RICHMOND, VA. — Phillips Realty Capital has secured $36.5 million in permanent financing for the Altria Building at Reynolds Crossing located at 6603 W. Broad St. in Richmond. Phillps Realty Capital’s Charles DuBose arranged the financing on behalf of the borrower, Reynolds Development. The 222,057-square-foot, Class B office building was built in 1968 and renovated in 2007. The Altria Building is fully leased to a single credit tenant, Philip Morris USA, which is headquartered at the property.
ORLANDO, FLA. — Berkadia has arranged a $32 million loan for the acquisition of Courtney at Lake Shadow, a Class A, 244-unit apartment community located at 545 S. Keller Road in Orlando. Berkadia’s Charles Foschini and Christopher Apone arranged the seven-year, floating-rate loan with three years of interest-only payments through Freddie Mac on behalf of the borrower, Harbor Group International. Built in 2016, the lakefront community features one-, two-, and three-bedroom units, a fitness center, game room, pet washing station, internet cafe and on-site management offices.
ATLANTA — KeyBank Real Estate Capital has provided a $20.8 million Freddie Mac acquisition loan for Village on the Green, a 216-unit multifamily property located at 2975 Continental Colony Parkway in Atlanta. KeyBank’s Timothy Weldon and Irena Edwards structured the fixed-rate financing with a 10-year term, 30-year amortization schedule and five years of interest-only payments. Property amenities include a fitness center, resort-style pool, playground and a tennis court.
HOUSTON — JLL has arranged a $163.5 million loan for the refinancing of 717 Texas Avenue, a 696,000-square-foot, 33-story office tower in downtown Houston. Developed in 2003, the property was fully leased until recently, when a major tenant vacated, bringing the occupancy rate down to 50 percent. Tom Melody and John Ream of JLL arranged the financing through Goldman Sachs on behalf of a partnership between Hines and California-based Prime Asset Management.
ARLINGTON, TEXAS — General Motors (GM) and NorthPoint Development have broken ground on Arlington Automotive Logistics Center, a two-building, 1.2 million-square-foot industrial property in Arlington that will support GM’s nearby manufacturing plant. The project is expected to be complete in 2018 and create an additional 850 jobs. Bob Moore Construction has been named general contractor for the center, which will house about 1,250 employees and provide warehouse services.
DALLAS — Newmark Knight Frank (NKF) has negotiated the sale-leaseback transaction of a 476,341-square-foot, Class A industrial property in the Dallas area. Valued at more than $21 million, the property is located near both Interstate 35E and 20 and features 38,760 square feet of office space, 16 dock doors and a sprinkler system. Corey Chase of NKF represented the buyer, Chicago-based Brennan Investment Group, in the transaction.
DALLAS — Stream Realty Partners has brokered the sale of a 218,409-square-foot warehouse in Dallas. Located at 10848 Luna Road, the property features 28-foot clear heights, eight drive-in doors, a fenced yard and rail service. Ryan Boozer of Stream represented the buyer, Ryan Street Developers LLC in the transaction. Avison Young represented the undisclosed seller.
HOUSTON — Pioneer Realty Capital has closed a $3.2 million loan for the acquisition of USA Wheel & Tire Outlet, a 48,000-square-foot flex property located at 6628 Gulf Freeway in Houston. Pioneer Realty Capital arranged the loan on behalf of Aslam Property Inc., which will use the space for warehousing purposes. The transaction marks the third collaboration between Aslam and Pioneer Realty Capital within the last year.
ANKENY, IOWA — The Opus Group has broken ground on a 200,700-square-foot speculative industrial building in Ankeny, about 12 miles north of Des Moines. This is the second phase of development at Corporate Woods Industrial Park, a 50-acre site that consists of a fully leased 208,000-square-foot industrial warehouse and additional space for a third facility. The park offers immediate access to I-35 and I-80. The building will feature 32-foot clear heights, one drive-in door, up to 54 dock doors, ESFR sprinkler systems and 121 parking spaces. Completion is slated for May 2018. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and engineer of record for the project. Marcus Pitts and Jeremy Spillman of JLL will market the property for lease.
ELKHART, IND. — Marcus & Millichap has arranged the sale of the Iron Gate Self-Storage Portfolio in Elkhart, 15 miles east of South Bend. The sales price was not disclosed. The six-property, 289,302-square-foot portfolio was 70 percent occupied at the time of sale. The facilities are located on a total of 37 acres. The properties include County Road 113 Self-Storage; County Road 9 Self-Storage; Johnson Street Self-Storage; Middleton Run Road Self-Storage; Bloomingdale Drive Self-Storage; and State Road 13 Self-Storage. Sean Delaney and Michael Mele of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.
