GRAPEVINE, TEXAS — Manhattan Construction has broken ground on a $105 million mixed-use project in Grapevine, just north of Dallas-Fort Worth (DFW) International Airport. The transit-oriented development will connect Grapevine to both DFW International Airport and downtown Fort Worth. Project elements will include a 38,000-square-foot outdoor plaza, a 42,000-square-foot rail station, a 121-room Hotel Vin and a 552-space parking garage. Construction is expected to be complete by late 2019.
DALLAS — JLL has negotiated the sale of a 289,000-square-foot manufacturing plant located at 4949 Joseph Hardin Drive in south Dallas. The sale includes 24 acres contiguous to the facility. The property is rail-served and offers convenient access to Interstates 20, 30 and 35. Dustin Volz, Zane Marcell and Grant Matthews of JLL represented the seller, Linron Properties, in the transaction. Polk Street Industrial acquired the asset for an undisclosed price.
PLANO, TEXAS — CBRE has brokered the sale of 1800 & 1820 Preston Park, a two-building, 198,759-square-foot office property in Plano. The Class A buildings were 81 percent leased at the time of sale to tenants such as American Flood Research, Arrow Electronics and Health Texas. Eric Mackey, Gary Carr, John Alvarado, Robert Hill, Evan Stone and Jared Chua of CBRE represented the seller, Alexander & Baldwin, in the transaction. Libitzky Property Cos. acquired the asset for an undisclosed price.
DALLAS — Marcus & Millichap has arranged the sale of the Woodhollow and Pebble Cove, two multifamily assets in Dallas. Both the 236-unit Woodhollow and the 160-unit Pebble Cove are located on the 4300 block of Woodhollow Drive on the city’s south side. Both properties were built in the 1960s and share a single access gate. Al Silva and Ford Braly of Marcus & Millichap represented the sellers, a local investor and a local partnership, in the portfolio transaction. Silva, Braly and Mark McCoy, also with Marcus & Millichap, procured the buyer, a private investor who plans to invest $7 million in renovations to the exteriors and unit interiors of both properties.
ROMEOVILLE, ILL. — CT has begun development of Interchange 55 Logistics Park in the Chicago suburb of Romeoville. The $125 million, 1.3 million-square-foot logistics park is slated for completion by the end of this year. The project will consist of two distribution facilities, each with clear heights of 32 feet, 560-foot building depths and 185-foot truck courts. Building A will feature 657,000 square feet with 60 dock doors, 157 trailer parking spaces and 241 car parking spaces. Building B will feature 684,000 square feet with 68 dock doors, 175 trailer parking spaces and 465 car parking spaces. The design will allow for future expansion of parking and dock doors. Adam Roth, Dan Leahy and Packy Doyle of NAI Hiffman represented CT in the acquisition of the 112-acre land site.
CHIPPEWA FALLS, WIS. — CBRE Capital Markets has arranged the $50.3 million sale of the Mills Fleet Farm distribution center in Chippewa Falls, which is located in western Wisconsin. The Class A build-to-suit property spans 1.1 million square feet. Judd Welliver, Ryan Watts, Guy Ponticiello, Tom Holtz and Sonja Dusil of CBRE represented the seller, Ryan Cos. US Inc., which developed, designed and constructed the building. An affiliate of iStar Inc. purchased the asset.
CARMEL, IND. — In a joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has acquired Meridian Plaza in the Indianapolis suburb of Carmel. The purchase price was not disclosed. The property consists of two Class A office buildings totaling 240,312 square feet. Constructed in 1987 and renovated in 2016, the property features amenities such as a fitness center, conference center, tenant lounge and outdoor patio space. An occupancy rate was not disclosed, but the buildings are home to 39 tenants. M & J Wilkow plans to make additional improvements to the property.
MILWAUKEE — Founders 3 has brokered the sale of the PH Dye House in Milwaukee’s Historic Third Ward for an undisclosed price. The 125,560-square-foot office building is located at 320 E. Buffalo St. Tenants include Engberg Anderson Architects, Thiel Design and Hailing & Cayo SC. Andy Hess of Founders 3 brokered the transaction. The buyer, an affiliate of Singerman Real Estate LLC, plans to renovate the property.
AURORA, OHIO — PEBB Enterprises has sold Marketplace at Four Corners in Aurora, southeast of Cleveland, for $15.8 million. The 116,436-square-foot shopping center is home to tenants such as Stein Mart, Kirkland’s, Torrid, Old Navy, Party City and Gabe’s. PEBB purchased the property in 2013 when it was vacant, and has since made upgrades to the exteriors, landscaping and lighting, as well as added a new ground-up development. The property is now 100 percent occupied. The buyer was not disclosed.
PORTLAND, ORE. — Union Investment Real Estate GmbH has acquired The Porter, a 294-room boutique hotel in downtown Portland, for $148.8 million. The 16-story hotel is located at 1355 SW 2nd Ave. in the city’s Central Business District. The asset is part of the Curio Collection by Hilton brand. Syracuse, N.Y.-based Widewaters Hotels is the hotel’s developer, vendor and operator. Union Investment purchased the property from Widewaters via its open-ended real estate fund Unilmmo: Global. “The Porter is the ideal addition to our U.S. portfolio, which is set to grow at a similar pace going forward as in recent years,” says Andreas Löcher, head of investment management hospitality at Union Investment. The Porter, which opened this past January, features an upmarket restaurant on the ground floor, a coffee bar and a grab-and-go market, as well as a rooftop restaurant and lounge. The hotel also provides about 1,200 square feet of conference space, in addition to a heated indoor pool and a fitness center, which offers individual meditation and yoga rooms. Portland is Union Investment’s sixth targeted hotel location in the U.S. and its second on the West Coast. The Hamburg, Germany-based real estate investment manager acquired the Hilton Garden Inn …
