Property Type

JLL Arranges $36.3M Loan for 775,000 SF Industrial Portfolio in Suburban Boston

by David Cohen March 22, 2018

LITTLETON AND MIDDLEBOROUGH, MASS. — JLL Capital Markets has arranged a $36.3 million loan for L&B Realty Advisors to finance the purchase of a two-building industrial portfolio in suburban Boston. L&B Realty Advisors acquired the portfolio on behalf of an institutional client. The 775,000-square-foot portfolio consists of two warehouse distribution buildings, one in Littleton and the other in Middleborough. Both buildings are fully leased, with the 275,000-square-foot building at 154 Campanelli Drive in Middleborough occupied by a single tenant. The 480,000-square-foot building at 1 Distribution Center Circle in Littleton is leased to six tenants. A life insurance company provided the 10-year loan.

March 22, 2018

Acquisitions Industrial Texas

Binswanger Arranges Sale of 700,644 SF Grocery Distribution Center in Houston

by Taylor Williams March 22, 2018

HOUSTON — Philadelphia-based Binswanger has arranged the sale of a 700,644-square-foot grocery distribution center situated on 70.2 acres at 10700 Telge Road in Houston. The facility was formerly leased to Randalls, a grocer owned by Idaho-based Albertson’s that operates 44 stores in Texas. It includes 517,500 square feet of dry and perishable grocery warehouse space, 113,200 square feet of frozen warehouse space and 6,200 square feet of office space. Other features include 25- to 40-foot ceiling heights and an ESFR sprinkler system. Holmes Davis of Binswanger represented the seller, Albertsons Cos., in the transaction. Cory Driskill and Will Mundinger of Crow Holdings Industrial represented the buyer internally. Crow Holdings plans to expand the facility by developing three additional buildings on the site.

March 22, 2018

Acquisitions Multifamily Student Housing Texas

29th Street Acquires Two Student Housing Properties Totaling 1,249 Beds Near Texas State University

by Taylor Williams March 22, 2018

SAN MARCOS, TEXAS — 29th Street Capital (29SC) has acquired The Edge and The Lodge, two student housing properties totaling 1,249 beds near Texas State University (TXST) in San Marcos. The properties span 431 units and are located within a mile of TXST’s campus. Both feature amenities such as shuttle service to campus, fitness centers, pools, study rooms, salon services, sport courts, game rooms and dog parks. 29SC will invest more than $4 million in capital upgrades to both properties’ unit interiors and communal amenities. The seller and sales price were not disclosed.

March 22, 2018

SurePoint-Self-Storage-Missouri-City-Texas

Development Industrial Self-Storage Texas

SurePoint, Johnson Development to Build 673-Unit Self-Storage Facility in Metro Houston

by Taylor Williams March 22, 2018

MISSOURI CITY, TEXAS — A partnership between San Antonio-based SurePoint Self Storage and Houston-based Johnson Development Corp. will develop a 673-unit self-storage facility in Missouri City, a southwestern suburb of Houston. The three-story property, which will be SurePoint’s fifth facility in the Houston area, will span 67,000 square feet of mostly climate-controlled rentable space. Construction is scheduled to begin over the summer.

March 22, 2018

Sherwin-Williams-Distribution-Center-Waco-Texas copy

Development Industrial Texas

Sherwin-Williams Opens $39M Distribution Center in Waco

by Taylor Williams March 22, 2018

WACO, TEXAS — Paint manufacturer and retailer Sherwin-Williams has opened its $39 million distribution center in Waco. The 615,000-square-foot center will service eight states, including Texas, and will require a workforce of 326 employees. The company projects that daily activity at the center will involve the rolling out of 65 trucks delivering roughly 3 million pounds of paint to 700 stores. Bob Moore Construction served as general contractor for the project.

