CAMBRIDGE, MASS. — Nauset Construction has broken ground on St. James Place, a transit-oriented, mixed-use development in the Porter Square neighborhood of Cambridge. Acorn Holdings LLC is developing the project, which is located at 2013 Massachusetts Ave. The development will include 46 condominiums, 2,000 square feet of retail space and a new parish hall for the St. James Episcopal Church. Architectural firm Dumont, Janks, Goldberg, Reed LLC designed the condominium complex.
HILLSIDE AND OSWEGO, ILL. — Sterling Organization has acquired a two-property retail portfolio in metro Chicago for an undisclosed price. The portfolio includes the 164,837-square-foot Hillside Town Center in Hillside and the 101,466-square-foot Prairie Market in Oswego. Developed in 2009, Hillside Town Center is home to tenants such as Ross Dress for Less, HomeGoods, Michaels and Petco. Aldi and PetSmart anchor Prairie Market, which was developed between 2007 and 2009. The properties were purchased on behalf of Sterling’s institutional fund, Sterling Value Add Partners III LP. The seller was not disclosed.
OLATHE, KAN. — Sealy & Co. has purchased a 601,829-square-foot distribution facility in Olathe, a suburb of Kansas City. The purchase price was not disclosed. The building, situated on 40 acres at 22101 W. 167th St., is fully leased to FedEx and Bushnell. The property features a clear height of 32 feet, 128 dock doors, two drive-in doors and office space. Adam Herrin, Stephen Bailey and Sean Fogarty of HFF, along with Dan Jensen of Kessinger/Hunter & Co. LC brokered the transaction. Sun Life Assurance Co was the seller.
FRANKLIN PARK, ILL. — Morgan/Harbour Construction has completed two speculative warehouses on behalf of CenterPoint Properties at CenterPoint Logistics Center O’Hare in Franklin Park. One of the buildings totals 225,891 square feet and features a clear height of 32 feet, 50 exterior docks and parking for 68 trailers. The other building totals 333,696 square feet and features a clear height of 36 feet, 92 exterior docks and parking for 76 trailers. Cornerstone Architects provided architectural services, while Spaceco Inc. was the civil engineer. James Estus of Colliers International is marketing the properties for lease.
SHELBYVILLE, IND. — The Cooper Commercial Investment Group has arranged the $3 million sale of a 22,470-square-foot retail center in Shelbyville, a southeast suburb of Indianapolis. The property, shadow anchored by Kroger, is fully leased to tenants such as Buffalo Wild Wings, Shoe Sensation and Pet Value. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an East Coast-based private investment group. The team also procured the buyer, a Florida-based private investor. The sale represents a 7.7 percent cap rate.
WILLMAR, MINN. — Montecito Medical has purchased a Class A medical office building totaling 31,775 square feet in Willmar, a city in southwestern Minnesota. The purchase price was not disclosed. The building was constructed in 2005 as a build-to-suit for Fischer Laser Eye Center and Janning ENT. The facility includes an 8,000-square-foot ambulatory surgery center where patients can receive LASIK, cataract, cornea and refractive procedures. Newmark Knight Frank brokered the sale. The seller was not disclosed.
DULUTH, GA. — Cushman & Wakefield has brokered the $52.1 million sale of The Marquis on Berkeley, a 323-unit apartment community in Duluth, approximately 30 miles northeast of Atlanta in Gwinnett County. Mike Kemether, Travis Presnell and Josh Goldfarb of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller. A local private operator acquired the property. The Marquis on Berkeley includes a mix of one-, two- and three-bedroom floor plans. Community amenities include a playground, sundeck, fitness center, garages, lighted tennis courts and a resort-style pool.
RESTON, VA. — Bridge Investment Group has acquired The Campus at Sunrise, a 255,000-square-foot office campus in Reston. The three-building property is situated on 12 acres, roughly 22 miles west of Washington, D.C. Bridge will renovate all three buildings, constructed between 1987 and 1990, with updated lobby areas, an enhanced tenant amenity center, flexible spec suites, communal outdoor areas and special events and entertainment for tenants. The Campus at Sunrise is situated within walking distance to the Wiehle-Reston East Metro station and a half-mile from the planned Reston Station mixed-use community, which will include 100,000 square feet of restaurants and retail, as well as residential units. The office campus was 85 percent leased at the time of sale. The name of the seller and sales price were not disclosed.
RICHMOND, VA. — Colliers International has arranged the $39.5 million sale of Axis 147, a 290-unit apartment community in Richmond. Will Matthews, Carter Wood, Jason Hetherington and Bruce Milam of Colliers International arranged the transaction on behalf of the seller, a joint venture between Lincoln Property Co. and Ritz Banc Group. Capital Square 1031 acquired the asset. Axis 147 features a pool, playground, pet play area, sundeck and private balconies or patios.
HOUSTON — Trammell Crow Co. (TCC) has broken ground on a new, 519,224-square-foot distribution center in Houston for international supplier Plastic Bagging & Packaging Inc. The Class A, rail-served facility, which will ultimately be capable of processing up to 70 tons of resin per hour, will be located within Cedar Port Industrial Park on the city’s east side. Building features will include 32-foot clear heights, 60-foot speed bays and 8,000 square feet of office space. E.E. Reed is serving as general contractor for the project, which is slated for a summer 2019 completion.