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.
PLANO, TEXAS — Monarch Alternative Capital, an investment firm based in London and New York City, has purchased The Apex at Legacy, a 209,081-square-foot office building in Plano. The sale included a 2.1-acre adjacent development parcel. Apex at Legacy was completed earlier this year and consists of seven floors of office space above a six-story, 798-space parking garage. Monarch will operate the property in partnership with Tourmaline Capital Partners and has tapped Lincoln Property Co. to assist with leasing and property management plans.
BRYAN, TEXAS — Dominium, a developer and operator of affordable housing, has acquired a 140-unit property in the Central Texas city of Bryan that was built in 2005. According to Apartments.com, the property features two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, playground, basketball court and a lounge. Dominium, which has already rebranded the property as Sandy Creek Apartments, will also implement a capital improvement plan beginning next year. The seller was undisclosed.
SAN ANTONIO — Marcus & Millichap has brokered the sale of the 111-room Holiday Inn San Antonio North Stone Oak, located at 19280 Redland Road on the city’s north side. The four-story building was constructed in 2010. Allan Miller and Chris Gomes of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
SAN ANGELO, TEXAS — The Multifamily Group (TMG), a Dallas-based apartment brokerage firm, has negotiated the sale of Casa Rio, a 100-unit multifamily property in San Angelo, located in the western-central part of the state. Casa Rio was built in 1977. Paul Yazbeck of TMG represented the undisclosed seller, which originally acquired the asset in 2010, in the deal. The undisclosed buyer plans to implement a value-add program.
CHARLESTOWN, MASS. — CBRE has negotiated the $74.5 million sale of The Town Industrial Portfolio, a collection of three industrial and self-storage buildings totaling 110,898 square feet in Charlestown. The buildings are situated on a combined 4.3 acres near Interstates 90 and 93 on the north side of Boston. The portfolio consists of a 21,586-square-foot industrial building, a CubeSmart-branded self-storage facility with 617 interior storage units and 28 exterior storage units and a fully leased flex/R&D facility. Scott Dragos, Chris Skeffington, Doug Jacoby, Tony Hayes, Tim Mulhall, Roy Sandeman and Dan Hines of CBRE represented the seller, Center Court, in the transaction. The buyer was The Related Cos.