Property Type

Dalfen Industrial Purchases Land Near Nashville Airport from FedEx, Plans 739,950 SF Industrial Park

by Julia Sanders March 24, 2021

NASHVILLE, TENN. — Dalfen Industrial has purchased approximately 76 acres in Nashville, directly east of the Nashville International Airport. Dalfen plans to develop the land into Airpark East, a three-building industrial park totaling 739,950 square feet. Memphis-based FedEx was the seller. Airpark East will be located near Murfreesboro Pike and Interstates 24 and 40. The land is situated in close proximity to the Nashville CBD. Over the last 12 months, Dallas-based Dalfen Industrial has transacted on $1.7 billion of real estate in the United States.

March 24, 2021

Illinois Industrial Leasing Activity Midwest

Apparel Retailer AKIRA Signs 352,338 SF Industrial Lease in Bolingbrook, Illinois

by Kristin Harlow March 24, 2021

BOLINGBROOK, ILL. — Apparel retailer AKIRA has signed a long-term lease for a 352,338-square-foot warehouse located at 150 E. Crossroads Parkway in Bolingbrook. AKIRA will use the space for warehouse, fulfillment and e-commerce operations, while its office and headquarters will remain in Chicago. The facility features a clear height of 30 feet and 46 exterior loading docks. It is situated less than one mile from I-55. Noel Liston and Nick Krejci of Darwin Realty/CORFAC International represented AKIRA in the lease transaction and worked with the retailer on the consolidation of several warehouses. Keith Stauber and Steve Ostrowski of JLL represented building ownership.

March 24, 2021

Iowa Loans Midwest Multifamily

Marcus & Millichap Capital Corp. Arranges $14.7M Loan for Refinancing of Multifamily Property in Iowa

by Kristin Harlow March 24, 2021

WAVERLY, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.7 million loan for the refinancing of Pinnacle Villages in Waverly, located in northeast Iowa. The newly constructed multifamily property features 110 townhouse-style units. Robert Bhat of MMCC arranged the 12-year loan, which features a fixed interest rate of 3.5 percent, a 30-year amortization schedule and four years of interest-only payments.

March 24, 2021

Industrial Leasing Activity Massachusetts Northeast

Stubblebine Negotiates 84,029 SF Industrial Lease in Clinton, Massachusetts

by Taylor Williams March 24, 2021

CLINTON, MASS. — The Stubblebine Co., a locally based brokerage firm, has negotiated an 84,029-square-foot industrial lease at 100 Adams Road in Clinton, located north of Worcester. The property spans 355,000 square feet on a 20-acre tract and features a clear height of 32 feet. David Stubblebine, James Stubblebine, Alan Ringuette and David Skinner of The Stubblebine Co. represented the landlord, a partnership between private equity firm Marcus Partners and investment firm Northbridge Partners, in the lease negotiations. James Lipscomb and Joe Fabiano of CBRE represented the tenant, Tighe Warehousing & Distribution Inc.

March 24, 2021

Development Georgia Mixed-Use Southeast

Cotton Cos. to Open 55,000 SF Highside Market in Columbus, Georgia

by Julia Sanders March 24, 2021

COLUMBUS, GA. — The Cotton Cos. is bringing Highside Market, an urban infill and adaptive reuse mixed-use development, to Columbus. The first phase of the development is expected to be open in September, and Cotton Cos. plans to fully open the project by the third quarter of 2022. Located at the intersection of 13th Street and 2nd Avenue, Highside Market will feature four retail, dining, work and gathering spaces. The mixed-use development will also include full-service, dine-in and fast-casual restaurants; 20,000 square feet of retail space; 10,300 square feet of office space; green space; and outdoor lounges. Highside Market’s flagship structure, the 211 Building, was built in 1939 and previously operated as the premier auto dealership in Columbus for 55 years. The building’s ground floor will include a bakery, two dine-in restaurants and a mix of retail market stalls with office space, pop-up space for events and workshops occupying the first floor. An adjacent, circa-1959 Brutalist Bank building will be repurposed and transformed into the 201 Building. Cotton Cos. will remodel the building to have a ground-floor restaurant, basement bar and second floor retail or art gallery space, as well as an outdoor common area. Additionally, a newly constructed building, …

March 24, 2021

Acquisitions Northeast Pennsylvania Retail

Cleeman Realty Group Brokers $4.7M Sale of Shopping Center in Tunkhannock, Pennsylvania

by Taylor Williams March 24, 2021

TUNKHANNOCK, PA. — New York City-based Cleeman Realty Group has brokered the $4.7 million sale of Village Center, a 68,000-square-foot shopping center in Tunkhannock, located northwest of Scranton. Anchored by grocer Weis, the property sits on 6.9 acres and was 93 percent leased at the time of sale. Cleeman Realty Group represented the buyer and seller, both of which requested anonymity, in the off-market transaction.

