Property Type

JLL Brokers $63.8M Sale of Distribution Center in Charlotte

by John Nelson January 28, 2020

CHARLOTTE, N.C. — JLL has brokered the $63.8 million sale of Premier Distribution Center, a 1.4 million-square-foot distribution center located at 1900 Continental Blvd. in Charlotte’s Southwest industrial submarket. Chris Norvell, Patrick Nally, Pete Pittroff and David Andrews of JLL represented the seller, a partnership between New York Life Insurance Co. and LRC Properties, in the transaction. A partnership between Somerset Properties and Waterfall Asset Management acquired the 95-acre property. Originally constructed as the North American headquarters for Continental Tire, Premier Distribution Center was rebranded and transformed into a modern distribution complex that features 24-foot clear heights, ESFR sprinkler systems, motion-sensor LED lighting, 110 loading positions, abundant parking and onsite trailer storage. The sale includes a 25.9-acre development parcel adjacent to the existing loading area that can accommodate a 333,000-square-foot cross-dock facility.

January 28, 2020

Acquisitions Georgia Multifamily Southeast

Nicol Investment Sells Multifamily Community in Atlanta’s Buckhead District for $46M

by John Nelson January 28, 2020

ATLANTA — Nicol Investment Co. has sold Evergreen Lenox Park, a 206-unit multifamily community in Atlanta’s Buckhead district, for $46 million. The Nashville-based company acquired the property in 2013 and invested $2.5 million to renovate unit interiors, exteriors, clubhouse and communal amenities. The property, which was originally built in 1995, is located at 100 Lenox Park Circle, 10 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center, car wash area, pet washing station, fitness center, pool and a tennis court. An undisclosed pension fund based in New York City acquired the asset in an off-market transaction.

January 28, 2020

Development Loans Multifamily South Carolina Southeast

Bellwether Arranges $31M Construction Loan for Adaptive Reuse Apartment Project in Greenville

by John Nelson January 28, 2020

GREENVILLE, S.C. — Bellwether Enterprise Real Estate Capital LLC has arranged a $31 million construction loan for Judson Mill, a multifamily redevelopment project in Greenville. Judson Mill originally opened in 1912 as a textile mill and was placed on National Register of Historic Places in February 2018. The developer and borrower, Judson Mill Ventures I LLC, will use the financing to construct 204 units, as well as communal amenities including a pool, fitness center and a courtyard. Retail and commercial spaces are planned for future phases. Located at 69 Westerfelt, Judson Mill is situated three miles southwest of downtown Greenville and spans 800,000 square feet. The developer will also use South Carolina Textiles Communities Revitalization Act tax credits and state and federal historic tax credits to help fund the project. Matt Good and Marshall Waller of Bellwether Enterprise arranged the construction loan on behalf of the borrower through CresCom Bank.

January 28, 2020

Acquisitions Florida Healthcare Office Southeast

Cushman & Wakefield Negotiates $24.3M Sale of Medical Office Building in West Palm Beach

by John Nelson January 28, 2020

WEST PALM BEACH, FLA. — Cushman & Wakefield has negotiated the $24.3 million sale of Gardens Medical Pavilion, a 75,424-square-foot medical office building (MOB) in West Palm Beach. Charlottesville, Va.-based Anchor Health Properties acquired the building for $24.3 million, or $322 per square foot, from Gardens Medical Pavilion LLC. The five-story MOB was built in 1991 at 3401 PGA Blvd., which is situated near Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center. Gardens Medical Pavilion was 84 percent leased at the time of sale to tenants including Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners. Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman of Cushman & Wakefield represented the seller in the transaction.

January 28, 2020

Development Industrial Michigan Midwest

GM to Invest $2.2B for Electric Vehicle Production at Detroit-Hamtramck Assembly Plant

by Kristin Harlow January 28, 2020

DETROIT — General Motors is investing $2.2 billion at its Detroit-Hamtramck assembly plant to produce a variety of all-electric trucks and SUVs. Production of GM’s first all-electric truck is scheduled to begin in late 2021. Detroit-Hamtramck will be GM’s first assembly plant fully dedicated to electric vehicles. When the plant is fully operational, the investment will create more than 2,200 manufacturing jobs. GM also plans to invest an additional $800 million in supplier tooling and other projects related to the launch of the new electric trucks. The plant’s paint and body shops and general assembly area will receive comprehensive upgrades, including new machines, conveyors, controls and tooling. Approximately 900 people are employed at the Detroit-Hamtramck plant, which currently builds the Cadillac CT6 and the Chevrolet Impala. The plant will be idled for several months beginning at the end of February once renovations begin.

January 28, 2020

Development Illinois Industrial Midwest

Duke Completes Development of 154,000 SF Spec Warehouse in O’Hare Submarket

by Kristin Harlow January 28, 2020

ELK GROVE VILLAGE, ILL. — Duke Realty has completed the development of a 154,000-square-foot warehouse at 901 Chase Ave. in Elk Grove Village. The speculative building features a clear height of 32 feet, 32 exterior docks, two drive-in doors and office space. The eight-acre site includes parking for 25 trailers and 114 cars. Brian Colson and Brian Pomorski of Avison young are marketing the project for lease.

January 28, 2020

Illinois Loans Midwest Multifamily

Arbor Provides $24.6M in Bridge Loans for Multifamily Portfolio in Metro Chicago

by Kristin Harlow January 28, 2020

CHICAGO AND OAK PARK, ILL. — Arbor Realty Trust Inc. has provided three bridge loans totaling $24.6 million for a three-property multifamily portfolio in metro Chicago. Eric Regenbogen of Arbor originated the loans, which provided the borrower with the capital required to purchase and improve the properties that collectively total 135 units. Two of the communities, built in the 1960s, are located in Oak Park. The third property is located in Chicago and was built in 1932.

January 28, 2020

Illinois Leasing Activity Midwest Office

Logical Position Signs 42,696 SF Office Lease in Deer Park, Illinois

by Kristin Harlow January 28, 2020

DEER PARK, ILL. — Digital marketing agency Logical Position has signed a 42,696-square-foot office lease at the Reserve at Deer Park in suburban Chicago. Situated on Lake Cook Road, the office building spans 85,392 square feet and six floors. Amenities include a café, fitness center and conference center. Matthew Frazee, Paul Buckingham and Brian Reaney of Newmark Knight Frank represented the tenant in the lease negotiations. JLL represented building ownership.

January 28, 2020

Acquisitions Illinois Midwest Retail

Baum Arranges $4.6M Sale of Multi-Tenant Retail Property in Wheaton, Illinois

by Kristin Harlow January 28, 2020

WHEATON, ILL. — Baum Realty Group LLC has arranged the sale of a net-lease retail property spanning 12,996 square feet in Wheaton for $4.6 million. Tenants include Starbucks, Qdoba, AT&T, Supercuts and UPS. The building is situated near a 116,000-square-foot Jewel-Osco. Patrick Forkin of Baum represented both the undisclosed seller and the buyer, a regional real estate investor.

January 28, 2020

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 288-Unit Vantage at Boerne Apartment Community Near San Antonio

by Taylor Williams January 28, 2020

BOERNE, TEXAS — Berkadia has brokered the sale of Vantage at Boerne, a 288-unit apartment community located on the northwestern outskirts of San Antonio in Boerne. The property features one-, two- and three-bedroom units with individual washers and dryers and digital thermostats. Amenities include a fitness center, pool, business center, clubhouse, a pet park and outdoor grilling stations. Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, Texas-based American Opportunity for Housing. The buyer was not disclosed.

January 28, 2020

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