DALLAS — Affiliates of Virginia-based investment firm Harbor Group International LLC (HGI) have sold five multifamily properties totaling 1,192 units in Dallas. HGI acquired the assets in 2014 as part of a 12-property, 3,100-unit portfolio. Ten of the properties are located in the Dallas area and two in Houston. With this transaction, HGI has now sold all 10 Dallas properties to three different buyers for approximately $295 million.
SUGAR LAND, TEXAS — EDGE Realty Capital Markets has brokered the sale of Greenway Shopping Center, a 7,750-square-foot retail property located at 13400-13414 Greenway Drive in Sugar Land. The property was 100 percent leased at the time of sale. Josh Jacobs, Burdette Huffman and Kevin Holland of EDGE brokered the sale on behalf of the undisclosed seller. Other terms of sale were not released.
HILLSBORO, TEXAS — Gate Precast Co., a Florida-based producer of architectural concrete, will add a 45,000-square-foot manufacturing plant to its existing facility in Hillsboro, approximately midway between Fort Worth and Waco. The addition of the new property, which will be situated on 25 acres near Spur 579 and Industrial Loop, is expected to create 40 new jobs. Construction is slated to begin in January.
EL PASO, TEXAS — Condor Hospitality Trust Inc., a Maryland-based lodging REIT, has acquired the Fairfield Inn & Suites El Paso Airport, a Marriott-branded hotel located at 6611 Edgemere Blvd. in El Paso. Condor Hospitality purchased the asset from the undisclosed seller for $19 million. Amenities include a pool, fitness center and a business center. Condor Hospitality has retained Aimbridge Hospitality to manage the hotel.
CHICAGO — In partnership with Chicago Neighborhood Initiatives (CNI), Ryan Cos. Inc. has unveiled plans to develop Pullman Crossings, a 50-acre industrial park in Chicago’s Pullman neighborhood. The development will support as many as 1,000 jobs and generate more than $100 million of investment, according to Ryan. The new business park, located at the intersection of I-94 and 103rd Street, will accommodate multiple industrial facilities totaling up to 1.2 million square feet. Ryan is constructing a 140,000-square-foot Whole Foods Market distribution center, slated for completion in January 2018, at the south end of the park. Pullman Crossings is part of Pullman Park, a 180-acre, mixed-use development being master developed by CNI. Walmart, Ross Dress for Less, Planet Fitness and Advocate Health Care anchor the property. Todd Heine and Brendan Kelly of Avison Young are marketing Pullman Crossings for lease. U.S. Bank owns the land site.
LINCOLN, NEB. — Nebraska Innovation Campus Development Corp. (NICDC) and Tetrad Property Group have broken ground on an 80,000-square-foot office building at Nebraska Innovation Campus in Lincoln. The three-story building will feature a business incubator and common spaces designed for collaboration. Completion is slated for the third quarter of 2018. Richard Meginnis and Sally DeLair of NAI FMA Realty are marketing the building for lease. Nebraska Innovation Campus is a research campus designed to facilitate partnerships between the University of Nebraska and private sector businesses.
Bernard Financial Arranges $42M Refinancing Loan for Industrial Facility in Delta Township, Michigan
DELTA TOWNSHIP, MICH. — Bernard Financial Group has arranged a $42 million loan for the refinancing of a 1.7 million-square-foot industrial facility in Delta Township, located just west of Lansing. Multiple tenants occupy the building. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan. Barings Real Estate Advisors provided the loan for the borrower, Ashley Delta LLC.
COLERAIN AND WEST CHESTER, OHIO — Colliers International has brokered the sale-leaseback of two restaurant properties in Ohio for $5.3 million. Both single-tenant properties are net leased to TGI Friday’s. The property in West Chester sold for $2.2 million while the one in Colerain sold for $3.1 million. Chris Prosser, Jeff Johnston and Steve Timmel of Colliers International represented the seller, Bistro Real Estate Holdings. The buyer was not disclosed.
CARPENTERSVILLE, ILL. — Realty Metrix Commercial has negotiated four new leases at Spring Hill Market Place in Carpentersville, about 40 miles northwest of Chicago. MAACO Collision Repair, Pizza Hut, Tyke Play Kids Gym and Gyradikos have all signed leases at the 95,259-square-foot strip center. Built in 1990, the center is undergoing renovations to coincide with new tenant leases. Linda Kost and Dave Schmidt of Realty Metrix arranged the lease transactions.
PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) has agreed to acquire a nine-property multifamily portfolio for $228.1 million. The portfolio contains 2,353 units across the U.S. The seller was not disclosed. This acquisition will allow IRT to further develop its presence in core markets like Atlanta, Indianapolis and Columbus, Ohio. It will also allow the REIT to enter two new markets, though further information regarding the assets’ locations was not disclosed. IRT maintains a large multifamily portfolio in the South and Midwest, particularly in Arkansas, Georgia, Florida, Kentucky, Missouri, North Carolina, Oklahoma, Tennessee and Texas. Rents range from $455 per month at Raindance Apartments in Oklahoma City to more than $1,265 per month at Sabal Key in Naples, Fla. The communities within the new portfolio were built or renovated between 2000 and 2011 and feature an average occupancy of 95 percent. Average effective rent per unit was $884 for the three months that ended July 31, 2017. “This acquisition represents another key milestone for IRT, bolstering our current portfolio with a collection of high-quality communities located in amenity-rich, non-gateway markets that are core to our investment thesis,” says Scott Schaeffer, chairman and CEO of IRT. “This is a tremendous …