INDIANAPOLIS — Industrious, a flexible workspace provider, is opening a new location at 71060 N. Capitol Ave. in the former Stutz Motor Car Co. factory in Indianapolis. SomeraRoad is repositioning the property as retail, office, arts and event space. The new location marks the third for Industrious in the Indianapolis market and is slated to open in December. The workspace will feature 350 seats across 28,000 square feet and include a mix of private offices, shared workspaces, conference rooms and lounge areas.
KALAMAZOO AND OKEMOS, MICH. — Northmarq has arranged a $12.2 million loan for the refinancing of two Staybridge Suites hotels in Michigan. The Kalamazoo property, located at 2001 Seneca Lane, was built in 2006. The Okemos hotel, located at 3553 Meridian Crossing Drive, was built in 2008. Each hotel features 95 rooms and rises three stories. Jeff Dietz of Northmarq arranged the fixed-rate loan, which features a five-year term and a 25-year amortization schedule. A life insurance company provided the loan to the borrower, Hotel Development Services LLC, which will use the loan proceeds to take out maturing CMBS loans. The Staybridge Suites brand targets extended-stay and corporate travelers.
CHICAGO — Wellington Management has signed a 24,000-square-foot office lease at 345 N. Morgan in Chicago’s Fulton Market. Sterling Bay broke ground on the office and retail development in August 2021 and expects to wrap up construction this September. Amenities include private outdoor terraces, a 5,000-square-foot roof deck, lounge, fitness center, coworking library and conference spaces. Eckenhoff Saunders Architects was the project architect. Russ Cora and Austin Lusson negotiated the lease transaction on an internal basis for Sterling Bay. Brendan Callahan, Gabrielle Harvey, Eddie Viliunas and Matt Carolan of JLL represented Wellington Management, which currently houses its Chicago operations in a 6,000-square-foot space in the Loop. The company is a private investment management firm.
TAMPA, FLA. — JLL has provided $262 million in Freddie Mac loans for the refinancing of a portfolio of six Southeastern multifamily properties totaling 1,494 units. Tampa-based Carter Multifamily owns the properties, which are located in Maryland, Virginia and Alabama. The portfolio comprises all garden-style assets, including: the 326-unit Park at Kingsview Village in Germantown, Md. the 240-unit Stonecreek Club in Germantown, Md. the 336-unit Hunt Club in Gaithersburg, Md. the 220-unit Springwoods at Lake Ridge in Woodbridge, Va. the 180-unit Windsor Park in Woodbridge, Va. the 192-unit Oaks of St. Clair in Moody, Ala. Melissa Marcolini Quinn and Lee Weaver of JLL originated the debt through Freddie Mac. Each of the loans was features a seven-year term and a floating interest rate. JLL, which will service the loans, also secured $40 million in new equity as part of the larger recapitalization of the portfolio. The equity partner was not disclosed. “Despite turbulent debt markets, we were able to facilitate a refinance of the portfolio with favorable senior financing from Freddie Mac, which was attracted to the deal due to the portfolio’s contribution to its mission and the borrower’s strong track record,” says Quinn. — Taylor Williams
By Taylor Williams As an exceptionally dense, compact market that’s only bordered by land on three sides, metro Boston and its brick-and-mortar retail sectors have long been subject to shortages of quality retail space. Even during the height of the pandemic, when some retailers and restaurants went under and sent vacated space back to the market, prime locations were quickly reabsorbed. As it did nationally during the shutdown of the U.S. economy, rent growth in Boston’s retail market subsided temporarily, only to rebound quickly via pent-up demand. Now, the economy is seemingly on the verge of recession, and consumers’ disposable incomes are being severely stretched by 40-year inflationary highs. Yet Boston’s healthy proportion of young people and strong growth in high-paying industries like tech, healthcare and life sciences still have numerous retail users and brokers feeling bullish on the market. But even the most aggressive and well-thought-out expansion plans can fall flat in the absence of good physical space in which to grow. A Tight Market According to data compiled by Newmark, there is roughly 500,000 square feet of pure-play retail space currently under construction throughout the Boston area. While construction timelines are fluid, the full-service real estate firm estimates …
FAYETTEVILLE, GA. — Quality Technology Services (QTS), a data center owner and operator, has acquired 615 acres in Fayetteville, about 25 miles south of Atlanta. The Overland Park, Kan.-based firm plans to develop the world’s largest multi-data center campus on the site, according to CBRE. The square footage and construction timeline for the campus were not released. Tim Huffman and Mike Lash of CBRE represented the seller, the Fayette County Development Authority, in the deal. The duo also procured QTS, which acquired the assemblage for $153.8 million, or approximately $250,000 per acre. Atlanta’s data center market has seen strong demand as the market recorded a vacancy rate of 3.6 percent as of second-quarter 2022, according to CBRE research. The market is currently home to 249.5 megawatts (MW) of data center capacity, a 71.7-MW increase from the first half of 2021.
