Friday, February 21, 2025
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Palladium-Lewisville
Affordable HousingDevelopmentLoansMultifamilyTexas

Palladium USA Breaks Ground on $30M Mixed-Income Multifamily Project in Lewisville, Texas

by Taylor Williams

LEWISVILLE, TEXAS — Locally based developer Palladium USA has broken ground on a $30 million mixed-income multifamily project in the northern Dallas suburb of Lewisville. Palladium Lewisville will total 90 units in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, business center, children’s play area and a clubroom with a communal kitchen. The first units are expected to be available for occupancy before the end of the year. PNC Bank provided $10.8 million in long-term debt and $13.3 million in equity as part of the financing of the project.

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Leasing ActivityMixed-UseOfficeSoutheastVirginia

CARFAX Signs 87,000 SF Office Lease at Metro DC’s Reston Station for New Corporate Headquarters

by John Nelson

RESTON, VA. — CARFAX, an automobile history reporting platform based in Centreville, Va., has signed an 87,000-square-foot office lease at Reston Station, a mixed-use development about 20 miles west of Washington, D.C. CARFAX will occupy three floors of the office building at 1906 Reston Metro Plaza, which will serve as the company’s new corporate headquarters. The landlord, Comstock Holding Cos. Inc., says CARFAX plans to move into its new space by the end of the year. Reston Station spans 90 acres near the Wiehle-Reston East Station on Metro’s Silver Line features more than 500 residential units, shops, restaurants and offices for companies including Google, ICF International and Spotify.

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IndustrialLoansSelf-StorageSoutheastVirginia

Cohen Investment Group Obtains $51.5M Financing for Industrial Complex in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Cohen Investment Group has obtained a $51.5 million financing package for the refinancing of Castleton Commerce Center, a 470,618-square-foot industrial complex in Virginia Beach. Eastern Union arranged the financing through Bank of America, which refinanced a $58.2 million bridge loan that Eastern Union originated when Cohen Investment Group purchased the property in 2021. Castleton Commerce Center features 409 self-storage units, 375 warehouse units totaling nearly 330,000 rentable square feet and 190 boat and RV parking spaces.

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FloridaLoansOfficeSoutheast

CBRE Arranges $30.2M Loan for Cornerstone One Office Property in Plantation, Florida

by John Nelson

PLANTATION, FLA. — CBRE has arranged a $30.2 million loan for Cornerstone One, a nearly 170,000-square-foot office building located at 1200 S. Pine Island Road in the Fort Lauderdale suburb of Plantation. Amy Julian and Andrew Chilgren of CBRE arranged the bank balance sheet loan. The names of the borrower and direct lender were not disclosed, but multiple media outlets report that The Brookdale Group purchased the property in 2023. Julian says that the owner has executed nearly 90,000 square feet of leasing activity at Cornerstone One over the past two years. The landlord also plans to overhaul the office building’s lobby, upgrade the patios and install move-in ready spec suites.

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IndustrialLoansTexas

JLL Arranges Acquisition Loan for Industrial Outdoor Storage Facility in Cedar Hill, Texas

by Taylor Williams

CEDAR HILL, TEXAS —JLL has arranged an acquisition loan of an undisclosed amount for a 7.5-acre industrial outdoor storage (IOS) facility in Cedar Hill, located southwest of Dallas. Built in 2015, the facility houses a 15,023-square-foot service building with office space and was fully leased at the time of the loan closing to an undisclosed provider of traffic equipment and services. C.W. Sheehan, Kristi Leonard, Peyton Ackerman and Nate Henderson of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, Apricus  Realty Capital, which acquired the property via sale-leaseback. The direct lender was not disclosed.

