DETROIT — Pillar has originated an $11.8 million Fannie Mae DUS loan for Detroit Savings Bank Apartments in downtown Detroit. The 10-year term loan features a 30-year amortization schedule. David Wilkins of Pillar originated the financing for Capitol Park Partnership. Built in 1895, the 12-story building features 56 market-rate apartment units on the top seven floors and The Archdiocese of Detroit on the first five floors.
PLEASANT HILL, IOWA — NorthMarq Capital has closed a $6.2 million refinancing for Golf View Apartments, a multifamily property located in Pleasant Hill near Des Moines. Jason Kinnison of NorthMarq’s Omaha office arranged the financing for the undisclosed borrower. The multifamily property features 84 apartment units.
DALLAS — Colliers International has arranged the sale of Northgate III, a 95,204-square-foot industrial property in Dallas. The buildings are located at 12002 and 12092 Forestgate Drive. Lizzy Blake of Colliers represented the seller, Mountain West Industrial, and Tom Grant of Lee & Associates represented the buyer, P.S.C. Properties LLC.
DENTON, TEXAS — Marcus & Millichap has brokered the sale of Denton Medical Office Building, a 12,892-square-foot office property located in Denton. The single-story, multi-tenant medical office building is located at 3331-3333 Colorado Blvd. Lab Corp. and Health Texas Provider Network fully occupy the space. Cody Payne and Wayne Bares of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were undisclosed private investors.
DALLAS — Workplace interior furnishings company Teknion Corp. will relocate its Dallas/Fort Worth office and showroom to KPMG Plaza at HALL Arts. The 18-story, 500,000-square-foot office tower is located in the Arts District of Dallas. The company will move into an 8,000-square-foot space designed by Vanderbyl Design on the building’s 16th floor. TVSdesign will assist Vanderbyl in the execution of the space. Kim Butler, the director of leasing at HALL Group, represented the landlord in the lease, and Jeff Eiting of CBRE represented Teknion. The company will move into its new space in spring 2017.
CYPRESS, TEXAS — Caddis, a Dallas-based real estate developer, has opened Heartis Cypress, a 78-unit assisted living and memory care community in the Houston suburb of Cypress. Oregon-based Good Neighbor Care manages the 63,000-square-foot community, which Caddis owns. Development costs were not disclosed. A unique feature of the community is its main street, a stretch of the community featuring a movie theater, 1950s-style ice cream parlor, art studio, auto repair, planting nursery and other stores. Each establishment has its own storefront aligned complete with streetlights and park benches. Austin-based KATUS designed the community. The Dallas office of Amegy Bank provided financing.
FORT WORTH, TEXAS — Hunt Southwest Real Estate Development, a Dallas-based developer owned by the Lamar Hunt family, has delivered Riverbend West, a 300,000-square-foot speculative industrial facility in Fort Worth. The Class A warehouse/distribution center is located at 2101 Reeves Place and features 32-foot clear heights, LED lighting, cross-dock configuration, an ESFR sprinkler system, a truck court, skylights and parking for trailers. Riverbend West is the first development for Hunt Southwest, which plans to break ground in December on a new 650,000-square-foot warehouse and distribution center in the north Fort Worth area. Hunt Southwest has selected Donnie Rohde, Chance Olin and George Jennings of Holt Lunsford Commercial to handle Riverbend West’s leasing assignment.
ORLANDO, FLA. — Creative Village Development LLC (CVD) has selected JLL to oversee the marketing of select sites available for sale at Creative Village, a $1 billion, 68-acre master-planned development in downtown Orlando. The Creative Village project is a public-private partnership between the city of Orlando and CVD, the project’s master developer. CVD is a joint venture between a local entity led by Ustler Development Inc. and Bank of America Community Development Corp. (BACDC). JLL will market select parcels of Creative Village in multiple phases, with Phase I comprising three parcels. The three parcels are programmed for at least 250 multifamily residences, an office building of at least 120,000 square feet and commercial, multifamily or hotel space spanning at least several hundred thousand square feet. Aaron Gray and Bret Felberg of JLL are leading the marketing efforts. Creative Village will transform the former Amway Arena into a mixed-use, transit-oriented development comprising University of Central Florida’s downtown campus, which is set to open in August 2019; office space; a $90 million, 600-bed student housing community developed by Ustler and KUD International LLC; a $62.5 million, 250-unit multifamily community developed by Ustler and a joint venture partner; and a 116-unit, $29 million …
JACKSONVILLE, FLA. — IKEA plans to break ground in November on its fifth Florida location in Jacksonville. Set to open in the fall of 2017, the new 290,000-square-foot IKEA store will join existing Florida locations in Orlando, Tampa, Sunrise and Sweetwater. IKEA Jacksonville will be situated on a 25-acre site along the northwestern corner of I-295 and Gate Parkway, roughly 10 miles southeast of downtown Jacksonville. The project team includes Lakeland, Fla.-based Marcobay Construction Inc.; CBRE; Driver McAfee, Peek & Hawthorne; Prosser Inc.; Bushra Tsai Inc.; RPM Engineers Inc.; Universal Engineering Sciences; Environmental Services Inc.; Gemini Engineering; and Ware Malcomb. IKEA Jacksonville is expected to create 500 construction jobs and 250 permanent jobs.
HEBRON, KY. — Dermody Properties has started construction on LogistiCenter at 275 #2, a 264,000-square-foot industrial facility located at 3521 Point Pleasant Road in Hebron, a suburb of Cincinnati in northern Kentucky. Situated near Cincinnati/Northern Kentucky International Airport, the new e-commerce compliant facility will feature 32-foot clear heights, 27 dock doors, 228 parking spaces and 70 trailer stalls. Hillwood is Dermody’s financial partner on the project, and both companies leased the site for LogistiCenter at 275 #2 from the Cincinnati/Northern Kentucky International Airport. Last year, Dermody and Hillwood delivered the nearby LogistiCenter at 275, a nearly 900,000-square-foot fulfillment center for Wayfair Inc. United Construction Co. is the general contractor for the project, and Jeffrey Bender and David Kelly of Cushman & Wakefield will handle the leasing assignment.
