FOND DU LAC, WIS. — Caliber Collision has leased 9,071 square feet at 356 N. Peters Ave. in Fond du Lac, about 68 miles northwest of Milwaukee. The auto repair shop will occupy space at the former Forest Mall, which closed in January and is undergoing demolition. David Baker of Mid-America Real Estate-Wisconsin LLC represented the landlord, ATR Corinth Forest LLC. Tenant representation was undisclosed.
DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of a 1,914-square-foot property occupied by Starbucks in Des Plaines for $1.6 million. The net-leased asset is located at 1427 Lee St. next to Aldi. Starbucks has seven years remaining on its lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the building on behalf of the seller, a limited liability company. A local investor purchased the property.
As companies extend their work-from-home policies for many traditional office jobs, office leasing in general is undergoing re-evaluation and leasing is slowing. But one sector of office space continues growing as space remains essential: life sciences office, laboratory and manufacturing space. Nowhere does this hold truer than in the Research Triangle in North Carolina. The Triangle occupies a position of power as one of the top five major life sciences centers in the United States. STEM-oriented institutions including Duke, the University of North Carolina at Chapel Hill and North Carolina State University provide education, research opportunities and employment for the area’s highly educated workforce. Large life sciences companies (including giants such as Glaxo Smith Kline, Biogen, Lilly and Pfizer) have taken advantage of the area’s lower cost of living to set up research labs and manufacturing space to support technology and healthcare work. A tenant and buyer representative for life sciences, technology and healthcare clients, Marlene Spritzer, Vice President of Lee & Associates Raleigh Durham, has witnessed firms from around the country relocate to the Triangle for years. Even before the pandemic, the area was attractive to businesses due to its wealth of resources and mild climate as well as …
MADISON, N.J. — New Jersey-based PGIM Real Estate has acquired a portfolio of 15 industrial buildings totaling 4.7 million square feet for $425 million. Four of the buildings are located in the Atlanta metros of Lithia Springs, Buford and Union City. Six of the buildings are located in the Dallas-Fort Worth (DFW) metroplex, and two are located in the Phoenix suburb of Avondale. The remaining three buildings are located in the Denver area, but the addresses and submarkets of those assets were not disclosed. All of these developments are newly constructed projects or are nearing completion. In addition, the properties all feature 32- to 36-foot clear heights and ample dock doors, which the new ownership cites as key features in marketing to e-commerce users. “COVID-19 has not only supported the continued rise of e-commerce and distribution demand across the United States, but it has also significantly accelerated the existing trend,” says Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. “As many more retailers and international corporations enter the U.S. industrial market or expand their presence in the sector, these state-of-the-art properties will be an attractive component of our broader industrial portfolio.” “This transaction …
MIAMI — Marcus & Millichap has arranged the sale of Hamilton on the Bay, a 28-story, 275-unit apartment complex in Miami. The property, which backs up to Biscayne Bay, is situated at 555 34th St., four miles north of downtown Miami. Built in 1985, the property offers studio to four-bedroom floor plans. Communal amenities include a dog park, fitness center, bike storage, outdoor kitchen, pool and a tennis court. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the undisclosed seller in the transaction. Further details of the sale were not disclosed.
ST. LOUIS PARK, MINN. — Bridgewater Bank, a local Twin Cities bank, has opened its new corporate headquarters in St. Louis Park near Minneapolis. Known as Bridgewater Corporate Center, the development is located at the corner of Excelsior Boulevard and Monterey Drive. The four-story, 84,000-square-foot building includes a Bridgewater retail branch on the ground floor. Operations and administrative offices are located on the second and third floors. Other tenants include Hazelwood Food & Drink and boutique fitness studio Discover Strength, both of which will open to the public in early 2021. Ironmark Building Co., The Bainey Group, DJR Architecture and Momentum Design Group made up the project team.
COLUMBUS, OHIO — Big Lots Inc. (NYSE: BIG) has reported net sales of $1.6 billion in its fiscal second quarter, which ended Aug. 1. This figure is 31.3 percent higher than the second quarter of 2019, which totaled $1.2 billion. Bruce Thorn, president and CEO of the Columbus-based retailer, says the “record-breaking results” were driven by both in-store and online activity. Big Lots also reported net income of $452 million, which includes $341.9 million in earnings due to the sale-leasebacks of several distribution centers. The company’s stock price closed at $55.70 per share on Thursday, Aug. 27, up from $21.41 one year ago. Big Lots, which sells toys, furniture, clothing and small electronics, operates more than 1,400 stores nationwide.
MCDONOUGH, GA. — Cushman & Wakefield has negotiated the $80 million sale of Colton Creek, a 500-unit multifamily community in McDonough. Built in 2009, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, spa, pool, playground, tennis court and a clubhouse. Colton Creek is located at 2014 Avalon Parkway, 30 miles southeast of downtown Atlanta. Mike Kemether, Alex Brown, Travis Presnell and Robert Stickel of Cushman & Wakefield represented the seller, Fairfield McDonough LLC, in the transaction. Newport News, Va.-based Chandler Residential acquired the property for $160,000 per unit.
CHASKA, MINN. — Lancaster Pollard Mortgage Co. has provided a $25 million loan for the refinancing of Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included tax-increment financing from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the community. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction. The fixed-rate financing, which carries a 35-year term, also funds renovations.
MEMPHIS, TENN. — The Annex Group will develop Annex of Memphis, a 208-bed student housing community near the University of Memphis. The Indianapolis-based developer expects development costs to total $19.1 million. The property will offer studio, two-, three- and four-bedroom floor plans. Rents will range from $1,050 per month per student for studios down to $705 per month for four-bedroom units. Communal amenities will include a fitness center and covered parking. The Annex of Memphis will be situated at 3601 Midland Ave., two blocks from campus and seven miles east of downtown Memphis. The Annex Group expects to break ground in the coming weeks and will welcome its first students in summer 2021. Axis Architecture + Interiors designed the community, which Granite Student Living will manage upon completion. First Merchants Bank is providing construction financing.