Property Type

PCCP, Panattoni to Build 730,880 SF Industrial Project in Hagerstown, Maryland

by Julia Sanders March 3, 2021

HAGERSTOWN, MD. — PCCP LLC and Panattoni Development Co. Inc. have partnered in a joint venture to acquire a 90-acre site in Hagerstown for the speculative development of Creekside Logistics Center. The project will be a fully entitled, 730,880-square-foot industrial warehouse building featuring 40-foot clear heights. Located at 16422 National Pike, the project is anticipated for completion in December. Located directly south of the Pennsylvania/Maryland border, Creekside Logistics Center sits just off Interstate 81 in an area in high demand from big box distribution tenants. The project will feature multi-modal infrastructure, low operating costs, a super-regional highway network, regional parcel and freight hubs and a concentration of third-party logistics (3PL) carriers. PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. Panattoni Development is a privately held, full-service development company based in Irvine, Calif.

March 3, 2021

Acquisitions Industrial South Carolina Southeast

Avison Young Facilitates Sale of 587,720 SF Industrial Facility in Metro Charleston

by Julia Sanders March 3, 2021

SUMMERVILLE, S.C. — Avison Young has facilitated the sale of a 587,720-square-foot industrial property located at 537 Omni Industrial Blvd. in Summerville. The building was constructed in 2018 and is fully leased to 3G Distribution Services, a third-party logistics (3PL) provider. The Class A facility is situated on a 43-acre site within the Omni Industrial Campus, a 221-acre business park situated 28 miles from the Port of Charleston. The industrial facility features LED light fixtures, ESFR sprinkler systems and 36-foot clear heights. The property includes 79 docks (expandable to 111), as well as 151 remote trailer stalls, heavy power and a fenced lot. Erik Foster and Mike Wilson of Avison Young represented the sellers, Clarius Partners LLC and Wanxiang America Real Estate Group, in the transaction. Foster and Wilson also raised development equity on Clarius’ behalf in order to commence the project. The buyer was an institutional real estate venture capital firm, and the sales price was not disclosed. Clarius Partners is a full-service real estate investment and development company with offices in Chicago and Scottsdale, Ariz. Wanxiang America Real Estate Group is a Chicago-based real estate investment firm.

March 3, 2021

Acquisitions Healthcare North Carolina Southeast

Stan Johnson Brokers $10M Sale of Village Medical Plaza in Fayetteville, North Carolina

by Julia Sanders March 3, 2021

FAYETTEVILLE, N.C. — Stan Johnson Co. has brokered the $10 million sale of a 28,434-square-foot, multi-tenant medical office building located at 3401 Village Drive in Fayetteville. Stan Johnson’s Scott Briggs represented the seller, an individual investor and developer based in North Carolina. The property, known as Village Medical Plaza, was purchased by an out-of-state private fund whose name was not disclosed. Village Medical Plaza features both medical and traditional office space and is fully leased to three tenants: the U.S. General Services Administration (GSA) for an initial 15-year term, the State of North Carolina Department of Revenue for an initial 10-year term and Piedmont Physical Therapy Specialists for an initial term of seven years. The three-story property was built in 2017 and sits on 1.3 acres in a medical and office district immediately adjacent to Cape Fear Valley Medical Center, a 200-bed acute care facility that treats more than 1 million patients annually.

March 3, 2021

Development Illinois Industrial Midwest

Conor Commercial Underway on Development of 436,500 SF Spec Industrial Project in Bartlett, Illinois

by Kristin Harlow March 3, 2021

BARTLETT, ILL. — Conor Commercial Real Estate is underway on the development of Brewster Creek Commerce Center in Bartlett, about 35 miles northwest of Chicago. The speculative industrial project will span 436,500 square feet. Conor expects to serve e-commerce and logistics companies in need of large-scale distribution space. The building will feature a clear height of 36 feet, 54 truck docks, four drive-in doors, ESFR sprinklers, parking for 125 trailers and parking for 340 cars. Completion is slated for the second quarter. McShane Construction Co., V3 Cos. and Harris Architects Inc. make up the project team. The project is part of a larger 670-acre business park that is home to tenants such as McKesson, ITW, Greco & Sons, Rana, Creative Werks and Cheese Merchants of America.

March 3, 2021

Acquisitions Indiana Midwest Retail

Quantum Brokers $12M Sale of Retail Portfolio in Fort Wayne, Indiana

by Kristin Harlow March 3, 2021

FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a two-property retail portfolio in Fort Wayne for $12 million. The assets are located at 401-407 E. Coliseum Blvd. and 407 W. Coliseum Blvd. and total 27,000 square feet. Dan Waszak of Quantum represented the buyer, a Mexico-based private investor. An Indiana-based development group was the seller, which revitalized both properties upgraded them to Class A assets.

