LEE’S SUMMIT, MO. — Kadean Construction has broken ground on Lee’s Summit Commerce Center, a three-building speculative industrial development totaling 781,000 square feet. Located in the Kansas City suburb of Lee’s Summit, the 75-acre project will feature clear heights ranging from 32 to 36 feet. Scannell Properties is the developer and Newmark Zimmer is marketing the project for lease. An undisclosed tenant has preleased 215,730 square feet of Building A, which will span 430,000 square feet and is slated for completion by the end of this year. Building B will total 238,000 square feet, while Building C will span 113,000 square feet. Completion of all buildings is scheduled for the first quarter of 2023.
CHICAGO — Avison Young has brokered the sale of a 21-property industrial portfolio totaling 704,270 square feet for an undisclosed price. The properties are located in markets such as Chicago, Atlanta, Memphis, Columbus, Long Island and Philadelphia. Erik Foster and Mike Wilson of Avison Young’s Chicago office represented the sellers, institutional investors advised by J.P. Morgan Global Alternatives and Realterm. Biynah Partners was the buyer.
CLEVELAND — Industrial Commercial Properties (ICP) has acquired a 235,000-square-foot Class A office building in downtown Cleveland for an undisclosed price. Built by The Plain Dealer Publishing Co. in 2001 for its newspaper staff, the property is located at 1801 Superior Ave. within the city’s Superior Arts District. The building has been marketed for multi-tenant use in more recent years. Rob Roe of JLL represented the seller, Advance Ohio, an affiliate of The Plain Dealer Publishing Co. ICP has been diversifying its portfolio over the last few years to include office, retail and mixed-use.
ST. CHARLES, MO. — Hot Box Cookies has opened at Streets of St. Charles in suburban St. Louis. The store at 650 Beale St. is the sixth metro St. Louis location for Hot Box Cookies, which specializes in freshly made cookies in a dozen flavors. Customers can take home a box or have it delivered. Hot Box also offers ice cream sandwiches, cookie cakes and catering services. Owned and managed by Cullinan Properties Ltd., Streets of St. Charles is a 27-acre mixed-use development featuring retail, dining, entertainment, hospitality, multifamily and office space.
WHEELING, ILL. — Lee & Associates has arranged the sale of a 119,115-square-foot industrial building in the Chicago suburb of Wheeling for $4.5 million. The property sits on 6.5 acres at 742 Glenn Ave. Tom Boyle of Lee & Associates represented the buyer, JV Global Services. David Haigh of NAI Hiffman and Tak O’Haru of White Cube LLC represented the seller, Tomoegawa, which maintains its U.S. headquarters in Wheeling and manufactures toner products.
FAYETTEVILLE, N.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $83 million sale of Freedom Town Center, a 350,800-square-foot shopping center in Fayetteville. Built in 2017, the property was almost fully leased at the time of sale to tenants such as Sprouts Farmers Market, Dick’s Sporting Goods, Hobby Lobby, Field & Stream, HomeGoods, Burkes Outlet, Petco, buybuy Baby, DSW, World Market, Five Below, Osh Kosh B’Gosh and Five Guys. New York-based Triple Net Group sold Freedom Town Center to an unnamed investment group in a 1031 exchange. Steven Siegel of IPA represented both parties in the transaction. Ben Yelm, Marcus & Millichap’s broker of record in North Carolina, assisted Siegel.
NASHVILLE, TENN. — JLL Capital Markets has brokered the sale of Accent Edgewood, a 236-unit, mid-rise multifamily community in the Wedgewood-Houston neighborhood of Nashville. JLL represented the seller, Westplan Investors, in the transaction. PassiveInvesting.com acquired the Class A asset for an undisclosed price. ACRE provided a $58.5 million acquisition loan through its latest debt fund to the buyer, which rebranded the community as Braxton Music City. Accent Edgewood features units with luxury finishes, including high ceilings, energy-efficient lighting, granite countertops, stainless steel appliances, vinyl and hardwood flooring, full-sized washers and dryers, walk-in closets and large windows. Community amenities include a 24-hour gym, resort-style pool, pet washing spa, bark park, bicycle storage, sky lounge, coffee bar, coworking space and a recording room. Located at 2165 Nolensville Pike near downtown Nashville, Accent Edgewood is situated near the redevelopment of the May Hosiery and Nashville Warehouse Co., a 150,000-square-foot creative office and outdoor music venue. The community also has immediate access to the recently opened Geodis Park, Nashville Soccer Club’s MLS stadium, which is the largest soccer-specific stadium in the United States by seating capacity (30,109 seats).
ORLANDO, FLA. — Berkadia has negotiated the sale of Alta Winter Garden, a 250-unit, Class A multifamily community in the Orlando suburb of Winter Garden. Berkadia represented the seller, Atlanta-based Wood Partners, one of the nation’s leading multifamily developers and managers. CONTI Capital, a real estate investment company based in Dallas, acquired the property for an undisclosed price. Alta Winter Garden was delivered earlier this year and is located at 1223 E. Plant St., approximately 15 miles from downtown Orlando. ¬¬The property offers studio, one-, two- and three-bedroom units ranging from 637 square feet to 1,464 square feet. Individual units feature energy-efficient stainless steel Whirlpool appliances, Nest thermostats, electronic door locks with keyless entry, outlets with USB ports, kitchen islands, wood-style plank flooring and oversized balconies in select units. The controlled-access community’s amenities include a walk-in pool with a sun shelf and poolside cabanas, as well as a game room and a fitness center with a virtual training room and TRX equipment. Other amenities include an outdoor pavilion with a beer tap and summer kitchen, pet park, beer garden, rentable private office pods, study spaces with Wi-Fi, an outdoor lounge area, private detached garages and valet waste services.
CORINTH, MISS. — The Palomar Group has secured the $3 million sale of Harper Square, a 40,000-square-foot shopping center located at 1801 S. Harper Road in Corinth. The property, which was redeveloped in 2018, was fully leased at the time of sale to Marshalls and Aldi. A private investment firm based in Georgia purchased the asset from an unnamed lender that recently foreclosed on the center. The Palomar Group represented the seller in the transaction.
SEATTLE — JLL Capital Markets has arranged $60 million in construction financing for Gridline Apartments, a multifamily property currently under construction in Seattle. SRM Development and its partners are the borrowers. An affiliate of an international real estate investment company provided the funds. Kaden Eichmeier and Steve Petrie of JLL Capital Markets arranged the financing for the borrower. Located at 1421 Harvard Ave., Gridline Apartments will feature 178 residences.