Property Type

JLL Arranges $53M Sale of Bela Apartments in Jersey City

by Alex Patton March 19, 2020

JERSEY CITY, N.J. — JLL has arranged the $53 million sale of Bela Apartments, a recently developed, 104-unit luxury multifamily community in the Bergen-Lafayette neighborhood of Jersey City. The property features one- and two-bedroom apartments with amenities including a fitness center, yoga studio and a grilling area. The property also features approximately 2,600 square feet of ground-floor retail space. Jose Cruz, Michael Oliver and Kevin O’Hearn led a JLL team that represented the seller, a partnership between Alpine Development, Fields Development Group and Grade Development Co. Golden Glades Capital Management was the buyer.

March 19, 2020

Acquisitions Industrial Northeast Pennsylvania

Advanced Industrial Acquires 42,683 SF Property in York, Pennsylvania

by Alex Patton March 19, 2020

YORK, PENN. — Advanced Industrial Services Inc. has acquired a 42,683-square-foot industrial property in York, located approximately 25 miles south of Harrisburg. The sales price was $2.3 million. Located at 3250 North Susquehanna Trail, the property was constructed in 1994 and offers convenient access to Interstate 83 and State Route 30. Ted Turnbull and Jason Turnbull of Rock Commercial Real Estate represented the undisclosed seller in the transaction. The team also procured Advanced Industrial as the buyer.

March 19, 2020

Development Loans North Carolina Office Southeast

PCCP Provides $95.6M Construction Loan for 16-Story Office Building in Charlotte

by Alex Tostado March 19, 2020

CHARLOTTE, N.C. — PCCP LLC has provided a $95.6 million construction loan to a joint venture for a 16-story office building in Charlotte’s South End. Atlanta-based Portman Holdings and Washington, D.C.-based National Real Estate Advisors LLC are developing 2151 Hawkins, which will feature multiple rooftop terraces, a six-story parking structure, ground-level retail anchored by Sycamore Brewing and access to the LYNX Light Rail Blue Line. In addition to Sycamore, the developers plan to incorporate a food hall concept on the ground floor. Gensler designed the building, which, according to media reports, is expected to come on line in March 2021.

March 19, 2020

Acquisitions Florida Multifamily Southeast

Passco Acquires Multifamily Community Near Jacksonville for $54.9M

by Alex Tostado March 19, 2020

PONTE VEDRA, FLA. — Passco Cos. has acquired The Reserve at Nocatee, a 244-unit multifamily community in Ponte Vedra, for $54.9 million. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool with cabanas and a dog park. The community is situated on 20 acres at 215 Hunters Lake Way, 25 miles south of downtown Jacksonville. Brian Moulder and Dhaval Patel of Walker & Dunlop brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated the acquisition loan on behalf of the buyer. The seller was not disclosed.

March 19, 2020

Acquisitions Industrial Southeast Tennessee

EverWest Purchases Industrial Building in Nashville for $12M

by Alex Tostado March 19, 2020

NASHVILLE, TENN. — EverWest Real Estate Investors has purchased a 169,855-square-foot industrial building in Nashville for $12 million. The property is situated at 640 Massman Drive, five miles from Nashville International Airport and six miles from downtown Nashville. The building was completed in 2000 and offers 20- to 32-foot clear heights, vehicle parking and a separate parcel for trailer storage. EverWest plans to upgrade the property, including new dock doors, energy-efficient LED lighting, exterior paint and transformation of approximately 5,000 square feet of office space into fully modernized interiors. It will also upgrade the parking and truck court areas with new asphalt. EverWest plans to begin upgrades in the second quarter with an expected completion in the third quarter of this year. Todd Prevost of Avison Young represented the buyer in the deal. An undisclosed private seller sold the asset in an off-market transaction.

March 19, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 120,800 SF Industrial Property in Atlanta

by Alex Tostado March 19, 2020

ATLANTA — JLL has arranged the sale of Piedmont Warehouses, a two-building, 120,800-square-foot industrial property in Atlanta. The property is situated on 5.6 acres at 2091-2241 Faulkner Road, seven miles north of downtown Atlanta, less than a mile from Interstate 85 and Ga. Highway 400, and three miles from I-75. The buildings were renovated in 2018 and feature 34 dock-high doors, 16-foot clear heights, office space and numerous suites with air-conditioned warehouse space. JLL represented the seller, a partnership between Weaver Capital Partners and The Seng Co., in the transaction. Further details of the sale were not disclosed.

