GRAND PRAIRIE, TEXAS — Environmental consultant ES&H has acquired an 11-acre tract across the street from its north Texas hub to develop a warehouse and water treatment facility. The company will break ground in the first quarter of 2017 at 3405 Gilbert Road in Grand Prairie. Will Dillard of Dallas-based Bradford Commercial Real Estate Services represented the buyer in a direct deal with the seller, Lawrence Watts of Dallas. ES&H has received tentative approval from the city for the expansion project. The warehouse will span roughly 20,000 square feet.
LA GRANGE, TEXAS — Rainier Realty Investments LP has purchased the St. Mark’s Medical Office Building situated on 3.2 acres on St. Mark’s Medical Center campus in La Grange, located halfway between Austin and Houston. Built in 2006, the 31,200-square-foot, single-story medical office building sits is 100 percent leased. Rainier Realty Investments is an affiliate of The Rainier Cos. in Dallas.
MIDWEST CITY, OKLA. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $6.8 million, fixed-rate loan for Huntington Place Apartments, a 288-unit multifamily complex. The 88 percent-occupied property is located at 1401 N. Midwest Blvd. in Midwest City, a suburb of Oklahoma City. RREAF of Dallas purchased the property. The company plans to make capital improvements to the property, enhance management and improve operations. Scott Lynn of MCA was responsible for arranging the Fannie Mae DUS loan with a fixed 3.2 percent interest rate through Arbor Commercial Mortgage.
HOUSTON — NAI Partners has represented the landlord in a 22,400-square-foot industrial lease at 2906 Holmes Road in Houston. Chris Caudill and Joel Michael of NAI Partners represented owner KRP Ventures LP during lease negotiations. Mike Easley of Waterman Steel represented the tenant, Premier Auto Transport, a trucking and transportation company.
GRAND RAPIDS, MICH. — JLL has opened a new brokerage office located at 15 Ionia Ave. in downtown Grand Rapids to broaden its existing presence in Michigan. Jeffrey Karger and Robert Horn will lead the new office. Karger most recently served as senior advisor/director of office services for CWD Real Estate Investments, and Horn has completed more than 11 million square feet of industrial transactions during his career. JLL employs more than 800 professionals in Michigan, with dedicated teams in Detroit and Ann Arbor, Mich., specializing in project management, corporate solutions and public institutions.
BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $48.8 million Fannie Mae loan for ParkCrest Landings, a 400-unit property located at 5725 1st Ave. in Bradenton. Built in 2015, ParkCrest’s amenities include a theater, catering kitchen, cyber café, fitness center, game room, heated whirlpool spa, two lakefront swimming pools, two playgrounds, tennis courts, fenced dog parks, volleyball court, lakeside gazebo and four lakes with multiple fountains. Chris Black and Caleb Marten of KeyBanks’s commercial mortgage group arranged the financing, which facilitated the acquisition of the property.
VIRGINIA BEACH, VA. — The Franklin Johnston Group has opened Southern Pine, a 240-unit apartment community located at 2520 Allie Nicole Circle in Virginia Beach. The property is situated along the Virginia Beach National Golf Club and behind the Courthouse Market Place Shopping Center. The one-, two- and three-bedroom apartments feature stainless steel appliances and balconies. The gated community’s amenities include an outdoor infinity-style swimming pool, two-story clubhouse, fitness center and a two-lane bowling alley.
HIGH POINT, N.C. — BC Wood Properties, owner of Southwood Square Shopping Center in High Point, plans to remerchandise the center’s former Kmart store with retailers including Planet Fitness, Roses and dd’s Discounts. The new tenants will open their stores by spring 2017. BC Wood purchased Southwood Square in 2013 with the intent to renovate the center when Kmart vacated its 104,000-square-foot space. Southwood Square is located on the corner of South Main Street and West Fairfield Road and is leased to tenants including Dollar Tree, Save-A-Lot, Jackson Hewitt, Nationwide Insurance and Shoe Show.
BILOXI, MISS. — Berkadia has brokered the $13.9 million sale of Oceanaire Apartments, a 196-unit multifamily complex located at 16016 Lemoyne Blvd. in Biloxi. Built in 2009, the property includes one-, two- and three-bedroom floor plans with walk-in closets, island kitchens with breakfast bars and private balconies. Community amenities include a resort-style swimming pool with fountains, picnic and grilling area, clubhouse and secured on-site parking. David Oakley and Gregg Cordaro of Berkadia brokered the sale. Dallas-based Pillar Income Asset Management Inc. purchased Oceanaire Apartments from Dallas-based Encore MF Oceanaire Apartments LLC. The property was 97 percent occupied at the time of sale.
LOUISVILLE, KY. — NorthMarq Capital has arranged a $2.8 million loan for Richlawn Centre, a 16,680-square-foot retail property located at 4133-4149 Shelbyville Road in Louisville. Randall Waddell of NorthMarq’s Louisville office arranged the seven-year loan with one year of interest-only payments through an undisclosed regional bank.