WESTPORT, CONN. — CBRE has arranged a $15.2 million loan for the refinancing of Playhouse Square Shopping Center, a 40,000-square-foot retail property located in the southern coastal Connecticut city of Westport. Built in 1972, Playhouse Square was 97 percent leased at the time of the loan closing. Mark Fisher and Alex Furnary of CBRE arranged the loan through Union Savings Bank on behalf of the borrower, The HB Nitkin Group, which acquired the asset in 1998.
NASHVILLE, TENN. — Indianapolis-based retail giant Simon is partnering with Nashville-based Adventurous Journeys Capital Partners (AJ Capital Partners) to develop a new 300,000-square-foot outlet mall in Nashville. The location and name weren’t disclosed, but the property will be situated on the south side of the city and will be branded under Simon’s Premium Outlet concept. Simon and AJ Capital plan to break ground on the project in 2023. In addition to the Nashville outlet mall, Simon also recently announced new outlet malls coming to Los Angeles, Tulsa and New York. The new development will complement Simon’s Nashville holdings The Mall at Green Hills and Opry Mills. AJ Capital’s local projects include hotels Thompson Nashville, Soho House Nashville and Graduate Nashville, as well as a 23-acre project that the developer is underway on in the city’s Wedgewood-Houston neighborhood. Simon and AJ Capital’s project isn’t the only outlet mall coming to Nashville. Tanger Factory Outlets Center recently broke ground on Tanger Outlets Nashville, a 290,000-square-foot mall that is slated to open in fall 2023.
CUMMING, GA. — A joint venture between Wood Partners and CP Capital US (formerly HQ Capital Real Estate) has broken ground on Alta North, a 310-unit apartment community in the Atlanta suburb of Cumming. The site will be located at the intersection of Ga. Highway 400 and Settingdown Circle, about 45 miles north of Atlanta. Alta North will feature one- and two-bedroom apartments with wood-style plank flooring, stainless steel appliances, microwave hoods, undermounted single bowl sinks, tile backsplashes, in-home washer and dryers and granite countertops in the kitchen and bathrooms. Community amenities will include a resort-style swimming pool with a tanning ledge, multiple grilling stations and fire pits, pet park and spa, 24/7 fitness center, social gathering areas and rentable coworking office spaces, as well as 15,000 square feet of commercial space.
HYATTSVILLE, MD. — Government Investment Partners (GIP) has sold a 189,000-square-foot office building located at 3311 Toledo Road in Hyattsville for $45 million. The Deer Park, Ill.-based company purchased the 10-story office building in 2019 for $16 million as part of a joint venture. Located about seven miles of northeast of Washington, D.C., the property is anchored by the Centers for Disease and Control’s (CDC) National Center for Health Statistics and the Department of Justice. Shaun Weinberg, Eric Berkman, Scott Johnston and Robert England of Cushman & Wakefield represented GIP in the transaction. The buyer was not disclosed.
RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Situs Office Park, a three-building office campus spanning 156,666 square feet on Raleigh’s west side. Atlanta-based The Simpson Organization purchased the park from Adler Real Estate Partners for an undisclosed price. Patrick Gildea of CBRE|Raleigh represented the seller in the transaction. The park was 91 percent leased at the time of sale to regional and national tenants including Circle K Stores, the General Services Administration (GSA), Millennia Patient Services, Silanna Semiconductor and MidPath Care Centers. CBRE|Raleigh is the leasing agent for Situs, which is situated on 14.8 acres off Situs Court near I-440 and I-40.
ROMEOVILLE, ILL. — Bridge Industrial has acquired a nearly 67-acre site in the Chicago suburb of Romeoville with plans to build a two-building speculative industrial development totaling 660,280 square feet. Dubbed Bridge Point Romeoville, the project is slated for completion in the third quarter of 2023. Building A will total 497,480 square feet and feature a clear height of 40 feet, 136 exterior docks, four drive-in doors, 314 car parking stalls, 87 trailer parking positions and a 130-foot truck court. Building B will span 162,800 square feet and feature a clear height of 36 feet, 47 exterior docks, two drive-in doors, 146 car parking stalls, 51 trailer parking positions and a 130-foot truck court. Both buildings will offer build-to-suit office opportunities.
FALLING WATERS AND HEDGESVILLE, W.VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.8 million loan for a four-property self-storage portfolio in West Virginia. The properties span 770 units and are located at 21 Crawford Quarry Road, 1820 Broad Lane and 9724 Williamsport Pike in Falling Waters, as well as 73 Roaring Lion Drive in Hedgesville. Jared Cassidy of MMCC’s Bethesda, Md., office arranged the 10-year loan on behalf of the borrower, a private self-storage operator, through an unnamed balance sheet lender. The loan was underwritten with a fixed interest rate of 4.1 percent and a loan-to-value ratio of 75 percent. Additionally, the loan features 12 months of interest-only payments.
PLAINFIELD, IND. — Peli BioThermal has signed a new industrial lease for 138,328 square feet in the Indianapolis suburb of Plainfield. The company, which provides temperature-controlled packaging solutions for the life sciences industry, is more than doubling its space at HSA Commercial’s Gateway Business Park. Peli BioThermal’s current lease totals 50,000 square feet at Gateway Industrial II. The tenant will move to the recently completed Gateway Industrial VI upon expiration of its current lease by the end of the year. Peli BioThermal will build out office space and slowly transfer operations to the new facility. Jared Scaringe of CBRE represented the tenant, while Terry Busch of CBRE represented ownership. To date, HSA has completed seven buildings totaling roughly 1.2 million square feet at Gateway Business Park.
OMAHA, NEB. — Petros PACE Finance has provided $13.8 million in C-PACE funding for a 160-unit apartment development in Omaha’s Blackstone District. The funding is for environmental and energy-efficiency measures, including interior and exterior LED lighting, roof and wall insulation, a high-efficiency HVAC system and low-flow water fixtures. The property also features 18,000 square feet of retail space. C-PACE, otherwise known as Commercial Property Assessed Clean Energy, is a tool that can finance energy efficiency and renewable energy improvements at office, industrial, retail and multifamily properties, among others.
CHICAGO — Marcus & Millichap has brokered the sale of a 61-unit multifamily property in Chicago’s Hyde Park neighborhood for $9.8 million. Constructed in 1924, the building is located at 5120 S. Harper Ave. At the time of sale, the property was 95 percent leased. Jack Stanton of Marcus & Millichap represented the seller, a private Chicago-based company that had owned and operated the asset for 22 years. James Ziegler of Marcus & Millichap procured the buyer, a local family-run limited liability company. The buyer plans to update some units.