PORTLAND, ORE. — Norris & Stevens has arranged the purchase of an office building located in Southeast Portland. Confederated Tribes of the Grande Ronde Community of Oregon acquired the property from Portland Limited Partnership for $1.4 million. Located at 3580 SE 82nd Ave., the building features 5,000 square feet of office space. Duane Link of Portland-based Norris & Stevens represented the buyer, while Mark Latimer of CBRE represented the seller in the deal.
WEST ALLIS, WIS. — Founders 3 Real Estate Services has brokered the sale of Lincoln Center II and III in West Allis for a combined $10.1 million. The multi-tenant office buildings total 120,997 square feet. They are located at 2514 S. 102nd St. and 10150 W. National Ave. in suburban Milwaukee. The properties are home to 24 tenants, including Cognex, Verizon Wireless and Eye Care Specialists. Andy Hess, Ned Purtell and Patti Stevens of Founders 3 represented the seller, Lincoln Center Office Property Group LLC, which is an affiliate of SARA Investment Real Estate. J. Ross & Associates represented the buyer and is part of the ownership group.
LORAIN, OHIO — Grandbridge Real Estate Capital has arranged two loans totaling $4.7 million for the refinancing of a two-property portfolio in Lorain, about 30 miles west of Cleveland. The first property is Fairway East Apartments, a recently renovated apartment community totaling 80 units across five buildings. The second asset is City Center, a 56,384-square-foot office building housing tenants such as Spectrum Consulting Services, Lorain County Community College and United Property Management. Craig Kegg of Grandbridge arranged the 15-year, fixed-rate loans with insurance company correspondents. United Property Management was the borrower.
KENOSHA, WIS. — The Boulder Group has negotiated the $3.2 million sale of an 8,010-square-foot property net leased to Firestone in Kenosha in Southeast Wisconsin. The single-tenant building is located at 3190 Market Lane. There are 18 years remaining on Firestone’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the Midwest-based buyer, which completed a 1031 exchange. A Southwest-based real estate investor was the seller. Firestone handles all aspects of auto care.
SOUTH ELGIN, ILL. — Entre Commercial Realty has brokered the sale of a 23,108-square-foot industrial building in South Elgin, about 40 miles west of Chicago. The sales price was undisclosed. The property is located at 320-350 Industrial Drive. It is fully leased to an undisclosed tenant and features six drive-in doors, two docks, recently renovated office space and a new parking lot. Cory Kay and Mike DeSerto of Entre represented the buyer, a private investment group. Bruce Granger of NAI Hiffman represented undisclosed seller.
KENOSHA, WIS. AND KANNAPOLIS, N.C. — KKR (NYSE: KKR), a global investment firm based in New York City, has acquired two e-commerce distribution centers totaling approximately 2.5 million square feet for $260 million. One of the properties is located in Kenosha, approximately 30 miles south of Milwaukee. The other is in Kannapolis, approximately 25 miles northeast of Charlotte. In a release, KKR said that the properties were both 100 percent leased to a “high-quality, investment-grade tenant on a long-term basis.” Multiple news outlets, including both the Milwaukee Business Journal and the Charlotte Business Journal, report that Amazon is the occupant of both facilities. Regarding the Wisconsin facility, KKR acquired the 1.5 million-square-foot complex for $176 million, or $115 per square foot, according to the Milwaukee Business Journal. Prologis sold the two-building property, which is located off Interstate 94. The 1 million-square-foot facility in North Carolina is known as CLT 3 and sold for $84 million. The seller was not disclosed. “The current environment will lead to continued acceleration of e-commerce penetration which drives demand for large, modern distribution centers like the ones we are acquiring,” says Roger Morales, partner and head of Americas acquisitions at KKR. “Logistics real estate represents …
The COVID-19 outbreak had a tremendous impact on retail across the country, and Charlotte was no exception. As stores were forced to close, business owners had to devise creative ways to operate during the pandemic. Rent deferral, Paycheck Protection Program funds, layoffs and furloughs were some of the ways owners addressed cash flow. Many restaurants faced questions regarding takeout, delivery service, menu adjustments, table spacing and employee safety. Enhanced cleaning procedures, payment procedures, marketing adjustments and general overall operations were other issues facing many restaurants and retailers. Restaurants with drive-thrus and takeout, as well as ones capable of adding “COVID-19-friendly” delivery options, were able to remain open, albeit with decreased sales volume. Despite all efforts, the trickle-down effect will likely cause several restaurants and retailers to permanently close and not survive this downturn at all. As Phase I and II of North Carolina’s economic reopening went into effect and additional stores began to reopen in some capacity, retailers began to adapt to new ways to operate with safety protocols in place. As a result, more discounts and flash sales were offered, and curbside pick-up became a prevalent way to shop. The next six months should reveal how the COVID-19 pandemic …
MIAMI — East End Capital has received civic approval to build Foyer Wynwood, a 12-story multifamily project planned for Miami’s Wynwood neighborhood. The project marks the debut of the developer’s co-living brand Foyer, which will operate the co-living segment of the 375,000-square-foot development. The property will feature 236 multifamily residences in both micro-unit and co-living floor plans, as well as coworking space. The City of Miami’s Urban Development Review Board recently approved Foyer Wynwood, which will front North Miami Avenue from 24th and 25th streets. The development will be situated near attractions in Wynwood such as Veza Sur Brewery, The Wynwood Arcade, Oasis, The Salty and the planned Arlo Hotel. Designed by Kobi Karp Architecture & Design, Foyer Wynwood’s community amenities will include a gym, juice and coffee bar, pool deck, chef-kitchen and entertainment space, art studio areas and rooms for recording podcasts and green-screen filming. Monthly rents for co-living bedrooms at the project — which include the furnishings, electricity, common area cleaning and WiFi — are expected to start around $1,500 per month. East End Capital expects to break ground in early 2021.
ATLANTA — Brookfield Properties Retail Group has submitted initial plans for the redevelopment of the eastern portion of Cumberland Mall, a 1 million-square-foot regional mall in northern Atlanta’s Cumberland-Galleria submarket. Cobb County submitted the proposal on behalf of the Chicago-based developer to the Georgia Regional Transportation Authority (GRTA) to review as a Development of Regional Impact (DRI), which is a distinction for projects that have outsized impact on civic functions such as schools and traffic. Brookfield hopes to reshape the mall into a town center with 445,000 square feet of office space, 312 multifamily residences, 31,200 square feet of retail and restaurant space and 10 bus bays. Additionally, What Now Atlanta reported that Cobb County recently issued permits for a new Round 1 Bowling & Amusement attraction to begin construction for a new 80,000-square-foot venue at the former Sears, which closed in 2018. The initial action that Brookfield is proposing for Cumberland Mall is for the 14-acre site at 2940 Cobb Parkway to be rezoned as mixed-use. According to the filing with the GRTA, the developer hopes to complete the phased redevelopment in 2025. The Cumberland-Galleria submarket has been transformed in the past four years with the addition of the …
POOLER, GA. — McShane Construction Co. has delivered Parc at Pooler, a 280-unit apartment community located at 2200 Old Quacco Road in the Savannah suburb of Pooler. The property is situated on 21 acres and features 19,000 square feet of amenities, including a pool, sundeck, outdoor kitchen, car care center and a dog park. Indoor amenities include a clubhouse with a fitness center, coffee bar, café and a resident’s lounge. Units include granite countertops, sunrooms or balconies, stainless steel appliances, wood cabinetry and wood-finished flooring. The design team includes developer Equity Resources LLC and architect Dynamik Design. McShane also handled the site work for the project, including eight standalone garages, landscape and parking lots.
