CINCINNATI — Phillips Edison & Co. Inc. (PECO), an internally managed REIT, has filed a registration statement with the Securities and Exchange Commission to offer 17 million shares of its common stock to the public. The Cincinnati-based shopping center owner also intends to grant the underwriters a 30-day option to purchase up to an additional 2.5 million shares of its common stock. The initial public offering (IPO) price is expected to be between $28 and $31 per share. Adjusting for the one-for-three reverse stock split that was executed on July 2, the IPO price would be expected to be between $9.33 and $10.33 per share. PECO expects to trade on the Nasdaq Global Select Market under the ticker symbol “PECO.” The company says it will use the net proceeds from the proposed offering to pay off its $375 million unsecured term loan, fund external growth with property acquisitions and fund other general corporate uses. As of March 31, PECO owned equity interests in 300 shopping centers comprising 31 million square feet across 31 states.
MELROSE PARK, ILL. — Bridge Industrial has acquired a former Navistar manufacturing site in Melrose Park for the development of Bridge Point Melrose Park, a 1.5 million-square-foot industrial park. Navistar sold the 86-acre site to the Chicago-based developer. Plans call for three Class A, speculative buildings, two of which will each span 415,918 square feet. The third building will measure 707,953 square feet. The facilities will feature clear heights ranging from 36 to 40 feet, 130-foot truck courts, a total of 234 exterior docks, eight drive-in doors, 1,481 car stalls and 282 trailer stalls. Completion is slated for mid-2023. Dan McGillicuddy of JLL represented Navistar in the sale.
DANIA BEACH, FLA. — Trez Capital has provided a $64.7 million loan to help fund construction of Elevate Apartments, a 293-unit, mid-rise multifamily community underway in Dania Beach. Miami-based Royal Palm Cos. is the developer for the project. The project is slated for completion in two years. The financing provided was a non-recourse, three year term loan. Located at 600 E. Dania Beach Blvd., Elevate will have studio, one- and two-bedroom units ranging in size from 700 square feet to 1,000 square feet. Community amenities will include a pool deck, fitness center and storage space for water sports equipment. Ben Jacobson of Trez Capital’s Palm Beach office originated the loan on behalf of Royal Palm Cos. Trez Capital is funding residential and multifamily developments throughout Florida. In February 2021, the company financed a $70 million construction loan for Block 40, a rental building totaling 273 units in nearby Hollywood.
ROCHESTER, MINN. — The Rochester office of Kraus-Anderson has broken ground on Bryk on Broadway, a $39.2 million affordable housing project in Rochester’s Destination Medical Center district. Owners Dirk Erickson and John and Marcia Bouquet are developing the property located at the corner of Civic Center Drive and North Broadway. Designed by ISG, the project will feature 180 units, 7,500 square feet of commercial and retail space and 140 parking stalls. The six-story development will include a fifth-floor community room with an outdoor terrace, lounge and fitness center. Completion is slated for late 2022. Of the 180 units, 54 will be offered at 50 percent of the area median income (AMI), 18 will be offered at 60 percent AMI and 108 will be offered at 80 percent AMI. NorthMarq arranged a $31.2 million construction loan for the project through a credit union. “The name Bryk came to us as a metaphor for something strong,” says Dirk Erickson, owner and developer. “Brick buildings are meant to last and our mission is ‘building a strong community.’ We want to provide a high-quality living experience for our tenants and hope to set a new standard in affordable housing, hence building a strong foundation …
GARDNER, KAN. — Newmark Zimmer has brokered the sale of a 1.1 million-square-foot distribution center in Gardner, about 30 miles southwest of Kansas City. The sales price was undisclosed. Located at 17150 Mercury St., the 72-acre property is one of the largest distribution facilities in metro Kansas City, according to Newmark Zimmer. It is fully leased to outdoor recreation company Coleman Co. Inc., which has occupied the facility since 2009. Mark Long, John Hassler and Jim Linn of Newmark Zimmer brokered the transaction, further details of which were undisclosed.
