CHULA VISTA, CALIF. — A joint venture between LPC West and Crow Holdings Capital has purchased 491 C Street, an industrial distribution building in Chula Vista. Terms of the transaction were not released. Approximately 62,000 square feet of low-finish warehouse and distribution space is available for lease at the 112,000-square-foot property. The building features ample truck storage, 10 dock positions, a cross-dock appendage with 10 additional dock positions, 24-foot minimum warehouse clearance and two drive-in doors. The building is situated at the axis of State Route 54 and Interstate 5 and offers access to downtown San Diego, the Port of San Diego and the Otay Mesa Port of Entry at the United States and Mexico border. Ron Bement of Newmark Knight Frank and Syke Cook of Cushman & Wakefield handled the transaction, which marks the first time the property has changed hands since it was developed in 1992.
PHOENIX — JLL has arranged the acquisition of a flex building located at 3930 E. Watkins St. in Phoenix. A private charitable foundation acquired the property for $10.5 million. The name of the seller was not released. Situated on 7.9 acres within Southbank Business Park, the building features 101,932 square feet of flex space with 24-foot clear heights, wide column spacing, multiple loading positions and ample parking. Brian Ackerman led the JLL Capital Markets team that represented the buyer, while Steve Larsen is leading the JLL Leasing team that is marketing the property’s unoccupied tenant space.
VERNON, CALIF. — NAI Capital has negotiated the sale of an office property located at 3375 E. Slauson Ave. in Vernon. An undisclosed buyer acquired the building for $11.6 million, or $294 per square foot. Built in 2006 on a 77,389-square-foot lot, the two-story building features 39,409 square feet of flex office space. The property features a high-end corporate office build-out, two passenger/freight elevators, a secured parking lot, full kitchen with lunch room and a training room. Philip Attalla, David Moore and Amber Leigh with NAI Capital represented the undisclosed seller in the deal.
DENVER — ATE Ventures has completed the sale of a flex property located at 3819 Quentin St. in Denver. An undisclosed buyer acquired the building as an investment asset for $1.4 million. A local medical marijuana dispensary and cannabis grow operation occupies the 8,000-square-foot facility, which is situated on a half-acre lot. Greg Knott of Unique Properties/TNC Worldwide represented the seller, while Brian Basham of Basham Commercial represented the buyer in the deal.
ST. LOUIS — Clayco is underway on Delmar Divine, a $100 million redevelopment of a long-vacated hospital campus along Delmar Boulevard in St. Louis. The 500,000-square-foot project will become “a hub for innovation and enterprise,” according to Clayco. Completion is slated for fall 2021. The first phase will establish a nonprofit working space, a café and residential apartments. The 150 multifamily units will be geared toward professionals in fields such as social work, nursing and policing. More office space and services such as early childhood education will follow. The developers hope to attract a myriad of nonprofits, foundations and community support organizations to the project. The name “Delmar Divine” draws a sharp contrast to how the area has historically been negatively perceived, according to Clayco. For many years, the area was referred to as the “Delmar Divide” due to racial and income stratifications that existed on the north and south ends of the street. “We want to enhance growth and investment in this neighborhood,” says Bob Clark, executive chairman and founder of Clayco. “At the same time, we want to do it responsibly so we’re not displacing people or relocating anyone, but bringing prosperity, jobs and the type of development …
DALLAS — A partnership between Texas-based Triten Real Estate Partners and Catlyn Capital will develop Work/Shop, a 216,500-square-foot office and retail project in the Prestonwood neighborhood of Dallas. The project will consist of two office buildings totaling 135,000 square feet and 81,500 square feet of ground-level retail space fronting Belt Line Road. The office and retail components will be connected by an outdoor plaza and green space totaling 30,000 square feet. O’Brien Architects is the project architect, and Venture Commercial Real Estate and Holt Lunsford Commercial will handle leasing for the retail and office portions of the project, respectively. Funding is in place, and the development team is in the process of securing various permits.
MT. JULIET, TENN. — Amazon will build a $200 million, 855,000-square-foot fulfillment center in Mt. Juliet, about 20 miles east of Nashville. The Seattle-based e-commerce giant expects the center to open in late 2021 and house 1,000 full-time employees. Panattoni Development Co. Inc. is developing the facility. While this will be Amazon’s seventh fulfillment center in Tennessee, it will only be the second to use Amazon Robotics technology, according to the company. At the center, employees and robots will pick, pack and ship smaller customer items, such as books, electronics and consumer goods. Additionally, Amazon is in the process of building a corporate office in Southwest Value Partners’ Nashville Yards. Amazon will occupy 1 million square feet of office space and hire 5,000 employees. Nashville Yards will feature more than 3.5 million square feet of office space, 1,000 residential units, 400,000 square feet of retail and entertainment space and 1,100 hotel rooms.
MEMPHIS, TENN. — RealOp Investments has acquired Southwind Distribution Center, an 817,274-square-foot industrial property in Memphis. The property is situated at 8400 Winchester Road across the street from the FedEx World Headquarters and 13 miles east of Memphis International Airport. The property was vacant at the time of sale, with Nike Inc. being the previous tenant. The Greenville, S.C.-based buyer is planning to upgrade the interior of the building, paint the exterior, upgrade the ESFR sprinklers system and modernize the lighting. Johnny Lamberson and Terry Radford of CBRE represented the undisclosed seller in the transaction. Patrick Walton of CBRE will lease the property on behalf of the new owner. The sales price was not disclosed.
PRATTVILLE, ALA. — Cushman & Wakefield has arranged the $26.5 million sale of Prattville at Highland Lakes, a 224-unit multifamily community in Prattville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, spa, pool, sundeck, tennis court and a playground. The community is situated at 1908 Briarwood St., 10 miles northwest of downtown Montgomery. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Blue Magma Residential, in the transaction. Morrison Avenue Capital Partners acquired the property, which was built in 2001.
MCDONOUGH, GA. — Mattress manufacturer Purple plans to invest $21 million in a new 519,680-square-foot facility in McDonough. The Lehi, Utah-based company signed a lease with landlord PNK Group for space within Southern Gateway at Lambert Farms, which is located at 1325 Ga. Highway 42 S., 21 miles southeast of Hartsfield-Jackson Atlanta International Airport. Purple expects to move into the space before the end of 2020, and it will house 360 employees. This is Purple’s first manufacturing site outside of Utah. Brothers Tony and Terry Pearce founded Purple, which is named after the color of the patented Hyper-Elastic Polymer, the ultra-stretchy, gel-like top layer of what would become their signature product: the Purple Bed.