Property Type

Trion Properties Acquires Latitude at West Ashley Apartments in Charleston for $51.8M

by Jeff Shaw January 3, 2022

CHARLESTON, S.C. — Los Angeles-based Trion Properties has acquired Latitude at West Ashley, a 312-unit multifamily community in Charleston, for $51.8 million. The seller was not disclosed. Constructed in two phases in 1968 and 1973, Latitude at West Ashley offers one-, two- and three-bedroom floorplans averaging 954 square feet with approximately half of the units set up as townhomes. The apartment community includes 22 two-story wood-framed buildings. Community amenities include a pool deck with BBQ grills and cabanas, a fitness center and onsite laundry facilities. Located at 1735 Ashley Hall Road, Latitude at West Ashley is situated by the Ashley and Stono rivers. The property is also situated seven miles west of downtown Charleston, 2.8 miles from Citadel Mall, the area’s only indoor mall, and near Interstate 526.

January 3, 2022

Acquisitions Florida Industrial Southeast

Bridge Industrial Purchases 336,852 SF Pompano Beach Commerce Park in Florida

by Jeff Shaw January 3, 2022

POMPANO BEACH, FLA. — Bridge Industrial has purchased Pompano Beach Commerce Park, a 336,852-square-foot industrial campus in Pompano Beach. Jose Lobon of CBRE National Partners represented the undisclosed seller in the transaction. The price was not disclosed. Located on Powerline Road, Pompano Beach Commerce Park comprises three buildings spanning 140,094 square feet, 124,894 square feet and 71,864 square feet, respectively. The facilities include features such as 24-foot clear heights and multiple points of ingress and egress along its 800 feet of linear frontage on Powerline Road. Following the acquisition, Bridge Industrial plans to launch a comprehensive capital improvement program at the property, including upgrades to the landscaping, parking lot, signage and roof. The campus is located less than two miles from Interstate 95 and just 1.4 miles from the Florida Turnpike. The property also sits 15 miles from Port Everglades and the Fort Lauderdale-Hollywood International Airport, and approximately 40 miles from the Port of Miami and Miami International Airport.

January 3, 2022

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $14.8M Sale of Industrial Property in Miami

by Jeff Shaw January 3, 2022

MIAMI — Cushman & Wakefield has arranged the sale of a 51,392-square-foot industrial facility located at 7480 NW 48th St. in Miami. Wayne Ramoski and Miguel Aclivar of Cushman & Wakefield represented the seller, DFJ Properties West LLC, in the transaction. RLIF East 5 LLC was the buyer. The price was $14.8 million. Sitting on more than four acres, 7480 NW 48th St. is a warehouse and showroom property that is fully leased to Ferguson Enterprises, a Newport News, Va.-based distributor of plumbing supplies, waterworks and fire and fabrication products. The facility is situated on two lots offering a variety of industrial and commercial uses in South Florida’s airport submarket. The property includes features such as 23.8-foot clear heights, more than 50 striped parking spaces and proximity to Miami International Airport. The property is currently zoned for industrial and heavy manufacturing use.

January 3, 2022

Development Leasing Activity North Carolina Retail Southeast

Publix Anchors Church Street Commons Shopping Center in Burlington, North Carolina

by Jeff Shaw January 3, 2022

BURLINGTON, N.C. — Several new tenants are set to open at Church Street Commons, a recently constructed shopping center located at the intersection of Huffman Mill Road and Church Street in Burlington. Morgan Cos. purchased the 9.6-acre property where Church Street Commons now stands in February 2019. The property was formerly the site of a Sears department store. The owner and developer of the center, Morgan Cos., recently welcomed a new Publix supermarket. My Eyelab, an optical retailer, also opened at the center in December. The retailers that will soon open at Church Street Commons includes The Habit Burger Grill, a burger restaurant; Aspen Dental, a dental services provider; Popeye’s, a New Orleans-based fast food chain; uBreakiFix, a same-day electronics repairs provider; and Church Street Nails, a nail salon and spa. The retailers are expected to open in the first quarter of this year.

