MERRILLVILLE, IND. — Quantum Real Estate Advisors Inc. has brokered the $7 million sale of Broadway Place, a shopping center located at 6001-6091 Broadway St. in Northwest Indiana’s Merrillville. At the time of sale, the property was fully leased to CitiTrends, B2 Digital, Aaron’s Rents, Shoppers World and a few local tenants. Jason Lenhoff of Quantum represented the seller, a Chicago-based private investor. A New York-based private investment firm was the buyer.
FRANKLIN, WIS. — Likewise Partners LLC has purchased a 54,833-square-foot industrial facility located at 9720 S. Oakwood Park Drive in Franklin, a southern suburb of Milwaukee. The purchase price was $3.7 million. The building features a clear height of 24 feet and is located within the 4.5 million-square-foot Franklin Business Park. Constructed in 2000, the facility is fully leased to four tenants. Adam Matson and Travis Tiede of Newmark represented Likewise in the transaction. Raymond Zanca and Scott Modelski of Black Bear Capital Partners arranged acquisition financing. The acquisition marks the first purchase in Wisconsin for Minneapolis-based Likewise, which targets industrial investment and development in Midwest markets.
HIGHLAND CITY, UTAH — Midtown National Group (MNG) has purchased Highland Marketplace shopping center and 9.2 acres of development land in Highland City. Located at 5300 W. 11000 North, the shopping center offers 40,000 square feet of existing retail space with storefronts ranging from 1,010 square feet to 5,641 square feet. A 65,000-square-foot athletic facility is slated to be built on the development land, which is on the north boundary of the shopping center. Lance Pendleton of Mountain West Commercial Real Estate handled the transaction and will manage the retail and office leasing opportunities for the property.
SAN DIEGO — Thorofare Capital has funded an $18 million loan for a joint venture between New York-based Taconic Capital Advisors and Triangle Capital Group for the purchase of The Spreckels Building in San Diego. Located at 121 Broadway in the Gaslamp District, The Spreckels Building features 217,173 square feet of office, retail and theater space. The six-story building was built in 1912 and most recently renovated in 1982. The property was designated as one of San Diego’s historic sites in 1972 and placed on the National Register of Historic Places in 1975. Marc Renard led the Cushman & Wakefield team that represented the seller, a family trust associated with Jacquelyn Littlefield, while the buyer was self-represented in the transaction. CBRE will serve as the property’s manager under the new ownership.
GLENDALE, ARIZ. — JLL has arranged the sale of a single-tenant retail building located within Talavi Town Center in Glendale. The property traded for $16.2 million. A global discount department and grocery store tenant occupies the 33,300-square-foot property, which is situated on 3.4 acres at 5845 W. Bell Road. Adam Friedlander and Patrick Dempsey of JLL Capital Markets Investments Sales Advisory team represented the undisclosed seller in the deal. The name of the buyer was not released.
TUALATIN, ORE. — Tower Capital has arranged a $15.6 million acquisition and rehabilitation loan for an apartment community located in Tualatin, a suburb of Portland. The undisclosed borrower acquired the property in an off-market transaction. The asset features 74 units in a mix of one-, two- and three-bedroom floor plans with outdoor balconies or patios. The borrower plans to implement a capital improvement program to upgrade the remaining 66 partially renovated units. Interior renovations will include installation of stainless steel appliances, lighting fixtures, plumbing fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, tile backsplashes in the kitchen and new electrical plates. Community amenities include picnic areas, barbecuing stations and natural scenic paths. The three-year bridge loan features a floating interest rate starting at 3.2 percent based upon a 75 percent loan-to-cost ratio. Additionally, Tower Capital introduced the borrower to a limited partner that provided $4 million of capital with a 10 percent preferred return and graduated waterfall structure.
HEBER, CALIF. — Shasta Management has signed a long-term lease for 100 acres of mixed-use space at the northeast corner of State Route 111 and East Heber Road in Imperial County’s Heber. The company plans to open a cannabis campus on the site with retail and manufacturing space. The first phase of the complex is scheduled to open in mid-June with a 9,000-square-foor retail center, including two 2,000-square-foot retail dispensaries along with a 5,000-square-foot consumption lounge and restaurant. The adult-only consumption lounge will feature a high-end glass shop, lounge areas, 85-inch TVs, gaming stations and vibe centers. Cannabis concierges will assist guests with purchases and products, as well as offer tasting flights and product education. Upon completion, the campus will be a fully integrated cannabis space with two indoor cultivation centers, totaling 37,000 square feet, and six greenhouse cultivation centers, totaling 60,000 square feet. The second phase, slated to open this fall, will include a 3,300-square-foot distribution center, 3,000 square feet of manufacturing space and several 25,000-square-foot greenhouses. Additionally, an adjacent building will house a quick-service restaurant, liquor lounge and a full-service restaurant. The campus’s name and branding, along with additional tenants, will be announced at a later date.
HUNTSVILLE, ALA. — Daniel Corp. has broken ground on a new $60 million luxury apartment development in east Huntsville known as Village at Hays Preserve. The project team includes Birmingham-based general contractor Doster Construction Co. and architectural firm Nelson Architects. The 336-unit Village at Hays Preserve will be a seven-building complex located on 22 acres along U.S. Highway 431. Community amenities will include a clubhouse, saltwater pool and an onsite nature trail within Hays Nature Preserve. Construction is expected to complete in early 2023 with first units becoming available in 2022. Doster Construction is also working on another development in downtown Huntsville known as Constellation, a mixed-use property. The company is working with developer Heartland Real Estate Partners LLC on that project.
MARTINSBURG, W.VA. — Equus Capital Partners Ltd. has signed a 10-year, build-to-suit lease agreement with subsidiaries of The Clorox Co. for a 580,000-square-foot warehouse space within the Mid-Atlantic 81 Logistics Park in Martinsburg. The new warehouse is expected to come on line in spring 2022. Clorox is currently constructing a manufacturing facility for its Fresh Step cat litter brand approximately one-third of a mile from Mid-Atlantic 81 Logistics Park. Additionally, there are two Kingsford manufacturing plants located in West Virginia. Clorox will store and distribute the products from the new Martinsburg facility. Mid-Atlantic 81 Logistics Park is situated on 150 acres off Tabler Station Road along the Interstate 81 corridor in Berkeley County, approximately 85 miles west of Washington, D.C. The warehouse and distribution building will feature 36-foot clear heights, cross docks, all-concrete truck courts, an ESFR sprinkler system, LED lighting, a 7-inch concrete floor and will be expandable to 868,000 square feet. Brad Metzger and Liz Roberts of Cresa represented Clorox in the lease transaction, and John Lesinski and Ben Luke of Colliers International represented Equus, a Philadelphia-based developer and private equity real estate fund managing firm. In 2018, Equus developed a 356,000-square-foot warehouse for Proctor & Gamble at …
ANTIOCH, TENN. — SRS Real Estate Partners has brokered the sale of the Shoppes at Hickory Hollow, a 144,469-square-foot, Kroger-anchored shopping center in Antioch. The sellers, Mishorim USA Inc., Park One USA Inc. and Gold Investments USA Inc., sold the property to an entity doing business as FNRP CV LLC for $18 million. The center is situated at 5319 Mount View Road next to Mount View and Bell roads in metro Nashville. Built in 1986 on approximately 12.9 acres, the center is roughly 97 percent leased to tenants such as Citi Trends, Octapharma Plasma, EmbroidMe, PostalAnnex, Republic Finance and Little Caesars Pizza. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. The buyer was self-represented. Shoppes at Hickory Hollow is the second Kroger-anchored transaction that SRS has brokered this year.
