Property Type

Armada Hoffler Sells Two Single-Tenant Retail Properties in Durham for $23.9M

by John Nelson July 15, 2022

DURHAM, N.C. — Virginia Beach, Va.-based Armada Hoffler Properties has sold two single-tenant retail properties in Durham for a combined $23.9 million. The assets include a 120,000-square-foot store at 1700 N. Pointe Drive that is leased to The Home Depot and a 148,663-square-foot store at 1510 N. Pointe Drive leased to Costco. The adjacent, triple-net-leased stores are situated within two miles of Duke University and downtown Durham. Alex Sharrin, Alex Geanakos and Michael Roberts of JLL represented Armada Hoffler in the transaction. An unnamed investment firm based in New York City purchased both stores.

July 15, 2022

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $16.8M Sale of Terraces at Summerville Apartments in Augusta

by John Nelson July 15, 2022

AUGUSTA, GA. — Berkadia has arranged the $16.8 million sale of Terraces at Summerville, a 120-unit apartment community located at 817 Hickman Road in Augusta. Mark Boyce and Blake Coffey of Berkadia’s Charleston office represented the seller, Nebraska-based Burlington Capital Group, in the transaction. The buyer was Tennessee-based JBT Holdings. Built in 1972, Terraces at Summerville was 95 percent occupied at the time of sale. According to Apartments.com, the property features a pool, fitness center, laundry facilities, tennis court, clubhouse and picnic area.

July 15, 2022

Acquisitions Retail South Carolina Southeast

IPA Brokers $10.7M Sale of Cherrydale Market Shopping Center in Greenville

by John Nelson July 15, 2022

GREENVILLE, S.C. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $10.7 million sale of Cherrydale Market, a newly built, 70,635-square-foot shopping center in Greenville. The property houses three tenants: Burlington, Ulta Beauty and Five Below. Zach Taylor of IPA arranged the transaction on behalf of the seller, an entity doing business as Cherrydale 245 LLC. The buyer was Agree Realty, a net lease retail REIT based in Bloomfield Hills, Mich. “We procured the equity for the developer to get the property out of the ground and sourced an active REIT willing to commit to a pre-sale during construction,” says Taylor.

July 15, 2022

Colorado Development Industrial Top Stories Western

Pepsi Buys 152 Acres in Denver to Develop 1.2 MSF Manufacturing Plant

by Jeff Shaw July 15, 2022

DENVER — PepsiCo Beverages North America (PBNA), a subsidiary of food and beverage giant PepsiCo Inc. (NASDAQ: PEP), has acquired nearly 152 acres of land in Denver. The company plans to build a 1.2 million-square-foot manufacturing facility on the site, which will be its largest in the country. The project will be triple the size of Pepsi’s existing facility in Denver’s River North Art District, where the company has operated since the 1950s. The new plant is scheduled to open in 2023 and will produce a variety of the company’s name-brand beverages, such as Pepsi, Pepsi Zero Sugar, Gatorade, bubly, Rockstar, Propel and Muscle Milk. The site is located within the Denver High Point development area, a massive, 5 million-square-foot industrial park currently under construction approximately 18 miles east of downtown near Denver International Airport. The new Pepsi plant will be the company’s most sustainable yet, according to the company, with plans for 100 percent renewable electricity, best-in-class water efficiency and reduced virgin plastic use. The initiative is part of Pepsi’s “pep+” pledge to positively impact the planet. Pepsi says the new location will also create 250 new jobs, in addition to the 250 employees already working at the downtown …

July 15, 2022

Development Midwest Missouri Multifamily

High Street Residential to Build 152-Unit Apartment Complex Near St. Louis

by Kristin Harlow July 15, 2022

KIRKWOOD, MO. — High Street Residential, a subsidiary of Trammell Crow Co., has unveiled plans to build its first multifamily project in the greater St. Louis area. Located at 416 N. Kirkwood Road in Kirkwood, The James will rise five stories with 152 apartment units and more than 7,000 square feet of ground-floor retail space. Completion is slated for early 2024. Amenities will include a clubroom, fitness center, work-from-home center, pet wash and an amenity terrace with a pool and grill stations. The development will offer 285 parking spaces. ESG Architecture & Design is the architect and Brinkmann Constructors is the general contractor.

July 15, 2022

Civic Development Midwest Minnesota

Contegrity Group Completes Construction of Wright County Government Center in Buffalo, Minnesota

by Kristin Harlow July 15, 2022

BUFFALO, MINN. — Contegrity Group has completed construction of the Wright County Government Center in Buffalo, about 42 miles northwest of Minneapolis. BKV Group designed the four-story, 222,538-square-foot building, which is located on the same campus as the county’s law enforcement and justice centers. Parking has been reconfigured to be closer to each building and expanded from 275 to 1,600 total spaces. BKV Group provided planning and pre-development services and led all architecture, structural, mechanical and electrical engineering, interior design and landscape architecture.

July 15, 2022

Industrial Loans Midwest Ohio

Northmarq Arranges $3.2M Loan for Refinancing of Industrial Property in Cincinnati

by Kristin Harlow July 15, 2022

CINCINNATI — Northmarq has arranged a $3.2 million loan for the refinancing of Kemper Commerce Park in Cincinnati. The 145,485-square-foot industrial property consists of two buildings. Christina Grimme of Northmarq arranged the 10-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.

July 15, 2022

Development Illinois Industrial Midwest

Brennan to Develop Industrial Build-to-Suit for Zippy Shell in Bartlett, Illinois

by Kristin Harlow July 15, 2022

BARTLETT, ILL. — Brennan Investment Group will develop a 118,800-square-foot industrial build-to-suit for Zippy Shell Inc. in Blue Heron Business Park in Bartlett. Zippy Shell is a portable storage and moving company that delivers storage containers directly to the end user’s home or business. Jack Brennan of CBRE assisted the developer in acquiring a seven-acre site within the industrial park. A construction timeline was not provided.

July 15, 2022

Illinois Leasing Activity Midwest Office

Club Colors Signs 52,056 SF Office Lease at Bell Works Chicagoland

by Kristin Harlow July 15, 2022

HOFFMAN ESTATES, ILL. — Club Colors has signed a long-term lease for 52,056 square feet of office space at Bell Works Chicagoland in Hoffman Estates. The branding and marketing company will utilize the space for its national headquarters beginning in May 2023. Club Colors will occupy space on the third floor of the east building as well as a production facility on the first floor with access to a private outdoor patio. The tenant will bring its team of 125 employees from its current home in Schaumburg. Jon Springer of CBRE represented Club Colors, while Steve Kling of Colliers represented ownership, Inspired by Somerset Development. Bell Works Chicagoland is the redevelopment of the former AT&T campus. Club Colors is now the property’s largest tenant to date.

July 15, 2022

Acquisitions Multifamily Texas

Cottonwood Group, Texsun Holdings Acquire 636-Unit Multifamily Portfolio in San Antonio

by Taylor Williams July 15, 2022

SAN ANTONIO — A partnership between private equity firm Cottonwood Group and Dallas-based Texsun Holdings has acquired a 636-unit multifamily portfolio in San Antonio. The two properties that comprise the portfolio, San Mateo Apartments and Heights on Perrin Apartments, are both located on the city’s northwest side. The new ownership plans to implement a $7 million capital improvement program. The seller and sales price were not disclosed.

July 15, 2022

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