PORTAGEVILLE, MO. — Mumford Co. has negotiated the sale of the New Orleans Inn in the southern Missouri city of Portageville for an undisclosed price. The two-story hotel is home to 25 rooms. George Arvanitis of Mumford represented the seller, Tennessee-based AARTI Inc., and procured the buyer, Nevada-based Stealth Invest LLC. The acquisition marks the third hotel in the buyer’s portfolio.
TALLAHASSEE, FLA. — Avison Young has arranged the $13.6 million sale of City Centre, a seven-story, 168,677-square-foot trophy office building in Tallahassee. David Duckworth, John Crotty, Michael Fay and Brian de la Fé of Avison Young represented the buyer, the Simpson Organization. 888 Realty Investors was the seller. City Centre is 95 percent occupied by a mix of government-related and private-sector tenants. The previous owners completed more than $6 million in capital improvements, including on the property’s exterior and common areas over recent years. The asset includes a four-story parking structure. Located on 2.1 acres at 227 N. Bronough St., the property is situated less than a mile from Florida State University and 1.6 miles from Florida A&M University. The property is also located 6.5 miles from the Tallahassee International Airport.
MILTON, GA. — Five retailers have released plans to join the tenant lineup at Crabapple Market, a mixed-use development currently under construction in Milton, about 31 miles north of downtown Atlanta. Courtney Brumbelow and Haley Hartman of Atlanta-based Ackerman Retail completed the leases on behalf of Crabapple Market. Opening this year, the new retailers include DUA Vietnamese, a Vietnamese restaurant; Roll On In Sushi Burritos & Bowls, a restaurant that offers a mix of tacos, bowls and donuts; Spiced Right Ribhouse, a barbecue restaurant; Buzzed Bull Creamery, an ice cream store; and Alumni Cookie Dough, a cookie dough restaurant. Previously, Ackerman Retail completed leases with Evimero Marketplace, featuring artisan-made gifts and home goods; Kitchens By Design Firm, offering a range of kitchen and other installations; Loveday Place, specializing in locally crafted artwork; Dinna Eckstein Designs – The Store, a home-design retailer providing furnishings and accessories; and Prescott Design, a full-service interior design studio. Six Bridges Brewing, The Nest Café and Savi Provisions also signed leases at Crabapple Market. There is currently one restaurant space available for lease. In addition to the lineup of restaurants and retailers, the mixed-use development is home to Class A office space, a stage for concerts …
MIAMI — Sprouts Farmers Market has released plans to open a 24,014-square-foot location at Grove Center, a mixed-use, transit-oriented development underway in Miami’s Coconut Grove neighborhood. Sprouts’ new location will be the Phoenix-based grocer’s third store in Miami-Dade County. Slated for delivery in 2023, the Grove Center will include a 23-story residential tower with 402 multifamily, workforce and co-living units; a new 1,250-space public parking garage; and a total of approximately 170,000 square feet of retail space. The project developer is a joint venture between Miami-based Terra and Coconut Grove-based Grass River Property. The project has been designed by Miami’s Touzet Studio, a Miami-based design firm led by Carlos and Jackie Touzet in collaboration with architecture firm RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture. Situated at the intersection of US-1 and 27th Avenue, the project will connect to the adjacent Coconut Grove Metrorail station, Miami-Dade’s bus system, the City of Miami’s trolley network and The Underline, a 13-mile linear park running from South Miami-Dade to downtown Miami.
EVERETT, MASS. — Las Vegas-based Wynn Resorts (NASDAQ: WYNN) has entered into an agreement with San Diego-based REIT Realty Income Corp. to sell and lease back Encore Boston Harbor, a luxury resort and casino located outside the state capital in Everett. Under the terms of the deal, which is expected to close in the fourth quarter, Wynn will sell all of the real estate assets to Realty Income for $1.7 billion in cash while continuing to operate the property. However, Wynn will retain ownership of a nearby 13-acre site that will eventually house parking and other non-gaming amenities. Wynn will also enter into a triple-net lease with Realty Income that calls for an initial annual rent of $100 million with 1.75 percent increases for the first 10 years. The initial lease term is 30 years, and the contract includes one 30-year renewal option.
JERSEY CITY, N.J. — Locally based mortgage banking and advisory firm Progress Capital has arranged a $196.9 million acquisition loan for a 432,000-square-foot office building located at 70 Hudson St. in Jersey City. Tenants at the 12-story building include TD Ameritrade, Gucci, Fidessa and Federal Home Loan Bank of New York, as well as CVS in the ground-floor retail space. Brad Domenico of Progress Capital arranged the loan through Natixis Bank on behalf of the borrower, a partnership between Vision Properties and Hana Financial. David Bernhaut of Cushman & Wakefield brokered the sale of the property. The seller was not disclosed.
BOYLSTON, MASS. — Massachusetts-based developer NorthBridge Partners has broken ground on a 396,375-square-foot industrial project that will be situated on a 55.5-acre site at 80 Pine Hill Drive in Boylston, located northeast of Worcester. Slated for a fourth-quarter delivery, the building will feature a clear height of 36 feet, 92 dock-high doors, 45 trailer parking stalls and 492 car parking spaces. Jeff Black, Sean Burke and Bryan Koop of Colliers arranged $38.7 million in construction financing for the project through Cambridge Savings Bank on behalf of NorthBridge Partners. Colliers has also been retained to lease the property.
GOFFSTOWN, N.H. — Marcus & Millichap has brokered the sale of Goffstown Back Road Self Storage, a 451-unit facility located on the western outskirts of Manchester. The property spans 65,700 net rentable square feet of space across 380 non-climate-controlled units and 71 climate-controlled units. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.
TRUMBULL, CONN. — Avison Young has completed the interior build-out of Make-A-Wish Foundation’s 15,000-square-foot office space in Trumbull, located in Fairfield County. The space at 56 Commerce Drive spans three stories. The project included renovating the lobby, communal areas and amenity spaces, as well as installing new utilities and elevators and adding a new experience floor, observation decks and patios for outdoor events. Avison Young also represented Make-A-Wish in its site selection and lease negotiations for the space.
WOODINVILLE, WASH. — Kidder Mathews has arranged the sale of Buildings C and D of Woodinville West Business Park, located at 16650 and 16750 Woodinville Redmond Road NE in Woodinville. A private investor acquired the assets from Woodinville West CD for $33.5 million. Buildings C and D are high-quality, concrete and steel-framed buildings totaling 122,750 square feet of industrial space. Zach Vall-Spinosa of Kidder Mathews represented the seller in the deal.