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DevelopmentKentuckyRetailSoutheast

Publix Buys Land in Louisville, Plans to Develop Market’s Third Grocery Store

by John Nelson

LOUISVILLE, KY. — Publix Super Markets has purchased land at the northwest corner of Flat Rock and Shelbyville roads in Louisville with plans to develop the market’s third Publix location. The Courier-Journal reports that the grocer purchased the site from an entity doing business as Shoppes at Gardiner Park LLC for more than $5.5 million. Plans call for a 48,387-square-foot store with a pharmacy and an adjacent Publix Liquors store that will offer beer, wine and spirits. The stores are anticipated to open in the second quarter of 2024. In addition to the three Louisville locations, the company has previously announced another location in Lexington, Ky. The Lakeland, Fla.-based grocer currently operates 1,315 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. Kentucky is the eighth state of operation for Publix.

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AcquisitionsMidwestOhioRetail

Sekulovski Group Brokers $14M Sale of Shopping Center in Steubenville, Ohio

by Kristin Harlow

STEUBENVILLE, OHIO — Sekulovski Group has arranged the $14 million sale of Rural King Plaza, a 215,360-square-foot shopping center located in Steubenville, roughly 40 miles west of Pittsburgh. A Brooklyn-based private investor acquired the property from PICOA Inc. of Los Angeles. Tony Sekulovski of Sekulovski Group brokered the transaction. Anchor Rural King, a farm supply store, occupies 104,230 square feet at the retail center, which was 97 percent leased at the time of sale. Other tenants at the property include Ollie’s and Planet Fitness, which occupy 43,600 and 20,365 square feet, respectively. A 17,000-square-foot Dollar Tree and a Kay Jewelers store also occupy the center.

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AcquisitionsMidwestMissouriMultifamilyNorthmarq

Northmarq Arranges Sale of 208-Unit Multifamily Property in Liberty, Missouri

by Kristin Harlow

LIBERTY, MO. — Northmarq has arranged the sale of Jefferson Park East, a 208-unit multifamily property in the Kansas City suburb of Liberty. Built in 1987, the value-add community is located at 1220 Missouri Court. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Kansas City-based Maxus Properties. The buyer and sales price were not provided.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Negotiates Sale of 79,869 SF Industrial Building in Maywood, Illinois

by Kristin Harlow

MAYWOOD, ILL. — Colliers has negotiated the sale of a 79,869-square-foot industrial building in Maywood, a western suburb of Chicago. The sales price was undisclosed. Completed in August, the property at 1900 Maywood Drive features a clear height of 32 feet. Built on a speculative basis, the development was leased to The Kroger Co. upon completion. Jeff Devine and Steve Disse of Colliers represented the seller, DSI Development. California-based Pacifica Real Estate was the buyer.

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AcquisitionsGeorgiaRetailSoutheast

Franklin Street Brokers $13M Sale of Shopping Center in Kennesaw, Georgia

by John Nelson

KENNESAW, GA. — Franklin Street has brokered the $13 million sale of Town Center Commons, a 72,168-square-foot shopping center located at 725 Ernest W. Barrett Parkway in Kennesaw, a northwest suburb of Atlanta. Nashville-based 615 Ventures purchased the retail center from Ardent Cos. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction. Town Center Commons is anchored by Public Lands, the first Southeast location of a new outdoors and sporting goods retail concept from Dick’s Sporting Goods. Other tenants include Five Below, which recently renewed its lease, as well as The Original Mattress Factory, Affordable Dentures & Implants, Town Center Nails, K-Town Vapor Lounge, Automation Personnel Services and Pinch of Spice. The center, which is shadow-anchored by Dick’s Sporting Goods and Costco, was 96 percent leased at the time of sale.

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AcquisitionsFloridaLoansMultifamilySoutheast

Colliers Mortgage Provides Agency Acquisition Loan for French Quarter Apartments in Tampa

by John Nelson

TAMPA, FLA. — Colliers Mortgage has provided a Fannie Mae loan for the acquisition of French Quarter Apartments, a 57-unit multifamily community in Tampa. Built in 1968, the market-rate property features one- and two-bedroom units, as well as laundry facilities, a picnic area, barbecue grills, Spanish-speaking staff and a pool. Fritz Waldvogel of Colliers Mortgage’s Minneapolis office originated the seven-year loan on behalf of the undisclosed borrower.

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309-164th-St.-Bronx
AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $33.6M Sale of South Bronx Multifamily Portfolio

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $33.6 million sale of a portfolio of six South Bronx multifamily buildings totaling 297 units. The portfolio consists of 14 studios, 67 one-bedroom apartments, 196 two-bedroom units, 19 three-bedroom residences and one office space. Victor Sozio, Shimon Shkury, Daniel Mahfar and Jason Gold of Ariel represented the undisclosed seller in the transaction. The buyer was a partnership between PH Realty Capital & Rockledge.

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116-Huntington-Avenue-Boston
Leasing ActivityMassachusettsNortheastOffice

American Tower Signs 40,000 SF Office Lease Renewal in Boston’s Back Bay Area

by Taylor Williams

BOSTON — Locally based REIT American Tower (NYSE: AMT) has signed a 40,000-square-foot office lease renewal at 116 Huntington Avenue in Boston’s Back Bay neighborhood. The 15-story building spans 273,000 square feet and includes ground-floor retail and restaurant space. Michael Joyce and Lauria Brennan of Cushman & Wakefield represented the landlord, Columbia Property Trust (NYSE: CXP), in the lease negotiations. Kevin Kennedy and Tim Lahey of CBRE represented American Tower.

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AcquisitionsMassachusettsNortheastOffice

Marcus & Millichap Brokers Sale of 16,637 SF Office Building in Waltham, Massachusetts

by Taylor Williams

WALTHAM, MASS. — Marcus & Millichap has brokered the sale of a 16,637-square-foot office building located at 230 Second Ave. in Waltham, a western suburb of Boston. The sales price was $3.4 million. The property was fully leased to six tenants at the time of sale. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller, an entity doing business as Eastport 230 LLC, in the transaction. The duo also procured the buyer, a private investor that acquired the asset via a 1031 exchange.

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Leasing ActivityNew YorkNortheastOffice

CBRE Negotiates 14,375 SF Office Lease at 535 Madison in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — CBRE has negotiated a 14,375-square-foot office lease at 535 Madison Avenue in Midtown Manhattan. Steve Siegel, Craig Reicher, Tim Dempsey, Ramneek Rikhy and Marlee Tepliztky of CBRE represented the tenant, locally based law firm Fried Frank, in the lease negotiations. The tenant, which has committed to a 15-year term, plans to relocate from The Seagram Building to the 37-story tower in early 2024. Brian Gell and Laurence Briody, also with CBRE, represented the landlord, Park Tower Group.

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