Property Type

OPEX Buys 115,422 SF Industrial Building in Moorestown, New Jersey

by Taylor Williams November 4, 2021

MOORESTOWN, N.J. —OPEX, a manufacturer of automated machines, has purchased a 115,422-square-foot industrial building at 1224 N. Main St. in the Southern New Jersey city of Moorestown. Situated on eight acres, the property features a clear height of 22 feet and 12 loading docks, as well as proximity to Interstate 295, the New Jersey Turnpike and State Route 38. Scott Mertz of NAI Mertz represented the buyer, which will also occupy the building, in the transaction. The seller was Northbridge Partners.

November 4, 2021

Acquisitions Industrial Mississippi Southeast Tennessee

Industrial Logistics Properties Trust Buys Three Industrial Assets in Metro Memphis for $100M

by Julia Sanders November 4, 2021

MEMPHIS, TENN. AND SOUTHAVEN, MISS. — Newton, Mass.-based Industrial Logistics Properties Trust, managed by The RMR Group, has purchased a portfolio of three industrial properties in the Memphis area for a total of $100 million. The three properties span a combined 1.3 million square feet. Casey Masters and Stewart Calhoun of Cushman & Wakefield brokered the transaction. The seller(s) was not disclosed. One of the properties includes a 246,564-square-foot industrial asset located at 481 Airport Industrial Drive in Southaven. The property was built in 2008 and includes 193 auto parking spaces and 40 trailer parking spaces. The next property was a 602,500-square-foot industrial asset located at 8474 Market Place Drive in Southaven. Built in 2004, the property features 251 auto parking spaces. Lastly, there was a 437,940-square-foot property situated at 6380 E. Holmes Road in Memphis. The property was built in 2004 and includes 767 auto parking spaces and 70 trailer parking spaces. The buildings were fully leased to five tenants at the time of sale. Additionally, the properties are located near several highways such as Interstates 69 and 78.

November 4, 2021

Development Multifamily North Carolina Southeast

HHHunt Breaks Ground on Two Apartment Communities in North Carolina

by Julia Sanders November 4, 2021

CARY AND CHARLOTTE, N.C. — Raleigh-based HHHunt Corp. has broken ground on two apartment communities: Abberly Commons in Charlotte and Abberly Alston in Cary. The two communities total 617 apartments. Located at 10601 Harrisburg Road in Charlotte, Abberly Commons will include 287 apartments. Slated for completion by the winter of 2023, the property is expected to cost over $56 million to develop. The other property, Abberly Alston, will include 330 apartment homes with 41 built-to-rent townhomes located at 2124 Alston Ave. in Cary, a suburb of Raleigh. The project is expected to cost over $84 million to build and is slated for completion by winter 2023. Both communities will include one-, two- and three-bedroom apartment homes that offer granite countertops, stainless steel appliances and wood-style flooring. ADT is a partner on the project so all units will feature an assortment of smart home technology including smart hubs, smart thermostats, monitored security alarms and smart locks. Community amenities at both properties will include an adrenaline cardio and strength studio with separate studio space; private pool with sundeck and in water seating; outdoor entertainment area; bark park; car care center with car charging stations; valet trash removal; elevator access and a clubhouse …

November 4, 2021

Acquisitions Alabama Retail Southeast

SRS Brokers $13.9M Sale of Retail Center in Metro Birmingham

by Julia Sanders November 4, 2021

HOOVER, ALA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Stadium Trace Village, a 33,625-square-foot retail center in Hoover. MAP Development sold the property for $13.9 million to Liberty Retail Properties. Boris Shilkrot, Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller. The buyer was self-represented in the transaction. Built in 2019, Stadium Trace Village is shadow-anchored by Aldi, Duluth Trading Co. and UAB Medicine. The center is fully occupied by retailers such as OHenry’s Coffee, Edgar’s Bakery, Mooyah Burgers, Cookie Cutters, Taco Mama and Super Chix. Located at 5220 Peridot Place, the property has access to Interstate 459 and is situated directly across from Brookwood Baptist Health Center. The property is part of a master-planned mixed-use development that was approved by Hoover’s City Council to be the city’s first open container entertainment district. The development is also set to include two hotels and a 1,000-seat amphitheater.

