DALLAS — Marcus & Millichap has arranged the sale of a 61,406-square-foot industrial building located at 8888 Governors Row in the Brook Hollow area of Dallas. The property was built on 2.5 acres in 1963 and renovated in 1965. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
CHARLOTTE, N.C. — A joint venture between The Spectrum Cos., Batson-Cook Development Co. (BCDC) and Heitman has broken ground on a 325-unit multifamily community in Charlotte’s University submarket. The property will comprise four mid-rise buildings with communal amenities such as a saltwater pool, dog park, grilling areas and a courtyard. Unit interiors will feature 10-foot ceilings, stainless steel appliances and tile backsplashes. The yet-to-be-named community will be situated at the intersection of University City Boulevard and North Tryon Street, near Lynx Blue Line’s University Station. It will also be near Centene’s $1 billion office headquarters underway. BB+M Architecture is the designer, Samet Corp. is the general contractor and LandDesign provided landscaping architecture and civil engineering services. The developers expect to deliver the first units in the second quarter of 2022 with full buildout planned for third-quarter 2022.
RICHMOND, VA. — A joint venture between Balboa Real Estate Partners and The Opus Group has broken ground on Ascend Richmond. The 428-bed student housing community will be located near the Virginia Commonwealth University campus. The project will offer a mix of studio, one-, two-, three- and four-bedroom units. Communal amenities will include an outdoor terrace, pool, a fitness center and lounge areas. Rabren General Contractors is the general contractor for the project. A timeline for completion was not disclosed.
ROCK HILL, S.C. — JLL has arranged the $14.7 million sale of a 129,600-square-foot light manufacturing facility in Rock Hill. The seller, Scannell Properties, delivered the asset earlier this year on a build-to-suit basis for tenant DIRTT Environmental Solutions. DIRTT creates and develops customizable and sustainable architectural interiors. The property spans 22 acres within Legacy Park East. The facility is situated at 2225 Williams Industrial Blvd., less than one mile from Interstate 77 and 27 miles south of Charlotte Douglas International Airport. Patrick Nally and Pete Pittroff of JLL represented the seller in the transaction. STAG Industrial Inc. acquired the facility.
MIAMI — Federal Realty Investment Trust, The Comras Co. and Grass River Property have welcomed eight new retailers to their CocoWalk development in Miami’s Coconut Grove neighborhood. The three retailers that recently opened are vegetarian restaurant Planta Queen and women’s clothing and accessory retailers Free People Movement and Edite Mode. The five retailers that are expected to open this month are men’s beachwear retailer Europann, Mr. 01 Extraordinary Pizza, shoe retailer Sportive, Edward Beiner Eyewear and music store The School of Rock. The retail space at CocoWalk spans 150,000 square feet and surrounds the project’s courtyard. CocoWalk also includes a five-story, 185,762-square-foot office building that is 85 percent leased to tenants including Boyne Capital and American Land Ventures LLC.
PHILADELPHIA — New York City-based RAL Development Services is nearing completion of Broadridge, a 478-unit apartment community that will be located at 1300 Fairmount Ave. near downtown Philadelphia. The property will span 305,000 square feet of residential space within a 14-story building. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include two outdoor terraces totaling 30,000 square feet, a pool, grilling area, yoga lawn and a dog run. The project will also include 60,000 square feet of retail space that is leased to German discount grocer ALDI, which opened this week, and Spring Education Group, which will open a Chesterbrook Academy Preschool at the site in the near future. Residential move-ins are expected to begin in March. Information on starting rental rates was not released.
TAUNTON, MASS. — CBRE has negotiated the $28.6 million sale of a 181,900-square-foot warehouse in Taunton, about 40 miles south of Boston. Built in 2002, the property was fully leased to third-party logistics provider DHL Supply Chain at the time of sale. The facility sits on 11.3 acres and offers a clear height of 32 feet, two-sided loading that allows for multi-tenant functionality, an ESFR sprinkler system and truck courts for excess trailer storage. Chris Skeffington, Scott Dragos, Doug Jacoby, Roy Sandeman, Tim Mulhall, Daniel Hines and Tony Hayes of CBRE represented the seller, Invesco Real Estate, in the marketing and sale negotiations.
MANCHESTER, BEDFORD AND NASHUA, N.H. — Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The communities include Courville at Manchester in Manchester, Courville at Carlyle Place in Bedford and Courville Nashua & Aynsley in Nashua. Lisa Fischman of Greystone originated the interest rate reduction (IRR) transaction. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount. The borrower and owner was The Courville Company.
WEST BLOOMFIELD TOWNSHIP, MICH. — Henry Ford Health System and Acadia Healthcare Co. Inc. have formed a joint venture to build a behavioral health facility in West Bloomfield Township, about 30 miles northwest of Detroit. This week, the West Bloomfield Township Board approved the rezoning request for the parcel of land on which Henry Ford and Franklin, Tenn.-based Acadia intend to build the new hospital. Henry Ford already owns the land, which is adjacent to its Henry Ford West Bloomfield Hospital campus. The next step is to seek a Certificate of Need from the Michigan Department of Health and Human Services. Construction will begin once all regulatory approvals are met. Slated to open in late 2022, the hospital will be able to accommodate 192 beds with the potential to expand to meet future demand for inpatient services in the area. Comprehensive inpatient treatment will be provided for adults, seniors and adolescents who struggle with acute symptoms of mental health disorders such as anxiety, depression, bipolar disorder and posttraumatic stress disorder. The hospital will also serve as an academic site for the training of inpatient psychiatry residents, medical students, nurses and other healthcare professionals. As part of the agreement, Henry Ford …
FORT WAYNE, IND. AND FARMINGTON HILLS, MICH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two Kroger-anchored shopping centers for a combined $22 million. The first property is West State Plaza, a 96,334-square-foot center in Fort Wayne. The second is Mid-Eleven Center, a 74,525-square-foot property in the Detroit suburb of Farmington Hills. West State Plaza, also home to Dollar Tree, a freestanding Pizza Hut and a freestanding Chase Bank, was 91.7 percent occupied at the time of sale. It was built in 1987. Mid Eleven Center, built in 1980, was 97 percent leased at the time of sale. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, a San Francisco-based private equity fund. An institutional buyer purchased the portfolio.