MICHIGAN — Bellwether Enterprise Real Estate Capital LLC has arranged a $42.6 million Fannie Mae loan for the acquisition of a portfolio of 10 mobile home community communities in Michigan. Specific properties and locations were not disclosed, but the portfolio spans 1,715 pad sites. MJ Vukovich of Bellwether Enterprise arranged the structured loan on behalf of the borrower, an owner-operator based in the western states. The 16-year loan features four years of interest-only payments followed by 12 years at a fixed rate of 4.9 percent.
PLAINFIELD, IND. — Meridian Design Build has begun construction on a 262,758-square-foot speculative industrial building on behalf of HSA Commercial Real Estate in Plainfield, a suburb of Indianapolis. The new facility will be located on a 19.3-acre site at 845 Airtech Parkway. The building will feature a clear height of 32 feet, 30 loading docks, four drive-in doors and parking for 185 cars and 70 trailers. Cornerstone Architects is the architect while Innovative Engineering & Consulting is providing civil engineering services. Terry Busch and Jared Scaringe of CBRE will market the property for lease.
APPLETON, WIS. — Form Development LLC and The Morgan Partners LLC have acquired a 54,000-square-foot, single-tenant grocery store in Appleton for an undisclosed price. The building is fully leased to Pick N’ Save. Wes Koontz, Christian Tremblay and Dan Cohen of Mid-America Real Estate Corp. represented all parties in the sale. The seller was the original developer of the property.
DES MOINES, IOWA — Ross Dress for Less plans to open two new stores in greater Des Moines on Saturday, Oct. 13. The store at Southridge Mall on the South Side of Des Moines will span 22,000 square feet. The West Des Moines store will span 25,000 square feet and be located within the Water Tower Place shopping center. With these new openings, Ross will operate six stores in Iowa and a total of 1,470 locations nationwide.
DEERFIELD BEACH, FLA. — Kaufman Lynn Construction (KL) has broken ground on a $150 million headquarters renovation and expansion for JM Family Enterprises in Deerfield Beach. JM Family Enterprises is a privately owned automotive company whose subsidiaries include Southeast Toyota Distributors, JM&A Group and JM Lexus. The renovation will take place over the next three years. KL will demolish seven of the campus’ existing buildings, and will build eight new structures, including three office buildings, a two-story dining hall, 20,000-square-foot sports complex, 55,000-square-foot conference/training center and a 900-car parking garage. Three of the campus’ existing buildings will remain. Other features in the renovated, open-style campus will include a café, collaboration space, outdoor central plaza, fountains and walkways. Jacksonville-based architect Robert Broward, former apprentice to Frank Lloyd Wright, designed the campus’ master plan. KL is working with Boca Raton-based PGAL Architects to complete the project.
WASHINGTON, D.C. — JBG Smith has sold Executive Tower, a 130,000-square-foot office building in Washington, D.C. Exan Capital acquired the asset for $121.4 million. The 11-story building is located at 1399 New York Ave. in D.C.’s East End submarket. Collins Ege and Nicholas Pappas of Eastdil Secured arranged the transaction on behalf of JBG Smith. Executive Tower was 93 percent leased as of June 30.
ORLANDO, FLA. — Camden Property Trust has acquired a newly constructed apartment community in downtown Orlando for $90 million. The nine-story property, formerly known as 420 East, includes 299 units and features a pool, 24-hour concierge, retail space and a three-story parking garage. Camden will rename 420 East as Camden Thornton Park. The community includes a mix of one- to three-bedroom units with monthly rents ranging from $1,741 to $3,369, according to Apartments.com.
NASHVILLE, TENN. — Third & Urban and FCP have acquired the former Madison Mill, located along Charlotte Avenue in Nashville, with plans to redevelop the site into a 160,000-square-foot office and retail project. Dubbed Sylvan Supply, the project will be divided into six buildings connected by open corridors and terraces, providing outdoor workspaces for tenants. The development will feature 130,000 square feet of creative office space with open floor plans, large windows and outdoor space, as well as 27,000 square feet of retail and dining space. The redevelopment will preserve the existing buildings, which were originally used for the production of high-quality wood products. Centric Architecture and landscape architect Hodgson Douglas are designing the project, and Gay Construction is the general contractor. Bo Tyler, Bill Adair and Ashley Albright of JLL are handling the office leasing, while Elliott Kyle of Equitable Property Co. is handling the retail leasing. The development team will break ground on Sylvan Supply next month, with completion scheduled for the fourth quarter of 2019.
RALEIGH, N.C. — Regency Centers Corp. and its joint venture partner have acquired Ridgewood Shopping Center, a 95,300-square-foot retail center in Raleigh. Regency acquired a 20 percent interest in the asset. Other terms of the deal were not disclosed, but the Triangle Business Journal reports the Richards family sold the asset for $46 million. Ridgewood Shopping Center was originally developed in 1951, and Raleigh’s first Whole Foods Market anchors the center. Additional tenants include Walgreens, Orvis, Fleet Feet Sports and a collection of local tenants. The acquisition marks Regency’s 13th property in the Raleigh market.
HONOLULU — Hilton Grand Vacations Inc. (NYSE: HGV) has purchased a one-acre site in Honolulu’s Waikiki neighborhood with plans to develop a 32-story timeshare resort. The site currently houses King’s Village shopping center, Hale Waikiki Hotel and Prince Edward Apartments. Construction is slated to begin in the second quarter of 2019, with project completion in the first quarter of 2022. The property will include 191 timeshare apartment units, comprised of studios, one-, two- and three-bedroom suites. Resort amenities will include a fitness center, pool, business center and owners’ lounge. The project will be HGV’s sixth resort on the island of Oahu, increasing the total count to 1,429 units. “Building on our local development history that started with the Lagoon Tower in 2000, our latest project in Waikiki will assure that HGV continues to offer lifetime vacation experiences to our next generation of owners,” says Mark Wang, president and CEO of HGV. Orlando-based HGV is a global timeshare company that develops, markets and operates vacation ownership resorts in select vacation destinations. The company’s stock price closed at $32.58 per share on Tuesday, Sept. 25, down from $38.57 per share one year ago. BSC KVSC LLC, a partnership that includes BlackSand Capital, …