Property Type

Seefried Begins Site Work for 4 MSF Industrial Park Near Port of Savannah

by John Nelson November 23, 2022

SAVANNAH, GA. — Seefried Properties has begun site work at Live Oak Logistics Center, a 287-acre industrial park located within six miles of the Port of Savannah’s Garden City Terminal. The site is entitled for 4 million square feet of industrial space at full buildout. Live Oak’s first building is set to be delivered in the fourth quarter of 2023 and will span 669,760 square feet. The cross-dock facility will be built on a speculative basis. Stephen Ezelle and Bob Robers of Cushman & Wakefield are handling the leasing efforts on behalf of Seefried. Facilities at Live Oak will range from 252,000 to 1.4 million square feet in size across five buildings, according to Seefried. The park is situated near I-16, I-95 and near the future 16 million-square-foot Hyundai electric vehicle assembly and battery campus, which is set to open in 2025.

November 23, 2022

Acquisitions Industrial Southeast Virginia

CRG Sells New 1.2 MSF Industrial Facility in Richmond Leased to Lowe’s

by John Nelson November 23, 2022

RICHMOND, VA. — CRG, a Chicago-based industrial developer behind the Cubes brand of logistics facilities, has sold a 1.2 million-square-foot industrial property located at 2703 Commerce Road in Richmond. Situated within 110-acre Deepwater Industrial Park, the property was delivered in October as a build-to-suit for Lowe’s Home Centers, a subsidiary of national retailer Lowe’s Home Improvement. Realty Income Corp. purchased the facility for an undisclosed price. Patrick Nally, Britton Burdette, Bill Prutting, Craig Childs and Josh McArdle of JLL represented CRG in the sale. Similar to all Cubes-branded facilities, the Lowe’s facility features 36-foot clear heights, ESFR sprinkler systems, LED lighting, ample dock doors, trailer storage and car and truck parking. The design-build team includes development partners DSC Partners and Iron Point Partners, as well as architect Lamar Johnson Collaborative and general contractor and development partner Hourigan Group. The Richmond facility is the third property that CRG has developed for Lowe’s.

November 23, 2022

Acquisitions Hospitality Midwest Minnesota

Flynn Properties, Värde Partners Acquire 80 Percent Interest in 89 Hotels in $1.1B Deal

by Kristin Harlow November 23, 2022

MINNEAPOLIS AND SAN FRANCISCO — Flynn Properties Inc. and Värde Partners have acquired an 80 percent joint venture interest in 89 select-service and extended-stay hotels in a $1.1 billion deal. Affiliates of Highgate and Cerberus Capital Management LP were the sellers. The portfolio comprises 58 Marriott-branded hotels, 24 Hilton-branded properties, four Radisson-branded assets, two IHG-branded hotels and one Choice-branded property. All of the assets will undergo capital improvements over time. Affiliates of Highgate and Cerberus will retain a 20 percent interest in the investment, and Highgate will continue to manage the properties on behalf of the joint venture. Deutsche Bank Securities Inc. served as financial advisor to Flynn and Värde on the transaction. Flynn Properties, a division of San Francisco-based Flynn Holdings, now owns 115 select-service and extended-stay hotels. Minneapolis-based Värde currently manages over $13 billion in assets worldwide.

November 23, 2022

Development Midwest Missouri Multifamily

Tegethoff Development Completes $90M Transit-Oriented Apartment Project in St. Louis

by Kristin Harlow November 23, 2022

ST. LOUIS — Tegethoff Development has completed Expo at Forest Park, a $90 million transit-oriented apartment development in St. Louis. The project is adjacent to the Forest Park-DeBaliviere MetroLink Station in the historic Skinker-DeBaliviere neighborhood. Expo at Forest Park includes two buildings with 287 units, along with parking, amenities and 30,000 square feet of retail space. The north building opened in August, while the south building will open in the next few weeks. More than half of the new residents do not own cars, according to Tegethoff. Bi-State Development operates the Metro Transit system that serves eastern Missouri and southwestern Illinois. Bi-State has worked to create a safer, more secure public transit system. Trivers assisted in architecture, planning, urban design and interiors for Expo at Forest Park. Trivers collaborated with associate architect HOK and general contractor Brinkmann Constructors.

