Property Type

Kroger Opens Industrial Facility in Independence, Kentucky

by John Nelson August 2, 2023

INDEPENDENCE, KY. — Kroger has opened a new “spoke” industrial facility in Independence that will grow the grocer’s delivery presence in Northern Kentucky. The new facility will work in concert with Kroger’s existing customer fulfillment center in Monroe, Ohio, which is roughly 45 miles north of the spoke facility via I-75. Kroger associates will assemble orders at the Monroe facility, which will then be trucked to the Independence property and sorted and shipped out to customers in refrigerated delivery vans. At full operating capacity, the Independence facility will employ 100 associates. The property is the second spoke facility in Kentucky, joining a Louisville property that opened in May 2022.

August 2, 2023

Acquisitions Industrial Office Southeast Virginia

SRS Brokers $14M Sale of Office Flex Property in Springfield, Virginia Leased to Cox Communications

by John Nelson August 2, 2023

SPRINGFIELD, VA. — SRS Real Estate Partners has brokered the $14 million sale of a single-tenant flex office property in Springfield that is leased to Cox Communications. Located at 7741 Southern Drive, the 61,700-square-foot building was delivered in 1993 and has been occupied by Cox and its predecessor ever since. The property features offices, a laboratory, warehouse and auto repair space, as well as five loading bays and 414 surface parking spaces. Andrew Fallon and Philip Wellde Jr. of SRS represented the seller, Vienna, Va.-based WTG Properties Inc., in the transaction. The buyer, an entity doing business as CIA-7741 Southern Drive LLC, is a private real estate investment group based in Northern Virginia.

August 2, 2023

Acquisitions Affordable Housing Multifamily Southeast Tennessee

Capstone Negotiates Sale of Wallace Studios Affordable Housing Community in Nashville

by John Nelson August 2, 2023

NASHVILLE, TENN. — Capstone Cos. has negotiated the sale of The Wallace Studios, a 131-unit affordable housing community located at 97 Wallace Road in Nashville. Built in 1974 as an Americas Best Value motel, the property is situated at the intersection of I-24 and Harding Place. The Wallace Studios is the fourth motel conversion property for the buyer, AGB Real Estate, who partnered with SL Cap and RBSR LLC on the acquisition. Austin Heithcock, Adam Klenk, Jordan Arand, Josh White and Blake Wiser of Capstone brokered the transaction. The seller and sales price were not disclosed.

August 2, 2023

Development Multifamily New Jersey Northeast

Advance Realty Completes 399-Unit Multifamily Project in Harrison, New Jersey

by Taylor Williams August 2, 2023

HARRISON, N.J. — Locally based developer Advance Realty Investors has completed The Wyldes, a 399-unit multifamily project in the Northern New Jersey community of Harrison. The five-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a rooftop lounge with a bar and TVs; landscaped courtyard with fire pits and gaming areas; resort-style pool with grilling and dining stations; commercial-grade demonstration kitchen; coworking lounge with private offices and conference facilities; a billiards room with a media lounge and kitchenette; and a two-level fitness center with a yoga studio. Roughly 25 percent of the units are preleased, with rents starting in the mid-$2,000s per month.

August 2, 2023

Development Multifamily Northeast Pennsylvania

EQT Exeter Begins Leasing 327-Unit Apartment Community in Philadelphia

by Taylor Williams August 2, 2023

PHILADELPHIA — Developer EQT Exeter has begun leasing The Clark, a 327-unit apartment community located in Philadelphia’s University City submarket. The Clark features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Amenities include a fitness center, game lounge, coworking space and a rooftop terrace. Greystar manages the property. The first move-ins will begin later this month. Rents start at $1,500 per month for a studio apartment.

