Property Type

Avison Young Brokers $325M Sale of Amazon Fulfillment Center Near Des Moines

by Kristin Harlow February 15, 2022

BONDURANT, IOWA — Avison Young’s capital markets group has brokered the sale of a 2.7 million-square-foot fulfillment center occupied by Amazon in Bondurant, a city northeast of Des Moines, for more than $325 million. The newly constructed, four-story property sits across the street from a 270,000-square-foot Amazon sortation facility. Jonathan Hipp, James Hanson and Richard Murphy of Avison Young represented the seller, Mesirow Realty Sale-Leaseback Inc. Earl Webb of 9th Green Advisors also advised Mesirow on the sale. Virginia-based Capital Square was the buyer.

February 15, 2022

Development Industrial Midwest Wisconsin

Ashley Capital to Begin Construction of Two Spec Industrial Buildings in Mount Pleasant, Wisconsin

by Kristin Harlow February 15, 2022

MOUNT PLEASANT, WIS. — In April, Ashley Capital is scheduled to break ground on Buildings V and VI at Enterprise Business Park in Mount Pleasant. Both speculative industrial buildings will span 390,000 square feet each and are scheduled for completion in the fourth quarter. The developer has already completed three buildings totaling more than 1.2 million square feet at the business park, which is situated near I-94 and about 30 miles south of Milwaukee. Terry McMahon and Cody Ziegler of Cushman & Wakefield/Boerke and John Sharpe and Tom Boyle of Lee & Associates are the leasing agents for Enterprise Business Park.

February 15, 2022

Development New Jersey Northeast Office

SJP Properties Completes 30,000 SF Office Project in Newark

by Taylor Williams February 15, 2022

NEWARK, N.J. — General contractor SJP Properties has completed a 30,000-square-foot office project in Newark that is a build-to-suit for KS Engineering. The new space includes a boardroom and reception area at the entry, huddle rooms, a café with a virtual golf and gaming area, a wellness room and a library/lounge. Design-build firm Ware Malcomb provided interior and exterior design services for the project.

February 15, 2022

Loans Multifamily Southeast Tennessee

ZMX, Forbes Plunkett Secure Construction Financing for $67.7M Multifamily Project in Metro Nashville

by Julia Sanders February 15, 2022

MADISON, TENN. — Nashville-based ZMX Inc. and Forbes Plunkett Real Estate & Development has secured construction financing for The Northern, a 297-unit, garden-style multifamily development in Madison. Atlanta-based Patterson Real Estate Advisory Group arranged the development financing with Origin Investments and Fifth Third Bank for the $67.7 million project. Construction is slated for completion by early 2024. The Northern will offer studio, one-, two- and three-bedroom floorplans ranging from 592 square feet to 1,285 square feet. Community amenities will include a pool, fitness center, clubhouse with outdoor grilling areas, several green spaces and pocket parks, dog park and a dog spa. The project is located close to downtown Nashville.

February 15, 2022

Industrial Loans Midwest Minnesota

JLL Arranges $12.8M Loan for Refinancing of Two Industrial Buildings in Fridley, Minnesota

by Kristin Harlow February 15, 2022

FRIDLEY, MINN. — JLL Capital Markets has arranged a $12.8 million loan for the refinancing of Northern Stacks VIII and The Boiler Room, two buildings within the 122-acre Northern Stacks industrial park in the Minneapolis suburb of Fridley. Northern Stacks VIII is a 178,763-square-foot distribution and warehouse facility, while The Boiler Room is a 13,186-square-foot brewery. Northern Stacks VIII and The Boiler Room were renovated in 2020 and 2019, respectively, and are fully leased to five tenants. The Boiler Room is home to Forgotten Star Brewery and Northern Stacks Event Center. Brock Yaffe and Britta Lund of JLL arranged the loan behalf of the borrower, a joint venture between Minneapolis-based Hyde Development and Mortenson Properties Inc. A regional bank provided the seven-year, fixed-rate loan, proceeds of which will be used to take out two acquisition and redevelopment loans.