DELAWARE, OHIO — The Kroger Co. and KNAPP have unveiled plans to modernize and expand the grocer’s Great Lakes Distribution Center in Delaware, about 30 miles north of Columbus. The property opened in 2003 and currently services 115 Kroger stores in central and northwest Ohio as well as southeast Michigan and the Ohio River Valley region. Plans call for the addition of modern technology and a 130,000-square-foot expansion. KNAPP provides logistics solutions and specialized software for production and distribution. “The expansion of the facility is part of the ongoing transformation of our supply chain network, and this project will more than double our capacity while delivering innovation and scalability that can grow with demand,” says Tony Lucchino, Kroger’s vice president of supply chain and network strategy.
ATLANTA — The Radco Cos. has sold Spalding Bridge, a 192-unit multifamily complex located at 47 Spalding Trail NE in Atlanta. Chicago-based 29th Street Capital bought the property for $38.5 million. Derrick Bloom and David Gutting of Newmark brokered the transaction. Built in 1984, Spalding Bridge includes one-, two- and three-bedroom apartments with fully equipped kitchens, washer/dryer connections, balconies and extra storage. Community amenities also include an outdoor lounge with a fire pit, bark park, pool with sundeck, tennis courts, fitness center with free weights and BBQ picnic areas. Atlanta-based Radco acquired the property in 2015. The apartment complex offers access to Ga. Highway 400 and Interstate 285. The property is nearby recreational areas such as the Chattahoochee River, Dunwoody Nature Center, Steel Canyon Golf Club and Big Trees Forest Preserve.
BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $21.5 million sale of two apartment communities in Birmingham totaling 289 units located. Andrew Brown, Craig Hey and Parker Caldwell of Cushman & Wakefield represented the seller, Arcan Capital, in the transaction. 3MC Capital Partners, a real estate private equity firm, acquired the properties. Valley Crest, which includes 176 units, sold for $13.3 million, and Park on Valley, which spans 113 units, sold for $8.2 million. Valley Crest is located at 316 Beacon Crest Lane and was built in 1979. Park on Valley is located at 741 Barcelona Court and was built in 1973. Community amenities at both include a pool, laundry facilities, clubhouse, picnic area and an onsite property manager. Units include washers and dryers and dishwashers. Both of the properties were 99 percent occupied at the time of sale. The communities are situated between downtown Birmingham and the municipalities of Homewood and Vestavia Hills. The properties are both close to the University of Alabama at Birmingham.
MIAMI — Marcus & Millichap has brokered the $4.8 million sale of a three-story, 15,250-square-foot medical office property located at 1790 Coral Way in Miami. Douglas Mandel and Adam Klein of Marcus & Millichap represented the seller. Miami-based L2 Partners, a limited liability company, was the seller. The seller will occupy about 30 percent of the building. The property’s corner location is directly on the south side of the historic Coral Way Corridor that connects Coral Gables and Miami. The property is also close to both Brickell and Coral Gables. The building is on about one-third of an acre. In 2018, the property had a full renovation including a new roof, hurricane-impact windows and exterior painting, as well as common area and mechanical upgrades. The office features onsite covered parking, gated and fenced grounds, impact windows and doors, secured access and modern finishes.
AUSTIN, TEXAS — Developer Cypress Real Estate Advisors (CREA) has completed shell construction at Eastlake at Tillery, a two-building, 172,000-square-foot office project in East Austin. The development at the corner of East Cesar Chavez Street and Tillery streets is now ready for tenant build-outs. Delineate Studio served as the project architect, and Harvey Cleary was the general contractor. AQUILA Commercial has been tapped to lease Eastlake at Tillery. Construction of the building, which offers amenities such as a prep kitchen, fitness center with locker rooms and multiple outdoor workspaces, began in December 2019.