Property Type

Marcus & Millichap Negotiates Sale of 38-Unit Brooks Square Apartments in Spokane Valley, Washington

by Amy Works September 9, 2021

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Brooks Square, a multifamily property located in Spokane Valley. The asset traded for $4.5 million. The names of the seller and buyer were not released. Located at 10211 E. Main Ave., Brooks Square features 38 apartments in a mix of 26 one-bedroom units and 12 two-bedroom units. Community amenities include a clubhouse, laundry room, covered parking and pool. The property was built in 1972 and fully occupied at the time of sale. The transaction also included a parcel of land adjacent to the apartment complex that currently has a three-bedroom house. The buyer plans to develop the parcel into additional apartment units. Georgie Christensen-Riley and Joshua Reynolds of Marcus & Millichap’s Portland, Ore., office represented the seller and buyer in the deal. Joel Deis, also of Marcus & Millichap, assisted in the closing.

September 9, 2021

Development Healthcare Life Sciences North Carolina Southeast

Property Income Advisors Redevelops 110,500 SF Life Sciences Campus in Raleigh

by Julia Sanders September 9, 2021

RALEIGH, N.C. — Property Income Advisors Inc. is redeveloping 540 Tech Center, a 110,500-square-foot life sciences property in Raleigh. Located at 4912-4924 Green Road, 540 Tech Center is a two-building property that allows for research and development, office, flex and warehouse users. 540 Tech Center’s amenities include multiple entry points, a 4.3 per 1,000 square feet parking ratio, one dock door per building and two onsite generators. Property Income Advisors changed the name of 540 Tech Center from its previous name, which was the address of the building. The firm also is currently making renovations to the property, including parking lot upgrades, landscape improvements, new monument signage, exterior paint, modernized restrooms and adding a new leasing center. The newly renovated buildings will have open ceilings and expansive floor plates with one of the twin buildings ready for tenant improvements to commence by the end of the year. As of October 2021, the property will be fully vacant. Built in 1983, the previous tenant was Conduent. Mac Hammer, Kent Honeycutt and Stacy Mbithi of Cushman & Wakefield will oversee leasing at the property.

September 9, 2021

Acquisitions Retail Southeast Virginia

Cushman & Wakefield Arranges $46.8M Sale of Trader Joe’s-Anchored Shopping Center in Richmond

by Julia Sanders September 9, 2021

RICHMOND, VA. — Cushman & Wakefield has arranged the sale of Short Pump Station, a 91,369-square-foot, grocery-anchored shopping center in Richmond. Wafra Inc., a global alternative investment manager, purchased the property for $46.8 million. Located at 11800 West Broad St., Short Pump Station is situated about 15.4 miles from downtown Richmond and is close to Route 288 and Interstates 64 and 295. The retail center is anchored by Trader Joe’s, Ulta Beauty and Petco, and was 91 percent leased at the time of sale. John Owendoff of Cushman & Wakefield represented the sellers, a joint venture between BayNorth Capital and AmCap Inc. Michael Zelin and Marshall Scallan of Cushman & Wakefield secured an undisclosed amount of acquisition financing for the buyer through an undisclosed life insurance company.

September 9, 2021

Acquisitions Mixed-Use North Carolina Southeast

CBRE Facilitates $32.7M Sale of Tranquil Court Mixed-Use Property in Midtown Charlotte

by Julia Sanders September 9, 2021

CHARLOTTE, N.C. — CBRE has facilitated the sale of Tranquil Court, a 62,983-square-foot mixed-use property located in Charlotte’s Midtown submarket. Childress Klein Properties and Gottesman Real Estate Partners acquired the property from Asana Partners for $32.7 million. The acquisition is the second joint venture between Childress Klein and Gottesman Real Estate Partners. Located at 2820 Selwyn Ave., Tranquil Court is situated about 4.4 miles from downtown Charlotte and is fully leased to a mix of 20 retail and office tenants. Built in 2009, the five-story property is adjacent to a residential property called Tranquil Court on Selwyn, which offers 104 residential units within four stories. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction.

