DALLAS — Marcus & Millichap has brokered the sale of Cornerstone Apartments, a multifamily property located at 9709 Starlight Road in Dallas. The 209-unit property sold for an undisclosed sum. Built in two phases in 1968 and 1972, Cornerstone Apartments features three on-site laundry facilities, two swimming pools and a gated entry. Al Silva and Ford Braly of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal.
KINGWOOD, TEXAS — Origin Investments has completed the disposition of Kingwood Medical Arts, a medical office building located at 300-350 Kingwood Medical Drive in Kingwood. A healthcare REIT acquired the property for an undisclosed price. The 90,000-square-foot property is anchored by a 30,000-square-foot surgical center operated by a venture between Memorial Hermann Health System and United Surgical Partners.
OKLAHOMA CITY — Harborview Capital Partners, on behalf of a California-based client, has arranged a $2.6 million loan for the acquisition of a multifamily property in Oklahoma City. The borrower will use the Freddie Mac Small Balance loan to purchase a 68-unit multifamily community. The 10-year, fixed-rate loan features 36 months of interest-only payments. Jeff Fuchs of Harborview Capital negotiated the loan.
MUNSTER, IND. — Calmwater Capital has provided a $44 million bridge loan to Simborg Development to refinance existing debt, recapitalize the existing partnership and provide capital to lease up the remaining vacancies at Lake Business Center in Munster near Chicago. The 993,017-square-foot former Simmons Bedding Factory contains industrial and medical office space and was 83 percent leased at the time of the transaction. The building is located at 9100, 9120 and 9200 Calumet Ave. A significant portion of the credit facility will finance the payoff of the existing loan, investor buyout and tenant improvements. Ryan Malatesta of Calmwater Capital was the loan originator in the transaction.
KANSAS CITY, MO. — Cushman & Wakefield has negotiated the lease of 81,997 square feet of industrial space in Building III at Three Trails Industrial Park in Kansas City. Shuttlewagon Inc., a designer and manufacturer of mobile railcar movers for aggregate, mining and refining industries, will occupy the space located at 8701 Elmwood Ave. for 15 years. At least 60 employees are expected to work in the building. Joe Accurso and Rob Holland of Cushman & Wakefield represented Shuttlewagon in the transaction. Mark Fountain and Nick Tinnel of True North Industrial Realty LLC represented the landlord, NPIF2 Three Trails Building III LLC.
OAK BROOK, ILL. — Bradford Allen has been named the exclusive leasing agent for 1900 Spring Road, a 107,000-square-foot Class A building in Oak Brook, about 20 miles west of Chicago. The building is also known as Citibank Office Plaza, as Citibank runs a branch on the first floor. Franklin Partners purchased the building from American Realty Advisors in September and plans to relocate its offices to the building as well as handle the property management. John Millner and Ryan Moen of Bradford Allen will handle the leasing management.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has negotiated the lease of 26,607 square feet of office space for Metropolitan Life Insurance Co. in Southfield. Galleria Office Center is located at 300 Galleria Road. David Friedman and Robert Gagniuk of Friedman represented the landlord, Galleria Owner LLC, in the transaction.
MILACA, MINN. — Marcus & Millichap has arranged the sale of Milaca Park Apartments in Milaca, north of Minneapolis, for $3 million. The 71-unit apartment building is located at 240 2nd Ave. SW. Dan Linnell, Mox Gunderson and Josh Talberg of Marcus & Millichap’s Minneapolis office, in conjunction with Paul Davis, Andrew Daitch and Seth Barnett of Marcus & Millichap’s Detroit office, marketed the property on behalf of the seller, a partnership. Dan Linnell, Mox Gunderson and Josh Talberg represented the buyer, a limited liability company. Steven Chaben of Marcus & Millichap assisted in closing the transaction.
LEBANON, TENN. — Premier Design + Build Group LLC plans to construct Commerce Farms V, a 650,000-square-foot spec distribution facility situated within the 145-acre Commerce Farms Industrial Park in Lebanon, a suburb of Nashville. Premier Design + Build is building the property on behalf of the developer, HSA Commercial Real Estate. The facility will sit on 41 acres at Highway 109 and feature 32-foot clear heights, 144 truck dock positions, four drive-in doors, a parking lot with 184 trailer stalls and a TPO roofing system. Joe Ahrens is the project manager and Johnathan Nelsen is the field superintendent from Premier Design + Build. Harris Architects will deliver architectural services for the project, and Joe DeLemos of NorthStar Real Estate Advisors is leasing the building.
DURHAM, N.C. — KeyBank Real Estate Capital has arranged a $26.5 million loan for Whetstone Apartments, a 204-unit multifamily community located at 501 Willard St. in downtown Durham. The undisclosed borrower is using the loan to refinance existing debt for the property, which was built in 2014. Chris Black of KeyBank arranged the seven-year loan with 12 months of interest-only payments and a 30-year amortization schedule.
