DUBUQUE, IOWA — Marcus & Millichap has brokered the sale of Country Inn & Suites Dubuque for an undisclosed price. The 69-room hotel, built in 2000, is located at 1315 Associates Drive in eastern Iowa. Jon Ruzicka and Jake Erickson of Marcus & Millichap marketed the property for sale and procured the buyer. Neither the buyer nor the seller was disclosed.
GREENSBORO, N.C. — Publix Super Markets Inc. has announced plans to build a refrigerated distribution center in Greensboro as part of a multi-phase project. The company plans to invest up to $300 million in the first phase of the project, which is scheduled for completion by 2022. The distribution center, which will be located in Guilford County, will support the delivery of grocery products to Publix locations in the Carolinas and Virginia. The project is expected to create up to 1,000 jobs with an annual payroll of $44 million by 2025. A Job Development Investment Grant (JDIG) approved by the North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) will enable the project to commence. The state estimates that the project will grow the state’s economy by $1.38 billion over the course of the 12-year term of the grant. “Publix’s decision to locate up to 1,000 jobs and a new distribution center in Guilford County affirms our state’s reputation as the ideal place to do business,” says North Carolina Commerce Secretary Anthony M. Copeland. “In addition to our strategic location and proximity to major interstates and railroads, North Carolina is home to a competitive business climate, robust …
ATLANTA — The seniors housing business is beset with labor concerns, and developers and operators are convinced that the solution lies in upping the number of millennials on staff. According to recent data from Pew Research Center and the U.S. Census Bureau, approximately 56 million American workers are between the ages of 21 and 36. That means more than one-third of all labor force participants are millennials, a generation that industry experts say generally wants emotionally meaningful careers with fast-tracked advancement. There are challenges in creating and marketing a positive perception of the seniors housing industry to prospective millennial workers, as well as in retaining them. This subject was broached during the “State of the Industry” panel at the InterFace Seniors Housing Southeast conference on Wednesday, Aug. 29. Held at the Westin Buckhead hotel in Atlanta, the event drew nearly 520 developers, lenders, investors and operators in the senior living space. “There’s a lot of talent that’s drawn to hospitality, but it can be hard selling them on seniors housing,” said panelist Eric Mendelsohn, president and CEO of Tennessee-based REIT National Health Investors (NYSE: NHI). “We have to show people that there’s so much more to this business than serving Jell-O …
DALLAS — CBRE has brokered the sale of One AT&T Plaza, a 37-story, Class A office tower in downtown Dallas that houses AT&T’s global headquarters. Located at the corner of Commerce and Akard streets, the 965,800-square-foot property is fully leased to AT&T through 2030 and has served as the telecommunications giant’s global headquarters since 2008. Icahn Enterprises sold the property, which is currently undergoing ground-floor renovations, to a partnership between Dundon Capital Partners and Woods Capital for an undisclosed price. Michael Monahan, Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua of CBRE brokered the transaction on behalf of the seller.
HOUSTON — New York-based GAIA Real Estate, along with partners Menora Mivtachim Insurance and Grand China Fund, has sold a portfolio of nine multifamily properties totaling 2,594 units in the greater Houston area. The Class A properties were built between 1998 and 2006, with each asset featuring somewhere between 200 and 400 units. The buyers were not disclosed. GAIA originally acquired the portfolio in 2013 for approximately $245 million.
HOUSTON — NAI Partners has arranged the sale of a 110,000-square-foot manufacturing facility situated on 35 acres at 1318 Bammel Road in Houston. The property recently served as the Houston facility for Lectrus Corp., a Tennessee-based provider of electrical solutions that filed for bankruptcy in 2017. Ryan Searle, Nick Peterson and John Ferruzzo of NAI Partners represented the seller, California-based investment firm Granger Associates, in the transaction. Corey Ferguson of Raintree Commercial represented the undisclosed buyer.
MCKINNEY, TEXAS — The Jenkins Organization (TJO) has opened Storage Center at Craig Ranch, a 621-unit self-storage facility located within the Craig Ranch master-planned community in McKinney, a northern suburb of Dallas. The property officially opened on Aug. 7 and features 95,462 square feet of climate- and non-climate-controlled space. The facility is the company’s second development in the greater Dallas area.
MESQUITE, TEXAS — Kids Empire, an entertainment concept that provides indoor playgrounds for children, will open a 15,000-square-foot venue within Towne Crossing Shopping Center in Mesquite, an eastern suburb of Dallas. The location will be the first in Texas for the company, which started in California. Robin Barrow and Eddie Liebman of Weitzman represented Kids Empire in the lease negotiations. Chris Young of Phillips Edison represented the landlord on an internal basis. The Mesquite venue is scheduled to open during the fourth quarter.
NEW YORK CITY — Progress Capital has secured a $30 million bridge loan for the American Self Storage Building in Brooklyn. Brad Domenico of Progress Capital secured the interest-only bridge loan for Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction. The lender was Nataxis. Located at 202-208 Tillary St., the 115,000-square-foot property will continue to be operated as a self-storage facility until plans to convert it into a residential building are finalized.
BOSTON — HFF has negotiated the sale of the 120-room Residence Inn Boston Downtown Seaport located in the Fort Point neighborhood of Boston. The sales price was undisclosed. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Norwich Partners, in the transaction. The buyer was Claremont Cos. The property was built in 1901 as the Stillings Building by the Boston Wharf Co. In 2013, the building was redeveloped into a Residence Inn and was honored as the “Best Custom Project” in 2014 by Marriott International. The guest rooms at the hotel feature 12-foot ceilings, exposed brick walls, wooden beams and fully equipped kitchens. Amenities include meeting space, a business center, fitness center and two restaurants.
