SARANAC LAKE, N.Y. — TLG Investment Partners has opened Saranac Waterfront Lodge, a 93-room hotel and resort located in the Adirondack High Peaks in Upstate New York. The waterfront property houses two food and beverage concepts, a pool, lakeside fire pit, a private marina with 24 boat slips and 30,000 square feet of meeting and event space. Skyward Hospitality is managing the property.
CARMICHAEL, CALIF. — Blue Sky has purchased a medical office property located at 6555 Coyle Ave. in Carmichael. A private investment group sold the asset for an undisclosed price. Situated on Mercy San Juan Medical Center campus, the building features 99,000 square feet of specialty medical office space. Dignity Health is a tenant at the property. Blue Sky acquires, builds, finances and operates facilities for and on behalf of mission-based organizations to deliver optimate cost savings and solutions. Bill Swettenham and Eric Ortiz of The Swettenham Ortiz Healthcare Team at Colliers International represented the buyer in the deal.
HAMILTON TOWNSHIP, N.J. — The Kislak Company Inc. has brokered the $16.4 million sale of Twin Ponds, a 75-unit active adult community in Hamilton Township, located outside Trenton. Justin Lupo and Jason Pucci of Kislak represented the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, in the transaction. The buyer, an affiliate of The Kamson Corp., plans to expand the property with a 69-unit third phase. Twin Ponds was fully occupied at the time of sale.
SAN DIEGO — The San Diego City Council has unanimously approved the 200-acre Riverwalk San Diego mixed-use project. Developer Hines plans to transform the existing Riverwalk golf course in western Mission Valley into a transit-oriented development. Project costs are estimated at $3 billion, according to The San Diego Union-Tribune. A new San Diego Metropolitan Transit System Green Line trolley stop and town square will anchor the project. Hines expects to break ground in the second half of 2021. Of Riverwalk’s 4,300 multifamily units, 10 percent will be designated as income-qualified affordable housing. Floor plans will range from studios to three-bedroom units. The project will feature 1 million square feet of office space and 152,000 square feet of retail space. Nearly 100 acres will be dedicated to open space and a regional park. Hines will also restore the stretch of the San Diego River that runs through Riverwalk. Plans call for bike and walking paths as well as an extension of the San Diego River Trail. “Riverwalk is an opportunity to provide something really special for San Diego,” says Eric Hepfer, managing director with Hines. “Our vision from the beginning was to create a village where people would have the option …
CARY, N.C. — Hines and Columbia Development have broken ground on Fenton, a 69-acre mixed-use project in Cary that is expected to be complete in spring 2022. In addition to the groundbreaking, the developers also announced that Arhaus has preleased 17,974 square feet at Fenton. The retail portion is now 73 percent preleased and includes other retailers such as Wegmans, CMX CineBistro, Sephora, Free People and Bailey’s Fine Jewelry. Fenton is located at the intersection of Interstate 40 and Cary Towne Boulevard, three miles from downtown Cary and eight miles southwest of downtown Raleigh. At full buildout, the property will include approximately 345,000 square feet of retail and entertainment space, 170,000 square feet of office space, The Canopy at Fenton and a 175-room boutique hotel.
BOWLING GREEN, KY. — Georgia-Pacific, a manufacturer of paper and wood products, has opened a $100 million Dixie manufacturing facility in Bowling Green. Georgia-Pacific began the expansion in 2019. The project included adding an 80,000-square-foot operations building, a new industrial printer and additional plate-forming presses. More than 70 full-time jobs were added due to the expansion, bringing the number of employees at the plant to more than 200. The plant was originally built in 1991. The facility accounts for approximately 25 percent of all paper plates and bowls that Georgia-Pacific produces. The Atlanta-based company also operates a plant in Lexington, Ky.
ATLANTA — The Home Depot (NYSE: HD) has reported that its third-quarter sales reached $33.5 billion, a 23.2 percent increase over third-quarter sales for 2019. Net earnings for the third quarter were $3.4 billion, or $3.18 per diluted share, compared with net earnings of $2.8 billion, or $2.53 per diluted share, in the same fiscal period of 2019. The Atlanta-based retailer’s third quarter ended on Oct. 31. Chairman and CEO Craig Menear cited demand for home improvement projects in the midst of the coronavirus pandemic as a steady driver for increased sales. Menear says sales have reached $15 billion through the first nine months of the company’s fiscal year. As of the end of its third quarter, Home Depot operated 1,986 stores in the United States and territories. In addition to reporting third-quarter earnings, The Home Depot also announced it will invest $1 billion in permanent compensation for hourly associates. Throughout the pandemic, the company has taken actions to support its employees, including temporary weekly bonuses and offering extended paid time off. The Home Depot’s stock price closed Monday at $279.96 per share, up from $238.85 a year ago.
ATLANTA — Cushman & Wakefield has arranged an $89.7 million refinancing loan for Resurgens Plaza, a 26-story, 402,929-square-foot office tower in Atlanta’s Buckhead District. The property is 88 percent leased to 21 tenants. The borrower and landlord, a joint venture between Zeller Realty Group and Partners Group, acquired the asset in late 2017. The owners implemented an $8.2 million capital improvement program to enhance the elevators and conference spaces, add a rooftop deck and renovate the lobby. Other amenities include bike storage, a 6,000-square-foot fitness center, game lounge and a bistro. Aareal Capital Corp. provided the loan. Specific loan terms were not disclosed.
BENTONVILLE, ARK. — Walmart (NYSE: WMT) has reported that its third-quarter e-commerce sales grew 79 percent from the same period a year ago. Comparable sales, defined as those from stores that operated during the entire 12-month fiscal year, went up 6.4 percent. The Bentonville-based retailer’s revenue during its fiscal third quarter reached $134.7 billion, a 5.2 percent increase over the same time period a year ago. Walmart’s third quarter ended on Oct. 31. The company’s stock price closed Monday at $152.69 per share, up from $120.25 per share one year ago.
RICHMOND, CALIF. — TJL Properties has completed the disposition of a light industrial warehouse and office facility located in the East Bay community of Richmond. An institutional investor acquired the asset for $50.1 million. Situated on 12.3 acres at 700-702 National Court, the asset features 267,500 square feet of light industrial and office space. The property comprises a 250,500-square-foot industrial warehouse and a 17,000-square-foot office building. The industrial component features 22-foot clear heights and 15 dock-high, two grade-level and four rail doors. At the time of sale, the facility was triple-net leased to a beverage distribution company. Ryan Sitov, Tony Beatty, Mark Detmer and Andie Fezell of JLL Capital Markets represented the seller in the deal.