ATASCOCITA, TEXAS — Los Angeles-based Westwood Financial Corp. has acquired Market at Lake Houston, a 101,791-square-foot, H-E-B-anchored retail center in the northeastern Houston suburb of Atascocita. Completed in 2002, the property was 100 percent leased at the time of sale to tenants such as GameStop, Sally Beauty Supply, Five Guys and Subway. HFF brokered the sale and arranged an undisclosed amount of acquisition financing through Nationwide Life Insurance Co.
DALLAS — High Street Residential has opened M-Line Tower, a 20-story, mixed-use development located at 3200 McKinney Ave. in Dallas. The property’s 261 apartment homes are a mix of studio, one- and two-bedroom units ranging in size from 581 to 2,511 square feet. M-Line Tower offers 11,636 square feet of ground-floor restaurant space leased to Café Express and Blue Sushi Sake Grill. Community amenities include a multi-level fitness center, resident sky lounge, pool, business center and personal study areas.
MCDONOUGH, GA. — Panattoni Development Co. Inc. has broken ground on nearly 1.6 million square feet of space at Lambert Farms Logistics Park in McDonough, roughly 30 miles south of Atlanta. Located in the South Atlanta industrial submarket, 1 million square feet of space has been preleased to an international consumer brand, and the additional 550,000 square feet is being developed as speculative space. Wit Truitt, Chris Tomasulo and Reed Davis of JLL represented Panattoni in the lease negotiations and is marketing the speculative portion of the project. Construction on the development began in June and is slated for completion in the second quarter of 2018. In 2016, upscale retailer Tory Burch leased a 753,000-square-foot distribution center at Lambert Farms, which is expected to be operational later this year, creating roughly 150 new jobs.
DEER PARK, TEXAS — NAI Partners has negotiated the sale of a 73,000-square-foot industrial property situated on 6.2 acres at 2802 E. 13th St. in Deer Park, approximately 20 miles east of Houston. John Ferruzzo and Chris Kugle of NAI represented the seller, Deer Park 1031 DST, in the transaction. Jim Stark of CBRE represented the buyer, Turtle & Hughes Inc.
ARLINGTON, VA. — Capital One has provided a $26.1 million construction loan and $31.1 million in Low Income Housing Tax Credits (LIHTC) for Gilliam Place, a 173-unit affordable housing community under development in Arlington, roughly five miles southwest of Washington, D.C. Arlington Partnership for Affordable Housing (APAH) is developing the 122,000-square-foot property, which will include 9,000 square feet of commercial space to be dedicated to local nonprofits. Nine units will be reserved for people with special needs, 32 for those making up to 50 percent of the average mean income (AMI) and the rest for those making up to 60 percent of the AMI. Edmund Delany of Capital One originated the transactions on behalf of APAH for the construction of two projects that will be conducted concurrently on the same campus — Gilliam Place East and Gilliam Place West. The $26.1 million, adjustable-rate loan will be used for the construction of Gilliam Place East, which will comprise 83 units. The company also purchased $21.8 million in LIHTC through Enterprise Community Investments (ECI) for the construction of the property. Capital One also purchased $9.3 million in LIHTC equity through ECI for the construction of Gilliam Place West, which will include 90 …
DURHAM, N.C. — Cushman & Wakefield has brokered the $22 million sale of Bainbridge in the Park, a 216-unit apartment community in Durham. Marc Robinson, Jordan McCarley and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the seller, PRG Real Estate. Dasmen Residential acquired the property. Constructed in 1986, Bainbridge in the Park is located roughly three miles from the Meridian Corporate Center and Research Triangle Park. At the time of sale, the property was 94.9 percent occupied.
ARDEN, N.C. — SunTrust Community Capital has provided $17.4 million in financing for the development of Perry Lane Apartments, a 120-unit multifamily project in Arden, roughly 10 miles south of Asheville. SunTrust Community Capital, a division of SunTrust Banks, provided $8.3 million in equity investments and a $9.1 million construction loan on behalf of the borrower, Mills Construction Co. Community Investment Corp. of the Carolinas also provided a $5.7 million permanent loan on behalf of the borrower. Perry Lane Apartments will be affordable for those earning 60 percent of the area median income and will feature on-site management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. Construction is scheduled to begin this month, with completion slated for August 2018.
NORTH CHARLESTON, S.C. — Monument Capital Management has purchased Plantation Flats, an apartment community located at 2181 Dunlap St. in North Charleston. The property comprises 32 two-story buildings with one- and two-bedroom, garden-style and townhouse floor plans. The community also features a clubhouse, swimming pool, fitness center, laundry center and a tennis court. Plantation Flats is situated across from Trident Technical College and is roughly four miles north of Charleston International Airport, home to The Boeing Co. Monument Real Estate Services, an affiliate of Monument Capital Management, will manage the property. The sales price and seller were not disclosed.
WENTZVILLE, MO. — Contegra Construction Co. has completed a 1.1 million-square-foot logistics center in Wentzville, about 40 miles west of St. Louis. The multi-million dollar facility, which serves as a logistics optimization center for the nearby General Motors Corp. assembly plant, is located on a 132-acre site at 201 Wentzville Industrial Drive. TVS Supply Chain Solutions operates the center. The building features 32-foot clear heights, 168 dock doors and six drive-in doors. The project is among 14 logistic facilities in the metro St. Louis area that Contegra is currently building or has completed in 2017. NorthPoint Development was the project developer.
BARTLETT, ILL. — Meridian Design Build has completed a 421,203-square-foot speculative industrial building for developer Exeter Property Group in Bartlett, about 35 miles northwest of Chicago. The new facility, located on a 34-acre site within Brewster Creek Business Park, can accommodate up to four tenants. The building features 32-foot clear heights, 117 loading docks, four drive-in doors, 449 car parking stalls and 110 exterior trailer stalls. Harris Architects provided architectural services, while V3 Cos. completed civil engineering work.
