PORTLAND, MAINE — A partnership between Capstone Development Partners and the University of Maine System will develop a 577-bed residence hall and student center on the University of Southern Maine’s (USM) campus in Portland. The proposed 209,000-square-foot community will offer apartment-style units alongside academic support space. The partnership hopes to break ground on the project in spring 2020, with Capstone providing financing for the student housing component and the university providing financing for the student center. The design-build team for the community includes architectural and engineering firm SMRT Architects and Engineers, architectural firm Elkus Manfredi Architects and general contractor PC Construction. Capstone Management Partners, the management subsidiary of Capstone Development, is the proposed maintenance and operations provider for the community upon completion.
LOGAN, N.J. — Colliers International has brokered the sale of 1 Warner Court, a 151,600-square-foot industrial building in Logan, a southern suburb of Philadelphia. The property is situated within Pureland Industrial Complex, which includes tenants such as Lockheed Martin, Home Depot, Sam’s Club and Amazon. The complex is positioned along the I-295 corridor and offers immediate access to the New Jersey Turnpike, Philadelphia International Airport and the Ports of Camden and Philadelphia. A new roof will be installed in the spring of 2020. Marc Isdaner and Randall Book of Colliers represented the buyer, Warner Court LLC, which is operated by GFI Partners, in the transaction. The sales price was undisclosed.
ERIE, PA. — Entertainment concept Stumpy’s Hatchet House has signed a 5,800-square-foot lease at Liberty Center I shopping center in Erie, located approximately 130 miles north of Pittsburgh. The site will include 10 hatchet-throwing pits and aims to be a social gathering place with light snacks sold onsite. Guests can bring their own wine, beer and food. Other tenants of the 230,000-square-foot shopping center include regional grocery chain Top Friendly Markets, Peebles department store and PNC Bank. Drew Baldwin of Baldwin Brothers Inc. represented Stumpy’s in the lease negotiations. Sherry Bauer of Sherry Bauer Real Estate Services represented the landlord, Levin Management Corp.
FENTON, MO. — JLL has arranged the sale of Gravois Place in Fenton, about 20 miles southwest of downtown St. Louis, for an undisclosed price. The 86,931-square-foot retail center is fully leased and anchored by Gold’s Gym. Situated at 635 Gravois Road, the property is also home to SkyZone Trampoline Park and St. Vincent DePaul. Aaron Johnson, Chris Murphy, Ross Crawford and Danny Kaufman of JLL marketed the property on behalf of the seller, RBR Real Estate Holdings LLC. Mark Sher of KW Commercial represented the undisclosed buyer.
GREENFIELD, IND. — Colliers International has brokered the sale-leaseback of Mount Comfort Building 115 in Greenfield, about 25 miles east of Indianapolis, for an undisclosed price. The 200,000-square-foot modern bulk facility will be expanded to 386,000 square feet. The building’s occupant, Brybelly Holdings Inc., will lease back the property after its expansion on a new 10-year lease. Originally developed in 2016, the building sits on 26 acres within Alliance Interstate Park. Alex Cantu, Brian Zurawski and Alex Davenport of Colliers represented Brybelly in the sale. Exeter Properties purchased the asset. Brybelly specializes in dropship services, which is a direct to consumer business model.
AUSTIN, TEXAS — Minneapolis-based Ryan Cos. will develop a 60-story mixed-use tower at 311 and 321 W. 6th St. in downtown Austin. Designed by Page, the building will rise 770 feet and span 530,371 square feet. Levels 12 through 17 will comprise 120,000 square feet of Class A office space. Levels 20 through 60 will consist of 363 multifamily units, 75 percent of which will be studio and one-bedroom residences. The remainder will be two- and three-bedroom units. The other floors will be reserved for parking and retail. Residential amenities will include a pool, fitness center, media room, pet park and a 3,000-square-foot clubhouse on the top floor. A construction timeline was not released, but Ryan Cos. plans to propose the project to the Austin City Council before the end of the year. BBVA currently occupies a bank branch at the Sixth Street site and plans to lease 4,000 square feet in the new development. CBRE advised BBVA on this project.
MINNEAPOLIS — Upland Real Estate Group Inc. has negotiated the sale of the Rockler Fur building in downtown Minneapolis for an undisclosed price. The buyer, Beacon Interfaith Housing Collaborative, plans to convert the property into 48 units of affordable housing. The seven-story, 38,305-square-foot building was originally built as a Printer’s Exchange building in 1915 with a Gothic Revival style. Rockler Fur has occupied the property since the 1940s. Upland will also represent Rockler in its relocation process in spring 2020.
GURNEE, ILL. — Luxor Workspaces has expanded its warehouse operations to a newly built, 190,000-square-foot warehouse along I-94 in Gurnee. The move, which took place prior to the Thanksgiving holiday, was expected to create eight new jobs and enhance Luxor’s level of service to its Midwest customers. CenterPoint Properties developed the warehouse and Morgan/Harbour Construction served as general contractor. Sam Badger of CBRE represented Luxor in the search for the new property. Vivek Singla of CBRE served as Luxor’s tenant improvement project manager during the final buildout. Features of the distribution center include a clear height of 36 feet, 22 docks and a 7,000-square-foot office space with a conference room and break room. Waukegan, Ill.-based Luxor is a designer and manufacturer of workspace products.
TOPEKA, KAN. — Darland Construction Co. has completed the conversion of a former Kmart store in Topeka into Wanamaker Hills Shopping Center. The 108,546-square-foot retail property is now home to Ulta, Old Navy, DSW, Five Below and Petco. Equity Investment Group, an Indiana-based developer, bought the property in 2014. Schwerdt Design Group was the project architect.
DALLAS — Hines has acquired Inwood Trade Center, a 738,198-square-foot infill business park located in the North Trinity submarket of Dallas. The 14-building development is situated on 38 acres and located less than three miles from downtown and Uptown Dallas as well as Dallas Love Field Airport. The buildings were constructed between 1961 and 1978 and were 98 percent leased at the time of sale. Houston-based Hines will implement a value-add program to refresh the buildings’ façades, signage and landscaping. Omniplan is designing the repositioning, and Holt Lunsford Commercial will handle leasing of the upgraded spaces.