SHELBYVILLE, KY. — Colliers has brokered the sale of I-64 Commerce Center, a 1 million-square-foot industrial building located in Shelbyville, approximately 30 miles outside Louisville. W. P. Carey Inc. acquired the facility from Flint Development for an undisclosed price. Canadian Solar, the world’s largest solar and renewable energy company, fully occupies the property, which is situated at 139 Logistics Drive. Delivered in 2023, the building facility features 40-foot clear heights, an ESFR sprinkler system, 348 car parking spaces, 230 trailer parking spaces and full circulation. Canadian Solar plans to invest up to $500 million into the property to develop its principal United States battery assembly facility. Alex Cantu, Alex Davenport, Jeff Devine and Steven Disse of Colliers represented the seller in the transaction.
Acquisitions
PENSACOLA, FLA. — Cushman & Wakefield has arranged the $7 million sale of a shopping center located at 6235 N. Davis Highway in Pensacola. Hobby Lobby and Books-A-Million are tenants at the property, which was built in 1987 and comprises 103,485 square feet across two tenant spaces. Hobby Lobby and Books-A-Million occupy 70,100 and 33,385 square feet at the center, respectively. Sean Glickman and Chris Smith of Cushman & Wakefield represented the seller, Triple A Properties, in the transaction. The buyer, Destiny Worship Center, plans to convert the center into a church. Books-A-Million will either shutter its store altogether or reduce its footprint at the center, according to Cushman & Wakefield.
SHEBOYGAN, WIS. — Midloch Investment Partners and Hempel Real Estate have acquired The Oscar Apartments, a 240-unit Class A multifamily community in Sheboygan near Milwaukee. The purchase price was undisclosed. The property has a new mortgage loan from Bridgewater Bank of Minneapolis. Completed in 2021, The Oscar is comprised of three buildings. Amenities include a fitness center, community room, bike storage, pet spa and outdoor grilling area. The asset was 70 percent leased at the time of sale. Milwaukee-based Harmoniq Residential will handle leasing and management. The new ownership plans to make amenity upgrades.
CHICAGO — Chicago-based Cresa has acquired Pacific Program Management (PPM), a project management firm based in Seattle and serving North America. The multimillion-dollar merger integrates PPM’s 180 professionals into Cresa’s existing project management group, creating a team of 280 professionals across 35 markets throughout North America. PPM CEO Clark Lindsay will assume the role of managing principal and president of project management at Cresa, while Mark Wanic, Christy McFall and Sandra Yencho will assume key leadership positions. PPM has expertise in portfolio program management, workplace consulting, capital project management and transition and relocation management. Lindsay founded PPM, then Lindsay & Associates, in 2009. The company serves owners, developers, investors and occupiers in the food and beverage, medical, life sciences, retail, e-commerce, gaming, entertainment, data center and technology industries. Cresa’s project management division, which is tenant-focused, is an integrated service that functions both as a standalone and a complement to its transaction management and workplace strategy teams. The acquisition of PPM marks Cresa’s seventh purchase in the past two years.
KEARNY, N.J. — Cushman & Wakefield has brokered the sale of a 211,287-square-foot warehouse in the Northern New Jersey community of Kearny. The site at 936 Harrison Ave. spans 17 acres, and the building features a clear height of 38 feet and a two-acre fully paved drop lot for fleet and trailer parking. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the sellers, Russo Development and River Development, in the transaction and procured the buyer, Seagis Property Group. The sales price was not disclosed.
SRS Real Estate Brokers $8.3M Sale of New 7-Eleven-Occupied Retail Property in Thornton, Colorado
by Amy Works
THORNTON, COLO. — SRS Real Estate Partners has negotiated the sale of a retail property located at 52 W. 84th Ave. in Thornton, roughly 10 miles north of Denver. A California-based private investor acquired the asset from a Colorado-based developer for $8.3 million. 7-Eleven occupies the 4,050-square-foot property, which was built in 2023. The tenant has 14 years remaining on its corporate-guaranteed lease. Ryan Tomkins of SRS Capital Markets represented the seller in the deal.
