TEXARKANA, TEXAS — Expal USA, a weapons and armaments manufacturer, has renewed its lease at TexAmericas Center (TAC), a development in Texarkana that comprises more than 10,000 development-ready acres and 3.5 million square feet of commercial and industrial product and serves four states. Expal USA is a long-term tenant at TAC, occupying approximately 156,000 square feet across three campuses, and this renewal is for bunkers located on TAC’s 2,900-acre West Campus in unincorporated Bowie County. Eric Voyles of TAC directly negotiated the renewal with Expal USA.
PHOENIX — JLL has arranged a $271.9 million recapitalization of an eight-property build-to-rent (BTR) residential portfolio in Arizona, Colorado and Texas. Kevin MacKenzie, Michael Joseph, Brad Miner, Matthew Putterman, Chris Shea, Caroline Novak and Weston Nearon of JLL arranged the debt and equity financing placements on behalf of the borrower, NexMetro, a Phoenix-based BTR developer behind the Avilla Homes brand. The new financing infusions include the assumption of $206 million in agency financing and $65.9 million of preferred equity from Stockbridge. The properties were developed between 2018 and 2019 and include Avilla Camelback Ranch, Avilla Centerra Crossing, Avilla Deer Valley, Avilla Lehi Crossing and Avilla Meadows in Arizona; Avilla Buffalo Run in Commerce City, Colo.; and Avilla Northside and Avilla Heritage in the Dallas-Forth metroplex markets of McKinney and Grand Prairie, respectively. The eight properties total 1,061 units. The most recent recapitalization allows NexMetro to return capital to investors while continuing to tackle its development pipeline, which comprises 60 projects across the Sun Belt in various stages of completion. JLL also closed a previously announced round of financing that included a $78.7 million equity investment from Artemis and $160 million of debt from Blackstone for four NexMetro BTR properties in Arizona …
IRVINE, CALIF. — C.W. Driver Cos. has completed Irvine High School Performing Arts Center, a facility designed to inspire creativity and support the performing arts. The $35 million, 25,000-square-foot complex opened to the community in early February. The state-of-the-art venue features a 650-seat main theater equipped with advanced sound, lighting and rigging systems, providing students and the community with a professional-grade performance experience. Additionally, the center includes a Black Box theater, scene shop, dressing rooms and a modern lobby. The single-story complex consists of a steel and metal frame diaphragm building featuring a combination of metal panels, plaster and curtain wall system finishes. The ground-up construction began in January 2023. Ruhnau Clarke Architects served as architect for the project.
PORTLAND, ORE. — Ethos Commercial Advisors has arranged acquisition financing for Eastport Plaza, a neighborhood shopping center in Portland. Situated in Portland’s Jade District, the 275,518-square-foot property is anchored by Ross Dress for Less, LA Fitness, Dollar Tree, a Regal movie theater and an assortment of national and local tenants. The buyers successfully backfilled the former Joanne’s Fabric with a national tenant to occupy 28,000 square feet to bring the center to 95 percent occupancy. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors arranged the five-year, fixed-rate loan with a life insurance company. The loan featured a 66 percent loan-to-value ratio.
