FRISCO, TEXAS — The project development team of Dallas-based Henry S. Miller Co. Inc. (HSM) has broken ground on Main Street Crossing, a 24,000-square-foot retail center that will be located in the northern Dallas metro of Frisco. The property is being built on a speculative basis. Phase II of construction may begin once the space delivered in Phase I is 80 to 85 percent leased.
THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of YX Plaza, a 22,000-square-foot retail center located at 16103 W. York Road in The Woodlands. Nate Newman and Logan Kelly of Marcus & Millichap represented the seller, a partnership. Newman also procured and represented the buyer, a limited liability company. Both parties requested anonymity.
CHICAGO — Skender Construction has completed interior construction of the 176,000-square-foot headquarters for retail real estate company GGP at River North Point in Chicago. GGP has relocated 700 employees to the new headquarters. The three-level space features an abundance of natural light and an open office format with exposed ceilings. The focal point of the space is the café, which opens to a 10,500-square-foot private deck overlooking the Chicago River. Skender worked with Archideas Inc., Environmental Systems Design and JLL to complete the project.
KANSAS CITY, KAN. — Phillips Development and Realty (PDR) has acquired a 1.5-acre land parcel on Southwest Boulevard in Kansas City. The firm plans to build a 100,000-square-foot, 710-unit self-storage facility on the site. Construction of the Class A development is slated to begin during the third quarter of 2018 and be completed in the third quarter of 2019. Kansas City presents opportunities for development as the population continues to grow and employers expand, according to Donald Phillips, managing director of Tampa, Fla.-based PDR. Kansas City’s metro area population ranks 30th on a list of the 382 metropolitan statistical areas within the United States.
GLENVIEW, ILL. — The Missner Group has acquired a 45,000-square-foot flex industrial building in Glenview, about 20 miles northwest of Chicago. The purchase price was not disclosed. The single-story building, constructed in 1999, is located at 2323 Ravine Way in North Shore Corporate Park. The purchase is part of a sale-leaseback with the current owner, printing company DreamWorks Graphic Communications. DreamWorks acquired the building in 2014 and hired The Missner Group to complete building renovations at the time. The property features a clear height of 26 feet, four exterior truck docks, one drive-in door and 13,000 square feet of office space. Ed Adler of The Missner Group led the acquisition for the firm. Larry Much of NAI Hiffman represented both the buyer and the seller in the transaction.
GRAND RAPIDS, MICH. — Lamb Net Lease LLC has brokered the sale of Longmeadow Apartments in Grand Rapids for an undisclosed price. The 54-unit apartment property is located at 2600 Woodmeadow Drive SE. Longmeadow Apartments LLC sold the asset to a California-based private equity buyer. Mike Lamb of Lamb Net Lease brokered the transaction between both parties.
MENOMONEE FALLS, WIS. — Connected Technology Solutions Inc. has signed a 42,590-square-foot industrial lease in Menomonee Falls, about 20 miles northwest of Milwaukee. The kiosk hardware and software solutions provider will occupy the entire building located on Garwin Mace Drive. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. Inc./CORFAC International represented the landlord, AJR Properties South LLC, in the lease transaction. Brett Garceau of NAI/MLG Commercial represented the tenant.
BIRMINGHAM, ALA. — Birmingham-based GCP has secured a $60 million loan from MetLife for the refinancing of a seven-property industrial portfolio located throughout Atlanta, Charlotte, Alabama and Florida. Speake Financial advised GCP on the 10-year, fixed-rate loan. The properties comprise nearly 1.8 million square feet of GCP’s 7.2 million square foot inventory across the Southeast. The refinanced portfolio includes Progress Center and Troon Circle in Atlanta, which total 611,200 square feet; the 465,0000-square-foot Twin Lakes in Charlotte; and four properties across Alabama and Florida totaling 707,834 square feet.
NORCROSS, GA. — Cushman & Wakefield has arranged the $51 million sale of The Reserve at Gwinnett, a 370-unit apartment community in the northeast Atlanta metro of Norcross in Gwinnett County. Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, Duck Pond Realty Management LLC. Broadtree Residential Inc. acquired the property. Constructed in 1999, The Reserve at Gwinnett features a new fitness center, attached and detached garages, car care center, dog park, swimming pool and two lighted tennis courts.
MIAMI — Pinnacle Housing Group has opened Pinnacle Heights, a 109-unit affordable housing community located at 3530 N.W. 36th St. in Miami. The $31.5 million project includes one-, two- and three-bedroom units, the bulk of which are reserved for residents earning 60 percent or less of the area median income (AMI). Four units will be leased at market-rate rents. Monthly rents for affordable units at Pinnacle Heights range from $797 for a one-bedroom apartment to $1,112 for a three-bedroom unit. Market-rate rents begin at $1,450 per month. The 13-story building features a cyber lounge, media room, computer lab, fitness center and a covered playground. In addition, the property includes a four-story parking garage with 173 spaces.
