ROCK HILL, S.C. — A joint venture between URS Capital Partners and Catalyst Capital Partners will develop The Exchange at Rock Hill, a planned $45 million mixed-use project in Rock Hill. The property will include 229 multifamily units, coworking office space and 26,000 square feet of retail and commercial space. The joint venture recently closed on the land sales, which included the assemblage of three parcels that were acquired from the City of Rock Hill and private investors. The Exchange at Rock Hill will be situated at the intersection of Dave Lyle Boulevard and E. White Street, adjacent to downtown Rock Hill and 27 miles south of downtown Charlotte. Amenities for the multifamily residents will include a pool, outdoor lounge area, roof deck and a fitness center. Concorde Construction is the general contractor for the apartment component, while Wharton Smith Inc. is the general contractor for the commercial spaces. BB+M Architecture and 505 Design are the project architects, and Land Design is the civil engineer for the site. Pinnacle Bank provided the joint venture with acquisition and construction financing. The co-developers will hold a groundbreaking ceremony Wednesday, Oct. 13.
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CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has topped out FNB Tower, a 29-story mixed-use building located at 401 S. Graham St. in Uptown Charlotte. The developer expects to deliver the asset in the second quarter of 2021. The building will feature 116,915 square feet of office space as well as 196 multifamily units. Pittsburgh-based FNB Corp., the parent company of First National Bank, will occupy 40,000 square feet of the tower to serve as the company’s regional headquarters. Batson-Cook Construction is the general contractor.
PRG Commercial Arranges $9.3M Sale of Stonybrook South Shopping Center in Louisville
by Alex Tostado
LOUISVILLE, KY. — PRG Commercial Property Advisors has arranged the $9.3 million sale of Stonybrook South Shopping Center, a 149,000-square-foot retail property in Louisville. At the time of sale, the 14.5-acre center was leased to Dick’s Sporting Goods, Planet Fitness, PetSmart, Rack Room Shoes and Burkes Outlet, which opened Sept. 21. Stonybrook South is situated at 3500 S. Hurstbourne Parkway, 13 miles east of downtown Louisville. Fred Sutterlin of PRG Commercial was the court-appointed receiver for the property, which was in foreclosure from February 2018 to Sept. 21, 2020. During that time, Taylor Thompson, Reed Weinberg and Parker Page, who are also with PRG, were engaged to lease, manage, market and sell the asset. Midland Loan Services serviced the foreclosed conduit loan and chose Sutterlin as receiver and PRG as the brokerage firm through a competitive process. A locally based private investor that was completing a 1031 exchange closed on the purchase of Stonybrook South on Oct. 2. According to Sutterlin, the previous ownership was a tenancy in common (TIC) group of investors operating under the name TIC Stonybrook LLC.
Serendipity Labs to Open 20,372 SF Coworking Office in Mount Pleasant, South Carolina
by Alex Tostado
MOUNT PLEASANT, S.C. — Serendipity Labs will open a 20,372-square-foot coworking space within Portside at Ferry Wharf by the end of this month. The developer and landlord is Atlanta-based Holder Properties. The building is situated at 75 Port City Landing, five miles north of downtown Charleston and along Cooper River. The office space will have COVID-19 guidelines in place, including touchless check-in and registration. Serendipity Labs will feature offices, meeting and focus rooms, retreats for nursing mothers, prayer and meditation, and a work lounge, each with their own air ducts. Kristie Roe of Colliers International | South Carolina represented the tenant in the lease negotiations. Rye, N.Y.-based Serendipity Labs operates more than 35 locations in 19 states.
STONE MOUNTAIN, GA. — Colliers International has negotiated the $3.8 million sale of Indian Creek Crossing, a 63,650-square-foot, grocery-anchored shopping center in Stone Mountain. Food Depot anchors the center, which was 88 percent leased at the time of sale to tenants including Family Dollar and local retailers. Indian Creek Crossing is situated at 4100 Redan Road, 11 miles east of downtown Atlanta. Joe Montgomery and Tony D’Ambrosio of Colliers represented the seller, Tarrytown, N.Y.-based DLC Management. Locally based private investor Vishal I LLC acquired the asset, which was originally built in 1994.
KANSAS CITY, MO. — An affiliate of Abacus Capital Group has acquired Fountain View, a 398-unit luxury apartment community located adjacent to the Country Club Plaza shopping center in Kansas City. The purchase price was undisclosed. The property was built in 1998. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller, a global investment advisor. The planned southern extension of Kansas City’s streetcar line will make Fountain View a transit-oriented development, according to CBRE.
MINNEAPOLIS — Colliers Mortgage has provided a $40 million Fannie Mae loan for the refinancing of Stevens Community Apartments in Minneapolis. The 618-unit multifamily property consists of 23 buildings. The asset was constructed in phases from 1913 to 1964 and has been renovated several times. The loan features a 12-year term and a 30-year amortization schedule. Stevens Community Associates LP was the borrower.
TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 47,833-square-foot office building located at 1111 W. Long Lake Road in Troy. The sales price was undisclosed. The three-story property includes an underground parking garage. Mason L. Capitani of the real estate firm represented the buyer, California-based LREH LLC. The building has historically remained at or near 100 percent occupancy, according to Capitani.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in Indianapolis for $4 million. The 15,120-square-foot building is located at 455 E. Epler Ave., near Epler Medical Parke. Walgreens recently extended its lease for 10 years. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, a Pennsylvania-based real estate investment fund. The duo also represented the buyer, an Indiana-based private investor.
MENTOR, OHIO — Baceline Investments has purchased Trask Towers, a 16,232-square-foot shopping center in Mentor, about 25 miles northeast of Cleveland. The purchase price was undisclosed. The property is fully leased to tenants such as Noosa Bistro and Guilliano Pizza. Trask Towers marks Baceline’s fifth property in the state of Ohio and 71st in its core income portfolio, which owns and operates necessity-based, multi-tenant shopping centers in 27 different metros. Baceline is based in Denver.