Property Type

Marcus & Millichap Arranges $11.3M Sale of Apartment Community in Plymouth, Minnesota

by Kristin Harlow November 4, 2022

PLYMOUTH, MINN. — Marcus & Millichap has arranged the sale of Lakeview Commons in Plymouth for $11.3 million. Constructed in 1995, the 64-unit apartment community consists of four buildings. The asset is in the final two years of extended-use compliance under the Section 42 Low-Income Housing Tax Credit program. Scott Harris and Abe Roberts of Marcus & Millichap represented the seller, Heartland Properties Inc. The duo also procured the buyer, Glencrest Group, a California-based apartment owner that recently entered the Midwest market.

November 4, 2022

Indiana Leasing Activity Midwest Retail

Academy Sports + Outdoors Opens 63,000 SF Store in Jeffersonville, Indiana

by Kristin Harlow November 4, 2022

JEFFERSONVILLE, IND. — Sporting goods and outdoor recreation retailer Academy Sports + Outdoors has opened a new store in Jeffersonville near Louisville. The roughly 63,000-square-foot store is located at 1600 Veterans Parkway within Jeffersonville Town Center. The location marks the sixth of nine new stores Academy expects to open this year. Over the next five years, Academy plans to open 80 to 100 new stores in the U.S.

November 4, 2022

Acquisitions Indiana Industrial Michigan Midwest Northmarq

Northmarq Brokers $4.2M Sale-Leaseback of Midwest Industrial Portfolio

by Kristin Harlow November 4, 2022

ASHLEY, IND. AND FLAT ROCK, MICH. — Northmarq has brokered the sale-leaseback of three industrial buildings in Ashley, Ind., and Flat Rock, Mich., for $4.2 million. The properties total 35,000 square feet. Rob Gemerchak of Northmarq represented the seller, Royal Arc Welding, which executed new leases at the time of sale. A California-based developer was the buyer. Founded in 1983, Royal Arc Welding provides a range of industrial services including the design, installation, inspection and repair of overhead crane systems. Each of the properties includes office space, craned warehouse space and assembly operations.

November 4, 2022

Development Florida Multifamily Southeast

Middle Street Partners Acquires Land in South Daytona, Florida for 389-Unit Multifamily Project

by John Nelson November 4, 2022

SOUTH DAYTONA, FLA. — Charleston-based Middle Street Partners has purchased 23.4 acres in South Daytona for the development of a 389-unit multifamily community. Justin Basquill, Luke Wickham, Shelton Granade and Sean Williams of Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the land sale. The site is located off US Highway 1 with direct views of the Intracoastal Waterway. The name and details about the project were not disclosed, but Middle Street said the property will feature three- and five-story apartment buildings.

November 4, 2022

Development Georgia Multifamily Southeast

Alliance Residential to Develop 315-Unit Apartment Community in LaGrange, Georgia

by John Nelson November 4, 2022

LAGRANGE, GA. — Alliance Residential Co. has purchased 22.3 acres in LaGrange with plans to develop Prose LaGrange, a 315-unit apartment community. Designed by Dynamik Design, the community will feature one- and two-bedroom units averaging 992 square feet. Amenities will include a fitness center, resort-style pool, grilling stations, coworking spaces, clubhouse, business center, pet park and a 24/7 LuxerOne parcel management system. The property will have direct access crosswalks to WellStar West Georgia Medical Center, which houses 1,800 medical employees, as well as a new Publix-anchored shopping center. Alliance Residential plans to open first units at Prose LaGrange in fall 2023. This will be Alliance Residential’s first project in the LaGrange area, second Prose project along Interstate 85 South and fifth Prose community in Georgia. The Arizona-based developer recently opened Prose Fairview, a 318-unit apartment community in Covington, Ga.

November 4, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $4.6M Sale of Retail Strip Center in Lynchburg, Virginia

by John Nelson November 4, 2022

LYNCHBURG, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.6 million sale of Shops at Phillips Circle, a retail strip center located at 19399 Forest Road in Lynchburg. Built in 2018, the center was fully leased at the time of sale to tenants including Starbucks Coffee, East Coast Wings and Nothing Bundt Cakes. The Charles and Margaret Levin Family LP based in Washington, D.C., purchased the property from Riverbend Development. Catharine Spangler, John Pritzlaff and Jenny Stoner of Thalhimer represented the seller in the transaction.

