NEW YORK CITY — CycleBar and Pure Barre, two concepts owned by Xponential Fitness, have signed 10-year leases to open exercise studios at 1151 Third Avenue, a 14,820-square-foot building on Manhattan’s Upper East Side. The fitness users will share a 5,300-square-foot space that spans the entire second and third floors. The Feil Organization owns 1151 Third Avenue, which was originally built in 1910. With these leases, the property is now fully leased. The fitness studios opened on July 28.
PHOENIX — Phoenix-based GO Industrial has purchased 77 acres of land in the West Valley submarket of Phoenix for the development of GO | 99, a three-building, 1.2 milion-square-foot industrial project. An undisclosed seller sold the site, located at the southeast corner of Buckeye Road and 99th Avenue, for $23.5 million. Buildings 1 and 2 will provide rear-loaded, mid-bay configurations and will total 246,997 square feet and 272,456 square feet, respectively. Totaling 763,410 square feet, Building 3 will feature a 600-foot-deep, cross-dock configuration, nearly 1,000 auto parking stalls and up to 314 off-dock locations. Clear heights will range from 32 feet to 40 feet. All buildings will offer dock-high and ground-level loading and heavy power. Additionally, the park will be fully secured and each truck court will have dedicated access. DLR Group is serving as architect, Willmeng Construction as general contractor and Arcadia Management Group as property manager.
DENVER — TerraCap Management has purchased Denver Corporate Center I, formerly known as The Office at DTC, in Denver. Origin Investments and Hamilton-Titan Partners sold the asset for $31.1 million. Situated within the Denver Tech Center submarket, the 11-story building features 193,000 rentable square feet of Class A office space. The property was built in 1980. TerraCap acquired two sister buildings at this location in August 2019 for $71 million and holds the three buildings under one ownership. Tim Richey, Charley Will, Chad Flynn and Jenny Knowlton of CBRE represented the sellers in the deal. Brightspire Capital provided debt financing for TerraCap with assistance from C.J. Kelly and Jeff Halsey of CBRE’s debt team. TerraCap hired JLL to handle leasing of the property and DPC as property manager.
CHANDLER, ARIZ. — Armstrong Capital Development has acquired The Plant Shops North and South, two adjacent shopping centers in Chandler, for $18.3 million. The name of the seller was not released. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transaction. Situated at 4205 and 4225 S. Gilbert Road, the properties were developed in 2018. Totaling 30,820 square feet, the portfolio was 92 percent leased at the time of sale. Current tenants include Barre3, AT&T, Zoyo Yogurt, Tryst Café and Dunkin Donuts.
LAS VEGAS — Dalfen Industrial has acquired Henderson Industrial Center North II, an industrial building located in Henderson, a suburb of Las Vegas. Terms of the transaction were not released. Located at 1080 Mary Crest Road, the 40,817-square-foot property was fully occupied at the time of sale to a long-term tenant. With this acquisition, Dalfen Industrial owns and operates more than 1.1 million square feet across the Las Vegas and Reno markets.
RIVERSIDE, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail anchor space located at 9185 Magnolia Ave. in Riverside. A Riverside County-based private investor sold the asset to Pioneer Cash & Carry for $1.7 million. The 10,128-square-foot space will be Pioneer Cash & Carry’s first location in the Inland Empire. The store is slated to open in 2022. The family-owned and -operated grocer offers an extensive variety of fresh Indian and ethnic produce and a wide array of unique, Indian, brand-name products. Remodeled in 2016, the space features an open floor plan, two loading docks, ample parking and monument signage. Albert Lopez of Progressive Real Estate Partners represented the seller in the deal.
BUFORD, GA. — Seefried Industrial Properties, along with an unnamed institutional partner, has purchased 53 acres in Buford for the development of a new speculative industrial project near Interstate 85. Stuart Bracey of Hughes Commercial represented Atlanta-based Seefried Industrial in the land acquisition. The two-building development, known as Gravel 85 Distribution Center, will span 626,616 square feet and include 384 parking spaces, 108 trailer spaces and 135- to 180-foot truck courts. The development team includes civil engineer Eberly & Associates and Randall Paulson Architects. Construction is set to begin in October.
RALEIGH, N.C. — JLL Capital Markets has secured equity and debt financing for the development of a 533,889-square-foot office campus in Raleigh that will serve as the corporate headquarters for Bandwidth Inc., a locally based software firm. The project is slated for completion in first-quarter 2023. Roger Edwards, Travis Anderson, Michael George, Coler Yoakam and Warren Johnson of JLL arranged the financing on behalf of the developer, a joint venture between East West Partners and Capitol Broadcasting Co. USAA Real Estate provided equity for the build-to-suit project, and Wells Fargo provided a construction loan. The loan and equity amount were not disclosed. The new campus will feature 460,073 square feet of Class A office space, a 29,091-square-foot fitness center, 13,425-square-foot recreational area, 31,300-square-foot Montessori School, an onsite amphitheater, walking trails, café, recreation fields and an onsite parking garage that will provide approximately 1,859 spaces. Located at the corner of Reedy Creek and Edwards Mill roads, the office building will be situated on 23.3 acres. Bandwidth plans to consolidate its three existing locations in Raleigh into the new development. The firm also owns 17 adjacent acres suitable for future expansion.
MILTON, FLA. — Branch Properties has broken ground on Merganser Commons at Dogwood Estates, a Publix-anchored shopping center in Milton. The grocer will occupy 46,811 square feet and be the first Publix store in the city. Overall, Merganser Commons will span 66,921 square feet and feature retail, dining and service-oriented tenants. Branch Properties’ partner on the project is Merganser Enterprises LLC, a retail developer based in Smyrna, Ga. Branch Properties plans to deliver the center in spring 2022. Merganser Commons is the sixth shopping center in Branch Properties’ development pipeline, including three in metro Atlanta, one in Huntsville and another in Upstate South Carolina.
MARIETTA, GA. — SRS Real Estate Partners has brokered the $11 million sale of Market Square, a 137,889-square-foot shopping center located at 2932 Canton Road in Marietta. The center sits on 13.4 acres and houses tenants such as Big Lots, Ace Hardware and Planet Fitness. A privately held entity doing business as MSQ Realty LLC purchased the asset from an entity doing business as Wood Marietta Center LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented.