SELMA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of a retail property located in Selma. Astrolabe Enterprises acquired the asset from Selma High Street LLC for $2.3 million. Citibank occupies the property, which is located at 2121 High St. Brian Quinn of Flocke & Avoyer and David Malloy of Colliers International represented the seller, while Peter Svidler, Dario Svidler and Lee Mintz of Compass represented the buyer in the deal.
INDIANAPOLIS — Elanco Animal Health Inc. (NYSE: ELAN), a pharmaceutical company that produces medicines and vaccinations for pets and livestock, has selected Indianapolis for its new $100 million global headquarters. Elanco is currently headquartered in Greenfield, approximately 25 miles east of Indianapolis. The company’s new headquarters campus will be located on a 45-acre site on the southwestern side of downtown Indianapolis that formerly served as a stamping plant for General Motors. The plant closed in 2011, and developer Ambrose purchased the site with plans to build a mixed-use community, according to The Indianapolis Star. Ambrose officially canceled those plans in September 2019. Project planning will begin immediately, with construction anticipated to last two to three years. Elanco’s new facility is expected to add as many as 570 permanent new jobs to the local economy. The move represents an effort to cut costs while consolidating Elanco’s global footprint after the company’s August acquisition of Bayer’s animal health business. The Star reports that the acquisition was valued at roughly $6.9 billion. Elanco’s new campus will feature a smaller, more flexible design as a result of COVID-19. The company says it envisions a more efficient campus with at least 25 percent less office space than its …
We’ve all seen the depressing commercial real estate news stories about the state of the office market, with words like “bleak,” “hazy” or “obsolete” in the headlines. Questions surround every major market, including Atlanta — a metro market known for its dependable economy and robust demand. Admittedly, Atlanta has had its struggles during the pandemic, like slow leasing activity and rising rental rates, but not everything is doom and gloom. New City Properties, in the middle of breaking ground on Mailchimp’s new headquarters, announced it was upping the budget to prepare for future pandemics, including setting money aside for technology that is not even available yet. Other developers are choosing to prioritize private green space over expensive machinery. Midtown’s new Norfolk Southern headquarters, opening by the third quarter of 2021, takes advantage of its 3.4-acre lot by developing a campus-style hub filled with parks and a rooftop garden. Employees who utilize these outdoor spaces decrease the risk of airborne transmissions, as well as promote healthy habits. Not every office building has the room for large outdoor forums, so other owners are doing away with cubicles and building out private offices. Or if they have cubes, they’re advised to choose bigger …
RALEIGH, N.C. — Aventon Cos. will develop Aventon North Ridge, a 372-unit apartment community in Raleigh. Aventon expects construction to cost $140 million and to open the community in late 2021. The asset will comprise four three- and four-story buildings, 12 detached carriage homes over private garages and a two-story clubhouse. The property will offer one-, two- and three-bedroom floor plans. Communal amenities will include a fitness center, yoga studio, media lounges, podcast studio, pool, two dog parks and an outdoor kitchen. Cline Design Associates is the architect. Locally based Aventon acquired 39 acres to develop the project, which will span 26 acres in its first phase. Aventon will develop the additional 13 acres into a separate multifamily community, for which further details were not disclosed.
APOPKA, FLA. — JLL has arranged the $71.5 million sale of a 289,839-square-foot industrial facility in Apopka. The property is situated within the 180-acre Mid-Florida Logistics Park, 20 miles northwest of downtown Orlando. The seller, BlueScope Properties Group, delivered the asset in July on a build-to-suit basis for an undisclosed beverage company. The asset features 36-foot clear heights, ESFR sprinklers, LED lighting, cold storage capacity with space for 6,200 pallets, five cold dock doors and 10 dry dock doors. John Huguenard, Sean Devaney, Julia Silva, Luis Castillo, Brian Walsh and Keith Largay of JLL represented the seller in the transaction. Realty Income Corp. acquired the property.
NORCROSS, GA. — The RADCO Cos. has sold Ashford Indian Trail, a 467-unit apartment complex in Norcross, for $71.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, barbecue areas, sand volleyball court, fitness center and a dog park. TruAmerica Multifamily Investments acquired the asset, which is located at 1100 Indian Trail Lilburn Road NW, 22 miles northeast of downtown Atlanta. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller in the transaction.
COLLEGE PARK, GA. — Olive Tree Property Holdings LLC has sold The Life at Lakeview, a 326-unit multifamily community in College Park, for $21.2 million. The property offers studio, one- and two-bedroom floor plans. According to Apartments.com, rents at the gated complex range from $733 per month to $965. Olive Tree acquired the asset in 2018 for $12.7 million and implemented upgrades to the security systems around the complex. The buyer was not disclosed.
NEW CANEY, TEXAS — Lowe’s (NYSE: LOW) will open a 1.5 million-square-foot distribution center on the northern outskirts of Houston, creating about 200 jobs in the process, according to reports from multiple news outlets including Community Impact Newspaper and the Houston Business Journal. According to the former publication, the home improvement retailer’s new center will be located along Gene Campbell Road in New Caney at the East Montgomery County Improvement District’s industrial park. Local ABC affiliate abc13.com also reports that the facility is expected to open in July and represents approximately $65 million in public and private capital investment. The stock price of Lowe’s opened at $151.99 per share on Friday, Dec. 3, up from $115 per share a year ago.
PASADENA, TEXAS — Third-party logistics firm Dunavant Distribution Group has signed a 784,000-square-foot industrial lease at Bay Area Business Park in the eastern Houston metro of Pasadena. John Nicholson of Colliers represented the tenant in the lease negotiations. Justin Robinson and Jeff Pate of Stream Realty Partners represented the landlord, PEPF Red Bluff. The three-building property is located near Port Houston and recently underwent an expansion to become the largest single-owner industrial business park in Houston, according to the brokerage team.
HOUSTON — Indus Management, a locally based affordable housing owner-operator, has acquired Sharpstown Garden Apartments, a 396-unit workforce housing community in southwest Houston. The property features one-, two- and three-bedroom units. According to Apartments.com, Sharpstown Garden was originally built in 1960 and renovated in 2000 and now offers amenities such as multiple pools, a business center and a clubhouse. Indus Management purchased the community from Pryzant Management, which had spent approximately $900,000 in capital improvements over the last four years. Chris Young and Joey Rippel of JLL brokered the deal.
