Property Type

JLL Secures $12.5M in Construction Financing for Boyd Lake Commerce Center in Loveland, Colorado

by Amy Works October 4, 2022

LOVELAND, COLO. — JLL Capital Markets has arranged $12.5 million in construction financing for the development of Boyd Lake Commerce Center Phase I, a Class A outdoor storage project situated on 95 acres in Loveland. The borrower is BLCC One, an affiliate of co-developers Saunders Commercial Development Co. and Winslow Investments. Leon McBroom led the JLL Capital Markets team in arranging the three-year, non-recourse, floating-rate loan through a regional bank. Once completed, the 100,000-square-foot building will offer 28-foot clear heights, 28 loading docks, 188 parking spaces, ESFR sprinkler systems, glass storefront and LED lighting. Additionally, the property will include four acres of outdoor yard space. Boyd Lake Commerce Center is a master-planned development that is expected to include five additional industrial buildings, one office building and one flex project with numerous build-to-unit opportunities throughout.

October 4, 2022

Acquisitions Kentucky Multifamily Southeast

RealSource Acquires The Mill at Georgetown Apartments in Kentucky for $47M

by John Nelson October 4, 2022

GEORGETOWN, KY. — RealSource Properties Multifamily REIT has purchased The Mill at Georgetown, a 228-unit apartment community located at 115 Magnolia Drive in the Lexington suburb of Georgetown. The Salt Lake City-based investment firm purchased the property from an undisclosed seller for $47 million. Situated three miles from Toyota Motor Manufacturing Kentucky, The Mill at Georgetown features one-, two- and three-bedroom townhouse-style apartments. Amenities include a clubroom, fitness center, resort-style pool with shaded pergola, outdoor lounge, grilling area and a dog park.

October 4, 2022

Development Georgia Leasing Activity Mixed-Use Southeast

Judge Commercial Adds Six New Tenants at West Broad Redevelopment Project in Savannah

by John Nelson October 4, 2022

SAVANNAH, GA. — Judge Commercial has welcomed six new commercial tenants at West Broad, a mixed-use redevelopment of the historic 300 block of Martin Luther King Jr. Boulevard in west Savannah. The new tenants include Savannah Square Pops, Origin Coffee Bar, Chewning Interiors, AMPT-Savannah, Smithereens and National Marine Sanctuary Foundation. Existing tenants at West Broad include Forsight Eye Care, Rethink Design and Sweet Peach Cosmetic Tattoo. West Broad’s first floor is fully leased and there are commercial and coworking spaces available for lease on the second and third floors, according to Judge Commercial. The 300 block was originally constructed between 1910 and 1922 and housed the landmark Thrifty Supply Center hardware store for 60 years. Urban design and civic architecture firm Sottile and Sottile oversaw the redesign of the four-story, 60,000-square-foot adaptive reuse project.

October 4, 2022

Acquisitions Data Centers Florida Leasing Activity Southeast

JLL Arranges $34M Sale-Leaseback of South Florida Data Center

by John Nelson October 4, 2022

DORAL, FLA. — JLL has arranged the $34 million sale-leaseback of a 103,000-square-foot data center located at 2100 N.W. 84th Ave. in Doral, a suburb of Miami. Carl Beardsley, Jake Wagner, Josh Katlin, Luis Castillo and Manny de Zárraga of JLL represented the undisclosed seller, which will lease a portion of the space. The unnamed buyer will occupy the remaining space. Situated within America’s Gateway business park in Miami’s Airport industrial submarket, the freestanding facility features several fiber providers, a covered loading dock and 4,092 square feet of mezzanine space. The seller recently invested “significant capital” to update the property, according to JLL.

