Property Type

Northmarq Arranges Sale of 387,303 SF Distribution Facility in Lumberton, North Carolina

by John Nelson August 23, 2023

LUMBERTON, N.C. — Northmarq has arranged the sale of a 387,303-square-foot distribution facility located at the intersection of Interstates 95 and 74 in Lumberton. Situated on 49.7 acres, the single-tenant facility was fully leased at the time of sale to Elkay Plumbing Products Co., an affiliate company of Zurn Elkay Water Solutions. The newly built property is a build-to-suit project for Elkay Plumbing, which has a long-term double-net lease at the facility. Brad Pepin and Jonathan Thompson of Northmarq’s Tulsa office represented the seller, an Atlanta-based developer, in the transaction. The buyer, an individual investor based in California, purchased the facility for an undisclosed price.

August 23, 2023

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Arranges $23.5M Sale of Metro Boston Multifamily Portfolio

by Taylor Williams August 23, 2023

NEWTON AND ALLSTON, MASS. — Marcus & Millichap has arranged the $23.5 million sale of a portfolio of two multifamily buildings totaling 59 units in the Boston area. The buildings are located in Newton and Allston, both of which are situated west of the downtown area. The Newton property offers eight two-bedroom units and 23 one-bedroom units with private balconies and storage units. Constructed in 1985 on 0.59 acres, the Allston property features 28 units and 41 off-street parking spaces. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered the deal in collaboration with Matthew Petty of Frame Residential. The buyer and seller were not disclosed.

August 23, 2023

Acquisitions Florida Multifamily Southeast

Berkadia Negotiates Sale of 292-Unit Apartment Community in Metro Tampa

by John Nelson August 23, 2023

THONOTOSASSA, FLA. — Berkadia has negotiated the sale of The Livano Uptown, a 292-unit, garden-style apartment community located at 11810 Walker Road in the Tampa suburb of Thonotosassa. The buyer, Praedium Group, has rebranded the property as Tessa Springs. Alabama-based LIV Development sold the community to Praedium for an undisclosed price. Matt Mitchell and Bailey Smith of Berkadia’s Tampa office represented the seller in the transaction. Built in 2022, Tessa Springs features one-, two- and three-bedroom apartments, as well as a clubhouse, resort-style pool with lounge seating, private workspaces with conference rooms, “party barn,” 24-hour fitness center with a yoga/spin room, a pet center and a 24-hour onsite community market.

August 23, 2023

Acquisitions Florida Retail Southeast

IPA Brokers $18.1M Sale of Bay City Point Shopping Center in Panama City, Florida

by John Nelson August 23, 2023

PANAMA CITY, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $18.1 million sale of Bay City Point, a 121,413-square-foot shopping center located at 500 E. 23rd St. in Panama City. The center’s tenant roster includes Hobby Lobby, Burlington, Five Below, Skechers and Ulta Beauty. Zach Taylor of IPA represented the seller, Rome, Ga.-based Ledbetter Properties, in the transaction. The buyer was not disclosed. “Demand remains strong for well-located retail projects with strong credit,” said Taylor. “Interest rates remain a headwind, but property-level fundamentals are as strong as ever.”

August 23, 2023

Development Midwest Missouri Restaurant Retail

Chicken N Pickle Plans to Open Seven New Locations by Early 2025

by Kristin Harlow August 23, 2023

KANSAS CITY, MO. — Kansas City-based Chicken N Pickle, an entertainment concept that features a restaurant, sports bar, pickleball courts and a variety of yard games, is expanding nationwide and plans to nearly double its footprint by the first quarter of 2025. Chicken N Pickle has opened eight locations since 2017, with seven more slated for completion by early 2025. The company says this is its fastest period of growth to date. The first Chicken N Pickle opened in Kansas City in 2017. The other currently operating locations are in Wichita, Kan.; San Antonio, Texas; Oklahoma City, Okla.; Overland Park, Kan.; Grand Prairie, Texas; Grapevine, Texas; and Glendale, Ariz. This year, Chicken N Pickle will open a new location in St. Charles, Mo. Then in 2024, the company will debut its locations in Allen, Texas; Fishers, Ind.; Henderson, Nev.; and Webster, Texas. The remaining two planned locations are slated to open in early 2025 in Thornton, Colo.; and Parker, Colo. The average Chicken N Pickle facility is situated on 1.5 acres and totals 32,000 square feet. Menu offerings include rotisserie chicken dishes in four different seasonings, pork and beef sandwiches, hand-cut fries and tater tots.

