RALEIGH, N.C. — A partnership between M&J Wilkow and Bailard Inc. has bought two retail centers totaling 323,000 square feet in Raleigh for $43.6 million. Midtown Commons is a 138,756-square-foot power center with tenants including Starbucks Coffee, T.J. Maxx and Dick’s Sporting Goods. Shoppes at Midway Plantation, a neighboring 184,244-square-foot power center, has tenants including Michael’s, Ross Dress for Less, Kay Jewelers, Saltgrass Steak House and Rack Room Shoes. The partners plan to implement a new leasing strategy to bring new-to-market retailers to the centers, as well as upgrade the centers’ amenities. The seller(s) was not disclosed.
MADISON, MISS. — CBL Properties has sold The Forum at Grandview, a 216,000-square-foot retail center in Madison, for $31.8 million. Hendon Properties acquired the center in an all-cash deal. CBL developed the property in a 75-25 joint venture with Mattiace Development in 2010. CBL received all of the profits from the sale. Tenants at The Forum include Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, Stein Mart, Petco and Ulta Beauty. The property is situated along Grandview Boulevard, 15 miles north of downtown Jackson.
MORROW, GA. — XPO Logistics has leased an additional 265,163 square feet of industrial space within Mt. Zion Industrial Center in Morrow. The third-party logistics provider now occupies 519,521 square feet of space in the center. The landlord, Woodmont Industrial Partners (WIP), acquired the center in February 2018 and implemented capital improvements that included the upgrade of new dock equipment, new roof, office upgrades, life safety system improvements, floor upgrades, interior and exterior painting and new landscaping. XPO signed a 254,358-square-foot lease the same year. NAI Brannen Goddard represented WIP in both transactions. Mt. Zion Industrial Center is situated 10 miles from Hartsfield-Jackson Atlanta International Airport and 20 miles from downtown Atlanta. The property features 72 dock doors, two drive-in doors, 22-foot clear heights, a five-inch-thick concrete floor and parking for 110 trailers.
PARAMUS, N.J. — JLL has negotiated the sale of a 373,420-square-foot office building located at 650 From Road in Paramus. Built in 1978, the property is situated on a 12-acre site about 12 miles from Manhattan that also has the potential for future development. The property also houses the headquarters of watchmaker Movado. José Cruz, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli, Michael Oliver and Mark Mahasky of JLL represented the seller, Mack-Cali Corp., in the transaction. A joint venture between Onyx Equities, LLC and Garrison Investment Group purchased the asset for an undisclosed price.
WARREN, N.J. — Everest Reinsurance Co. has signed a 315,000-square-foot office lease at Warren Corporate Center, a 176-acre development in northern New Jersey. Warren Corporate Center, which consists of five office buildings totaling more than 820,000 square feet, will serve as Everest’s new U.S. headquarters following the Bermuda-based company’s relocation from Liberty Corner, New Jersey. Everest expects to take occupancy of the new space within the next 18 months. Amenities at the property include walking trails, a landscaped pond with amphitheater seating, a fitness center, cafeteria, a basketball court and four covered parking structures. Eric Deutsch and Jeff Babikian of CBRE represented the tenant in the lease negotiations. Robert Donnelly, Sr. and Robert Donnelly, Jr. represented the landlord, a joint venture between Vision Real Estate Partners and Rubenstein Partners LP.
CAMBRIDGE, MASS. — Capital Stack Commercial Real Estate Finance and Miami-based GenX Capital Partners have arranged $37.7 million in construction financing for 907 Main Hotel, a 67-room property in Cambridge. Local developer Patrick Barrett III is leading the development of the upscale, boutique hotel, which will span 42,000 square feet and offer a street-level restaurant and a rooftop bar. The building will also house Toscanini’s Ice Cream, which has operated in the neighborhood since 1981. A New York-based hedge fund provided the financing. The hotel is slated to open in early 2020.
GLADWYNE, PA. — Ziegler has arranged $44.1 million in bond financing for Waverly Heights, which owns and operates a continuing care retirement community (CCRC) of the same name in Gladwyne, located northwest of Philadelphia. The 63-acre community was built in 1986 and includes 151 independent living apartments, 69 independent living villas, 33 personal care suites, 16 memory support rooms and 49 private skilled nursing rooms. The bond financing, along with other available funds, will be used to pay back existing bank debt.
PROVIDENCE, R.I. — Northeast Private Client Group (NPCG) has brokered the $7.3 million sale of Ambassador Apartments, a residential building in Providence that consists of 33 apartments and three single-family homes. The property is located near Brown University as well as the shops and restaurants of nearby Thayer Street. Tim McGeary of NPCG represented the seller, DiPrete Realty Investment, and procured the buyer, S.M.H. Grandview, both of which are based in Rhode Island. The deal closed at a capitalization rate of 5.91 percent.
TUCSON, ARIZ. — Investors Capital Group has purchased Domain 3201, a multifamily property located within the Casas Adobes area of Tucson. Aspen Square Management sold the property for $37.7 million. Situated on more than 12 acres, Domain 3201 features 298 apartments, three resort-style swimming pools, spas, poolside cabanas, picnic areas and a full-size tennis court. The property was constructed between 1985 and 1990. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
FERNLEY, NEV. — Mark IV Capital, in partnership with Heath Rushing of New Nevada Resources, has acquired Crossroads Commerce Center, a 4,300-acre industrial and commercial property located in Fernley, for an undisclosed price. The asset has been rebranded to Victory Logistics District. Situated 30 miles east of Reno, Nev., Victory Logistics Center will be completed in phases with the first phase including approximately 7.5 million square feet of industrial space. Build-out is expected to conclude within seven to 10 years. The first building will be an 800,000-square-foot speculative, cross-docked distribution facility with 40-foot clear heights. Irvine, Calif.-based HPA Architects is designing the building. The first phase also includes the construction of a full-service transload rail facility, which will serve new and existing rail customers in the projects as well as customers throughout the region. The rail facility is being developed in partnership with Black Gold Terminals. At complete build-out, the logistics center will feature manufacturing, distribution, industrial and data center space, as well as housing options, convenience retail, quick-service retail and restaurant and entertainment options.