HOUSTON — E.E. Reed Construction LP has broken ground on a 1,753-unit self-storage facility in west Houston for Proguard Storage. Upon completion, the six-story, climate-controlled facility will total 268,593 square feet. Houston-based Edgecomb & Associates is designing the project, which is scheduled to be complete in November 2018. The project will be the fourth self-storage facility for E.E. Reed since 2011.
ROUND ROCK, TEXAS — Marcus & Millichap has closed the sale of Mays Crossing, a 64,084-square-foot retail center located at 1201 S. Interstate 35 in the northern Austin metro of Round Rock. The property is located across the street from an Academy Sports + Outdoors. Other nearby retailers include O’Reilly Auto Parts, Pluckers Wing Bar and Cricket Wireless. Philip Levy of Marcus & Millichap represented the seller, a financial institution, and procured the buyer, a developer. Both parties requested anonymity.
HOUSTON — NAI Partners has brokered the sale of a three-building, 48,300-square-foot industrial portfolio located at 18155 Chisholm Trail in north Houston. The three buildings, which total 21,000, 14,500 and 12,800 square feet, are located on the former campus of oil and gas firm Weatherford International. John Ferruzzo and Nick Peterson of NAI Partners represented the buyer, Marston Acquisition Co. LLC, in the transaction.
KNIGHTDALE, N.C. — Inland Real Estate Acquisitions has arranged the sale of Alta Legacy Oaks, a 304-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Mark Cosenza and Beth Smith of Inland Real Estate Group arranged the transaction on behalf of the buyer, an Inland affiliate. Wood Partners sold the asset for $49.5 million, according to the Triangle Business Journal. The property, located at 1150 Baxter Lane, will be renamed View at Legacy Oaks. The community includes one- to three-bedroom units ranging in size from 744 to 1,502 square feet. Community amenities include a swimming pool, outdoor kitchen, outdoor game lounge, fitness center, community garden, business center, dog park, car care center, playground and a clubhouse. At the time of sale, View at Legacy Oaks was 96 percent occupied.
NASHVILLE, TENN. — Safe Harbor Development, in conjunction with Margaritaville Holdings, has broken ground on Margaritaville Nashville Hotel, a 217-room hotel in Nashville’s SoBro district. Inspired by the lyrics and lifestyle of singer/songwriter Jimmy Buffett, the hotel is located at the corner of 5th Avenue South and Peabody Street, steps from Music City Center. In addition to guest rooms, the hotel will feature 52 Margaritaville Vacation Club by Wyndham timeshare units; a rooftop area with a pool, sundeck, fire pits and live entertainment; fitness center; more than 10,000 square feet of function space; Starbucks Coffee shop; and two Margaritaville dining concepts: FINS Beach Bar and JWB Grill. Margaritaville Nashville Hotel is part of Margaritaville’s portfolio of hotels and resorts. To date, the portfolio includes 10 hotels across the Southeast and Caribbean and 23 additional locations under development. The Nashville location is expected to open in summer 2019.
AUSTELL, GA. — CBRE has arranged a $28.7 million acquisition loan for Core5 Logistics Center at Interstate West, a 781,440-square-foot industrial facility located at 440 Interstate West in Austell, roughly 18 miles northwest of downtown Atlanta. Joel Torbora, Jonathan Rice and Jeff Ackemann of CBRE arranged the three-year loan through BMO Harris on behalf of the buyer, WPT Capital Advisors. The company acquired the facility from Core5 Industrial Partners, which developed the property in September. Core5 Logistics Center features 36-foot clear heights. Todd Barton of CBRE is handling the property’s leasing assignment.
ASHEVILLE, N.C. — The International Council of Shopping Centers (ICSC) has named the Asheville Outlets a commendation winner in the renovations and expansions category at the 2017 U.S. Design and Development Awards competition. ICSC announced the winners during an awards ceremony at ICSC’s RetailGreen and CenterBuild Conference in Scottsdale, Ariz. Nine real estate developments throughout the country won an award, and Asheville Outlets was the only outlet center and only Southeast property to achieve this distinction. New England Development developed and manages the property, which is the redevelopment of an enclosed regional shopping mall into a multi-building, open-air center. The 325,000-square-foot center features a mountain village design with stone cladding, wood accents, paved pedestrian walkways, water fountains, landscaped gardens and multiple seating areas. Located roughly five miles from downtown, Asheville Outlets is home to tenants including Ann Taylor, Banana Republic, Brooks Brothers, Coach, J. Crew, Tommy Hilfiger, Under Armour, Vera Bradley and Field & Stream.
SARASOTA, FLA. — Ian Black Real Estate has arranged the $16 million sale of a 70,304-square-foot office building located at 6010 Cattleridge Blvd. in Sarasota. The Ibis Group sold the three-story asset to Sarasota County for its new administrative headquarters for the Sheriff’s Office. Ian Black, Steve Horn, Nick DeVito and Melissa Harris of Ian Black Real Estate represented Ibis Group in the transaction.
RAMSEY, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 221(d)(4) loan for the construction of Greenway Terrace in Ramsey, about 30 miles north of Minneapolis. All 54 of the property’s units will be restricted to individuals and families earning 50 percent or less of the area median income. The project will feature six one-bedroom units, 21 two-bedroom units, 21 three-bedroom units and six four-bedroom units. Dougherty arranged the 40-year loan on behalf of the borrower, Ramsey Station Apartments Limited Partnership. In addition to the HUD-insured first mortgage, the borrower obtained capital via the Low-Income Housing Tax Credit (LIHTC) program as well as funds from Anoka County and the Metropolitan Council.
CHICAGO — Midwest Industrial Funds has sold an 84,000-square-foot industrial building in Chicago for an undisclosed price. The food production building is located at 4300 S. Morgan St. within the Stockyards Business Park. The property features 17- to 28-foot ceilings, seven exterior docks, parking for 150 cars and freezer space on a nine-acre site. An affiliate of WP Carey, which had a long-term lease agreement in place with Griffith Foods at closing, purchased the property. Scott Duerkop, Jason Volpe and Sean Devaney of JLL represented the buyer and Griffith Foods in the transaction. Brian Vanosky, Tom Condon and Tim McCahill of Lee & Associates represented Midwest Industrial Funds.