March 19, 2020

Georgia Leasing Activity Office Southeast

Facebook Signs 35,900 SF Office Lease in Atlanta’s Atlantic Station

by Alex Tostado March 19, 2020

ATLANTA — Facebook Inc. has signed a 35,900-square-foot office lease within Hines’ T3 West Midtown in Atlanta’s Atlantic Station. The social media company will occupy an entire floor, bringing the seven-story office building to 65 percent occupancy. The 203,000-square-foot building features ground-level social workspace, a fitness center, outdoor terraces on each floor, rooftop terrace and an adjacent pocket park. Hines and Invesco Real Estate developed T3 West Midtown in 2017-18. The building sits within Atlantic Station, a 138-acre mixed-use development in Atlanta’s West Midtown neighborhood.

March 19, 2020

Acquisitions Company News Retail Washington Western

Costco Wholesale Acquires Innovel Solutions for $1B to Expand Last-Mile Capacity

by Amy Works March 19, 2020

ISSAQUAH, WASH. — Issaquah-based Costco Wholesale Corp. has acquired Innovel Solutions, a provider of third-party logistics solutions with nationwide capabilities, for $1 billion. Innovel was a subsidiary of Transform Holdco, which operates Sears and Kmart stores. The acquisition was funded with the company’s existing cash balances. Innovel provides last-mile delivery, complete installation and white glove capabilities for large and/or bulky products. Its network offers coverage to nearly 95 percent of the United States and Puerto Rico. Products served through Innovel include major appliances, furniture, mattresses, televisions, grills, patios, fitness equipment and wine cellars. Innovel employs over 1,500 people and operates 11 distribution and fulfillment center, as well as more than 100 final-mile, cross-dock centers with over 15 million square feet of warehouse space. The company also operates dedicated call centers. Costco has been a customer of Innovel since 2015, and under Costco’s ownership Innovel will continue to serve Sears and other existing third-party customers. “We have a great relationship with Innovel and share a philosophy of taking care of our members,” says Craig Jelinek, Costco’s CEO, “We believe the acquisition will allow us to grow our e-commerce sales of ‘big and bulky’ items at a faster rate.” Costco currently operates …

March 19, 2020

Acquisitions Colorado Office Western

TerraCap Acquires Cherry Creek Office Plaza in Glendale for $54M

by Amy Works March 19, 2020

GLENDALE, COLO. — Estero, Fla.-based TerraCap Management has purchased Cherry Creek Plaza, an office complex located in Glendale’s Cherry Creek submarket, for $54 million. Cherry Creek Plaza comprises two 13-story buildings offering a total of 335,000 square feet of Class A office space. On-site amenities include a newly renovated lobby, fitness center and conference room. Additionally, the property is adjacent to Glendale 180, a proposed $175 million mixed-used development. Occupancy at Cherry Creek Plaza will drop to 73 percent in the coming months with the exit of a full-floor tenant, allowing the buyer to offer suites ranging in size from 1,000 square feet to in excess of 19,000 square feet. Tim Richey, Mike Winn and Chad Flynn of CBRE-Denver represented the undisclosed seller in the deal. Chicago-based NXT Capital provided debt financing for TerraCap, with assistance from both CBRE Denver and Atlanta debt teams. TerraCap has retained Lincoln Property Co. to handle leasing and Corum Real Estate Group as property manager.

March 19, 2020

Acquisitions California Office Western

Dornin Investment Group Sells 63,760 SF Office Building in Riverside, California

by Amy Works March 19, 2020

RIVERSIDE, CALIF. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of an office building located at 2300 Market St. in Riverside. A Los Angeles-based private investor acquired the property for an undisclosed price. Originally constructed in 2006, the three-story, 63,760-square-foot office building was fully occupied at the time of sale. The County of Riverside occupies 89 percent of the rentable area and recently signed a five-year lease extension that expanded its footprint at the property. Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson, Will Cole and Sammy Cemo of CBRE represented the seller in the transaction.

March 19, 2020

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