BRIDGEPORT, CONN. — Regional brokerage firm Adirondack Capital Partners has arranged the $107.5 million sale of Canfield Park at Fairfield Metro, a 300-unit multifamily property located in the southern coastal Connecticut city of Bridgeport. The seller was South Norwalk, Conn.-based investment firm Spinnaker Real Estate Partners. The buyer was a joint venture between an undisclosed institutional investment management firm and a New York City-based multifamily owner-operator. Michael Hunter Coghill of Adirondack Capital Partners represented both parties in the transaction. Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged agency acquisition financing and joint venture equity for the deal. “The newly built assets’ premier location adjacent to the Fairfield–Black Rock train station, coupled with our ability to facilitate a smooth agency financing process, contributed to a successful execution for all parties,” says Kazanjian, who serves as senior managing director at IPA. Built in 2023, Canfield Park at Fairfield Metro offers studio, one- and two-bedroom units that range in size from 300 to 1,200 square feet. Monthly rental rates range from $2,207 to $3,325, according to Apartments.com. Amenities include a pool, fitness center, rooftop terrace, game room, golf simulator, music …
ATLANTA — Chicago-based Waterton has purchased 903 Peachtree, a 32-story apartment tower located at 903 Peachtree St. in Midtown Atlanta. The seller and sales price were not disclosed, but Atlanta Business Chronicle reported that the asset traded for $118.6 million. Additionally, REBusinessOnline reported last summer that Chicago-based CA Ventures fully delivered the tower in partnership with Diamond Realty Investments Inc. and Cartel Properties. The acquisition brings Waterton’s metro Atlanta multifamily portfolio to 3,026 units under management. Situated near Piedmont Park and the Eastside Trail of the Atlanta BeltLine, 903 Peachtree features 427 apartments and 7,843 square feet of retail space, as well as 46,000 square feet of resort-style indoor and outdoor amenities. Outdoor amenities at 903 Peachtree include a rooftop pool and lounge area, grilling stations, private cabanas and fire pits. Indoor offerings include a sauna and massage room, yoga studio, demonstration kitchen, recreation lounge and game room, screening room, coworking lounge, pet spa and dog run, bicycle storage and a large lobby and concierge level. The apartment tower features a variety of studio, one-, two- and three-bedroom floor plans, with monthly rental rates ranging from $1,670 to $5,170, according to Apartments.com.
MOORESVILLE, N.C. — Berkadia has brokered the $76 million sale of LangTree Lake Norman, a mixed-use multifamily property located in Mooresville, roughly 30 miles north of Charlotte. In addition to 300 residential units, the property features approximately 48,000 square feet of ground-floor retail space. Caleb Troop and Thomas Colaiezzi of Berkadia, with Brian Long of RL West, represented the seller, Langtree Development Co., in the transaction. An affiliate of Raleigh-based Blue Heron Asset Management was the buyer. Residences at LangTree Lake Norman, which is situated at 150 Landing Drive, include apartments in one-, two- and three-bedroom layouts. Amenities at the community include a clubhouse, swimming pool, fitness center and a dog park. The buyer plans to implement upgrades to the unit interiors, as well as enhancements to the community space. RL West and Langtree Development Co. originally developed the property in 2013 and retain ownership of Buildings 105 and 106 and the commercial buildings fronting Mecklynn Road.
ATLANTA — The Davis Cos. has purchased a portfolio of research-and-development (R&D) buildings totaling 235,108 square feet in Atlanta’s Upper Westside neighborhood. Jamestown was the seller. American defense technology company Anduril Industries occupies the majority of the portfolio, which includes buildings located at 1401 and 1435 Hills Place NW and 1357 Collier Road NW. Recently redeveloped, the properties feature 21-foot clear heights, floor-to-ceiling windows and power loads sufficient to support a wide range of R&D uses. Jamestown previously acquired the buildings as mixed-use creative office and retail properties before redeveloping the portfolio.
Newer Posts