August 23, 2023

Development Michigan Midwest Retail

Bedrock to Restore Historic National Theatre in Detroit

by Kristin Harlow August 23, 2023

DETROIT — As part of its Development at Cadillac Square, Bedrock plans to restore and re-introduce the National Theatre as a music and performance venue. Plans call for the preservation and relocation of the Theatre’s historic façade. The venue originally opened in 1911, but has fallen into disrepair since its closure in 1975. Bedrock is working to restore the National Theatre in consultation with tvg Hospitality, a venue operator based in both the U.S. and U.K. In partnership with locally based promoters, tvg will operate the venue. Development at Cadillac Square is a 1.5 million-square-foot mixed-use project adjacent to Campus Martius Park and Cadillac Square. Construction of Phase I is slated to begin following the 2024 NFL Draft.

August 23, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

ESI Arranges Sale of 213-Bed Skilled Nursing Facility in Savoy, Illinois

by Kristin Harlow August 23, 2023

SAVOY, ILL. — Evans Senior Investments (ESI) has arranged the sale of Champaign Urbana Nursing & Rehab in Savoy, located about midway between Chicago and St. Louis. A regional owner-operator sold the asset to Mozart Healthcare, which plans to install Accolade Healthcare as the operator. The sales price was undisclosed. Initially built in 1975, the facility is licensed for 213 skilled nursing beds, and at the time of marketing was 49 percent occupied. The current operator restored the occupancy rate to 67 percent by the time of closing.

August 23, 2023

Development Midwest Office Ohio Restaurant Retail

Community of Zanesville Opens The Downtown Exchange in Ohio

by Kristin Harlow August 23, 2023

ZANESVILLE, OHIO — The Downtown Exchange, a revitalization project designed to foster small business growth and economic development, has opened in downtown Zanesville, about 55 miles east of Columbus. The Downtown Exchange business owners, in partnership with JobsOhio, Ohio Southeast Economic Development, the Zanesville-Muskingum County Port Authority and the Zanesville-Muskingum County Chamber of Commerce, hosted a ribbon-cutting ceremony Monday, Aug. 14. Over $1.1 million was invested to redevelop the historic building into a mixed-use marketplace and coworking space. A first-floor food hall features a variety of local eating, drinking and social gathering space, along with a bar and patio at the rear of the building. The second and third floors are coworking spaces featuring small and large conference rooms along with collaborative areas and open desk coworking. Formerly known as The Black-Elliot Block, The Downtown Exchange is a historic commercial building consisting of three contiguous structures on Main Street. The building dates back to 1876. The project was supported by a JobsOhio Vibrant Community grant of over $400,000.

August 23, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Housing Assistance Corp., POAH to Develop 39-Unit Affordable Housing Project in Mashpee, Massachusetts

by Taylor Williams August 23, 2023

MASHPEE, MASS. — A partnership between Housing Assistance Corp. and the Preservation of Affordable Housing (POAH) will develop LeClair Village Apartments, a 39-unit affordable housing project in Mashpee, located in southern Massachusetts at the base of Cape Cod. LeClair Village will offer 14 one-bedroom apartments, 21 two-bedroom units and four three-bedroom apartments that will be rented to households meeting a range of income restrictions. Eastern Bank provided construction and permanent financing for LeClair Village and purchased $10 million in federal Low-Income Housing Tax Credits that will also be used to finance the project. Delivery is slated for 2025.

August 23, 2023

Development Leasing Activity Maryland Restaurant Retail Southeast

Jersey Mike’s Subs, Bruster’s Ice Cream to Open at Seven Oaks Shopping Center in Crofton, Maryland

by John Nelson August 23, 2023

CROFTON, MD. — Jersey Mike’s Subs and Bruster’s Ice Cream have signed leases to join the tenant roster at Seven Oaks Shopping Center, a Weis Markets-anchored retail center in Crofton. The two brands are dividing a 3,046-square-foot retail pad site at 2288 Blue Water Blvd. Brandon Howard of Divaris Real Estate represented the undisclosed landlord in the lease negotiations. He has also negotiated all the inline retail vacancies at Seven Oaks and is marketing a build-to-suit opportunity for a 5,000-square-foot pad site next to the Jersey Mike’s and Bruster’s. Seven Oaks is situated one block from the Fort Meade campus and about 20 miles south of Baltimore.

August 23, 2023

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