PEARLAND, TEXAS — JLL has arranged financing for the construction of a new, 91,590-square-foot self-storage development in Pearland, a southern suburb of Houston. The five-year, non-recourse, floating-rate loan for the 726-unit facility, located at the intersection of Broadway and Kirby drives, was secured on behalf of SurePoint Self Storage. Griffin Guthneck of JLL led the effort for the financing, which originated from an undisclosed regional bank.
HOUSTON AND MIDLAND, TEXAS — Baker Katz and Venture Commercial Real Estate, member brokerage firms of X Team International, have secured two new leases for Northern Tool + Equipment, a Minnesota-based hardware supplier, in Houston and Midland. The Houston lease is for 18,000 square feet at Willowchase Shopping Center, located at 12944 Willow Chase Drive, and the Midland lease is also for 18,000 square feet at NEQ IH-20 and Loop 250. Clay Mote of Venture Commercial and Jason Baker of Baker Katz represented Northern Tool + Equipment in the two deals.
SOUTH BEND, IND. — Dougherty Mortgage LLC has arranged a $6.3 million Fannie Mae loan for the refinancing of Legacy Village at Notre Dame. The 14-unit student housing property is located in South Bend. The 12-year loan features a 30-year amortization schedule and was arranged through a partnership with Old Capital Lending. RWD Campus Developments LLC was the borrower.
MOUNT PROSPECT, ILL. — Entre Commercial Realty LLC has brokered the sale of a 30,745-square-foot office building in Mount Prospect, about 22 miles northwest of Chicago. The sales price was not disclosed. Nicholas & Associates, a construction management company based in Mount Prospect, acquired the building along with 5.2 acres of land. The property is located at 1401 Feehanville Drive within Mount Prospect’s Kensington Business Center. Dan Benassi and Mike DeSerto of Entre Commercial represented the buyer in the transaction. Michael Magliano of Cushman & Wakefield represented the undisclosed seller.
JEFFERSON CITY, MO. — Party City Corp. has signed an 11,585-square-foot retail lease in Jefferson City in central Missouri. Party City will occupy the space at Capital Mall, located at 3600 Country Club Drive. Scott Bitney of L3 Corp. represented the landlord, Capital Mall JC1 LLC, in the lease transaction.
BUTLER, WIS. — The Dickman Co. Inc./CORFAC International has negotiated the sale of a 6,000-square-foot industrial building in Butler, about 15 miles northwest of Milwaukee. The building is located at 5127 N. 125th St. Paul Pestka purchased the building from Richard Sommerfelt. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction.
CARO, MICH. — AT&T has signed a 3,991-square-foot retail lease on State Street in Caro, about 45 miles north of Flint. AT&T will relocate from its current location on the south side of town and will join Rite Aid at the two-tenant center. Vicki Gutowski, Michael Murphy and Larry Siedell of Gerdom Realty & Investment represented Rite Aid in the sublease.
TALLAPOOSA, GA. — Honda has invested $100 million for a new assembly line and modifications for production of the auto industry’s first 10-speed automatic transmission for front-wheel-drive vehicles at Honda Precision Parts of Georgia LLC (HPPG) in Tallapoosa, roughly 57 miles west of Atlanta near the Georgia-Alabama border. The amount adds to the more than $3 billion that Honda has invested in its U.S. plants over the past four years. Developed by Honda R&D, the new transmission will appear first in upper grades of the 2018 Honda Odyssey minivan, launching this spring, and will be applied to other light-truck and car models for Honda and Acura in the future. HPPG was established in 2006 and annually produces more than 375,000 transmissions for Honda and Acura automobiles.
JACKSONVILLE, FLA. AND STOCKBRIDGE, GA. — Robbins Electra has purchased three multifamily communities totaling 880 units in Jacksonville and Stockbridge for a combined $78.4 million. The properties include the 352-unit Vue at Baymeadows and the 160-unit Palm Trace in Jacksonville and the 368-unit Marbella Place in Stockbridge. The multifamily investor purchased Vue at Baymeadows for $34.2 million, Palm Trace for $11.7 million and Marbella Place for $32.5 million. Robbins Electra will invest $2.2 million to upgrade Vue at Baymeadows, which was 96 percent occupied at the time of sale; an undisclosed amount to upgrade Palm Trace, which was 95 percent occupied at the time of sale; and nearly $2 million to upgrade Marbella Place, which was 93 percent occupied at the time of sale. Robbins Electra’s portfolio now includes more than 22,400 apartment units totaling over $2.5 billion in value.
MIAMI — MDM Group has closed on the $45 million purchase of five acres at N.W. 7th Street and 1st Avenue within Miami Worldcenter, a $2 billion development now under construction that will feature residential, retail, office and hospitality components. The seller was Old Arena LLC, an entity led by Nitin Motwani. The site, the original home of the former Miami Arena, will house the Marriott Marquis Marriott Worldcenter Hotel & Expo Center. The project will be built in two phases, the first of which will include 600,000 square feet of conference and exposition space and 1,100 hotel rooms. Phase II will comprise a 600-room hotel tower. The development is expected to generate thousands of jobs during construction phases and hundreds of direct and indirect jobs once the hotel and conference center are fully operational. The design team includes Miami-based architect Nichols Brosch Wurst Wolfe & Associates and interior designer RTKL. MDM Group expects to break ground on the project by the end of the year. Master developer Miami Worldcenter Associates, led by Art Falcone and Motwani, will deliver Miami Worldcenter in phases over the coming years.