February 15, 2022

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Negotiates $3M Sale of Medical Office Building in Suburban Chicago

by Kristin Harlow February 15, 2022

ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has negotiated the sale of a 38,864-square-foot medical office building in the Chicago suburb of Arlington Heights for $3 million. The property, located at 2010 S. Arlington Heights Road, is 84 percent occupied by medical tenants. It recently underwent upgrades such as a new HVAC system, new elevator, new tile in the first-floor corridors and updated suites. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a local limited liability company. An Atlanta-based limited liability company was the buyer.

February 15, 2022

Acquisitions Industrial Midwest NAI Wisconsin

NAI Greywolf Brokers Sale of 36,154 SF Industrial Building in Grafton, Wisconsin

by Kristin Harlow February 15, 2022

GRAFTON, WIS. — NAI Greywolf has brokered the sale of a 36,154-square-foot industrial building in Grafton, about 20 miles north of Milwaukee. The sales price was undisclosed. The property, which features both manufacturing and office space, is located at 1000 Hickory St. and features a clear height of 14 feet. David Hodge of NAI Greywolf represented the buyer, World Emblem, which plans to hire about 75 employees to work out of the facility.

February 15, 2022

Acquisitions Development Florida Industrial Southeast

Easton Group, LBA Logistics Acquire Land for $29.4M, Plan for Distribution Development in Metro Miami

by Julia Sanders February 15, 2022

HIALEAH, FLA. — Doral, Fla.-based The Easton Group and Irvine, Calif.-based LBA Logistics have acquired a 26.4-acre development site in Hialeah, about 11.6 miles from Miami. The joint venture purchased the land for $29.4 million with plans to build two speculative warehouse and distribution facilities on the site. The two buildings will total 462,954 square feet. Building features will include 36-foot clear heights, 124 trailer stalls and 407 parking spaces. Construction is expected to start towards the end of the year and take about 18 months to complete. Located at 4220 West 91st Place, the project is located about 17 miles from Miami Beach and 10 miles from the Miami International Airport. Easton Group and LBA Logistics are also partnering on a 266,760-square-foot warehouse development in nearby Hialeah Gardens, which is slated for completion by the second quarter of this year. Easton Group is scheduled to deliver 393,910 square feet of industrial space in Miami-Dade County over the next six months.

February 15, 2022

Development Florida Multifamily Southeast Student Housing

Landmark to Develop 760-Bed Student Housing Project Near University of South Florida in Tampa

by Julia Sanders February 15, 2022

TAMPA, FLA. — Athens, Ga.-based Landmark Properties has plans to develop The Metropolitan at Tampa, a 760-bed student housing community within a half-mile of University of South Florida (USF). Construction is slated to begin in June with the property opening to students in August 2024. The Metropolitan at Tampa will offer studio, one-, two-, three- and four-bedroom floorplans. In total, the four-story residential community will include 276 units and 1,779 net square feet of ground-floor retail space. The property was formerly a Quality Inn hotel. Located at 2701 E. Fowler Ave., The Metropolitan’s features will include fully furnished units, a complete appliance package and high-speed internet and cable. Community amenities will include a rooftop pool deck, ground floor courtyards, fitness center, 620-space covered parking deck and study and gaming lounges.

February 15, 2022

Acquisitions Georgia Retail Southeast

RealSource Arranges $9.4M Sale of LA Fitness-Occupied Property in Metro Atlanta

by Julia Sanders February 15, 2022

LAWRENCEVILLE, GA. — RealSource Group has arranged the $9.4 million sale of a single-tenant property occupied by LA Fitness at Lawrenceville Town Center, a shopping center in the eastern Atlanta suburb of Lawrenceville. Austin Blodgett of RealSource, in association with ParaSell Inc., represented the seller, New York-based DLC Management. The undisclosed buyer was a private investor based in Dallas. Built in 2020, the LA Fitness building spans 34,000 square feet. The property’s co-tenants include a Kroger supermarket and fuel station, H&R Block, O’Reilly Auto Parts, Verizon Wireless, Aaron’s, Rainbow Shops, Ameris Bank, Coast Dental, Burger King, Tidal Wave Auto Spa, Kumon and Lawrenceville Health Center. Located at 600 Gwinnett Drive, the property is positioned at the signalized intersection of Grayson Highway and Gwinnett Drive. The property is also situated 3.2 miles from Georgia Gwinnett College, 42.7 miles from downtown Atlanta and 42.6 miles from Hartsfield-Jackson Atlanta International Airport.

February 15, 2022

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