November 4, 2021

Development Florida Mixed-Use Retail Southeast

Stevens Construction Begins 13,712 SF PopStroke Project in Orlando

by Julia Sanders November 4, 2021

ORLANDO, FLA. — Stevens Construction has begun construction on PopStroke Orlando, a 13,712-square-foot experiential golf and casual dining concept. The project is slated for completion in spring 2022. PopStroke Orlando will be an interactive and competitive golf experience with food and beverage options, including an open-air restaurant with multiple open decks and covered dining areas and bars. The venue will also have a commercial kitchen, restrooms, covered playground, beer garden and lobby with retail space. The project will also include two 18-hole putting courses designed by TGR Design, and a jumbotron screen to display scores and sporting events. Located at 321 N. Alafaya Trail within Waterford Lakes Town Center, PopStroke Orlando will be the fourth PopStroke location to open in Florida. Stevens Construction is currently under construction on a Sarasota location and previously completed PopStroke Fort Myers in September 2020. Bruce Chartrand, Robert Koller and Corrie Cochran of Stevens Construction are overseeing development. MHK Architecture & Planning is the project’s architect.

November 4, 2021

Acquisitions Indiana Michigan Midwest Retail

First Merchants Bank Agrees to Acquire Level One Bank for $323.5M

by Kristin Harlow November 4, 2021

MUNCIE, IND. AND FARMINGTON HILLS, MICH. — Muncie-based First Merchants Corp. (NASDAQ: FRME) and Farmington Hills-based Level One Bancorp Inc. (NASDAQ: LEVL) have signed a definitive merger agreement by which Level One will merge into First Merchants in a stock and cash transaction valued at approximately $323.5 million. The transaction is expected to close in the first half of 2022. The combined company, conducting its banking business as First Merchants Bank, expects to complete its system integration during the third quarter of 2022. First Merchants will have assets of roughly $17.6 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company will operate 122 banking offices across Indiana, Michigan, Ohio and Illinois.

November 4, 2021

Acquisitions Illinois Midwest Retail

Union Investment Real Estate Purchases High-End Retail Property in Chicago

by Kristin Harlow November 4, 2021

CHICAGO — Union Investment Real Estate has purchased 59-65 E. Oak St., a one-block stretch of high-end retail space in Chicago. The purchase price was $120 million, according to Crain’s Chicago Business. The price represents the largest amount paid for any retail asset sold in Chicago since 2016, according to CBRE. Keely Polczynski of CBRE Capital Markets represented both the buyer and the seller, Jenel Real Estate, which acquired two separate parcels in 2016, demolished them and rebuilt a 32,000-square-foot building that now houses high-end retailers Chanel, Van Cleef & Arpels, Moncler and Le Colonial. Based in Germany, Union Investment is an international investment manager specializing in open-ended real estate funds for private and institutional investors.

November 4, 2021

Development Midwest Minnesota Mixed-Use

Kraus-Anderson Breaks Ground on North Loop Green Mixed-Use Project in Minneapolis

by Kristin Harlow November 4, 2021

MINNEAPOLIS — Kraus-Anderson has broken ground on North Loop Green, a mixed-use development in the North Loop neighborhood of Minneapolis. Hines, along with partners AFL-CIO Building Investment Trust and Marquee Development, are the developers. Plans call for 350,000 square feet of office space, 350 residential units, 100 hospitality units and 17,000 square feet of retail and restaurant space. A key feature of the project will be The Green, a one-acre green space that will host community events. The project architect, ESG Architects, plans to move its office to the development. Completion is slated for spring 2024. Brent Robertson of JLL will lead leasing efforts for the office component.

November 4, 2021

Build-to-Rent Loans Midwest Northmarq Wisconsin

Northmarq Provides $12.2M Freddie Mac Loan for Build-to-Rent Community in Oak Creek, Wisconsin

by Kristin Harlow November 4, 2021

OAK CREEK, WIS. — Northmarq has provided $12.2 million in construction takeout financing for the recently completed first phase of Residences at Oak View in Oak Creek, just south of Milwaukee. The build-for-rent community, located at 10730 S. Howell Ave., includes 42 rental homes. Residents have access to a clubhouse with a fitness center, game room, community room and outdoor pool. The property was fully pre-leased within two months of the first home delivery and achieved occupancy stabilization within five months. Construction on a 41-home second phase is currently underway, with completion slated for summer 2022. Brett Hood of Northmarq arranged the 10-year loan, which features five years of interest-only payments followed by a 30-year amortization schedule. Northmarq originated the financing for the borrower, ModHomes, through its status as a Freddie Mac Optigo lender.

November 4, 2021

Acquisitions Illinois Midwest Multifamily Student Housing

Friedman Brokers Sale of 269-Unit Off-Campus Housing Community Near Southern Illinois University

by Kristin Harlow November 4, 2021

CARBONDALE, ILL. — Friedman Real Estate has brokered the sale of University Village in Carbondale for an undisclosed price. The 269-unit apartment community, situated on nearly 17 acres, is located about a mile from Southern Illinois University. Below-market rents at the property, built in 1973, present a value-add opportunity for the undisclosed buyer. Rich Deptula and Kellen Duggan of Friedman advised both parties in the transaction.

November 4, 2021

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