March 22, 2018

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 623-Unit Self-Storage Facility in Edmond, Oklahoma

by Taylor Williams March 22, 2018

EDMOND, OKLA. — Marcus & Millichap has brokered the sale of U Storage OK, a 623-unit self-storage facility in Edmond, a northern suburb of Oklahoma City. The Class A property features both climate- and non-climate-controlled units and recently underwent a 28,000-square-foot expansion. Trey Hammond and Michael Mele of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Brian Fulton of Marcus & Millichap represented the buyer, a private investment group. Both parties requested anonymity.

March 22, 2018

California Development Healthcare Office Western

Trammell Crow Breaks Ground on 200,000 SF Medical Office Building in Moreno Valley, California

by Amy Works March 22, 2018

MORENO VALLEY, CALIF. — Trammell Crow Co.’s Southern California-Newport Beach office has started construction of a 200,000-square-foot medical office building in Moreno Valley. Riverside University Health System (RUHS) will occupy the three-story facility, which will feature space for specialty physician groups, an outpatient surgery center and expanded pharmacy services. he new medical office building will occupy 17.4 acres on the southern portion of RUHS’s 80-acre medical center campus and feature a single-story, 7,000-square-foot lobby and café. The new outpatient building and the existing medical center will be linked to the new property by a second-floor pedestrian bridge. Completion is slated for 2019.

March 22, 2018

Colorado Development Mixed-Use Office Restaurant Retail Western

Neenan Co. Begins Construction of Mixed-Use Retail Center in Timnath, Colorado

by Amy Works March 22, 2018

TIMNATH, COLO. — The Neenan Co. has started construction for The Plaza at Riverbend, a mixed-use retail center in Timnath, a suburb of Fort Collins. The project will total 39,000 square feet and include two freestanding single-story buildings with retail, office and restaurant space. The larger building will feature 23,000 square feet of commercial space. Studio 68 will own 9,307 square feet of space, slated to open by the end of the year. The second facility will feature 16,000 square feet of speculative commercial space. Serving as the project’s developer and design-builder, The Neenan Co. will sell the retail and office condominiums to each end user upon the project’s completion in late 2018.

March 22, 2018

California Loans Office Western

Bellwether Enterprise Arranges $22.5M Refinancing for Office Campus in Los Angeles

by Amy Works March 22, 2018

LOS ANGELES — Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, has arranged $22.5 million in refinancing for MDR Truss Campus, an office complex located in the Marina Del Rey submarket of Los Angeles. Situated on 2.7 acres, the property consists of six separate buildings totaling 68,693 square feet of creative office space and 179 parking spaces. The 15-year, fully amortizing, fixed-rate loan features a 3.64 percent interest rate. It was used to pay off the construction loan and cover closing costs. Shelley Magoffin and Max Sauerman of Bellwether secured the loan through one of the company’s correspondent life insurance companies. The name of the borrower was not released.

March 22, 2018

Development Georgia Industrial Southeast

PNK Group Breaks Ground on 1.1 MSF Spec Industrial Building in Metro Atlanta

by Camren Skelton March 22, 2018

MCDONOUGH, GA. — PNK Group has broken ground on the first building at Southern Gateway at Lambert Farms, a more than 3 million-square-foot speculative industrial development in McDonough, a southern suburb of Atlanta. The first building is a 1.1 million-square-foot, cross-dock distribution facility with 40-foot clear heights. Additional plans for the Southern Gateway project include an adjacent 1.5 million-square-foot cross-dock building and two rear-load facilities totaling 358,000 and 275,000 square feet. Pat Murphy, Ray Stache, Lisa Pittman and Tara Healy of Cushman & Wakefield are handling the development’s leasing assignment. Upon completion, the park will feature a 1.2-mile landscaped walking trail, a food truck court and electric vehicle charging stations. Pattillo Construction Corp. is the project’s general contractor, Macgregor Architects & Associates is the architect and Eberly & Associates, Contour Engineering and Contour Environmental make up the project’s engineering team.

March 22, 2018

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