Property Type

Hodges Ward Elliott Arranges Sale of Boutique 17-Room Hotel in Savannah’s Historic District

by John Nelson February 6, 2023

SAVANNAH, GA. — Hodges Ward Elliott (HWE) has arranged the sale of Hamilton-Turner Inn, a 17-room luxury boutique hotel located at 330 Abercorn St. in the Historic District of Savannah. Originally built in the late 1800s and repositioned for hospitality use in 1997, the inn features French Empire-style architecture and includes a parlor/sitting room, as well as a dining room that can serve up to 20 guests. Pete Dannemiller and Jeff Berkman of HWE brokered the sale on behalf of the undisclosed seller, which implemented a capital improvement plan at the property over the last several years. The buyer and sales price were also not disclosed.

February 6, 2023

Acquisitions Office Texas

CapRidge Partners Sells 109,473 SF Office Building in Houston’s Energy Corridor

by Taylor Williams February 6, 2023

HOUSTON — Austin-based investment firm CapRidge Partners has sold a 109,473-square-foot office building in Houston’s Energy Corridor. The six-story building, which was renovated in 2021 and was roughly 60 percent leased at the time of sale, sits on a 3.7-acre site at 12012 Wickchester Lane. Marty Hogan and Kevin McConn of JLL represented CapRidge Partners in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.

February 6, 2023

Acquisitions Data Centers Industrial Texas

Hilco Real Estate Brokers Bankruptcy Sale of 48,980 SF Data Center in Fort Worth

by Taylor Williams February 6, 2023

FORT WORTH, TEXAS — Hilco Real Estate has brokered the bankruptcy sale of a 48,980-square-foot data center located along U.S. Highway 287 in Fort Worth. Built in 2018 as an industrial flex property and recently repositioned to support data center usage, the facility features 18- to 26-foot clear heights, 22 drive-in doors and office space. The site includes 6.5 acres for future expansion. The facility was leased to an undisclosed trucking company at the time of sale. The buyer and seller were not disclosed.

February 6, 2023

Acquisitions Retail Texas

Hunington Properties Arranges Sale of 12,100 SF Retail Building in San Antonio

by Taylor Williams February 6, 2023

SAN ANTONIO — Austin-based brokerage firm Hunington Properties has arranged the sale of a 12,100-square-foot retail building in San Antonio. The building was constructed in 2021 and was fully leased to Action Behavior Center at the time of sale. Gigi Gomel of Hunington Properties represented the seller, a Houston-based limited liability company, in the transaction. Luis Garza of Transwestern represented the Alaska-based buyer. The sales price was not disclosed, but the deal traded at a cap rate of 5 percent.

February 6, 2023

Development Industrial Loans Michigan Midwest Ohio

General Motors, LG Joint Venture Receives $2.5B Loan for Construction of Three Battery Cell Manufacturing Facilities

by Kristin Harlow February 6, 2023

OHIO, MICHIGAN AND TENNESSEE — Ultium Cells LLC, a joint venture between General Motors and LG Energy Solutions, has received a $2.5 billion loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO). The loan will help finance the construction of three new lithium-ion battery cell manufacturing facilities in Warren, Ohio; Lansing, Mich.; and Spring Hill, Tenn. JLL assisted the DOE in the credit risk evaluation of the project structure, including the allocation of risk, the strength of construction, supply and purchase contracts. JLL also negotiated the loan terms and conditions. The construction projects are expected to create more than 11,000 jobs. The three new facilities will manage battery cell production to respond to the growing U.S. consumer demand for electric vehicles. The transaction marks LPO’s first closed loan exclusively for a battery cell manufacturing project under the Advanced Technology Vehicles Manufacturing program. In October, the federal government launched the American Battery Materials Initiative to grow the end-to-end battery supply chain alongside $2.8 billion in grants from the DOE.