March 24, 2021

Acquisitions Hospitality Southeast Tennessee

MCR Acquires Dual-Branded Hotel in Metro Nashville

by Julia Sanders March 24, 2021

SMYRNA, TENN. — MCR, a hotel owner-operator with offices across the country, has acquired Tru by Hilton Smyrna Nashville and Home2 Suites by Hilton Smyrna Nashville, a dual-branded hotel in the Nashville suburb of Smyrna. The 167-room property is located less than 10 miles from the Nashville Superspeedway, a motor racing complex, and 20 miles from Nashville International Airport and downtown Nashville. The seller and sales price were not disclosed. The Tru by Hilton Smyrna Nashville features 78 pet-friendly guestrooms with refrigerators, a free daily breakfast, 24-hour fitness center, outdoor pool, free Wi-Fi, 24-hour business center with personal pods and remote printing access, 24-hour lobby market with snacks and drinks, onsite laundry and complimentary parking. The Home2 Sutes by Smyrna Nashville features 89 pet-friendly suites with kitchenettes, a free daily breakfast, a 24-hour fitness center, an outdoor pool, free Wi-Fi, a 24-hour business center, onsite laundry and complimentary parking.

March 24, 2021

Acquisitions Florida Mixed-Use Office Restaurant Retail Southeast

Gridline Properties Arranges $5.4M Sale of Former Methodist Church and School in Miami

by Julia Sanders March 24, 2021

MIAMI — Gridline Properties has arranged the sale of a former Methodist church and school in Miami for $5.4 million. The 28, 947-square-foot property is located at 205 NE 87th St. in Miami’s Upper East Side and within El Portal Village. Built in 1952, the former Rader Memorial United Methodist Church has been vacant for more than 10 years. Gridline’s Alfredo Riascos represented the sellers, Seth Gadinsky of Gadinsky Real Estate LLC and Samuel Soriero of Group 10 Capital Management LLC, in the transaction. The buyer, The Sanctuary LLC, a client of Elm Spring Inc., plans to adapt the property into restaurant, retail and office space. The sellers acquired the property in 2016 for $3.2 million and entitled the asset into a mixed-use retail, office and event space building prior to selling. No timeline was given on the redevelopment project.

March 24, 2021

Market Reports Office Texas Texas Market Reports

Despite Current Pain, Long-Term Needs for Office Space Won’t Disappear in Houston

by Taylor Williams March 24, 2021

By Dustin Devine, vice president, Avison Young In 2020, COVID-19 further compounded the issues Houston’s office market was facing with depressed oil and gas prices. With many office users implementing work-from-home policies — although a shift back to the office is in progress — and minimal business travel, there was weak demand for office space in 2020. Houston’s office market is expecting a resurgence of sorts beginning in mid- to late-2021 due to increased vaccine rollouts and work-from-home burnout, along with commodity prices continuing to tick upward. Increased demand will not occur overnight, however, as it will take years to absorb all of the current available space. Most activity at present is expiration-driven. Although Houston’s economy today is more diversified than it was in the 1980s, much of the city’s business either revolves around or touches the oil and gas industry. Avison Young’s recent Office Market Report shows that current citywide office availability is over 25 percent, with nearly 6.5 million square feet of sublease space available. With availability rates and the amount of sublease inventory at such high levels, it is clear that many industries are hurting, including commercial real estate. As a firm, we are doing whatever we …

March 24, 2021

Georgia Leasing Activity Office Southeast Top Stories

Google to Occupy 19 Floors of Midtown Atlanta Office Tower

by Kristin Harlow March 24, 2021

ATLANTA — Google will occupy 19 floors of its new Atlanta office currently under construction in Midtown. The office tower is part of a mixed-use development known as 1105 West Peachtree. Selig Enterprises is developing the office tower, which is slated for completion in the third quarter of 2022. In addition to the 645,000-square-foot office component, the overall project will include a 64-unit condominium tower and a 178-room Epicurean Hotel. Starting next year, Google will take occupancy of five floors, or roughly 150,000 square feet of the Midtown office building. The company says it will move into the remaining space over the next several years. Last week, Google announced that it planned to invest more than $7 billion in offices and data centers across the country and create at least 10,000 new full-time jobs. Of that investment, $25 million is in the state of Georgia. In its 2020 Economic Impact Report, Google shared how more than 67,000 businesses, publishers and nonprofits in Georgia used Google products last year. This activity generated $9.9 billion in economic activity in 2020, a 13 percent increase from 2019. Google has called Georgia home since 2003. The company maintains an existing Midtown office, as well …

March 24, 2021

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