Property Type

Marcus & Millichap Brokers $1.9M Sale of Nix 99 Retail Property in Lynnwood, Washington

by Amy Works March 9, 2022

LYNNWOOD, WASH. — Marcus & Millichap has brokered the sale of The Nix 99 Building at Mukilteo Gateway, a retail property in Lynnwood. A private investor sold the asset to Lighthouse Diving for $1.9 million. Located at 13718 31st Ave. W, The Nix 99 Building at Mukilteo Gateway features 5,200 square feet of retail space. At the time of sale, the property was vacant. The new owner plans to open a diving gear superstore at the site. Christopher Secreto and Stren Lea of Marcus & Millichap’s Seattle office represented the seller, while Art Thimpson of NAI-PSP represented the buyer in the deal.

March 9, 2022

Development Industrial Kentucky Southeast

Core5 Breaks Ground on 886,480 SF Spec Industrial Development in Northern Kentucky

by Julia Sanders March 9, 2022

RICHWOOD, KY. — Atlanta-based Core5 Industrial Partners has broken ground on C5 75 Logistics Center South, an 886,480-square-foot project which will be located off Ky. 338 and Interstate 75 in Richwood. Core5 expects to deliver in the first half of 2023. Located near Cincinnati, C5 75 Logistics Center South will feature a 9,200-square-foot office pod, 40-foot clear heights and a cross-dock configuration. The development will also include 485 parking spaces and 235 trailer parking spaces, with the potential for an additional 618 parking spaces and 110 trailer parking spaces. The property will also be equipped with 83 dock doors and the ability to double that, as well as two drive-in doors, 8-inch conventional concrete floor slab and an ESFR fire suppression system. Mark Volkman and Brian Leonard of JLL will lead marketing efforts along with Lydia Chase of Core5’s Midwest Region. Christian Greenwell and Ben Chrin will lead the construction execution for Core5 internally.

March 9, 2022

Loans Multifamily South Carolina Southeast

KeyBank Secures $40M Refinancing for Multifamily Property in Charleston

by Julia Sanders March 9, 2022

CHARLESTON, S.C. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for the refinancing of Paxton Pointe Hope Apartments, a 274-unit community in Charleston. Hayley Suminski of KeyBank structured the financing for the Framingham, Mass.-based borrower, VTT Management. The fixed-rate loan features five years of interest-only payments. Built in 2018 on more than 20 acres, Paxton Pointe Hope is a low-rise apartment complex featuring 12 three-story residential buildings. The property offers studios, one-, two- and three-bedroom floorplans. Unit features include patios or balconies, designer kitchens, full-size laundry appliances and walk-in closets. Community amenities include a saltwater pool, recreation room, fitness center and a fenced dog park.

March 9, 2022

Acquisitions Development Georgia Mixed-Use Southeast

Origin Investments, Kaplan Residential Acquire Land in South Atlanta, Plan Mixed-Use Development

by Julia Sanders March 9, 2022

ATLANTA — Origin Investments and Kaplan Residential have acquired a 40-acre parcel in Atlanta, for $31.5 million. The property was purchased through Origin Investments’ $300 million Qualified Opportunity Zone Fund II. Pierce Owings and Matt Hawkins of Cushman & Wakefield represented the undisclosed seller for the land. The joint venture plans to develop a master-planned, mixed-use project that will be the largest mixed-use project along the Atlanta BeltLine’s Southside Trail. Located within Chosewood Park at 500 Sawtell Ave. SE, the project’s first phase will feature approximately 700 build-to-rent townhomes and multifamily units. Once completed, the project will have more than 2,000 multifamily residences, activated park space and up to 150,000 square feet of commercial space. Plans also include a variety of local restaurants with outdoor seating, coffee shops, a wellness center, dedicated areas for food trucks, pet amenities, coworking centers, office areas and entertainment space. The property will also have a resident-only club experience called Club Sawtell that will include fitness, wellness, coworking and lifestyle amenities. Experiential retail consultants at Revel will spearhead the concept origination of the commercial and adaptive reuse component. Additionally, HGOR and The Beck Group will lead the architecture and construction for Club Sawtell. Lancaster Associates …

March 9, 2022

Georgia Industrial Leasing Activity Southeast

Serena & Lily Signs 1.1 MSF Industrial Lease at Georgia International Trade Center Near Savannah

by Julia Sanders March 9, 2022

RINCON, GA. — Serena & Lily, a Sausalito, Calif.-based home goods and furnishings retailer, has signed a 1.1 million-square-foot industrial lease at Georgia International Trade Center in Rincon, about 14.5 miles from Savannah. Stephen Ezelle of Cushman & Wakefield represented the landlord, Atlanta-based Stonemont Financial Group in the leasing transaction. Brett Chambliss and Craig Hagglund from Lee & Associates represented Serena & Lily in the lease transaction. The retailer will occupy the entirety of Building 2C when construction is completed at the end of this month. The company will use the building as its distribution hub to improve its logistical capabilities. Other tenants at Georgia International Trade Center include Pacific Cycle, Shaw Industries, Lowe’s, Sunland Logistics Solutions and Dukal Corp. Two additional buildings at the Georgia International Trade Center, 3A and 3B, are fully preleased and are currently under construction. These two buildings feature 2.7 million square feet in total. The final building, 4A, features 773,200 square feet and is scheduled to deliver in early 2023. Stonemont Financial Group has invested more than $300 million for the development at Georgia International Trade Center. The firm is developing the project in conjunction with Chesterfield and The Davis Cos. Omega Construction has …

