NORTHLAKE, TEXAS — JLL has negotiated a 349,425-square-foot industrial lease at Northport 35 Business Center, a Class A industrial park located at 4250 Dale Earnhardt Way in the Fort Worth metro of Northlake. Elizabeth Jones of JLL represented the tenant, Allen Distribution, a food and beverage services firm. Cannon Green, Bob Hagewood and Forrest Cook of Stream Realty Partners represented the landlord, New York-based Clarion Partners.
ABILENE AND AMARILLO, TEXAS — Walker & Dunlop has arranged $22.4 million in bridge financing for a trio of multifamily properties totaling 572 units in Texas on behalf of a partnership between Pilgrim V and GRA Equities. The company arranged $6.4 million for the 152-unit Warwick Apartments in Abilene; $4 million for the 144-unit Coulter Landing apartments in Amarillo; and $12 million for the 276-unit Wind Tree Apartment Homes in Amarillo.
FORT WORTH, TEXAS — Atlanta-based investment and management firm Carroll Organization has acquired Century Colonial Park and Gallery 1701, two multifamily properties totaling 405 units in the riverfront area of Fort Worth. The properties, both of which were built in 2009, will be rebranded as The Trinity Residences and managed by Carroll Management Group.
MCKINNEY, TEXAS — Hunt Southwest will develop a 400,000-square-foot industrial facility in McKinney. The property, which will be built entirely on a speculative basis, will be located near U.S. Highway 380 and be branded University Business Park, according to The Dallas Morning News. A timetable for construction has not yet been established.
CHICAGO — Quadrant Real Estate Advisors has provided a $150 million loan for the refinancing of MILA, a 402-unit luxury apartment tower located along Chicago’s Michigan Avenue. Designed by bKL Architecture, the property also consists of 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel. Completed in May 2016, the tower features amenities such as a rooftop pool, garden, game room, fitness center and pet salon. Danny Kaufman and Jimmy Conley of HFF arranged the loan for the borrower, a joint venture between The John Buck Co. and Becker Ventures LLC. Loan proceeds will refinance the original construction financing.
ANN ARBOR, MICH. — Granger Construction will build a 25,000-square-foot expansion for the cancer center at St. Joseph Mercy Ann Arbor in Southeast Michigan. Granger will break ground on the $24 million project in September, with completion slated for November 2018. A redesigned entrance will feature a two-story glass atrium. The main floor of the new cancer center will feature an expanded infusion suite with 22 private bays and a serenity garden. Patient care will take place on the second floor. A lower level will become a dedicated space for St. Joe’s National Cancer Institute Oncology Research Program and conference rooms. Upon completion, the property will consist of 66,000 square feet and 40 exam rooms. Harley Ellis Devereaux is providing architectural services. In addition to $24 million in Trinity Health capital funds, St. Joe’s Ann Arbor development team, joined by community members and physicians, is conducting a $10 million campaign to support capital, operations and endowment needs for the cancer center.
GLENVIEW, ILL. — Lowe Enterprises Investors, in a joint venture with an institutional investor, has acquired The Reserve Glenview in suburban Chicago. The purchase price was not disclosed. The 239-unit apartment property is located on 7.6 acres at 195 Waukegan Road. The property features three-story buildings that wrap around a central parking structure. Floor plans range from studio to three-bedroom units. Amenities include a pool, outdoor kitchen and picnic area, courtyard, resident lounge and coffee bar, fitness center and business center. Greystar will manage the property.
BARTLETT, ILL. — Ridge, the industrial development arm of Transwestern Development Co., has broken ground on a 186,000-square-foot industrial spec development in Bartlett’s Brewster Creek Business Park. The project, called Ridge Brewster Creek II, is slated for delivery in December. Ridge previously developed Ridge Brewster Creek I, a 271,000-square-foot building that is 50 percent leased to Winhere Brake Parts. Located at 1331-1337 Schiferl Road, Ridge Brewster Creek II will feature 32-foot clear heights, an ESFR sprinkler system, 35 dock doors, two drive-in doors and 224 car parking spaces. Triumph Construction Services Corp. is the general contractor. Harris Architects Inc. is providing architectural services, while Eriksson Engineering Associate Ltd. is performing civil engineering work. Newmark Knight Frank will oversee leasing at the property.
BURBANK, GALION AND SHELBY, OHIO — Berkeley Point Capital has provided three HUD 232/223(f) loans for the refinancing of nursing homes in Ohio for borrower JAG Healthcare Group Inc. Berkeley Point Capital provided a $6 million loan for Burbank Parke Care Center, an 86-bed facility located in Burbank, about 45 miles south of Cleveland. A $1 million loan will be used for Galion Pointe, a 45-bed facility in Galion, about 60 miles north of Columbus. A $1.4 million loan will be used for Shelby Pointe, a 46-bed facility in Shelby, about 15 miles north of Galion. Frank Cassidy of Berkeley Point Capital secured the loans with Ginnie Mae.
PHILADELPHIA — KeyBank Real Estate Capital has provided a $44.7 million CMBS first mortgage loan for Rodin Place, a mixed-use building, and an adjacent retail property located in Philadelphia. Totaling 241,884 square feet, the assets include a single-story retail building, leased by Target, and one six-story office and retail building. John Christen of Key’s Commercial Mortgage Group arranged the financing with a 10-year term, five-year interest-only period and 30-year amortization schedule. Loan proceeds were used to refinance existing debt.