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Leasing ActivityMarylandOfficeSoutheast

CP Group Executes 35,000 SF of New Leasing Activity at CapRock in Bethesda, Maryland

by John Nelson

BETHESDA, MD. — CP Group has executed nearly 35,000 square feet of leasing activity at CapRock, a three-building office campus in Bethesda spanning 709,313 square feet. The deals include four new tenants relocating from their Maryland and Northern Virginia offices, including insurance firm NFP (18,074 square feet), Montgomery County Employee Retirement Plans (10,564 square feet), endocrinology practitioner Ryse Health (2,929 square feet) and nonprofit medical tenant Hydrocephalus Association (2,328 square feet). Bernie McCarthy, Amanda Davis, Danny Sheridan and Patrick Hall of JLL represented CP Group in all four lease transactions at CapRock, which was formerly known as Democracy Center. CP Group rebranded the complex in 2023 as part of an ongoing capital improvement program at the development.

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AcquisitionsLoansMultifamilySoutheastTennessee

Colliers Mortgage Provides Agency Loan for 193-Unit Canyon and Knox Landing Apartments in Knoxville

by John Nelson

KNOXVILLE, TENN. — Colliers Mortgage has provided a seven-year Fannie Mae loan for the acquisition of Canyon and Knox Landing Apartments, a 193-unit multifamily community in Knoxville. The borrower and loan amount were not disclosed. Built in 1974, Canyon and Knox Landing features a mix of studio, one- and two-bedroom apartments ranging in size from 228 to 864 square feet, as well as a fitness center, laundry facilities, pet play area, picnic area, pool, tennis court and a volleyball court.

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Constellation-Post-Oak-Houston
IndustrialLeasing ActivityTexas

US ELogistics Service Corp. Signs 302,825 SF Industrial Lease in Uptown Houston

by Taylor Williams

HOUSTON — US ELogistics Service Corp., a New Jersey-based freight company, has signed a 302,825-square-foot industrial lease in Houston. The space is located within Constellation Post Oak, a two-building, 424,011-square-foot development in the Uptown area that features 32- to 36-foot clear heights. Zack Taylor and Barkley Peschel of Colliers represented the landlord, a partnership between Constellation Real Estate Partners and an affiliate of Crow Holdings Capital, in the lease negotiations. Robert McGee of Lee & Associates represented the tenant.

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2510-S-Euclid-Ave-Ontario-CA
CaliforniaDevelopmentMultifamilyWestern

Legacy Partners, DWS Break Ground on 346-Unit Multifamily Community in Ontario, California

by Amy Works

ONTARIO, CALIF. — Legacy Partners and DWS Group have started construction on Legacy Ontario, a 346-unit apartment property in Ontario. Located at 2510 S. Euclid Ave., the community will consist of eight three- and four-story buildings with tucked-under garage parking and covered carports. Additionally, the property will offer 6,000 square feet of ground-floor retail space facing Euclid Avenue. Designed by AO, Legacy Ontario will feature studio, one- and two-bedroom layouts ranging from 706 square feet to 1,293 square feet. The units will offer modern kitchens with stainless steel appliances, tiled backsplashes, large kitchen islands in select units, wood-style flooring and full-size washers/dryers, as well as patios or large decks. Community amenities will include a roof deck, clubhouse, pool/spa, fitness center, sports lounge, multiple barbecue areas and a dog run. The property is also pursuing LEED certification and will provide solar panels with battery storage and 171 electric vehicle charging stations. Completion is slated for April 2027, with Next Phase serving as the general contractor.

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Tempe-Commerce-Park-Tempe-AZ
AcquisitionsArizonaIndustrialWestern

Partnership Sells 536,122 SF Tempe Commerce Park in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — A global investment manager and BKM have completed the sale of Tempe Commerce Park, a five-building industrial complex located at 7340-7360 S. Kyrene Road and 7333-7343 S. Hardy Drive in Tempe. Terms of the transaction were not released. Situated on 36.8 acres, Tempe Commerce Park features 536,122 square feet with 24-foot clear heights, dock-high and grade-level doors and ample parking. At the time of sale, the property was 92 percent leased to eight tenants, including McKesson, Genuine Cable Group and Rivian. Mark Detmer, Greer Olive and Connor Nebeker-Hay of JLL Capital Markets represented the seller in the deal. Jackie Orcutt and Jonathan Teeter of CBRE are handling local market leasing efforts for the property.

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