October 4, 2022

Acquisitions Retail Southeast Virginia

ShopOne Centers REIT, Pantheon Purchase Lake Ridge Commons in Woodbridge, Virginia

by John Nelson October 4, 2022

WOODBRIDGE, VA. — A joint venture between ShopOne Centers REIT Inc., Pantheon and an unnamed institutional investor has purchased Lake Ridge Commons, a 74,367-square-foot shopping center in Woodbridge. The seller and sales price were not disclosed. Built in 1987, the property is anchored by a 52,706-square-foot Giant Food grocery store and also houses Banfield Pet Hospital and YogaSix. Lake Ridge Commons is the first acquisition in Virginia for the joint venture, which purchased Shoppes on the Parkway in Cary, N.C., last month.

October 4, 2022

Development Illinois Industrial Leasing Activity Midwest

DSV Air & Sea Preleases 307,378 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow October 4, 2022

BENSENVILLE, ILL. — DSV Air & Sea Inc. has preleased a 307,378-square-foot industrial building in the Chicago suburb of Bensenville. The property at 1401 Devon Ave. is slated for completion in spring 2023. ML Realty Partners owns the development along with an adjacent 297,238-square-foot building that was leased by Apex Logistics International Inc. last winter. Both buildings feature a clear height of 40 feet and are situated in DuPage County. The site is less than one-half mile north of Illinois Route 390. Kevin Segerson of CBRE represented DSV Air & Sea in the lease. Andrew Maletich, Matt Garland and Dustin Albers of Cawley Chicago represented ML Realty Partners.

October 4, 2022

Development Industrial Midwest Ohio

Adena Corp. Completes 160,000 SF Spec Industrial Facility in Mansfield, Ohio

by Kristin Harlow October 4, 2022

MANSFIELD, OHIO — Adena Corp. has completed a 160,000-square-foot speculative industrial facility in Mansfield, a city about midway between Columbus and Cleveland. Located at the intersection of Bowman Street and Cairns Road, the project features a clear height of 32 feet, 17 docks, eight drive-in doors, a 36-space concrete parking lot and 1,400 square feet of office space. The property is situated adjacent to Mansfield Lahm Regional Airport. Weston Devore of CBRE is handling the marketing and leasing.

October 4, 2022

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $4.4M Sale of Two-Building Multifamily Portfolio in St. Paul

by Kristin Harlow October 4, 2022

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio in St. Paul for $4.4 million. The properties total 40 units and are located along Grand Avenue within the Macalester-Groveland neighborhood. Originally constructed in 1925 and 1926, the buildings were fully leased at the time of sale. Abe Roberts of Marcus & Millichap represented the undisclosed seller and the buyer, a local investor.

October 4, 2022

Acquisitions Mixed-Use Multifamily Southeast Tennessee

Drapac Capital Sells Corner Mixed-Use Building in Downtown Memphis for $2.5M

by John Nelson October 4, 2022

MEMPHIS, TENN. — Drapac Capital Partners has sold its final Memphis asset, a four-story mixed-use building located at 44 S. Front St. A local investor acquired the property for $2.5 million and intends to operate the property for residential use. Austin Ehrat of Newmark represented Drapac in the transaction. The 22,922-square-foot building is located in downtown Memphis at the corner of Front Street and Monroe Avenue and features six apartments, ground-floor retail space and a full basement. The 1925-era property, which once housed the Mid-South Cotton Growers Association, was fully leased at the time of sale. Drapac Capital originally purchased the property in 2016 for $820,000.

October 4, 2022

Acquisitions Healthcare Michigan Midwest

JLL Arranges Sale of 23,328 SF Medical Office Building in Novi, Michigan

by Kristin Harlow October 4, 2022

NOVI, MICH. — JLL has arranged the sale of the Novi Wellness Center, a 23,328-square-foot medical office building in Novi, which is located about 29 miles northwest of downtown Detroit. The sales price was undisclosed. The property at 39500 West Ten Mile Road, renovated in 2020, was 97 percent leased at the time of sale by tenants such as Beaumont Health, Smile Doctors and ThriveWorks. Chris DiSalle of JLL represented the seller, Woodside Health. Private equity firm Excelsior Capital was the buyer.

October 4, 2022

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