January 3, 2022

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $117M Sale of Park Ridge Commons Multifamily Community in Des Plaines, Illinois

by Kristin Harlow January 3, 2022

DES PLAINES, ILL. — Kiser Group has brokered the $117 million sale of Park Ridge Commons in Des Plaines, a northwest suburb of Chicago. The garden-style multifamily property consists of 752 units across 47 buildings. Amenities include a clubhouse, lap pool, fitness center, tennis courts and laundry facilities. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group represented the buyer, Bayshore Properties, and the seller, H.A. Langer & Associates. The seller had owned the property for 25 years. Dan Sacks and Eric Rosenstock of Greystone originated $103 million in acquisition financing through Fannie Mae.

January 3, 2022

Acquisitions Industrial Midwest Wisconsin

Zilber Acquires 125,000 SF Industrial Property in Beloit, Wisconsin

by Kristin Harlow January 3, 2022

BELOIT, WIS. — Zilber Property Group has acquired a 125,000-square-foot industrial facility located at 2350 Springbrook Court in the southern Wisconsin town of Beloit. The purchase price and seller were undisclosed. WestRock, a global packaging solutions company, fully occupies the property, which features a clear height of 20 feet, 11 dock positions, 15 trailer stalls, one drive-in door and additional land for expansion. Rachel Agba represented Zilber on an internal basis.

January 3, 2022

Acquisitions Indiana Midwest Office

NAS Investment Solutions Buys 82,064 Office Building in South Bend, Indiana

by Kristin Harlow January 3, 2022

SOUTH BEND, IND. — NAS Investment Solutions has purchased an 82,064-square-foot office building in South Bend for an undisclosed price. Constructed in 2021, the building serves as the national headquarters for Press Ganey, a provider of performance measurement and improvement services to U.S. healthcare providers. The property includes 408 surface parking spaces and a 4,800-square-foot rooftop lounge. National Asset Services will serve as property manager.

January 3, 2022

Loans Midwest Missouri Office Retail

Emerald Capital Arranges $6M in Financing for Development of Office, Retail Building in St. Louis

by Kristin Harlow January 3, 2022

ST. LOUIS — Emerald Capital Strategic Advisors, an affiliate of Green Street Real Estate Ventures, has arranged financing for Elevation, an office and retail development in St. Louis. Funding includes $6 million in New Market Tax Credits (NMTC) in addition to debt and Property Assessed Clean Energy (PACE) financing. Matt Drinen and Luke Pope of Emerald Capital sourced and closed debt financing with Chicago-based IFF as well as Elm Tree Unity Debt Fund. St. Louis Development Corp. provided a $6 million allocation in NMTC, and US Bank was the NMTC investor. Kingsway Development is the project developer. Elevation will be situated at 4731 Delmar Blvd. within the Fountain Park neighborhood. The project serves as the first development within the planned 207-acre Kingsway District. Elevation will include 5,000 square feet of street-level retail space for Jamba Juice, UPS and The Original Hot Dog Factory, as well as 12,500 square feet of second-floor office space for the Ethical Society of Police and Park Central Development Corp. Simms Building Group is the general contractor and CASCO is the architect. Construction is scheduled to begin this month, with completion slated for January 2023.

January 3, 2022

Acquisitions Illinois Midwest Retail

Quantum Negotiates $1.9M Sale of Retail Building in Belvidere, Illinois

by Kristin Harlow January 3, 2022

BELVIDERE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.9 million sale of a multi-tenant retail building in Belvidere near Rockford. Located on Gateway Center Drive, the property is home to Aaron’s, Dotty’s and Subway. Jason Lenhoff of Quantum represented the seller, a local private real estate investor. An Iowa-based private real estate investor was the buyer.

January 3, 2022

Development Industrial Texas

TDC Begins Construction of 1 MSF Cowtown Crossing Industrial Project in Fort Worth

by Taylor Williams January 3, 2022

FORT WORTH, TEXAS — Transwestern Development Co. (TDC) has started construction of Cowtown Crossing, a roughly 1 million-square-foot industrial project that will be located at the confluence of U.S. Highway 287 and Interstate 35 in Fort Worth. TDC is developing the three-building project on a speculative basis. Building 1 will total 553,384 square feet and feature 40-foot clear heights. Buildings 2 and 3 will respectively span 163,080 and 304,665 square feet and will feature 32- and 36-foot clear heights. All three buildings will have ESFR sprinkler systems. Completion is slated for late 2022.

January 3, 2022

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