Property Type

Mission Capital Arranges $10.5M in Financing for Industrial Complex in Stafford, Texas

by Taylor Williams April 10, 2017

STAFFORD, TEXAS — Mission Capital Advisors has arranged $10.5 million in first mortgage financing for Avera Commerce Center, a 16-building industrial complex in Stafford, a southwestern suburb of Houston. Situated on 14.5 acres at 3928-4012 Bluebonnet Drive, the property measures 249,823 square feet. Ari Hirt, Steven Buchwald, Eugene Shevaldin, Lexington Henn and Will Sledge of Mission Capital arranged the loan on behalf of the borrower, Raith Capital Partners. Raith will use a portion of the non-recourse loan to make capital improvements to Avera Commerce Center.

April 10, 2017

Industrial Texas

DCT Industrial Trust to Develop 220,000 SF Distribution Center Near Port Houston

by Taylor Williams April 10, 2017

HOUSTON — DCT Industrial Trust plans to develop a 222,000-square-foot, Class A distribution facility for logistics firm DHL Supply Chain USA near Port Houston. The publicly traded REIT recently purchased a 13.2-acre site located next to two DCT-owned industrial properties along State Highway 225, both of which are occupied by DHL, for the development. Angler Construction will begin building the facility during the second quarter.

April 10, 2017

Multifamily Texas

HLC Equity Buys 192-Unit Multifamily Property in Carrollton for $13.2M

by Taylor Williams April 10, 2017

CARROLLTON, TEXAS — HLC Equity, a Pennsylvania-based investment and management firm, has purchased Toscana Apartments, a 192-unit multifamily community in the Dallas-Fort Worth metro of Carrollton, for roughly $13.2 million. Located at 17910 Kelly Blvd., the Class B property features a business center, 24-hour fitness center and resort-style pool. The property was 96 percent occupied at the time of sale.

April 10, 2017

Multifamily Texas

JLL Brokers Sale of 224-Unit Apartment Complex in Corpus Christi

by Taylor Williams April 10, 2017

CORPUS CHRISTI, TEXAS — JLL has brokered the sale of Sunchase Apartments, a 224-unit, garden-style apartment complex located at 5445 S. Alameda St. in Corpus Christi. Raybec Alameda LLC purchased the property, which features a pool, fitness center and an on-site laundry facility. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, F1S Sunchase Associates LLC in the transaction. The sale includes the 9.2 acres on which the complex is situated.

April 10, 2017

Industrial Midwest Minnesota

Opus Signs First Tenants at 145,800 SF Industrial Building in Brooklyn Park, Minnesota

by Kristin Harlow April 10, 2017

BROOKLYN PARK, MINN. — The Opus Group has signed the first tenants at its 169 Business Center in Brooklyn Park, about 11 miles north of Minneapolis. Staging Concepts and its sister company SC Railing Co. will occupy 65,000 square feet within the 145,800-square-foot industrial development. The building is located at the intersection of 85th and Wyoming avenues, and features 24-foot clear heights and access to U.S. Highway 169. Staging Concepts, which produces portable staging equipment for venues of all sizes, will use the building as an additional facility to the company’s existing headquarters in Minneapolis. SC Railing, which provides railing systems, will use a small portion of the facility to store finished goods and perform a portion of railing fabrication. A joint venture partnership between Opus Development Co. LLC and Founders Properties LLC owns the development. Opus Development was the developer, Opus Design Build was the design-builder and led the tenant improvement work and Opus AE Group served as architect, structural engineer and interior designer. Jason Meyer, Brent Masica and Kris Smeltzer of Cushman & Wakefield | NorthMarq marketed the property for lease. Tim Carlson of Cresa represented Staging Concepts and SC Railing Company in the lease transaction.

April 10, 2017

Michigan Midwest Retail

Mid-America Brokers Sale of 76,390 SF Shopping Center in Utica, Michigan

by Kristin Harlow April 10, 2017

UTICA, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shelby Corners in Utica, a suburb of Detroit. The sales price was not disclosed. The 76,390-square-foot shopping center is located at the northwest corner of Hall and Schoenherr roads. Tenants include Christmas Tree Shops and BuyBuy Baby, both subsidiaries of Bed Bath & Beyond. Michigan-based Grand Management & Development purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction.

April 10, 2017

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $4.6M HUD Loan for Refinancing of Multifamily Property in Northfield, Minnesota

by Kristin Harlow April 10, 2017

NORTHFIELD, MINN. — Dougherty Mortgage LLC has provided a $4.6 million HUD loan for the refinancing of Summerfield Apartments in Northfield, about 40 miles south of Minneapolis. Per a land use restriction agreement, 20 percent of the 112 units at the property are designated for affordable housing. The property was built in 1980 and renovated in 2003. Dougherty’s Minneapolis office arranged the 35-year loan for the borrower, Summerfield Investments LLC.

April 10, 2017

Michigan Midwest Office

NAI Wisinski Arranges $2M Sale of Office Building in Portage, Michigan

by Kristin Harlow April 10, 2017

PORTAGE, MICH. — NAI Wisinski of West Michigan has arranged the sale of a 19,188-square-foot office building in Portage, near Kalamazoo, for $2 million. The fully leased building is located at 5136 Lovers Lane. Bill Tyson of NAI arranged the sale on behalf of the buyer, Jay Kim Enterprises LLC. Marc Tourangeau and Kara Schroer of NAI leased up the property to full occupancy in 2016.

April 10, 2017

Industrial Midwest Ohio

Minnesota Ltd. Signs 9,384 SF Industrial Lease in Wooster, Ohio

by Kristin Harlow April 10, 2017

WOOSTER, OHIO — Minnesota Ltd. has signed a 9,384-square-foot industrial lease in Wooster, about 35 miles southwest of Akron. The 7.4-acre property is located at 460 W. Henry St. Minnesota Ltd. is the contractor for Kinder Morgan Utopia Pipeline. This is one of several Minnesota Ltd. facilities and laydown yards throughout the area, supporting the 215-mile pipeline of natural gas. Bryce Custer of NAI Spring represented all parties in the lease transaction.

April 10, 2017

New Jersey New York Northeast Retail Top Stories

Urban Edge to Acquire $325M Retail Portfolio in New York, Philadelphia, St. Louis

by Taylor Williams April 10, 2017

NEW YORK, PHILADELPHIA AND ST. LOUIS — Urban Edge Properties (NYSE: UE), a real estate investment trust, has entered into a contract to acquire a seven-property portfolio of retail assets for $325 million. The portfolio was 83 percent leased at the time of sale. The portfolio, which spans approximately 1.5 million square feet of leasable space, will consist primarily of retail properties in the New York City area, with holdings in the Philadelphia and St. Louis areas as well. According to CoStar Group, affiliates of New Jersey-based Acklinis Realty Holding LLC have owned the portfolio for the last four decades. The contributors will exchange their interests for approximately $127 million of UE’s operating partnership units, which are valued at $27.02 per unit. Urban Edge will also assume $33 million in existing debt, issue roughly $117 million of non-recourse, secured debt and fund the remaining $48 million in cash. Among the portfolio’s New York City-area properties are Yonkers Gateway Center, a 436,770-square-foot asset located at 2500 Central Park Ave. in Yonkers, which is 88 percent leased to tenants such as Burlington Coat Factory, PetSmart and Alamo Drafthouse; and The Plaza at Woodbridge, a 413,013-square-foot center located at 675 U.S. Highway 1 in …

April 10, 2017

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