August 2, 2023

Acquisitions Industrial Maine Northeast

RAM Cos. Acquires 64,000 SF Industrial Property in Portland, Maine

by Taylor Williams August 2, 2023

PORTLAND, MAINE — Locally based investment firm The Ram Cos. has acquired a 64,000-square-foot industrial property in Portland, located in the southeastern part of Maine. The complex comprises three buildings with clear heights of 18 feet that were fully leased to nine tenants at the time of sale. RAM Cos. plans to upgrade the signage, landscaping and parking lots and rebrand the property as Portland Commerce Center. The seller and sales price were not disclosed.

August 2, 2023

Acquisitions Northeast Office Rhode Island

Marcus & Millichap Brokers $4.8M Sale of Retail Property in Cranston, Rhode Island

by Taylor Williams August 2, 2023

CRANSTON, R.I. — Marcus & Millichap has brokered the $4.8 million sale of Park Avenue Plaza, a 24,750-square-foot retail property in Cranston. Built on 2.3 acres in 2006, the property was fully occupied at the time of sale, with all tenants operating on triple-net leases. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller, a locally based limited partnership, in the transaction. Maria DeAngeli, also with Marcus & Millichap, procured the buyer, a Massachusetts-based investor.

August 2, 2023

Development Illinois Industrial Midwest

Meridian Design Build Completes Three Industrial Build-to-Suit Projects in Illinois

by Kristin Harlow August 2, 2023

DECATUR, MARION AND DANVILLE, ILL. — Meridian Design Build has completed construction of three industrial build-to-suit projects in Illinois. A global shipping and information services provider will occupy all three buildings. The first project is a 317,518-square-foot facility in Decatur. Scannell Properties developed the building, which features 10,920 square feet of office space, 174 interior van loading positions, 78 loading docks and a 607-car employee parking lot. Cornerstone Architects and civil engineer Spaceco made up the project team. SunCap Property Group served as the developer of a similar 251,000-square-foot building in Marion. The property features 11,411 square feet of office space, 147 interior van loading positions, 68 loading docks and a 537-car employee parking lot. Architect Ware Malcomb and civil engineer Manhard Consulting made up the project team. The third facility totals 217,323 square feet in Danville. Jones Development was the developer on the project, which features 10,500 square feet of office space, 119 interior van loading positions, 56 loading docks and a 390-car employee parking lot. The project team included Ware Malcomb and civil engineer Farnsworth Group.

August 2, 2023

Development Midwest Missouri Multifamily

Brinkmann Constructors Breaks Ground on 316-Unit Apartment Complex in St. Peters, Missouri

by Kristin Harlow August 2, 2023

ST. PETERS, MO. — Brinkmann Constructors has broken ground on Old Hickory Village, a 316-unit apartment complex in St. Peters, a northwest suburb of St. Louis. The project will consist of two buildings and a parking garage. Amenities will include a pool, fitness center, pickleball courts and three courtyards. Completion is slated for May 2025. Tegethoff Development is the developer.

August 2, 2023

Development Illinois Midwest Multifamily Seniors Housing

Lifespace Completes Independent Living Renovation at Oak Trace in Downers Grove, Illinois

by Kristin Harlow August 2, 2023

DOWNERS GROVE, ILL. — Lifespace has completed renovations to the independent living building at Oak Trace, a continuing care retirement community in Downers Grove, about 20 miles west of Chicago. The renovations were part of a $112 million full-campus redevelopment. The first phase of the project occurred in 2019 with the opening of Oak Trace’s Health and Wellness Center offering assisted living, memory care rehabilitation and skilled nursing. The latest phase, completed last week, features renovated shared spaces of the independent living building. Highlights include the Oak Room, a formal restaurant-style dining room; the Lounge, a casual gathering space offering cocktails and small-plate items; a newly furnished library; an outfitted art studio; and a lobby. Oak Trace’s full redevelopment is scheduled for completion in spring 2024 with its independent living expansion. The final phase will add 140 new independent living apartments, a fitness center and aquatic center, multiple dining venues, a spa and performing arts center.

August 2, 2023

Newer Posts

Older Posts