FORT WORTH, TEXAS — Trademark Property Co. is under contract to purchase 3.5 acres adjacent to its 278,000-square-foot WestBend mixed-use development in Fort Worth’s University District. The parcel is located on University Drive, immediately south of WestBend along the Trinity River. Conceptual planning is underway to develop additional mixed-use space including ground-floor retail with either a hotel or multifamily and condo units above. A Hawthorne Suites hotel currently occupies the site.
DALLAS — INDECT USA, a provider of sensor-based parking guidance systems, has completed ultrasonic parking guidance installation at the Dallas Omni Hotel and Convention Center in downtown Dallas. The Dallas Omni Hotel is the first and only hotel in the United States to offer parking guidance. Installed as part of the $400 million Dallas Convention Center redevelopment, the parking guidance program features the installation of 347 parking sensors, as well as a network of LED signs informing drivers how many open parking spaces are available and where they can be found. The sensors are located above each parking space, offering signals to drivers that are visible from several hundred yards away of where open spaces can be found, and what type of parking is permitted in an individual space. Different colors indicate each space’s status: green for available, red for occupied, blue for Americans with Disabilities Act (ADA) parking and white for one-hour parking. The LED signs at the end of each driving aisle also indicate how many spaces, and what types of spaces, are available in each parking aisle. Additionally, the sensors provide management benefits by collecting data about lengths of stay, occupancy and usage, which will help Omni Hotels …
ROCKWALL, TEXAS — MYCON General Contractors has begun construction on a standalone Kroger Signature concept store located on an 11.3-acre tract at the southeast corner of North Goliad Street and Quail Run Road in Rockwall. The 80,000-square-foot Kroger Signature store will offer fresh food options, healthy meal solutions and traditional grocery items, as well as a six-pump Kroger Fuel Center and Kroger Pharmacy, which will have three drive-thru lanes. Site plans include loading docks, a detention pond, surface parking and landscaping. Groundbreaking was held in January, and the store opening is slated for the first quarter of 2017.
WACO, TEXAS — KeyBank Real Estate Capital has provided a $7.7 million interim loan for Brazos Village Apartments, a 144-unit affordable housing apartment community in Waco. Proceeds from the loan will be used to fund the acquisition and renovation of the property. The project operates under the Section 42 Low Income Housing Tax Credit (LITHC) program and is within its extended use period requiring that 70 percent of the units be rented to tenants earning no more than 60 percent area median income (AMI) and 30 percent of the units be set aside for tenants earning no more than 50 percent AMI. This project is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing affordable rental housing throughout the United States. John Gilmore IV of KeyBank’s community development lending division arranged the financing.
HOUSTON — USA Insulation has opened its first Texas location at 6868 N. Loop E. in Houston. The 3,433-square-foot space expanded the total corporate franchise count to 16 locations across the United States. John Wenckens of Newcor Commercial Real Estate represented the tenant. USA Insulation installs residential home insulation using methods ranging from blown-in attic insulation to injection foam insulation that can be injected or pumped into exterior walls, crawl spaces and foundations. Kelly Landwermeyer with Holt Lunsford Commercial represented the landlord, CenterPoint Properties.
LA GRANGE PARK, Ill. — Ziegler, a specialty investment bank, has closed $56.3 million in fixed-rate bonds for Plymouth Place Senior Living, a 360-unit continuing care retirement community in La Grange Park, approximately 15 miles southwest of Chicago. Plymouth Place is a nonprofit community established by United Church of Christ in 1939 and is situated on 18.6 acres. The community includes 182 independent living apartments, 14 independent living cottages, 52 assisted living apartments, 26 memory care apartments and 86 skilled nursing beds. Providence Management and Development Co. operates the skilled nursing portion of Plymouth Place. Proceeds from the bonds will pay for $2.3 million in capital improvements, pay for $52.8 million in outstanding 2005 bonds, establish a debt reserve fund and pay for issuance expenses. The 2005 bonds were used to redevelop the main building and demolish the prior main building.
SOUTHFIELD, MICH. — Newmark Grubb Knight Frank (NGKF) has brokered the sale of an 116,389-square-foot industrial building in Southfield for $8.4 million. ElringKlinger Automotive Manufacturing Inc. purchased the facility located at 23300 Northwestern Highway from STAG Industrial. Built in 2006, the asset was formerly a Staples fulfillment warehouse. ElringKlinger will begin occupying the facility, which is situated on 10.7 acres, by the end of the first quarter of this year. Tom Oldham of NGKF represented the buyer in the transaction. The seller was undisclosed.
COUNCIL BLUFFS, IOWA — NorthMarq Capital has arranged the $3.4 million refinancing of Lake Manawa Centre in Council Bluffs. The property consists of two neighborhood strip retail buildings and a McDonald’s ground lease. Jason Kinnison of NorthMarq arranged the financing, which was structured with an 18-year term and 22-year amortization schedule, through a life insurance company.
CHICAGO — J.C. Anderson will construct a 20,000-square-foot office expansion and renovation of a property in Chicago. West Monroe Partners occupies space at The Franklin, a two-building office property in Chicago’s West Loop. The business and technology consulting firm is set to move into the new space once it is completed this June. The Franklin, located at 222 W. Adams St. and 227 W. Monroe St., was designed by Skidmore, Owing & Merrill. The office building that houses West Monroe Partners, 227 W. Monroe St., was constructed in 1989 and is 60 stories. The building has 2.5 million square feet of rentable space. Amenities at The Franklin include an atrium lounge and a 10,000-square-foot fitness center. Garnett is providing architectural services for the expansion and renovation.
HIGHLAND PARK, ILL. — Adelphia Properties has arranged a 6,900-square-foot retail lease in Highland Park, approximately 26 miles northwest of Chicago. Summer Classics Home Furniture, a premier luxury home gallery, will occupy space at Renaissance Place, which is located at 1850 2nd St. Simeon Spirrison of Adelphia Properties represented the tenant in the transaction. Steven Baer of Metro Commercial Real Estate represented the landlord, a private Seattle-based group.
