CHARLOTTE, N.C. — Deriva Energy, formerly known as Duke Energy Renewables, has relocated to a 33,606-square-foot office space at One South on the Plaza, a 40-story office tower located in Uptown Charlotte. The new office will serve as the headquarters for Deriva, which plans to move in by late fall. Chris Schaaf and Jamie Boast of JLL represented Deriva Energy in the lease negotiations, while Rhea Greene of Trinity Partners represented the undisclosed landlord. One South on the Plaza totals 850,000 square feet and features a 22,000-square-foot tenant amenity level on the third floor, street-level retail space housing tenants such as Tupelo Honey and Eddie V’s and a connection to the Overstreet Mall. Since 2015, ownership has invested $100 million to renovate the building’s lobby, plaza and exterior. More than 92,000 square feet of office leases have been executed at One South on the Plaza, including Dole Food’s U.S. headquarters, Shumaker, Robert Half, Protiviti, Huntington National Bank, The Siegfried Group, Krazy Curry, Ace No. 3 and Pet Wants.
Property Type
LEWISVILLE, TEXAS — Chicago-based REIT First Industrial Realty Trust Inc. (NYSE: FR) has broken ground on a 176,000-square-foot speculative project in the northern Dallas suburb of Lewisville. The building will be the sixth and final structure within First Park 121, a 1.2 million-square-foot development located at the corner of Midway Road and FM 544. Building features will include 36-foot clear heights, 36 dock-high door positions, two ramps, an ESFR sprinkler system and parking for 118 cars and 249 trailers. Alliance Architects is designing the project, and Cerris Builders is serving as the general contractor. Westwood is providing civil engineering services, and Lee & Associates is the leasing agent. Construction is expected to last 12 to 14 months.
BOYNTON BEACH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cross Creek Center, a 37,201-square-foot shopping center located in the Fort Lauderdale suburb of Boynton Beach. Built in 1988 and renovated in 2014, the center was 97 percent leased at the time of sale to tenants including Stanton Optical, The UPS Store, Smoothie King and Metro by T-Mobile. Drew Kristol and Kirk Olson of IPA represented the seller, Davie, Fla.-based Janoura Realty, and procured the buyer, Cincinnati-based Phillips Edison & Co., in the transaction. The sales price was not disclosed.
Federal Realty Investment Trust Divests of 108-Unit Levare Apartments in San Jose, California for $74M
by Amy Works
SAN JOSE, CALIF. — Federal Realty Investment Trust has completed the $74 million disposition of Levare, a Class A apartment building located within Santana Row in San Jose. The name of the buyer was not released. Delivered in 2011, Levare features 108 apartments that were 95 percent leased at the time of sale.
JE Dunn, LRS Architects Break Ground on 347,000 SF Distilled Spirits Distribution Center for OLCC in Canby, Oregon
by Amy Works
CANBY, ORE. — JE Dunn Construction, with LRS Architects, has broken ground for the construction of a 347,000-square-foot distilled spirits distribution center for Oregon Liquor Cannabis Commission (OLCC) in Canby. The new facility will replace OLCC’s current warehouse in Milwaukie, Ore., which has been in operation for 70 years and no longer has the capacity to keep pace with the state’s distilled spirits market. OLCC oversees the entire distribution and sale of all distilled spirits in the state, apart from wine and beer. The warehouse facility features attached office spaces, a staff lounge, maintenance shop space and an advanced material handling system, as well as a large break room with an outdoor space designed for staff relaxation and rejuvenation. The new warehouse is designed to expand OLCC’s current capacity, streamline operations and improve efficiency for businesses and consumers across the state. The project team includes VLMK Engineering + Design, Interface Engineering, Otten + Associates Landscape Architecture and Cumming Group. The distilled spirits distribution center is projected for completion in June 2026 and to be fully operational by August 2026.
MESA, ARIZ. — Phelan Development has completed the sale of Phelan Pecos Center I—Building C, a 141,117-square-foot Class A industrial asset located at 8341 E. Pecos Road in Mesa. Emeryville, Calif.-based Libitzky Property Cos. acquired the asset for $29.4 million. Cyclic Materials is occupying the property on a brand new 10-year lease. Phil Handel, Will Strong, Foster Bundy, Molly Hunt and Katie Repine of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the transaction. Building C features a clear height of 32 feet, a heavy 6,000 amps of power, a private truck court with optimal loading capabilities, 28 dock doors, three grade doors, multiple access points, functional column spacing, full-building HVAC, LED lighting, ample parking and freeway and airport proximity.
SAN DIEGO — PSRS has arranged a $10 million loan for the refinancing of Mercy Medical, a medical office building in San Diego. Built in 1979 and renovated in 2017, the seven-story, multi-tenant building features 86,288 rentable square feet. James Mulvihill, Kevin Mulvihill and Alexander Santulis of PSRS secured a nonrecourse, interest-only loan with flexible prepayment terms through one of PSRS’ correspondent life insurance company lenders for the undisclosed borrower.
DENVER — Platinum Commercial Real Estate has arranged the sale of 76 N. Broadway, a retail and office property in Denver. The mixed-use property includes two buildings with long-term tenants in place. The main building features 13,000 square feet with The Hornet and Lucky Noodles restaurant on the ground floor and 18 fully leased office suites on the second floor. The properties also offer off-street parking with 21 spaces for the buildings. Paul Cattin of Platinum CRE represented the buyer, 76 N Broadway LLC, while Todd Snyder of Kentwood Commercial represented the seller in the deal.
MILWAUKEE, PORT WASHINGTON, SLINGER AND WEST BEND, WIS. — EquiCap Commercial has brokered the sale of the StorSafe of Wisconsin Portfolio, a 258,450-square-foot self-storage portfolio in Wisconsin. The five properties, totaling 1,454 units, are located in Milwaukee, Port Washington, Slinger and West Bend. Jesse Luke and Scott Rihm of EquiCap brokered the transaction. An out-of-state buyer purchased the portfolio within 97 percent of the list price. The deal closed within 75 days of going under contract.
COLUMBUS, OHIO — Woda Cooper Cos. Inc. and its co-developer Community Development for All People (CD4AP) have opened Columbus Renaissance Housing, a 46-unit affordable housing community located at 33 W. Morrill Ave. in Columbus. The property is reserved for renters with household incomes up to 60 percent of the area median income, which is $61,980 per year for a family of four. The project is comprised of one three-story building. There are 12 one-bedroom units, 28 two-bedroom apartments and six three-bedroom units. The property is certified LEED Silver. Amenities include a community room, parcel room, fitness center, central laundry, a playground, onsite office and bike racks. CD4AP is operating an onsite office to assist residents with advocacy, financial literacy, community enrichment activities and goal setting as well as referrals for addiction counseling, childcare, healthcare, employment and legal counsel. Columbus Renaissance Housing represents a combination of public and private investment from entities, including the City of Columbus, Franklin County, Ohio Housing Finance Agency (OHFA), Affordable Housing Trust for Columbus & Franklin County (AHT) and Columbus-Franklin County Finance Authority, as well as several commercial investors and lenders. The City of Columbus provided a low-interest permanent loan and approved a 15-year tax abatement …