LEWISVILLE, TEXAS — Berkadia Commercial Mortgage LLC has secured a $55 million loan for the construction of Discovery at the Realm, an apartment complex that will be located in Lewisville. Joseph Hevey of Berkadia worked with the borrower, Bright Realty, to secure the three-year, interest-only loan through Mutual of Omaha Bank. The bank provided $43 million in senior debt financing. Great Southern Bank of Springfield, Mo., also participated in the construction loan, and Cornerstone Real Estate Advisers LLC provided $12 million in mezzanine debt financing. Construction will begin on Discovery at the Realm in December. The property will be located at the southeast corner of Windhaven Parkway and Castle Hills Drive, 25 miles north of Dallas. The complex will consist of 423 units located across three buildings on more than 20 acres of land. The total cost for the project will be more than $75 million. BB&M Architecture is providing architectural services, while Andres Construction of Dallas will serve as the general contractor.
RIVERSIDE, CALIF. — Scuderia Development has acquired a 600,000-square-foot industrial property in Riverside for $43.5 million. The Class A property is located at 14600 Innovation Drive, within the Meridian Business Park. Scuderia plans to utilize the space as a warehouse and distribution facility for its aluminum products. The property includes 4,160 square feet of office space. Other notable tenants at Meridian Business Park include Sysco Corp., Yucaipa Company (Fresh & Easy), Kia Motors and McLane Foodservice. Newcastle Partners completed the property in late 2013. Phil Lombardo and Chuck Belden of Cushman & Wakefield represented both the buyer and Newcastle in this transaction.
LEWISVILLE, TEXAS — Bright Realty has brokered the sale of the company’s former headquarters located at 4228 N. Central Expressway in Lewisville, a Dallas suburb. The four-story mid-rise, known as the Bright Building, spans 54,000 square feet with three levels of underground parking. Nathan Denton of Lee & Associates represented the buyer, Caddo Holdings, in the transaction. Shawn Hall of Bright Realty worked on behalf of the seller. The building is located on the east side of Central Expressway and served as the corporate headquarters of Bright Realty for more than 12 years. The company relocated to a brand-new office in Castle Hills, a master-planned community in Lewisville developed by Bright Realty in 2013.
WEBSTER GROVES, MO. — Construction has begun on a new customer electrical substation and on an underground electrical infrastructure at Webster University in Webster Groves. Kwame Building Group Inc. (KWAME) is the construction manager on the project, which will be completed in July 2016. The new substation will provide electrical capacity for future campus expansions and remove the campus from the neighboring electrical load, increasing electrical capacity for future community development. The project requires the complete shutdown of several campus facilities with minimal disruption to classes and other university activities.Phase I of the electrical distribution work is scheduled for completion by the end of October and Phase II of the electrical work is scheduled to begin by the end of 2014. William Tao & Associates is the engineer and Castle Contracting is the general contractor for the first phase of the project.
NEW CASTLE, PA. — Brick, N.J.-based Tryko Partners has acquired Crestview Garden Apartments, located at 1139 Pin Oak Dr. in New Castle, for an undisclosed price. The apartment community features 184 affordable residential units. Tryko plans to immediately invest $1 million in improvements to the property, including common area renovations, a new property-wide security system, and kitchen and bathroom improvements in individual units. CBRE Capital Market’s Philadelphia office arranged financing for the acquisition through TriState Capital Bank. Tryko Partners is a private equity real estate group that specializes in project-based Section 8 Homeowners Assistance Program transaction and property repositionings.
SAN ANTONIO — ARA has arranged the sale of Park West & Parliament Bend, two apartment complexes totaling 559 units in San Antonio. Pat Jones and Matt Michelson of ARA represented the seller, Regional Investment & Management, in the transaction. Regional Investment & Management is a California-based owner and operator of multifamily communities throughout Texas. The buyer is a private owner/operator. Park West consists of 327 units and was built in 1979. Parliament Bend consists of 232 units and was built in 1981. Both Class B complexes are located in the Castle Hills submarket in north-central San Antonio. The complexes were 95 percent occupied at the time of sale.
OLDMANS TOWNSHIP, N.J. — Cherry Hill, N.J.-based NFI has broken ground for the development of a build-to-suit distribution center in Oldmans Township. The 1 million-square-foot facility will feature energy-efficient warehouse space, Class A concrete tilt wall construction, cross-dock load configuration and an ESFR sprinkler system. Five Below, a retailer of merchandise for pre-teens and teens, will initially occupy 715,000 square feet of the facility, which will replace the company’s existing facility in New Castle, Del. Construction is slated for completion in early summer 2015. The build-to-suit distribution center will support the continued growth and expansion of Five Below on the East Coast.
GARLAND, TEXAS — Cantrell Co. has brokered the sale of the 77-unit Castleglen Townhomes in Dallas. A California-based investment group bought the homes and assumed a Fannie Mae loan. The property was 97 percent leased at the time of sale and sits on just under nine acres at 1004 Castleglen Drive in Garland, northeast of Dallas. Rents range from $710 per month to $1,030 per month. The seller was Tweden Garland Properties LLC of Austin. The townhomes are a mix of two- and three-bedroom units. The average size of the units is 1,079 square feet and the complex was built between 1973 and 1983. Castleglen sits along the service road of Interstate 30 and is also accessible to I-635. Nearby amenities include Audubon Park, Duck Creek Greenbelt Trail and Town East Mall.
Dayton, Ohio, has had its struggles over the years transitioning from a predominantly automotive manufacturing economy to one with a more diverse base of industries such as transportation and logistics, aerospace technology, medical device manufacturing and unmanned aerial vehicle (UAV) development. Throughout this tumultuous period, Dayton’s industrial commercial real estate market has had to adapt to the evolving needs of the new tenant mix. Part of that adaptation has led to the construction of several build-to-suits over the last 18 months. This construction trend is being driven by companies opting for build-to-suit projects instead of purchasing existing properties due to their age, inadequate size or functional obsolescence such as inadequate ceiling heights. The trend is evident in the large amount of industrial space that has been delivered in recent years or is currently under construction in the Dayton market. The impact of this trend is an elevated vacancy rate when compared to other Midwest markets. Dayton’s overall industrial vacancy rate at the end of the first quarter of 2014 stood at 14.8 percent compared with 5.8 percent for Cincinnati. Drivers of New Construction Like much of the industrial market throughout the country, the transportation and logistics industry is driving development …
SOUTHFIELD, MICH. — Colliers International has arranged the $190,000 sale of 11,598 square feet of retail space in Clinton Township, located approximately 25 miles north of Detroit. The address of the one-story building, known as Castle Rock, is 43785 and 43823 Gratiot Ave. Jack Williams of Colliers International represented the seller, a private entity, in the sale.