ALLEN — The Woodmont Co. has brokered the sale of the 55,560-square-foot McDermott Commons retail center to a private investment firm. The property, located at McDermott Drive and Custer Road, is anchored by Jumpstreet Trampoline Park and includes two outparcels leased to Taco Bell/Pizza Hut and Wendy's and a freestanding building leased to BB&T Bank. The buyer has retained The Woodmont Co. to handle leasing at McDermott Commons.
HOUSTON — Core Laboratories LP has renewed its 119,700-square-foot lease at West by Northwest Industrial Park, located at 9830 Rosprim in Houston. The facility’s ESFR sprinkler systems, 24-foot clear height ceilings and proximity to Highway 290 and Beltway 8 continue to make a good fit for petroleum industry service provider Core.
GRAND PRAIRIE, TEXAS — Duke Realty has signed third-party logistics services provider APL Logistics Warehouse Management to a new lease totaling 209,070 square feet at the Grand Lakes I building in Grand Prairie. A state-of-the-art warehouse property, Grand Lakes I has the ability to expand the space remaining to as much as 660,792 square feet for a prospective client. Randy Wood of Duke’s Dallas office represented the landlord in the negotiations, and Nathan Lawrence of CBRE represented APL.
KERRVILLE, TEXAS — Kerrville Gardens at Clearwater Apartments, an 80-unit affordable senior apartment property in Kerrville, Texas, has been approved a $1.8 million loan with Dougherty Mortgage LLC of Minneapolis. The 10-year-term, 9.5-year yield maintenance refinance loan was arranged by Dougherty’s Austin office. Situated halfway between the South Texas Veterans Healthcare Systems campus and the Peterson Regional Medical Center, the Gardens serves active adults over the age of 55.
LEHI, UTAH — Perry & Associates, Inc. has broken ground on Traverse Ridge Center I, a 70,000-square-foot, Class A office building in Lehi. The building represents the first phase of a 22-acre, mixed-use office campus. It will be located at the intersection of Triumph Boulevard and SR-92. The building is scheduled for completion in April 2014. Build-to-suit and ground lease options are currently available. The listing is managed by CBRE’s Eric Smith, Kreg Peterson, James Mecham and Jessmine Kim.
PHOENIX — Pinnacle Peak Commerceplex I, a 302,254-square-foot warehouse/distribution property in Phoenix, has received $17.1 million in first-mortgage refinancing. Financing was based on a 10-year term and a 27-year amortization schedule. It was arranged by James DuMars and Michael Elmore of NorthMarq Capital through the firm’s relationship with a correspondent life company lender.
OLIVE BRANCH, MISS. — The Boulder Group has brokered the sale of a 7,008-square-foot AutoZone located 23 miles south of downtown Memphis, Tenn., in Olive Branch. The building, which was constructed in 2004, sits on a 40,843-square-foot parcel at 7322 Hacks Cross Road. AutoZone occupies it on a triple-net lease with seven years remaining on its term. The lease features 10 percent rent escalations in the primary term and in each renewal option. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based partnership. The buyer was a 1031 exchange investor.
JOLIET, ILL. — First Industrial Realty Trust Inc. (NYSE: FR) has acquired a 509,000-square-foot distribution center in the Chicago area for $20.5 million. The building is located at 4100 Rock Creek Blvd. in Joliet and includes 32-foot clear ceiling heights. The building was vacant at the time of sale. The facility can accommodate a single-tenant or be subdivided for multiple tenants.
ANOKA, MINN. — Grandbridge Real Estate Capital has closed a $3.6 million loan for the refinancing of a 105-unit apartment property in Anoka, about 20 miles north of Minneapolis. RiverSource Annuities and Insurance provided the 10-year loan, which includes a 20-year amortization schedule. The property was originally developed as a limited-service hotel. The borrower purchased the property and completed a multi-million dollar renovation and conversion to rental apartments.
JANESVILLE, WIS. — Dressbarn has leased 8,184 square feet at Pine Tree Plaza, a retail center located at 2900 Deerfield Drive in Janesville. Teresa Shemitis, vice president, and Andrew Prater, broker, at Mid-America Real Estate represented the landlord in the transaction. Dressbarn is a women’s clothing retailer for petites, misses and plus sizes.