February 6, 2023

Acquisitions Midwest Ohio Retail

JRW Realty Negotiates Sale of 115,777 SF Shopping Center in Columbus

by Kristin Harlow February 6, 2023

COLUMBUS, OHIO — JRW Realty has negotiated the sale of Walnut Creek Plaza in Columbus for an undisclosed price. An 86,608-square-foot Giant Eagle grocery store anchors the 115,777-square-foot shopping center. There are also 13 additional retail and healthcare tenants. Nathan Webb of JRW Realty sourced the buyer, one of JRW’s exclusive institutional buyers. CBRE represented the undisclosed seller.

February 6, 2023

The-District-at-1515-Parsippany-New-Jersey

Development Multifamily New Jersey Northeast

Partnership to Develop 498-Unit Multifamily Project in Parsippany, New Jersey

by Taylor Williams February 6, 2023

PARSIPPANY, N.J. — A partnership between Los Angeles-based PCCP LLC, Claremont Development and Stanbery Development will build The District at 1515, a 498-unit multifamily project in the Northern New Jersey community of Parsippany. The four-building development will include 58,866 square feet of retail space that will be marketed to a mix of full-service and fast casual restaurants, as well as fitness users and soft goods merchandisers. Residential amenities will include a pool, fitness center, lounge area, conference center and a pet spa. Completion is slated for early 2025.

February 6, 2023

Acquisitions Michigan Midwest Office Retail

Colliers Brokers Sale of 24,000 SF Historic Building in Detroit

by Kristin Harlow February 6, 2023

DETROIT — Colliers has brokered the sale of the historic Grand Army of the Republic (GAR) building in Detroit for an undisclosed price. The 24,000-square-foot property is located at 1942 Grand River Ave. Newgar LLC sold the asset to Joe Barbat of Barbat Holdings. Benji Rosenzweig and Ben Hubert of Colliers represented both parties in the transaction. The building currently houses a restaurant, office and event space. The buyer intends to convert the property into strictly event space with a new steakhouse on the ground floor to replace the old Parks & Rec Diner and Republic Tavern restaurants. The GAR building opened in 1901 as a place for the city’s Civil War veterans to gather. The GAR is a nationwide organization founded in 1866.

February 6, 2023

Leasing Activity Midwest Missouri Office

Kadean Construction to Relocate St. Louis Office to Sunset Hills, Missouri

by Kristin Harlow February 6, 2023

SUNSET HILLS, MO. — In April, Kadean Construction will move its St. Louis office from Fenton to Sunset Hills. The contractor will occupy roughly 10,500 square feet within Laumeier Office Park Building 4 after an approximately $1.2 million renovation and buildout is completed. Kadean’s architecture team is leading the design of the new space with assistance from eddy Design Group. The move comes as Kadean’s office staff has grown from 20 employees to 36 over the past 15 months. The new office will feature conference rooms, training areas and collaboration space. Kadean is also finalizing a lease for roughly 4,600 square feet of warehouse space in the Westport area to relocate and accommodate its expanding storage needs. Kadean also has an office in Kansas City. Total company employment now stands at 85. The construction firm has grown from $85.2 million in revenue in 2019 to an estimated $340 million in 2022.

February 6, 2023

Acquisitions California Retail Western

IRA Capital Sells 157,322 SF Poinsettia Plaza Shopping Center in Ventura, California for $66M

by Amy Works February 6, 2023

VENTURA, CALIF. — IRA Capital has completed the disposition of Poinsettia Plaza, a shopping center located at 4220-4360 E. Main St. and 4687-4731 Telephone Road in Ventura. An undisclosed buyer acquired the property for $66 million. At the time of sale, the 157,322-square-foot Poinsettia Plaza was 96.5 percent occupied. Current tenants include Ross Dress for Less, Office Depot, Petco, FedEx, Lamps Plus and Aldi. Recent renovations at the property include modernizations of existing facades, new landscaping and parking lot upgrades. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal.

February 6, 2023

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