EDEN PRAIRIE, MINN. — Brisky Net Lease has brokered the $5.7 million sale-leaseback of an industrial property located at 7975 Wallace Road in the Twin Cities suburb of Eden Prairie. Max Mantey of Brisky represented the seller, 360 Wall Systems. The tenant has a new 10-year triple-net lease with zero landlord responsivities and annual rent increases. The primary tenant, 360 Wall Systems, occupies the majority of the building, complemented by Hagen Automotive, a subtenant that has occupied space for more than 30 years. 360 Wall Systems is a specialty contractor that has worked on apartment buildings, medical offices and industrial buildings in the Twin Cities.
CARY, ILL. — Premier Commercial Realty has negotiated the $1.8 million sale of a multi-tenant office building in Cary, a far northwest suburb of Chicago. The 18,434-square-foot property is located at 2615 Three Oaks Road. Heather Schweitzer and Bruce Kaplan of Premier represented the seller. Rick Ofman of Essex Realty Group represented the buyer, a local investor.
ORION TOWNSHIP, MICH. — Pita Way has leased space to open a 1,550-square-foot restaurant at the Shops at Baldwin Village in Orion Township, a far northern suburb of Detroit. The new retail development is located at the northwest corner of Baldwin and Morgan roads and is part of a proposed master plan that would include 215 condo units and 264 apartment units. Michael Murphy of Gerdom Realty & Investment represented the tenant. The landlord was undisclosed.
ATLANTA — The Georgia Institute of Technology (Georgia Tech) has launched The Biltmore at Tech Square, a 286,931-square-foot mixed-use building located within the larger 2.5 million-square-foot Tech Square innovation district of Midtown Atlanta. The Biltmore building originally opened in 1924 as a grand hotel before transitioning to office space in the 1990s. The property housed the first radio station in Atlanta. Georgia Tech purchased the property in 2016. The school has tapped Collaborative Real Estate, helmed by David Tyndall, an original co-developer of Tech Square, to oversee the Biltmore’s redevelopment. The reimagined Biltmore houses more than 100,000 square feet of Georgia Tech’s innovation sector, including the CREATE-X headquarters (Georgia Tech’s flagship student startup accelerator); Quadrant-i (Georgia Tech’s gateway for launching research-driven ventures); Office of Technology Licensing; VentureLab (home of the National Science Foundation Innovation Corps Southeast hub); Startup Scaling Platform; Corporate Engagement Office; and the Venture Investment Hub, as well as additional strategic partners. “Atlanta is becoming the startup capital of the South, and this next chapter for The Biltmore strengthens our momentum,” says Atlanta Mayor Andre Dickens. “We are bringing together the people, places and resources to accelerate Atlanta’s growth as a world-class tech and innovation ecosystem.” Upon completion, …
WEST PALM BEACH, FLA. — Four new tenants have signed leases to join Nora District, a $1 billion mixed-use project underway in downtown West Palm Beach. The new tenants include fine jewelry retailer LUCE; women’s fashion retailer Pompanos Boutique; group fitness gym studio SWEAT440; and eyewear brand Warby Parker, which will debut at Nora District this fall. The development team behind Nora District includes NDT Development, Place Projects and Wheelock Street Capital. The project’s first phase — which will be delivered this summer — totals more than 100,000 square feet of retail space and 55,000 square feet of creative office space. Additional confirmed tenants at the property include Loco Taqueria & Oyster Bar, H&H Bagels, Van Leeuwen Ice Cream, Juliana’s Pizza, IGK Hair Salon and Le Labo.
DEERFIELD BEACH AND POMPANO BEACH, FLA. — Cushman & Wakefield has arranged the $55.4 million sale of The Broward Collection, a two-building industrial portfolio totaling 221,045 square feet in South Florida. The first property includes 1111 SW 30th Ave., a 158,000-square-foot distribution center in Deerfield Beach that is fully leased to an undisclosed e-commerce user. The second property, which is located at 1121-1141 N.W. 31st Ave. in Pompano Beach, totals 63,045 square feet and is fully leased to two tenants. Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon and Greg Miller of Cushman & Wakefield’s Industrial Advisory Group, along with Matthew McAllister and Christopher Thomson of the firm’s industrial leasing team, represented the seller, Elion Partners, in the transaction. EQT Exeter Real Estate was the buyer.
WINTER GARDEN, FLA. — A joint venture between Pearlmark and Ashcroft Capital has acquired Birchstone Waterleigh, a 300-unit multifamily community in the Horizon West master-planned community near Winter Garden. Birchstone Residential, Ashcroft’s in-house property management and construction management company, will operate the community. DHI Residential sold the property for an undisclosed price. Built in 2023, Birchstone Waterleigh, formerly known as Ascend Waterleigh Club, offers one-, two- and three-bedroom units ranging from 880 square feet to 1,563 square feet, according to Apartments.com. Amenities at the property include a resort-style, saltwater pool with a poolside pavilion, wet bar and grills; a 24-hour gym with a Peloton room; an entertainment club room with arcade; and a cybercafé with private offices and a conference room with a coffee and beverage station. The property also features an activity lawn with table tennis, a dog park, pet spa and electric vehicle charging stations.
CHARLOTTE, N.C. — CenterSquare Investment Management has acquired Gold Hill Commerce Park, an 11,835-square-foot retail strip center located in Charlotte. Built in 2000, the center is situated roughly 11 miles from the Charlotte Douglas International Airport. The property was fully leased to tenants including Marco’s Pizza, UrgentVet, Select Physical Therapy and Allen Tate Realty at the time of sale. This transaction marks CenterSquare’s 20th acquisition in the Southeast. The seller and sales price were not disclosed.
BESSEMER, ALA. — Range Light Investment Partners has acquired the former Mall at Westlake, a 323,000-square-foot shopping and dining destination located southwest of Birmingham in Bessemer, Ala. The Ohio-based investment firm plans to redevelop the property into an industrial flex complex that will be known as Marvel City Business Park. The former mall, which originally opened in 1969, permanently closed 40 years later in 2009 after retail activity migrated elsewhere, according to Range Light, leaving the property available for alternative purposes. “Shopping malls built from the 1960s through the 1990s were the distribution centers of that era,” says Pat Foran, founder of Range Light Investment Partners. “All of the features that made them great malls years ago are the same features light industrial and flex tenants are looking for today.” “There are many more tenants looking for 30,000 to 50,000 square feet than 300,000 to 500,000 square feet in the Birmingham area, and there are virtually no options for them,” adds Foran. “Marvel City Business Park will cater to those smaller bay-sized tenants that don’t need 36-foot-high ceilings and want more affordable rent than what the newer big box developments demand.” Situated on a 40-acre site at the intersection of interstates …
COLLEGE STATION, TEXAS — McNair Collegiate Partners has arranged the sale of The Trails at Wolf Pen, a 1,006-bed student housing property serving students at Texas A&M University in College Station. Built in 1997, the property offers 404 units in one-, two- and four-bedroom configurations. Shared amenities include a fitness center, two pools, study rooms and tennis, basketball and volleyball courts. The buyer, Stonebridge Property Group, plans to upgrade units and shared amenity spaces following the acquisition. Jeyton McNair and Mitch Holt of McNair Collegiate Partners represented the undisclosed seller in the transaction.