DALLAS — Henry S. Miller Multifamily Development has purchased land in Dallas for a new multifamily development called CliffView. Tom Grunnah and Kyle Ward of Henry S. Miller represented the company in the transaction. Dr. B. A. Badie was the seller. Henry S. Miller plans to build apartments and townhomes on the 4.4-acre property. The property offers views of downtown Dallas and is located northwest of the Belmont Hotel near the intersection of Sylvan and Fort Worth avenues. CliffView will be completed in 2016.
SAN ANTONIO — UC Funds has provided a $5.3 million acquisition and rehab loan for a 156-unit apartment complex in San Antonio. Renovations will include roof repairs, replacing all in-unit HVAC systems and central boilers and new exterior painting. The property is located eight miles northwest of downtown San Antonio on 7.7 acres. It is located off the I-410 and I-10 exchange near two malls and the South Texas Medical Center.
LISLE, ILL. — Ryan Cos. and Providence Life Services will develop an 80-unit, senior apartment community in Lisle, a western suburb of Chicago. Arbor Place of Lisle, an affordable, age-restricted community will be situated on an approximately 3.3-acre site at the northeast corner of Karns Road and Ogden Avenue. The development will comprise 60 one-bedroom, one-bathroom and 20 two-bedroom, one-bathroom units. The $20.6 million development was designed and is being constructed according to Enterprise Green Communities specifications. Construction is set for completion in summer 2015. Arbor Place of Lisle is the second project for the Ryan-Providence partnership. Arbor Place of Lisle is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority.
KANSAS CITY, MO. — Gailoyd Enterprises Group has sold The Power & Light Building to NorthPoint Development for an undisclosed sales price. The historic office tower, located at 106 W. 14th St. in downtown Kansas City, will be converted to a mixed-use development with 200 apartments. The sale included the 285,000-square-foot building and approximately one acre of adjacent land on the north side of the building. The land will be utilized for parking and 70 new apartment units for a total of 270 new units. The building currently is vacant. Riverside, Mo.-based NorthPoint plans to begin construction immediately. Gib Kerr of Cassidy Turley represented Carmel, N.Y.-based Gailoyd Enterprises in the transaction.
WHEELING, ILL. — Chicago-based REVA Development Partners has broken ground on a 288-unit luxury rental community in Wheeling, a northern suburban of Chicago. Northgate Crossing is located at 250 Northgate Parkway. The 20-acre Northgate Crossing development will feature nine three-story apartment buildings. The apartments will include one- and two-bedroom plans ranging from approximately 700 to 1,200 square feet. The development is part of the village’s Town Center district, which is anchored by the municipal campus, fitness and aquatic centers, large-scale Heritage Park redevelopment and an existing Metra Station. The village also recently signed an agreement for the additional development of future residential and retail on an existing 17-acre parcel owned by the village. REVA is partnering with Chicago-based Blue Vista Capital Management on the development. Kinzie Builders, a division of Kinzie Real Estate Group, is serving as the general contractor and construction project manager. Kinzie Real Estate Group will also oversee the leasing and management of the property. Fifth Third Bank provided financing for the development.
COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $2.1 million Fannie Mae loan for the refinancing of a 72-unit seniors housing property in Coon Rapids. Margaret Place is an assisted living facility located within a wooded residential setting and offers an urgent response system, 24-hour security system and twice daily wellness checks, as well as daily home-cooked meals and numerous scheduled activities. The 18-year loan includes a 25-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Margaret Place LP.
ATLANTA — Columbia Property Trust, one of the largest office REITs in the nation, has completed the sale of a five-building, 1 million-square-foot office campus in Atlanta for $290 million. The campus, which is fully leased to AT&T Services Inc., is located at 1025, 1055, 1057 and 1277 Lenox Park Blvd. and 2180 Lake Blvd. in the Lenox Park office complex in the Buckhead office submarket. The buyer was undisclosed.
FOUNTAIN INN, S.C. — Pattillo Industrial Real Estate has broken ground on a 205,000-square-foot speculative industrial facility, located on a 40-acre site at 141 Southchase Blvd. in Fountain Inn, roughly 20 miles southeast of Greenville. The Class A asset will be located in SouthChase Industrial Park and will be expandable up to 330,000 square feet. SouthChase Industrial Park is currently leased to 14 tenants, including Bosch Rexroth, W.W. Grainger, AVX Corp., Southeastern Products and Stueken. The new building will feature 30-foot clear heights, a 180-foot truck court, 45 dock positions, T5 lighting and an ESFR sprinkler system. Pattillo expects to deliver the facility in mid-2015. The developer has tapped NAI Earle Furman to lease and market the property.
MARIETTA, GA. — Colliers International’s Southeast retail investment sales team has brokered the sale of two shopping centers in the Atlanta suburb of Marietta totaling $14.4 million. The two assets include the 88,369-square-foot Home Center Village and the 206,828-square-foot Marietta Plaza. Home Center Village is 90 percent leased to tenants such as Dollar Tree and Anna’s Linens and includes Walmart Supercenter as a shadow anchor. The Geneva Group purchased Home Center Village from Mimms Enterprises for roughly $6.9 million. Marietta Plaza is anchored by Burlington Coat Factory. The Simpson Organization purchased the asset for roughly $7.5 million. Joe Montgomery and Tony D’Ambrosio of Colliers International represented the sellers in both transactions.
STERLING, VA. — NAI KLNB has brokered four leases totaling 180,000 square feet at Airport Commerce Center, a five-building, 408,000-square-foot industrial park in Sterling, near the North Gate of Washington-Dulles International Airport. With these four lease transactions, the industrial park is now 100 percent occupied. Marc Tasker and Kevin Goeller of NAI KLNB represented the owner, Deutsche Asset & Wealth Management, in all four lease transactions. The leases consisted of Eastern Motors signing a lease for 77,488 square feet at 22705 Commerce Center Court, with Bob Gibbs of CBRE representing the tenant; ViON Corp. signing a lease for 42,766 square feet at 22704 Commerce Center Court, with Chet Rao of NGKF representing the tenant; Cardinal Bakery signing a lease for 36,122 square feet at 22704 Commerce Center Court, with Bob White of Landmark Commercial representing the tenant; and Simplex Grinnell signing a lease for 23,787 square feet at 22712 Commerce Center Court.