Property Type

Beacon Partners Breaks Ground on 380-Acre Apex Gateway in Metro Raleigh

by John Nelson June 6, 2023

APEX, N.C. — Beacon Partners has broken ground on the first phase of Apex Gateway, a 380-acre master-planned development in Apex, approximately 15 miles west of Raleigh. The project surrounds the intersection of U.S. Highway 64 and N.C. Highway 751 and will feature a mix of industrial, life sciences, retail and medical office space. Phase I will feature three light industrial buildings totaling 480,000 square feet, including a 172,150-square-foot headquarters facility for Durham Coca-Cola Bottling Co. Al Williams and Matt Winter of JLL are handling leasing for Apex Gateway’s speculative developments. The project team also includes general contractor The Conlan Co., architect HagerSmith Design and engineer Advanced Civil Design. Truist Bank is providing construction financing.

June 6, 2023

Acquisitions Multifamily North Carolina Southeast

Carter Exchange Fund Management Sells Station at Poplar Tent Apartments in Metro Charlotte for $74.7M

by John Nelson June 6, 2023

CONCORD, N.C. — Carter Exchange Fund Management Co., a subsidiary of Carter Funds LLC, has sold Station at Poplar Tent, an apartment community located at 50 Poplar Station Circle NW in Concord, roughly 25 miles northeast of Charlotte. An undisclosed buyer purchased the property for $74.7 million. Carter Exchange owned the community for nearly three years, during which time the company completed renovations including the addition of parcel lockers to the clubhouse, upgrades to flooring and expanded amenities and increased average monthly rents on occupied units by 25.2 percent. The property averaged 94.9 percent occupancy during Carter Exchange’s ownership.

June 6, 2023

Acquisitions Georgia Retail Southeast

JLL Brokers Sale of 301,711 SF Lakeland Plaza Shopping Center in Cumming, Georgia

by John Nelson June 6, 2023

CUMMING, GA. — JLL has brokered the sale of Lakeland Plaza, a 301,711-square-foot shopping center in Cumming, a northern suburb of Atlanta along Ga. Highway 400. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed sellers in the transaction. Octave Holdings and Investments purchased the center for an undisclosed price. Built in 1990 and renovated in 2015, Lakeland Plaza’s tenant roster includes Sprouts Farmers Market, Belk, Bealls Outlet, LA Fitness, Joann Fabric and Crafts and Shoe Gallery. The center was 94 percent leased at the time of sale and featured a weighted average tenure of over 12 years.

June 6, 2023

Development District of Columbia Leasing Activity Mixed-Use Retail Southeast

Whole Foods to Open 47,000 SF Store at Parks at Walter Reed Development in D.C.

by John Nelson June 6, 2023

WASHINGTON, D.C. — Whole Foods Market plans to open a new 47,000-square-foot store as part of the Parks at Walter Reed development in northwest Washington, D.C. The store, which will open on June 28, will anchor the 3.1 million-square-foot redevelopment of the historic, 66-acre Walter Reed Army Medical Center. The new Whole Foods will be located at 7130 12th St. NW in The Hartley apartment building. The grocer signed the lease with the ownership group — Hines, Urban Atlantic and Triden Development — in 2019. Whole Foods currently operates more than 500 stores in the United States, Canada and the UK.

June 6, 2023

California Development Industrial Western

CapRock Completes 1.1 MSF of Industrial Development in Norco, California

by Jeff Shaw June 6, 2023

NORCO, CALIF. — CapRock Partners has completed Palomino Ranch Business Park Phase I and Saddle Ranch South, two new LEED Silver-certified industrial complexes in Norco. Palomino Ranch Business Park Phase I is the first of a three-phase development. CapRock claims that, at total completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history, offering about 2 million square feet across 24 buildings on about 112 acres. Saddle Ranch South is located a prime infill development consisting of three industrial buildings ranging in size from 100,000 square feet to 155,000 square feet. It is designed for local and regional manufacturing and distribution companies. The site is located approximately two miles north of Palomino Ranch.

June 6, 2023

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Brokers Sale of Utah’s Largest Storage Facility in Cedar City

by Jeff Shaw June 6, 2023

CEDAR CITY, UTAH — A private equity group has sold Storage General Cedar, a 456,758-square-foot storage facility in Cedar City, for an undisclosed sum. Featuring 2,133 units and 456,758 total net rentable square feet, Storage General Cedar is the largest self-storage asset in Utah, according to Marcus & Millichap, which brokered the sale. The facility features electronic gate access, drive-up units with roll-up doors, wide drive aisles, RV/boat/trailer storage and parking, commercial shops available for rent, online rentals and unit management. The LeClaire-Schlosser Group of Marcus & Millichap represented the seller via Jordan Farrer of the firm’s Salt Lake City office and Adam Schlosser of the firm’s Denver office. The buyer and price were not disclosed.

June 6, 2023

Development Hospitality Washington Western

Simon Breaks Ground on Residence Inn at Northgate Station in Seattle

by Jeff Shaw June 6, 2023

SEATTLE — Simon Property Group (NYSE: SPG) has broken ground on Residence Inn by Marriott at Northgate Station, a hotel in Seattle. This will be the first hotel at Northgate Station, a mixed-use, transit-oriented development. The hotel will join the newly upgraded Northgate Sound Transit light rail station and Kraken Community Iceplex, the official training facility for the Seattle Kraken NHL team and regional hub for ice sports in the Pacific Northwest. Further details were not disclosed. Simon Property Group is a REIT focused on retail and mixed-use properties.

June 6, 2023

Acquisitions California Industrial Western

DAUM Arranges Sale of Rusher Air Conditioning Headquarters in Torrance, California

by Jeff Shaw June 6, 2023

TORRANCE, CALIF. — DAUM Commercial Real Estate Services has arranged the move of Rusher Air Conditioning into a new headquarters in Torrance. Structured as a reverse exchange, the sale of the previous headquarters and purchase of a new one featured “a combined transaction value of $9.5 million,” according to DAUM. Michael Collins and Dustin Hullinger of DAUM’s Capital Markets Group, with the assistance of Brad Levin, arranged the transaction.

June 6, 2023

Company News Development Idaho Office Western

Capstone Cos. Opens New Office in Boise

by Jeff Shaw June 6, 2023

BOISE, IDAHO — Capstone Cos. has expanded its brokerage firm with a new regional office in Boise. Colton Yasinski, who has transacted hundreds of units in the Idaho market, including affordable LIHTC product, value-add multifamily and Class A market rate assets, leads the new office. Expanding into Boise reinforces Capstone’s presence in the Western U.S. as the company seeks rapid growth and expansion in the multifamily sector. With the opening of this new office, Capstone continues its nationwide growth with a total of 21 offices and more than $12 billion in sales.

June 6, 2023

Development Illinois Industrial Midwest

Peak Construction Breaks Ground on 677,000 SF Industrial Build-to-Suit Project in Joliet, Illinois

by Kristin Harlow June 6, 2023

JOLIET, ILL. — Peak Construction Corp. has broken ground on a 677,000-square-foot industrial build-to-suit project within the Rock Run Crossings Business Park in Joliet. IDI Logistics is the developer and Ecolab is the tenant. Completion is slated for the second quarter of 2024. Ecolab is a sustainability company that offers water, hygiene and infection prevention solutions and services. The project team also includes architect Ware Malcomb and civil engineer Jacob & Hefner Associates Inc.

June 6, 2023

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