September 9, 2021

Kentucky Leasing Activity Retail Southeast

Publix Enters Kentucky With 55,702 SF Lease at Terra Crossing Development in Louisville

by Julia Sanders September 9, 2021

LOUISVILLE, KY. — Publix Super Markets Inc., a Florida-based grocery store chain, has signed a 55,702-square-foot lease at the Terra Crossing development located at the northwest corner of Terra Crossing Boulevard and Old Henry Road in Louisville. This location will be Publix’s first store in Kentucky. With the new Louisville location, Publix has over 1,280 stores now in eight states across the Southeast and Mid-Atlantic. The Terra Crossing shopping center will soon be under construction. The 10-acre retail project will include the Publix and an additional 4,800 square feet of in-line retail space, as well as two outparcels. Skiken Gold is the developer for the project and expects to break ground in the spring of 2022. Terra Crossing will feature a Publix supermarket and an adjacent Publix Liquors store that will offer beer, wine and spirits. The Publix Liquors store will be the first location outside the state of Florida. The grand opening date has yet to be determined, however the store is anticipated to open during the fourth quarter of 2023.

September 9, 2021

Development Georgia Industrial Southeast

TireHub Opens Logistics Center in Metro Atlanta

by Julia Sanders September 9, 2021

KENNESAW, GA. — TireHub, the Atlanta-based national tire distributor cofounded by Bridgestone Americas Inc. and The Goodyear Tire & Rubber Co., has opened its new TireHub Logistics Center in Kennesaw. Relocated from Lawrenceville to Chastain Road, the Kennesaw TireHub Logistics Center will serve as a distribution center for the company. The relocation to Kennesaw will allow TireHub to reach customers in west Atlanta and surrounding areas, while the Norcross and Chattanooga logistics centers are meant to take care of customers in north Georgia. The Kennesaw location will hold 65,000 tires and employ 20 logistics specialists. TireHub operates 71 logistics centers in the United States offering full passenger and light truck tire product lines from the Goodyear and Bridgestone companies.

September 9, 2021

Acquisitions Industrial Midwest Missouri

Sealy & Co. Acquires 554,007 SF Industrial Portfolio in St. Louis

by Kristin Harlow September 9, 2021

ST. LOUIS — Sealy & Co. has acquired a five-building industrial portfolio totaling 554,007 square feet in St. Louis for an undisclosed price. The properties are located within the Mid County and North County submarkets with convenient access to St. Louis Lambert International Airport. With the acquisition, Sealy & Co.’s holdings in the St. Louis market account for nearly 13 percent of its total portfolio across the United States. Sealy’s other prominent markets are Dallas and Memphis, Tenn. Michael Hanrahan of Cushman & Wakefield represented the seller, Altus Properties. Jason Gandy and Davis Gibbs of Sealy led the transaction on behalf of the company.

September 9, 2021

Loans Midwest Minnesota Multifamily

D2 Capital Advisors Arranges $11.5M Bridge Loan for Minneapolis Multifamily Property

by Kristin Harlow September 9, 2021

MINNEAPOLIS — D2 Capital Advisors has arranged an $11.5 million bridge loan for LH44, a 36-unit multifamily property located at 2618 W. 44th St. in Minneapolis. The luxury community is located in the Linden Hills neighborhood and features direct access to Lake Harriet. The property was 72 percent occupied at the time of loan closing. Jack Cortese and David Frankel of D2 arranged the loan with a New York-based debt fund. The loan proceeds provided cash-out to the borrowers, while also fully retiring the existing construction debt. The borrower has retained Josh Talberg of JLL to market the property for sale.

September 9, 2021

Acquisitions Industrial Midwest Missouri

Stan Johnson Co. Brokers $4.3M Sale of Industrial Building in St. Peters, Missouri

by Kristin Harlow September 9, 2021

ST. PETERS, MO. — Stan Johnson Co. has brokered the sale of an 11,591-square-foot industrial building in St. Peters, a northwest suburb of St. Louis, for more than $4.3 million. Herc Rentals occupies the single-tenant facility, which is located at 8016 Veterans Memorial Parkway. Built in 2008, the property sits on three acres. Zach Harris and Mark Grossman of Stan Johnson represented the seller, Nelson Grumney of Neland Investment Management. Patrick Doherty of Marcus & Millichap represented the buyer, a private investor completing a 1031 exchange.

September 9, 2021

Illinois Leasing Activity Midwest Retail

Golf Simulation Facility to Open at Oak Brook Promenade in Suburban Chicago

by Kristin Harlow September 9, 2021

OAK BROOK, ILL. — Game of Irons, a golf simulation facility, has leased 18,361 square feet at Oak Brook Promenade in Oak Brook, a western suburb of Chicago. Featuring 16 bays, Game of Irons will be the largest golf simulation facility in the Midwest when it opens in November. One to six players can play in each bay and enjoy full food and beverage service. Chris Irwin of Colliers International represented Game of Irons in its lease. Brendan Reedy and Jimmy Danahe of CBRE represented the landlord, Retail Properties of America Inc.

September 9, 2021

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