JACKSONVILLE, FLA. AND MEMPHIS, TENN. — Faropoint has purchased a 16-building industrial portfolio in two Southeast markets: Jacksonville and Memphis. The Hoboken, N.J.-based firm acquired the 1.7 million-square-foot portfolio from New York-based Brookfield Asset Management for $105 million. Eastdil Secured brokered the off-market transaction. The names and addresses of the assets were not disclosed, but the portfolio comprises 45 suites across four Jacksonville properties and 12 buildings in Memphis.
JACKSONVILLE, FLA. — Merritt Properties has acquired a five-building, single-story office park located at 5022 Gate Parkway in Jacksonville for $19.6 million. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the seller, Boston-based Taurus Investment Group, in the transaction. Formerly known as The Meridian at Deerwood, the newly acquired property has been renamed Merritt at Gate Parkway and is being converted to light industrial use. Plans are already underway to enhance the property by installing drive-in docks and further upgrading the facilities to meet modern industrial standards. Situated within St. Johns Town Center, the 200,328-square-foot park is located directly off J. Turner Butler Boulevard in south Duval County. Space is available beginning at 3,500 square feet. Merritt at Gate Parkway’s existing tenants include DB Structured Products and MMI. Since entering the market in 2021, Merritt Properties’ Jacksonville portfolio now exceeds 500,000 square feet.
CLARKSVILLE, TENN. — Colliers Mortgage has provided an $8.1 million Fannie Mae loan for the acquisition of East Johnson Apartments, an 86-unit market-rate community in Clarksville, about 50 miles northwest of Nashville. Zach Shope of Colliers Mortgage’s Atlanta office originated the five-year loan on behalf of the borrower, an entity doing business as East Johnson LLC. Built in 2023, East Johnson Apartments features amenities including electric vehicle charging stations and a dog park.
FORT WORTH, TEXAS — Dallas-based Palladium USA will develop a 243-unit mixed-income multifamily project in Fort Worth. Select units at Palladium City Skyline, which will be developed in partnership with the Fort Worth Housing Finance Corp. (FWHFC), will be reserved for households earning up to 30, 60, 70 and 80 percent of the area median income. Amenities will include indoor and outdoor children’s play areas, a fitness center, pool and dog run. Arrive Architecture Group designed the project, and Treymore Construction is serving as the general contractor. The Texas Department of Housing & Community Affairs provided a $6 million direct loan for the project, as well as $30 million in tax-exempt bonds and approximately $30 million in 4 percent Low-Income Housing Tax Credits. Regions Bank also provided $27 million in equity and $30 million of long-term debt. Palladium City Skyline’s first units are expected to be available for occupancy in early 2026.
AUSTIN, TEXAS — Benefit Street Partners has funded a $48.7 million bridge loan for the refinancing of the 212-room Cambria Austin Downtown hotel. The 16-story, 223,975-square-foot hotel opened last fall. Amenities include a pool, fitness center, 24-hour market and 15,000 square feet of meeting/event space, as well as a fifth-floor restaurant and bar and a rooftop bar and lounge. Charlie Ryan of Atlanta-based Hunter Hotel Advisors arranged the loan on behalf of the borrower, a partnership between an affiliate of California-based Stratus Development Partners and Maryland-based operator Choice Hotels International Inc.
SAN ANTONIO — PACE Equity has provided $5.1 million in C-PACE (commercial property-assessed clean energy) financing for The Travis Building, an apartment building in downtown San Antonio. According to Apartments.com, the Travis Building was redeveloped in 2023 and offers one- and two-bedroom units, as well as amenities such as a fitness center, business center and onsite laundry facilities. The borrower was not disclosed.
MONTGOMERY, TEXAS — Direct Air Flow Distributors has signed a 13,200-square-foot industrial lease in Montgomery, about 55 miles north of Houston. According to LoopNet Inc., the single-tenant building at 18904 Freeport Drive was built in 2012. Travis Land and Braedon Emde of Partners Real Estate represented the landlord, Kudzu Construction & Development, in the lease negotiations. Griffin Rich of Newmark represented the tenant.
EVANSVILLE, IND. — CBRE has brokered the sale of Post House, a 159-unit multifamily community in Evansville, a city on the Ohio River. The sales price was undisclosed. Built in 2020 and located at 215 Vine St., the property features a range of studio, one- and two-bedroom floor plans averaging 894 square feet and 15 loft-style, live-work units. Amenities include a pool, covered outdoor seating, yoga room, dog spa, dog park, fitness center, coworking center and parking garage. Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Scannell Properties. Prosperity Commercial Real Estate was the buyer.
ITASCA, ILL. — Lee & Associates of Illinois has arranged the sale of a 101,577-square-foot industrial building located at 701 Rohlwing Road in Itasca. The sales price was undisclosed, but the transaction marks the largest user sale in the O’Hare submarket this year by both sales price and square feet, according to Lee & Associates. Jeffrey Janda and Jeff Galante of Lee & Associates represented the seller, a private owner. Chris Nelson and Calvin Gunn of Lee & Associates represented the buyer, TR Property Management.
CHICAGO — Interra Realty has negotiated the sales of three multifamily properties in Chicago for a combined $6.8 million. Joe Smazal of Interra represented the three private sellers and the three local buyers. Located in the Avondale neighborhood, 3748-54 W. School St. sold for $2.8 million. The 12-unit building features two-bedroom, three-bedroom and four-bedroom layouts. Recent renovations include plumbing and electrical system replacements as well as new steel porches. In the Jefferson Park neighborhood, 5045-49 N. Northwest Highway is a 12-unit building that sold for $2.7 million. Constructed in 2008, the property features two-bedroom layouts. A 12-unit property at 5057-59 W. Altgeld St. in the Belmont Craigin neighborhood sold for $1.2 million. The building features studio, one-, two and three-bedroom layouts. It received a new roof in 2023.