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.
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.
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.
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.
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.
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.
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.
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.
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 …
Robust population and job growth are fueling a resurgence across all sectors of Nashville’s commercial real estate market, pushing vacancies lower, boosting rental rates and attracting strong interest from investors. With increasing demand for office space in the central business district (CBD), a rush of both in- and out-of-state developers and equity have descended on Nashville to deliver Class A product. That delivery timeline has subsequently pushed the demand for existing space to the adjacent Midtown, Wedgewood-Houston and MetroCenter submarkets. These satellite areas are benefiting from the positive absorption with existing space back-filled in record time, and some deliveries of conversions of older warehouses to hip office and retail space. CBD Construction Perhaps predictably, after the city climbed higher among the nation’s top job markets, (ranking third on NerdWallet’s list based on top cities’ unemployment rates and increase in working-age population between 2010- 2015), Nashville ranked sixth among the nation’s top cities for real estate investing in 2017, one spot higher than last year, in the annual Emerging Trends in Real Estate report put together by PricewaterhouseCooper and the Urban Land Institute. These accolades are a testament to Nashville’s crane-filled skyline, confirming that new construction is the dominant force in …