November 23, 2022

Development Hospitality Michigan Midwest

Michigan’s Bavarian Inn Lodge to Undergo $80M Expansion

by Kristin Harlow November 23, 2022

FRANKENMUTH, MICH. — The Bavarian Inn Lodge in Frankenmuth, a city in central Michigan known for its Bavarian-style architecture, is set to undergo an $80 million expansion. The project will significantly enhance the lodge’s water park amenities and family entertainment offerings. A groundbreaking ceremony is scheduled for Tuesday, Dec. 13. Once the project is completed, the Bavarian Inn Lodge will be home to Michigan’s largest indoor water park and family entertainment center at more than 140,000 square feet. Completion is slated for spring 2024, but some portions are scheduled to open in late 2023. R.C. Hendrick & Son Inc., which built all previous six phases of the lodge, is the general contractor. The property will remain open throughout the expansion project.

November 23, 2022

Acquisitions Build-to-Rent Georgia Multifamily Seniors Housing Single-Family Rental Southeast

Berkadia Arranges $47.8M Sale of Build-to-Rent Active Adult Community in Dallas, Georgia

by John Nelson November 23, 2022

DALLAS, GA. — Berkadia Institutional Solutions has arranged the sale of Hardy Springs, a 149-unit build-to-rent, active adult community located in the northwest Atlanta suburb of Dallas. Charleston-based Blaze Partners purchased the single-family neighborhood, which is age-restricted for households age 55 and up, for $47.8 million. Russ Hardy of Berkadia’s Atlanta office and Brooks Minford and Simona Wilson of Berkadia’s Seniors Housing & Healthcare team represented the seller, Georgia-based Highlands Residential, in the transaction. John Bray, also from Berkadia’s Atlanta office, originated an undisclosed amount of Fannie Mae acquisition financing on behalf of Blaze. Hardy Springs features one- and two-bedroom floor plans with walk-in closets, private garages and private patios or balconies. Community amenities include a clubhouse, fitness center and barbecue area. The property is situated near Wellstar Paulding Hospital, AMC Hiram 14 and Lost Mountain Park.

November 23, 2022

Development Midwest Missouri Multifamily

Holland Construction Services Completes Phase II of Sunnen Station Apartment Complex in Missouri

by Kristin Harlow November 23, 2022

MAPLEWOOD, MO. — Holland Construction Services has completed Phase II of the Sunnen Station apartment complex in Maplewood, a western suburb of St. Louis. Phase II encompasses a four-story, 121-unit building with an attached 61,000-square-foot parking garage with 187 spaces. The Sunnen Family developed the project in conjunction with Cozad Commercial Real Estate. Tim Sandweg was the architect. Phase I of Sunnen Station, which Holland completed in 2017, is fully leased. Monthly rents start at $960 for studios.

November 23, 2022

Illinois Leasing Activity Midwest Office

CBRE Negotiates Six Leases Totaling 54,183 SF at Office Building in Chicago’s West Loop

by Kristin Harlow November 23, 2022

CHICAGO — CBRE has negotiated six leases totaling 54,183 square feet at 609 W. Randolph St., a speculative office building that was completed in March in Chicago’s West Loop. The property is now 63 percent leased. A national technology company leased 21,339 square feet. The other lease signings included New Markets Trading, NTT DATA, Global Real Estate Fund, Confidential Financial Services and Valenti Builders. Jason Houze of CBRE represented ownership, Vista Property.

November 23, 2022

Kentucky Loans Retail Southeast

Cronheim Originates $8M Loan for Kroger-Anchored Shopping Center in Lexington, Kentucky

by John Nelson November 23, 2022

LEXINGTON, KY. — Cronheim Mortgage has originated an $8 million permanent loan for Man O’ War Place, a 174,638-square-foot shopping center in Lexington. Dev Morris and Andrew Stewart of Cronheim arranged the financing through American United Life Insurance Co. on behalf of the borrower, an affiliate of locally based investment firm Equity Management. Situated about four miles south of University of Kentucky, Man O’ War Place was 95 percent leased at the time of sale to tenants including Kroger Marketplace, Feeders Supply, Lexington Urgent Care, Hooters, Edible Arrangements, Bright Tiger Dental, The Little Gym and Little Caesars Pizza, among others.

November 23, 2022

Development Industrial Texas

Titan, Robinson Weeks Break Ground on 429,633 SF Spec Industrial Project Near San Antonio

by Taylor Williams November 23, 2022

SELMA, TEXAS — A partnership between Titan Development and Atlanta-based Robinson Weeks Partners has broken ground on a 429,633-square-foot speculative industrial project in Selma, a northeastern suburb of San Antonio. Branded Selma 3, the facility will sit on 25 acres within the 185-acre Titan Industrial Park. Building features will include 36-foot clear heights, 98 dock doors, four drive-in ramps, 232 car parking spaces and 119 trailer parking stalls. Completion is slated for the third quarter of 2023. Selma 2, which spans 305,760 square feet, was completed in July and is now partially leased to Made in Cookware and Berlin Packaging.

November 23, 2022

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