COLUMBIA, S.C. — Magnus Development Group has broken ground on Midway Logistics V, a 180,000-square-foot industrial building within Lexington County Industrial Park (LCIP) in Columbia. Kardex Remstar, a Swiss automated storage and retrieval solutions supplier, will fully occupy the building upon completion, which is slated for second quarter 2020. The new property will include 50-foot bay spacing, energy-efficient LED motion detection lighting, a 60-millimeter TPO roof, eight dock doors, 20 future knock out dock doors, two 16-foot-by-16-foot drive-in doors and a private 130-foot truck court for receiving and shipping. Magnus Development has developed all five building within LCIP, most recently breaking ground on Midway Logistics IV in March.
ATLANTA — Berkadia has negotiated two sales of four multifamily properties in metro Atlanta totaling $80 million. In the first sale, Matt White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia arranged the combined $36 million sales of Pines at Greenbriar and Mountain Oaks on behalf of the seller, a joint venture between Adams Investor and Crown Bay Group. Pines at Greenbriar sold to Olive Tree Holdings and Mountain Oaks sold to Highland Properties Group. Pines at Greenbriar is located at 2909 Campbellton Road in southwest Atlanta. The 376-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, playground and an onsite laundry facility. The buyer has plans to renovate an unspecified number of units. Mountain Oaks is located at 4719 Central Drive in Stone Mountain, 14 miles east of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans along with community amenities such as a barbeque area, pool and a newly renovated clubhouse. In the second deal, the same Berkadia team brokered the $44 million sale of Sedgefield Apartments and Castlebrook Apartments, two garden-style properties in Marietta. Berkadia represented the seller, Princeton Enterprises LLC. The Waldon Group acquired both properties. Sedgefield …
HYATTSVILLE, MD. — JLL has arranged the $58.9 million sale of Palette at Arts District, a 243-unit multifamily community in Hyattsville’s Arts District. The property offers studio, one- and two-bedroom floor plans averaging 870 square feet. The community also offers 4,700 square feet of ground-level retail space as well as communal amenities such as a pool, courtyard, grilling area, dog park, clubroom with pool table, cybercafé, coffee bar, fitness center and a conference room. Palette at Arts District is located at 5501 45th Ave., seven miles east of downtown Washington, D.C. Walter Coker and Brian Crivella of JLL represented the undisclosed seller in the transaction. Jamie Leachman of JLL originated a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of the buyer, Harbor Group International LLC.
DAYTON, OHIO — Crocs Inc., a casual footwear company, has opened a new 550,000-square-foot distribution center in Dayton. The facility will serve as the company’s main distribution center in the United States and Canada and replaces a facility located near Los Angeles. The Dayton facility is approximately 40 percent larger than the Los Angeles facility. The larger property, in combination with the central location, will significantly increase speed-to-market capabilities for wholesale customers and e-commerce consumers, according to Crocs. The company is expected to employ more than 150 full-time employees at the site.
VERONA, WIS. — ACS, an equipment, controls and facility solutions provider, is building a new 48,000-square-foot headquarters within Liberty Business Park in Verona, a suburb of Madison. The property will be situated on 5.7 acres at the southeast corner of Whalen Road and Liberty Drive. A groundbreaking ceremony took place on Friday, Nov. 1. Completion is slated for late 2020. Eppstein Uhen Architects and Ideal Builders make up the project team. Terry McMahon, Steve Styza and Cody Ziegler of Cushman & Wakefield | Boerke represented ACS in the land purchase. Katie West of Oakbrook Corp. represented the seller, Whalen Investments LLC.
DETROIT — H&M is set to open on Thursday, Nov. 21 in Detroit. Spanning approximately 25,000 square feet, the new location at Bedrock-owned 1505 Woodward Ave. will be among 18 other H&M stores throughout the state of Michigan. The fashion retailer will offer women’s, men’s and kids clothing in addition to accessories. Customers in line on opening day will have access to coupons. Approximately 20 employees will work at the store. Sweden-based H&M was the first global fashion company to launch in-store recycling of garments.
KANSAS CITY, MO. — Linwood Investors LLC has broken ground on its $8 million redevelopment of Linwood Square, a blighted retail strip center in the Linwood-Prospect corridor on Kansas City’s east side. The project complements the redevelopment of the Linwood Shopping Center, which the company completed in 2017. Linwood Square is a 55,000-square-foot property originally built in 1992. Project plans call for new exterior facades and roofing as well as energy-efficient HVAC, LED lighting and an interior redesign. Project funding comes from public incentives and private financing. The public improvements include funding from the Central City Economic Development Sales Tax Fund, Tax-Increment Financing Commission and Public Improvements Advisory Committee. Led by UMB Financial Corp., private financing partners include Bank of Blue Valley, Community America Credit Union and Arvest Bank. The project team includes architect Hoefer Wysocki and general contractor Centric. Completion is slated for summer 2020.
GLENVIEW, ILL. — JLL has brokered the sale of a newly constructed, 18,000-square-foot retail property that is triple net leased to Goodwill in the Chicago suburb of Glenview. The sales price was not disclosed. The building is situated on 1.7 acres at 2740 Old Willow Road. JLL marketed the property on behalf of the seller, a Chicago-based developer. Florida-based Best Properties LLC purchased the asset while completing a 1031 tax-deferred exchange. Goodwill Industrials of Southeastern Wisconsin Inc., which is the largest of the more than 165 Goodwill organizations worldwide, began store operations at the property in February with a 10-year lease.
NEW YORK CITY — Brookfield Properties has opened One Manhattan West, a 2.1 million-square-foot office high-rise tower in Midtown Manhattan. The 67-story, Class A building is part of the Manhattan West mixed-use development that will include 6 million square feet of office space when construction is complete. The development will also include an 844-unit apartment building that will be branded The Eugene and a Pendry Manhattan West hotel. One Manhattan West was approximately 90 percent leased when it opened, with a tenant roster including the National Hockey League, as well as law firms McKool Smith and Skadden Arps, Slate, Meagher & Flom LLP. The next phase of construction, Two Manhattan West, is slated for completion in 2022. Skidmore, Owings & Merrill served as the architect of One Manhattan West, and AECOM Tishman was the general contractor.
MORRISTOWN, N.J. — Shamah Properties has acquired Morris Crossing Apartments, a 123-unit multifamily community in Morristown, located approximately 25 miles west of New York City, for $39.5 million. Morris Crossing is a six-building community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units. The property was 96 percent occupied at the time of sale. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman of JLL represented Shamah Properties in the transaction. The team also represented the seller, Morris Crossing Apartments LLC, in the transaction.