ABILENE, TEXAS — New Mexico-based Prestige Development Group will break ground this month on The Shops at Abilene Village, a 171,027-square-foot shopping center that will be located at 3550 S. Clack St. in Abilene. Approximately 85 percent of the space is preleased to tenants such as Academy Sports + Outdoors, Burlington and Petco. Delivery of the center is scheduled for 2018.
AUSTIN, TEXAS — Ready Capital Structured Finance, a New York-based lender, has closed a $5.7 million loan for the acquisition, renovation and stabilization of a 72-unit multifamily property located at 2201 W. William Cannon Drive in Austin. The Class B, garden-style property consists of seven two-story buildings. The non-recourse, interest-only loan has a 36-month term with one extension option.
PASADENA, TEXAS — JLL has negotiated a 68,333-square-foot lease renewal on behalf of Wrist USA Inc., a Houston-based logistics firm, at East Belt Business Park in Pasadena. Built in 2007, the industrial property is located at 1485 Sam Houston Parkway and features a cross-dock configuration, wide truck courts and 24-foot clear heights. Ryan Fuselier and Travis Secor of JLL represented the tenant in the lease negotiations. Faron Wiley of CBRE represented the landlord, Morgan Stanley.
KATY, TEXAS — Edifis Group, a Texas-based investment firm, has sold Grand Crossing II, an 8,500-square-foot retail strip center located at the intersection of Interstate 10 and Grand Parkway in Katy. At the time of sale, the property, which is shadow-anchored by Costco, was 100 percent leased to Sleep Number, GrandLux Nail Lounge and American Dental Partners. Ryan West of HFF represented the seller in the transaction.
VIRGINIA BEACH, VA. — Harvey Lindsay Commercial Real Estate has brokered the $8.5 million sale of a 400,000-square-foot industrial development located at 1440 London Bridge Road in Virginia Beach. A local investment group purchased the facility from General Foam Plastics Corp. The property comprises two 200,000-square-foot warehouses on 33 acres, with 10 acres reserved for future development. Lindsay Himelright of Harvey Lindsay represented the seller in the transaction, and John Lee & Associates represented the buyer.
AUGUSTA, GA. — Berkadia has arranged the $6.8 million sale of Oak Hill, a 120-unit apartment community located at 817 Hickman Road in Augusta. Nashville, Tenn.-based Augusta Hickman Road Multifamily Partners LLC purchased the asset from Lakewood, N.J.-based Oak Hill 2008 LLC. Built in 1972, Oak Hill comprises all three-bedroom units with community amenities including two swimming pools, two laundry facilities, new windows and new roofs. The community was 94 percent occupied at the time of sale. Mark Boyce and Blake Coffey of Berkadia’s Charleston office and Jeremiah Jarmin of the firm’s Atlanta office represented the seller in the transaction.
WASHINGTON, D.C. — Newmark Grubb Knight Frank (NGKF) has arranged three lease deals totaling 26,332 square feet at a 10-story office building located at 1100 New Jersey Ave. S.E. in Washington, D.C.’s Capitol Riverfront district. The new tenants include The African Wildlife Foundation (AWF), law firm Watkinson & Miller and defense and government contractor Assett Inc. AWF has leased 15,024 square feet on the ninth floor, relocating from 1400 16th Street N.W.; Watkinson & Miller leased the remaining 8,630 square feet on the ninth floor, relocating from One Massachusetts Avenue N.W.; and Assett Inc. leased the remaining 2,678 square feet on the seventh floor. Owned by WC Smith, the newly renovated office building overlooks the Potomac River, U.S. Capitol, Canal Park and Nationals Park. WC Smith’s recent renovations at the Class A building include a new fitness center, bicycle storage and a new conference center. Brendan Owen, Rafael Notario and Morgan Monroe of NGKF represented WC Smith in the lease negotiations. Bill Zonghetti and David Hardcastle of NGKF represented AWF, Terry Amling of Lincoln Property Co. represented Watkinson & Miller and Neil Narcisenfeld and Sarah Frick of Ezra Co. represented Assett Inc.
BALTIMORE — Marcus & Millichap has arranged the $4.2 million sale of The American Building, an 81,750-square-foot office building located at 231 E. Baltimore St. in downtown Baltimore. Built in 1905, the property served as the The Baltimore American newspaper’s headquarters until 1986. The office building was 51 percent leased at the time of sale to nonprofit organizations, government agencies, law firms and retailers. Robert Filley and Christian Beck of Marcus & Millichap represented the seller in the transaction.
GRAND RAPIDS AND LANSING, MICH. — Wolverine Building Group is constructing two apartment properties totaling 718,000 square feet in Michigan. Georgia-based Rise Real Estate is the developer. Skyvue Apartments is a 418,000-square-foot mixed-use development located in downtown Lansing. The $65 million project began with the demolition of a former car dealership. The property will include 338 units with a mix of one-, two- and four-bedroom units. Amenities include a sky view lounge, outdoor pool and fitness center. The building will also feature more than 4,000 square feet of commercial space for future build-out. Construction began in November 2015 and is slated for completion in July. The Brix at Midtown is located in downtown Grand Rapids. Comprising two buildings and 300,000 square feet, the property will feature 287 apartment units. Amenities include a clubhouse, fitness center, swimming pool, courtyards and dog parks. Construction began in April 2016 and is slated for completion this November.
HOWELL, MICH. — MedCraft Healthcare Real Estate LLC has completed development of the Ascension Medical Center in Howell, approximately 30 miles north of Ann Arbor. The $13.5 million, 60,000-square-foot outpatient facility is located at the Latson Road exit on I-96. The new center will offer primary care services of family practice, internal medicine, obstetrics/gynecology and pediatrics. Specialties include cardiology, pulmonology and audiology. Other services include diagnostic imaging (with 3-D mammography), lab, physical therapy and occupational health. The center is also home to an urgent care that will be open seven days a week for 10 hours per day. Diekema Hamann provided architectural and engineering services, while the CSM Group provided construction services.