BOONE COUNTY, KY. — IDI Logistics has sold Building I within its Park South at Richwood Industrial Park. Building I spans 442,304 square feet. The undisclosed buyer plans to open a package sorting center at the location. Park South offers seven buildings, totaling nearly 5 million square feet. The property is located along Interstate 75/71, about 20 miles from downtown Cincinnati. Jeremy Kraus of CBRE represented the buyer in the transaction. Mike Lowe, also of CBRE, represented IDI Logistics.
MADIERA BEACH, FLA. — CBRE has brokered the $17.2 million sale of The Shops at John’s Pass Village, a 40,771-square-foot shopping center in Madiera Beach. Mark Shellabarger of CBRE represented the undisclosed seller in an online auction that attracted 29 bids. Ben Mallah, an individual buyer, won the bidding process for the waterfront shopping village. The property consists of retail shops, restaurants, a marina and a 325-space parking garage. The Shops at John’s Pass is located about 25 miles west of downtown Tampa.
KENNESAW, GA. — Preferred Apartment Communities has arranged a $14.8 million construction loan on behalf of Newport Development Partners for Kennesaw Crossing. The 250-unit multifamily community will be located in Kennesaw as part of Eastpark Village, which Sanctuary Cos. and Vardon Partners are co-developing. Eastpark Village is located about 28 miles northwest of downtown Atlanta and a few blocks south of historic downtown Kennesaw. A timeline for completion was not disclosed.
MINNEAPOLIS — The Opus Group has completed the repositioning of Target’s former west corporate campus in Minneapolis. The single-tenant office building has been transformed into multi-tenant space. The property, located at 3701 Wayzata Blvd., spans nine stories and 307,000 square feet. Tactile Medical has leased 114,000 square feet at the project, along with SRF Consulting Group Inc. leasing 70,000 square feet and Regis Corp. leasing 65,000 square feet. Approximately 55,000 square feet remain available for lease. Amenities include a renovated café, half-basketball court, bocce ball, fitness center and indoor bike lounge. The eighth floor includes a clubroom, rooftop patio, conference room and entertainment areas. Opus served as developer, design-builder, architect and engineer of record. Perkins+Will provided interior design consulting services. The project was a joint venture with Principal Real Estate Investors. TCF Bank provided financing. Target still maintains its headquarters in Minneapolis along Nicollet Mall.
ST. LOUIS — Coworking giant WeWork has signed a 60,000-square-foot lease at One Metropolitan Square in downtown St. Louis. The office will serve as the company’s first location in St. Louis. WeWork will occupy space on the 22nd and 23rd floors. One Metropolitan Square, owned by an affiliate of 601W Cos., is the tallest building in St. Louis at 43 stories. It comprises 1.5 million square feet of office and ground-floor retail space. David Steinbach of JLL represented 601W Cos. in the lease transaction with WeWork.
MINNEAPOLIS — Dougherty Mortgage LLC has provided a $34.2 million HUD 221(d)(4) loan for the construction of Bassett Creek Apartments in Minneapolis. The six-story apartment building will comprise 139 units as well as an underground parking garage and 3,670 square feet of retail space. The project includes a mix of studios, one- and two-bedroom units as well as six penthouse units. The 40-year loan is fully amortizing. BC East LLC was the borrower.
BLAINE, MINN. — Upland Real Estate Group Inc. has arranged the $4.1 million sale of a 16,000-square-foot retail property occupied by Harbor Freight in Blaine, about 15 miles north of Minneapolis. Harbor Freight was founded in 1977 in California as a mail-order hardware company. Today, the company operates more than 1,000 stores across the country. Buyer and seller information was not disclosed, but the buyer purchased the property in an all-cash 1031 exchange.
FESTUS, MO. — Marcus & Millichap has brokered the $3.6 million sale of a Comfort Inn hotel in Festus, about 40 miles south of St. Louis. The 89-room property is located at 1303 Veterans Blvd. and recently underwent a renovation. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap represented the undisclosed buyer and seller.
GOODYEAR, ARIZ. — Nike Inc. has acquired an industrial property located at the south southeast corner of 143rd Avenue and Van Buren Street in Goodyear. An undisclosed seller sold the property for $69.8 million, or approximately $77 per square foot. Situated on 49.9 acres and built in 2018, the asset features 901,699 square feet of I-1-zoned industrial space. Walter Unger of Kasten Long Commercial Group arranged the transaction.
EDISON, N.J. — Rockefeller Group, a New York-based developer, has broken ground on a 900,022-square-foot industrial property in Edison, about 30 miles southwest of New York City. The speculative distribution center will be located on 56 acres off Route 27 and will feature 40-foot ceiling heights, 150 dock doors and 464 parking stalls. New Jersey-based KSS Architects is designing the project, construction of which is slated for completion in August 2020.