BAKERSFIELD, CALIF. — Community Preservation Partners (CPP), in partnership with Bettencourt Properties and The Beneficial Housing Foundation, has acquired Sundance Apartments, an affordable housing complex in Bakersfield, with plans to renovate the asset. Located at 6000 White Lane in Bakersfield’s Spice Tract neighborhood, Sundance Apartments was originally built in 1981 and comprises 10 two-story buildings and a single-story building with a community room, laundry room and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP’s total development investment is approximately $32.5 million, which includes the purchase price of $20 million and estimated renovation costs of approximately $80,000 per unit. The property will receive significant renovations to improve energy efficiency and modernizations. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades will include the modernization of bath and kitchen surrounds and fixtures and replacement of unit flooring. Exterior improvements will include roofing replacement, repairs to the property’s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property’s community room. CPP is partnering with LifeSTEPS to provide onsite adult education, health and wellness, and skill-building classes and services …
BUENA PARK, CALIF. — C&C Development and Riverside Charitable Corp. have broken ground on Lincoln Avenue Apartments, an affordable housing community in Buena Park. Consisting of four three-story buildings, Lincoln Avenue Apartments will offer 54 apartments for families and veterans in need. The project will include five units for student families, 11 units for veterans and 13 permanent supportive housing units for families and individuals with special needs. Units will range in size from approximately 500 square feet to 900 square feet and will be both ADA-accessible and adaptable. Additionally, units will incorporate sustainable design elements and practices, such as drought-tolerant landscaping and the installation of energy-efficient HVAC systems, water heaters and appliances. Onsite amenities will include a community room, laundry room, children’s tot lot, teen outdoor fitness area and a barbecue pavilion. Additionally, LifeSTEPS will offer onsite programming for adult education and after-school activities for children. Funding for the project was provided by several entities, including the City of Buena Park and CalOptima Health, which is providing an $8 million grant to support housing for Medi-Cal members.
MONROE, GA. — CBRE has arranged a $42.7 million construction loan for The Jax, a 282-unit, garden-style apartment development located at 200 Aycock Ave. in Monroe, about 40 miles east of downtown Atlanta. Blake Cohen and Charlie Clark of CBRE’s Debt & Structured Finance team in Atlanta arranged the financing on behalf of the borrower, a joint venture between Green River Builders and ARC Multifamily Group. Atlanta-based Peachtree Group provided the 2.5-year, interest-only loan at approximately 74 percent loan-to-cost. The Jax will comprise seven three-story residential buildings housing one-, two- and three-bedroom apartments averaging 1,117 square feet in size. Amenities will include a business center, clubhouse, pool, fitness center, volleyball court, picnic area, EV charging stations and a breakfast/coffee concierge. The construction timeline was not released.
DURHAM, N.C. — Welcome Group has signed four tenants to join the roster of the first phase at Welcome Venture Park, an industrial park underway in Durham. Phase I will total nearly 400,000 square feet upon completion, which is slated for the first quarter of this year. The new users include Mitsubishi Logistics, doing business as Cavalier Logistics (128,000 square feet); Food Bank of Central and Eastern North Carolina (64,000 square feet); and Great Day Improvements and Pep Move (20,400 square feet combined). Larry Lakins, Hunter Willard, Andrew Young and Shields Bennett of Colliers’ Raleigh office are handling the leasing for Welcome Venture Park. Randy Warren of RW2 Development Co. is steering the project’s development and management.
MILLEDGEVILLE, GA. — Cushman & Wakefield has negotiated the sale of Arcadia on the River, a cottage-style student housing community located near the Georgia College campus in Milledgeville. Built in 2017 at 120 Pumping Station Road, the property offers 510 beds across 123 units. Shared amenities include a pool, tanning ledge, fitness center, yoga studio, sauna, volleyball court, shuttle service to campus, outdoor games and billiards, foosball and table tennis. Travis Prince, Victoria Marks, Shawn Lubic, Taylor Bird and Nelson Abels of Cushman & Wakefield represented the seller, Sanctuary Cos., in the disposition of the property to Time Equities Inc. Terms of the transaction were not released.
GASTONIA AND RALEIGH, N.C. — Charlotte-based department store chain Belk will open two new outlet stores in North Carolina this spring, marking its second and third outlet locations in the state. The stores will occupy the Eastridge Mall in Gastonia and Triangle Town Center in Raleigh. Belk Outlets offer a selection of high-end brands and products at a discounted price; fashion and home merchandise purchased specifically for the outlet locations; and products that come directly from traditional Belk department stores. Both locations will continue to operate traditional Belk stores on the second floor, while the first floor will be converted to outlet spaces. Belk opened its first outlet store in January 2023 in Greeneville, Tenn., and has opened 16 more locations in Georgia, Florida, Louisiana, Maryland, Oklahoma, Texas, Virginia and West Virginia.