ALPHARETTA, GA. — Lincoln Rackhouse, the data center division of Lincoln Property Co., and Principal Real Estate Investors, the real estate investment arm for Principal Global Investors, have partnered to purchase a 185,000-square-foot data center. Originally built and occupied by cell phone giant Blackberry in 2009, the data center sits on a 38-acre site at 4905 N. Point Parkway in Alpharetta, less than two miles from the Avalon mixed-use development and about 25 miles north of Atlanta. The seller and sales price were not disclosed. The data center’s current capacity is 7 megawatts (MW) but is expandable up to 13 MW, and the site can accommodate a new ground-up data center that can support 30 MW of capacity. St. Louis-based Ascent will continue to provide facilities management, engineering and construction services to the site. Digital Crossroad and CBRE’s Atlanta-based data center solutions team will provide marketing and leasing services for the new ownership.
WILDWOOD AND LADY LAKE, FLA. — Strategic Storage Growth Trust III Inc. has purchased two self-storage facilities in The Villages, a master-planned community in Central Florida spanning 5,600 acres. California-based Strategic Storage Growth Trust III is a private company that intends to qualify as a REIT sponsored by an affiliate of SmartStop Self Storage REIT. The self-storage assets include a 1,010-unit property at 5688 Florida Highway 44 in Wildwood and a 750-unit facility at 175 Rolling Acres Road in Lady Lake. The 187,400-square-foot portfolio represents the first acquisition for Strategic Storage Growth Trust III since it launched in May 2022. The seller and sales price were not disclosed.
WEST PALM BEACH, FLA. — Colliers has arranged the sale of the 135-room Quality Inn Palm Beach International Airport hotel and an adjacent IHOP restaurant in West Palm Beach. Index Investment Group purchased the assets from Cherry Cove Hospitality for $12.5 million. Mark Rubin and Bastian Laggerbauer of Colliers’ South Florida Investment Services team represented the buyer, and Richard Lillis of Colliers’ Hotels USA division represented the seller in the off-market transaction. Index will assume operations of the hotel immediately and continue to operate it under the Quality Inn flag. The hotel and 5,408-square-foot IHOP are located at 1503-1505 Belvedere Road, roughly two miles from both Palm Beach International Airport and downtown West Palm Beach.
BATON ROUGE, LA. — Matthews Real Estate Investment Services has brokered the $7.3 million sale of Acadian Place Apartments, a 120-unit multifamily property located at 855 S. Flannery Road in Baton Rouge. John Solari of Matthews represented the undisclosed seller in the transaction. A private investor based in New York purchased the property. Acadian Place is situated within walking distance to Flannery Road Park, an elementary school, Shopper’s Value Food and multiple restaurants. According to Apartments.com, the gated property was built in 1973 and features a pool, laundry facilities, playground, clubhouse and onsite property management.