AUSTIN, TEXAS — CSW Development has completed the disposition of an office property located at 2711 W. Anderson Lane in Austin. Paydar Properties Inc. acquired the two-story, 29,000-square-foot property for an undisclosed price. The buyer plans to redevelop the property into 27 Eleven, a mid-rise multifamily and mixed-use development in the near future. Scott LaMontagne and Michael Gonzalez of JLL represented the seller in the deal.
PLANO, TEXAS — Colliers International has arranged the sale of Parkway Commons, an office building located at 5068 W. Plano Parkway in Plano. CapRocq acquired the three-story building for $13.6 million. At the time of sale, the 101,289-square-foot property was 89 percent leased to a variety of tenants, including Farmers Insurance, Qualitest and Kenny’s Restaurant Group. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the undisclosed seller, while Kevin Huchingson and Isaac Smith of Colliers represented the buyer in the transaction.
SAN ANTONIO — The PPA Group has sold Kenton Place, a multifamily property located on 20 acres in northeast San Antonio. A private buyer acquired the 244-unit property for an undisclosed price. In 2008, The PPA Group originally purchased Kenton Place as part of a three-property portfolio that featured 10 acres of vacant land. The company renovated and updated the property and increased its NOI by 22 percent during its ownership period.
EL PASO, TEXAS — Hunt Mortgage Partners has provided $5.2 million in financing for the acquisition and rehabilitation of Father Carlos Pinto Memorial Apartments in downtown El Paso. The Freddie Mac tax-exempt loan features an 18-year term, two years of interest-only payments and a 35-year amortization schedule. Paisano Housing Redevelopment Corp. will use the financing to purchase and renovate the 113-unit property, which is restricted to residents age 62 or old. After the $6.5 million renovation, the property will offer one- and two-bedroom units for seniors.
HOUSTON — NAI Partners has arranged the lease of a 10,800-square-foot distribution and wholesale facility located at 4555 Airline Drive in Houston. Quality Reel Solutions, a manufacturer and wholesale provider of nailed wood reels, plywood reels and custom manufactured industrial lumber, will occupy the facility. Jake Wilkinson of NAI Partners represented the tenant, while Darryl Noon of Transwestern represented the landlord, St. Paul Fire & Maine Insurance, in the deal.
MIDLAND, MICH. — Westwood Net Lease Advisors has brokered the sale of an office building in Midland, about 27 miles east of Mt. Pleasant, for $92.6 million. The building serves as the headquarters for Dow Chemical Co., a manufacturer of plastics, chemicals and agricultural products. David Clary of Stan Johnson Co. represented the seller, Wells Fargo. Vince Vatterott and Jason Simon of Westwood Net Lease Advisors represented the buyer, a Northeast-based real estate investor. The transaction was completed as a 1031 exchange.
DEERFIELD, ILL. — Transwestern has arranged the sale of a three-story office building in Deerfield for $10 million. The 120,000-square-foot building is located at 155 N. Pfingsten Road. The property is 90 percent leased by 12 tenants and is anchored by NCH Marketing Services. Gary Nussbaum, Michelle Monhaut and Paige Gunn represented the seller, Colony Realty Partners. Brad Nichol of Boxer Property led the transaction on Boxer’s behalf. The company plans to upgrade building systems and add on-site tenant amenities.
FARMINGTON HILLS, MICH. — Colliers International has brokered the sale of a 35,090-square-foot retail automotive facility in Farmington Hills. The sales price was not disclosed. The facility, previously used as a sales and service center for Motor City Harley Davidson, is located at 34900 Grand River Ave. Farmington Hills-based Coretek Services, an IT services and consulting company, will lease the property as its new corporate headquarters. Paul Gobeille of Colliers represented the purchaser, an undisclosed LLC.
OAK BROOK, ILL. — McShane Construction Co. has been selected by Interforum Holdings to construct Lakeside Village of Oak Brook, a 315-unit apartment complex in Oak Brook. The building will be constructed on a six-acre parcel located off Royce Boulevard. The four-story development will feature an urban “Texas donut” design in which the residential component is constructed around a central core parking garage. The property will consist of 40 one-, 263 two- and 12 three-bedroom floor plans. Amenities will include a fitness center, business center, swimming pool, playground, dog park and dog washing station. Construction will be completed in phases with move-ins beginning in early 2018. The entire development will be completed in late 2018. Baranyk Associates Ltd. is providing architectural services.
GERMANTOWN, WIS. — Like Minds Brewing LLC has signed a 3,800-square-foot industrial lease in Germantown, about 23 miles northwest of Milwaukee. The 50,000-square-foot building is located on Maple Avenue. Jim Young of The Barry Co. represented the landlord, West Florist Avenue LLC. TJ Huenerbein of the Dickman Co. Inc. represented the tenant. Like Minds Brewing operates locations in Chicago and Milwaukee.
