will update the apartment units with stainless steel kitchen appliances, new lighting, plumbing fixtures, countertops and cabinet fronts. HFF secured a seven-year, floating-rate loan through Freddie Mac’s Green Up program for the acquisition. Yitzi Karasick and Ido Gelerman of New Jersey-based Liquid Real Estate Capital were investors in the transaction.
COLUMBIA, S.C. — Holder Properties has sold Main and Gervais, an 18-story, 186,000-square-foot office building located at 1221 Main St. in downtown Columbia. The sales price was not disclosed, but The State reports California-based KBS Realty Advisors purchased the asset for $65 million. Patrick Gildea, Matt Smith, Justin Parsonnet, Martin Moore and Aaron Dupree of CBRE represented Holder Properties in the transaction. The Class A office tower is Energy Star-certified and features The Oak Table restaurant and a fitness center. At the time of sale, Main and Gervais was 98 percent leased to tenants including Edens, NBSC/Synovus Bank, McNair Law Firm, Womble Carlyle, Rogers Townsend and Parker Poe. Holder Properties will continue to manage the property and handle the leasing assignment on behalf of KBS Realty Advisors.
BUFORD, GA. AND RICHMOND, VA. — PCCP LLC, in a joint venture with Panattoni Development Co., has unveiled plans to develop two speculative industrial properties in Buford and Richmond totaling over 1.1 million square feet. In Buford, the 208,656-square-foot, Class A building will be situated on 17 acres at Broadmoor Boulevard in the Northeast Atlanta industrial submarket. The property is part of Panattoni’s Buford Logistics Center, which includes three adjacent warehouses totaling approximately 1.4 million square feet. Construction on the new development is slated for completion in early 2018. In Richmond, the joint venture will develop Commerce Road Logistics Center, a two-phased, two-building, Class A warehouse and distribution center totaling 923,400 square feet. The 62-acre site is situated four miles south of downtown Richmond and is adjacent to the Richmond Marine Terminal. The first building in the development is slated for completion in the third quarter of 2018.
DALLAS — Trammell Crow Co. has completed a 201,172-square-foot industrial facility within I-30 Business Park in Dallas for Freeman Audio Visual, a Canadian electronics solutions firm. The facility consists of 43,000 square feet of office space and 158,172 square feet of warehouse and storage space. Richardson-based Alliance Architects Inc. designed the facility. FCL Builders and Fast-Trak Construction served as general contractors for the shell building and property interior, respectively.
COLUMBIA, MD. — Cushman & Wakefield has arranged the $30.1 million sale of Lakeview I and II, a four-building office portfolio in Columbia, roughly 20 miles southwest of Baltimore. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller, Goldman Sachs, in the transaction. CSG Partners acquired the buildings, which are situated at 9801, 9821, 9841 and 9861 Broken Land Parkway. The portfolio was 82 percent leased at the time of sale. CSG Partners has retained Cushman & Wakefield’s Andrew Smith and Scott Matthews to handle the property’s leasing assignment.
FRISCO, TEXAS — Fort Worth-based investment firm Olympus Property has acquired Boulevard at Frisco Square, a 282-unit luxury apartment community in Frisco. The company will rebrand the property, which was built in 2009, as Olympus Boulevard effective immediately. Amenities include a clubhouse, fitness area, pool and a business center. The seller and sale price were not disclosed.
FORT WORTH, TEXAS — Hunt Mortgage Group has secured $27.6 million in refinancing for eight skilled nursing facilities located throughout Texas. HUD’s Fort Worth office provided the funds to the borrower, Senior Living Properties LLC, which owns and operates 31 skilled nursing facilities in Texas. Proceeds from the loans will also be used for capital repairs and improvements.