March 3, 2021

Development Illinois Industrial Midwest

ML Realty Partners Completes 115,924 SF Spec Industrial Building in Glendale Heights, Illinois

by Kristin Harlow March 3, 2021

GLENDALE HEIGHTS, ILL. — ML Realty Partners has completed the development of a 115,924-square-foot speculative industrial building in Glendale Heights. Located at 760 E. North Ave., the project features a clear height of 32 feet, 26 exterior truck docks and two drive-in doors. ML Realty acquired the 7.5-acre site in fall 2019. Kelly Disser, Eric Tresslar, Michael Freitag and Dion Ursino of NAI Hiffman will market the property for lease. Meridian Design Build and Harris Architects made up the project team.

March 3, 2021

Loans Midwest Multifamily Wisconsin

American Street Capital Arranges $8M Acquisition Loan for Multifamily Portfolio in Kenosha, Wisconsin

by Kristin Harlow March 3, 2021

KENOSHA, WIS. — American Street Capital (ASC) has arranged an $8 million loan for the acquisition of a two-property, 108-unit multifamily portfolio in Kenosha. Built in the early 1970s, the portfolio features a mix of one-, two- and three-bedroom units. Both complexes were more than 95 percent leased at closing. Igor Zhizhin of ASC originated the seven-year agency loan. It features a fixed interest rate with two years of interest-only payments and a 30-year amortization schedule.

March 3, 2021

Acquisitions Illinois Midwest Office

Premier Commercial Realty Negotiates Sale of 20,600 SF Office Building in Crystal Lake, Illinois

by Kristin Harlow March 3, 2021

CRYSTAL LAKE, ILL. — Premier Commercial Realty has negotiated the sale of a 20,600-square-foot office building located at 333 Commerce Drive in Crystal Lake, about 50 miles northwest of downtown Chicago. The sales price was undisclosed. The property was 65 percent leased at the time of sale. Michael Deacon of Premier brokered the transaction. A private investor purchased the asset from 333 Commerce Drive LLC.

March 3, 2021

Acquisitions Hospitality Nevada Top Stories Western

Sands Corp. to Sell Off All Las Vegas Assets for $6.2B

by Kristin Harlow March 3, 2021

LAS VEGAS — Las Vegas Sands Corp. (NYSE: LVS) has agreed to sell its Las Vegas properties and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for an aggregate purchase price of approximately $6.2 billion. Under the terms of the agreement, VICI Properties Inc. (NYSE: VICI) will acquire all of the land and real estate assets associated with the Venetian for $4 billion in cash, representing a capitalization rate of 6.2 percent. Affiliates of Apollo Global Management Inc. (NYSE: APO) will acquire the operating company of the Venetian for $2.2 billion, of which $1.2 billion is in the form of a secured term loan, and the remainder is payable in cash. The closing of the transactions is subject to customary closing conditions, including regulatory approvals. It is expected to be completed by the end of the year. Regarding the sale, Sands says it plans to focus on reinvestment in Asia and pursue new growth prospects. “Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities,” says Robert Goldstein, chairman and …

March 3, 2021

Affordable Housing Development Multifamily Southeast Virginia

AHDC, Carpenter’s Shelter Open Affordable Housing Project, Homeless Shelter in Alexandria, Virginia

by Julia Sanders March 2, 2021

ALEXANDRIA, VA. — Alexandria Housing Development Corp. (AHDC) has partnered with local homeless shelter Carpenter’s Shelter for The Bloom at Braddock and Carpenter’s Shelter, a hybrid affordable housing community and homeless shelter in Alexandria. The project is a redevelopment of the former 17,000-square-foot Carpenter’s Shelter, which provides support and accommodations to people who are experiencing homelessness. The Bloom at Braddock has 97 low-income tax credit housing (LIHTC) units. Carpenter’s Shelter partnered with architectural firm Cooper Carry’s Alexandria office to complete the project. The redevelopment of Carpenter’s Shelter transformed the shelter, previously housed in a two-story building originally designed for the Department of Motor Vehicles, into a new, 163,000-square-foot building that supports both organizations’ missions under the same roof. The hybrid design features the build-to-suit homeless shelter and an apartment community that features a community room, multiple outdoor spaces and a 1,600-square-foot community produce garden. The two housing facilities share several amenities, including a level of underground parking and a playground. Carpenter’s Shelter has a new entrance to welcome residents seeking temporary housing for an average shelter stay of two to four months. A separate entrance to David’s Place at Carpenter’s Shelter provides access to shower facilities, laundry and lockers for …

March 2, 2021

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