March 9, 2022

Acquisitions Alabama Multifamily Southeast

Brass Enterprises Buys 273-Unit Multifamily Property in Huntsville

by Julia Sanders March 9, 2022

HUNTSVILLE, ALA. — Brass Enterprises has bought Henry House at Clift Farm, a 273-unit, garden-style multifamily property in Huntsville. The sales price was not disclosed. Russ Hardy and David Wilson of Berkadia Institutional Solutions completed the sale on behalf of the seller, a joint venture partnership between Atlanta-based META Real Estate Partners and Huntsville-based Watercress Partners. Tom Genetti of Berkadia arranged an undisclosed amount of financing on behalf of Brass. Henry House at Clift Farm offers one-, two- and three-bedroom floorplans. Unit features include in-unit washers and dryers and private patios or balconies. Community amenities include a clubhouse, fitness center, swimming pool, multiple outdoor kitchens, dog park and a playground. Located at 1435 Balch Road, the property is situated close to a new Publix, Madison Hospital, the shops and restaurants along Highway 72 and walking trails within the 600-acre Clift Farm master-planned development.

March 9, 2022

Development Hospitality Midwest Missouri Multifamily

Green Street, Midas Unveil Plans for $100M Condo, Hotel Development in Clayton, Missouri

by Kristin Harlow March 9, 2022

CLAYTON, MO. — Green Street Real Estate Ventures LLC and Midas Enterprises have unveiled plans to build a $100 million condominium and hotel development at the corner of Forsyth Boulevard and North Central Avenue in Clayton, a western suburb of St. Louis. Located just east of the St. Louis County Police Department building, the 25-story project will include 73 condo units and 180 hotel rooms. Among the amenities will be a rooftop terrace and bar, 300-person private event space, street-level restaurant, street-level retail space and a five-story parking structure. HDA, a Green Street company, will serve as architect. The development team expects to break ground this fall with a 24-month construction schedule to follow.

March 9, 2022

Development Midwest Minnesota Multifamily

Stoneleigh Cos. Completes Development of 243-Unit Waterford Bay Apartment Community in St. Paul

by Kristin Harlow March 9, 2022

ST. PAUL, MINN. — Stoneleigh Cos. has completed development of Waterford Bay, a 243-unit apartment community located at 380 Randolph Ave. in St. Paul. BKV Group designed the four-story project. Amenities include an outdoor pool and deck, fitness center and yoga studio, resident lounge, business center, rooftop clubroom, dog wash station, bicycle and kayak storage and indoor parking garage. The development sits along the Mississippi National River and Recreation Area. BKV Group worked closely with representatives from Friends of the Mississippi River and the National Park Service during the entitlement process to ensure the project would support the ecological health of the waterway. The community is one of the first opportunity zone projects in St. Paul, according to the developer. Monthly rents start at $1,301 for studios, and residents can now earn up to two months of free rent.

March 9, 2022

Illinois Leasing Activity Midwest Office

Applied Systems Signs 10,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow March 9, 2022

CHICAGO — Applied Systems has signed a 10,000-square-foot office lease at 320 North Sangamon, a newly completed office building in Chicago’s Fulton Market district. Headquartered in University Park, Applied is a global provider of insurance technology and software. Applied will occupy space on the seventh floor starting in July. Chicago-based Charlie Greene Studios designed the tenant’s new space. Tishman Speyer co-developed the 13-story building with Chicago-based Mark Goodman & Associates. Chicago-based Solomon Cordwell Buenz served as the architect. Steve Bauer, Adrian Boone and Chad Koenig of Cushman & Wakefield represented Applied in the lease transaction. Adam Mitchell, Ellen May and Olivia Parker represented Tishman Speyer on an internal basis.

March 9, 2022

Acquisitions Kansas Midwest Retail

Marcus & Millichap Brokers $6.4M Sale of Walgreens-Occupied Property in Olathe, Kansas

by Kristin Harlow March 9, 2022

OLATHE, KAN. — Marcus & Millichap has brokered the sale of a 14,631-square-foot retail property occupied by Walgreens in Olathe for $6.4 million. The building is located at 15066 W. 151st St., about 24 miles southwest of downtown Kansas City. Neighboring retail tenants include Starbucks, FedEx, McDonald’s, Sonic, Taco Bell and Hy-Vee. Walgreens executed an early five-year lease renewal on its original 20-year net lease. Nicholas Kanich of Marcus & Millichap marketed the property on behalf of the seller, an Iowa-based investment group. Colby Haugness, Marcus & Millichap’s Kansas broker of record, assisted in closing the transaction. A Delaware-based investment group was the buyer.

March 9, 2022

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