November 4, 2022

Development Kentucky Leasing Activity Retail Southeast

Academy Sports Opens 80,000 SF Store in Lexington, Kentucky

by John Nelson November 4, 2022

LEXINGTON, KY. — Academy Sports + Outdoors has opened an 80,000-square-foot store within South Park Shopping Center, a retail center located at 3200 Nicholasville Road in Lexington. Kaden Cos. is the landlord of South Park, which also houses Ulta Beauty, Best Buy, Burlington and Value City Furniture. The new store is the sixth Academy Sports location in Kentucky and its first in Lexington. Academy Sports plans to open nine stores this year and another 80 to 100 new locations over the next five years. The Katy, Texas-based company currently operates 264 stores across 17 states.

November 4, 2022

Agora-Mixed-Use-Project-North-Las-Vegas-NV

Development Healthcare Mixed-Use Nevada Office Retail Western

Agora Realty Starts Construction of 29-Acre Mixed-Use Project in Downtown North Las Vegas

by Amy Works November 4, 2022

NORTH LAS VEGAS, NEV. — Agora Realty and Management has broken ground on a 29-acre mixed-use, master-planned commercial district in downtown North Las Vegas. The redevelopment project is located at the gateway to the city, east of Interstate 5 along Lake Mead Boulevard and north along Las Vegas Boulevard. Slated for completion in 24 months, the $105 million project will include 200,000 square feet of retail space and 125,000 square feet of healthcare and medical office space. Earlier this year, Agora started construction on a 22,000-square-foot medical office building that will include primary care and specialty services. The company plans to create a public space with children’s areas and event venues, as well as a large screen for outdoor presentations and movies. Agora also plans to incorporate micro-business suites that range in size from 150 square feet to 450 square feet. SCA Architects is doing construction drawings, and Mycotoo will work with Agora on design and programming for the micro-businesses and public space.

November 4, 2022

Acquisitions California Office Western

Drawbridge Realty Buys 157,000 SF Uber-Leased Office Building in Sunnyvale, California

by Amy Works November 4, 2022

SUNNYVALE, CALIF. — Drawbridge Realty has acquired 200 S. Mathilda Avenue, a five-story, Class A office/engineering building and parking structure in downtown Sunnyvale. JP Morgan sold the asset for an undisclosed price. Completed in 2010, the property features 157,000 square feet with subterranean parking. Uber occupies the building as an engineering hub as part of its Bay Area global headquarters. The transit-oriented, LEED Silver-certified building is walkable to Sunnyvale’s Caltrain station and is surrounded by residential, retail and lifestyle amenities. Eastdil Secured represented the seller in the transaction.

November 4, 2022

Three-Buildings-Victory-Logistics-District-Fernley-NV

Development Industrial Nevada Western

Mark IV Capital Breaks Ground on Three-Building Distribution Complex Near Reno, Nevada

by Amy Works November 4, 2022

FERNLEY, NEV. — Mark IV Capital, with Premier Design + Build as general contractor, has broken ground on a three-building distribution project totaling more than 1 million square feet in Fernley, 30 miles east of Reno. Known as Victory Logistics District Buildings B, C and D-2, the new facilities are part of Victory Logistics District, a master-planned industrial development on 4,300 acres owned by Mark IV Capital. Victory Logistics District has direct access to two transcontinental highways (Interstate 80 and U.S. Highway 50) and a rail line serviced by Union Pacific and BNSF. The 634,520-square-foot Building D-2 will feature 40-foot clear heights, 120 dock doors, four drive-in doors and state-of-the-art mechanical and electrical systems. Additionally, the Premier team will add parking for 332 autos and 312 trailers to the project. Totaling 217,447, Building C will offer 26 dock doors, two drive-in doors, state-of-the-art mechanical and electrical systems, 36-foot clear heights and parking for 191 autos and 42 trailers. The 169,820-square-foot Building B will feature 36-foot clear heights, 26 dock doors, two drive-in doors, state-of-the-art mechanical and electrical systems, a speculative office tenant improvement and parking for 172 autos and 43 trailers. The Premier project team includes Jeramy Mahfet, Greg Lew, …

November 4, 2022

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