STRONGSVILLE, OHIO — Hand & Stone Massage and Facial Spa has signed a 3,264-square-foot lease to open in Strongsville, a suburb of Cleveland. The company will occupy the space at Ledgewood Plaza. Sherrie Mendenhall of Coldwell Banker Commercial/Emmco Realty Group represented the tenant in the lease transaction.
CHARLOTTE, N.C. — CBRE has negotiated the $40.5 million sale of Gateway Center, a 10-story, 310,745-square-foot office building in Uptown Charlotte. Hamilton EQ, an affiliate of New York-based Hamilton Equity Partners, purchased the asset, which is located at 901 W. Trade St. Gateway Center was 91 percent leased at the time of the sale, with Bank of America occupying 78 percent of the property. The seller was not disclosed, but Charlotte Business Journal reports that Chicago-based GEM Realty Capital sold the tower three years after purchasing it for $30.5 million. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction. Hamilton EQ entered the Charlotte market earlier this month with a portfolio acquisition in the suburbs.
RUSTON, LA. — The Annex Group is set to break ground on The Annex of Ruston, a 324-bed student housing community located near the Louisiana Tech University campus in Ruston. The development will be situated at 509 W. Line Ave. and will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a swimming pool, exercise room, study lounges and secured parking. KeyBank Real Estate Capital provided development financing for the project, which was designed in collaboration with the City of Ruston, KTGY Architecture and HGA Engineering. The community is set for delivery in August 2020.
MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property’s existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. PMG, Greybrook Realty Partners and S2 Development are co-developing the 98-story building that will feature 140 hotel rooms and approximately 400 for-sale condominiums. BridgeInvest provided the non-recourse, interest-only loan that gives the developers the option to exit with limited prepayment penalties. The second loan, which was for 130 acres in Boca Raton, totaled $12.2 million. The land is the former site of Mizner Trail Golf Club, a public golf course. The owner of the land, Compson Associates, is planning to develop a 255-unit residential development consisting of townhomes and single-family homes. New Gables Capital provided the non-recourse loan that gives the borrower 12 additional months to complete predevelopment activities.
COLUMBIA, S.C. — Magnus Development Partners has broken ground on Midway Logistics IV, a 200,000-square-foot speculative industrial building within Lexington County Industrial Park in Columbia. The tilt-up, multi-tenant building will feature 32-foot clear heights, 16 dock doors, two 12-by-14-foot drive-in doors, a 210-foot shared truck court, LED motion-detected lighting and an ESFR sprinkler system. Magnus expects to deliver the facility in the third quarter. Colliers International will handle leasing efforts on behalf of the developer.
LITHIA SPRINGS, GA. — Liberty Property Trust has signed Sugar Foods Corp. to a full-building, 247,000-square-foot lease at 875 Maxham Road in Lithia Springs. Located within Westfork Distribution Center, Liberty Property acquired the building in 2013 and has since made capital improvements, including creating a loop road to optimize traffic flow, expanding the truck courts and adding trailer storage to support modern logistics requirements. Randall Bryan of King Industrial Realty Inc. represented Sugar Foods in the lease transaction. Mark Hawks and Todd Barton of CBRE represented the landlord.
RIVERDALE, UTAH — CIM has completed the disposition of The Family Center at Riverdale, a shopping center located on 42 acres at 1083 W. Riverdale Road in Riverdale, approximately 35 miles from downtown Salt Lake City. CCA Acquisition Co. acquired the property for $48.2 million. At the time of sale, the 427,828-square-foot property was 97 percent occupied by Target (165,550 square feet), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree and Joann Fabrics. The retail center was built in phases from 1995 to 2008. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank, along with Ben Brown and Brandon Goodman of Mountain West, represented the seller. The buyer was self-represented.
DENVER — Etkin Johnson Real Estate Partners has purchased a 28.3-acre land parcel at the southwest corner of South Chambers Road and Compark Boulevard within Compark Business Park in Southeast Denver. The buyer plans to develop EDGE 470 on the site. Construction of the 334,000-square-foot, Class A industrial/flex campus will take place in two phases. Slated for delivery in first-quarter 2020, Phase I will include two approximately 80,000-square-foot buildings on 12.8 acres. Each building will feature prominent E-470 tenant signage opportunities, 24-foot clear ceilings, 10-foot glass lines, ESFR sprinklers, multiple loading capabilities, car charging stations and an environmentally responsible design.
GOODYEAR, ARIZ. — Adelante Health Center has opened Adelante Health Center, its newest healthcare facility in Goodyear. Situated on 7 acres at 13471 W. Cornerstone Blvd., the 45,000-square-foot facility features a variety of services including family medicine, internal medicine, OB/GYN, family dental, behavioral health, on-site laboratory, pharmacy, WIC/nutrition and pediatrics. The $4.7 million facility is located just east of Abrazo West Campus Hospital. Adelante Healthcare is a nonprofit that operates 10 healthcare centers in Central Arizona.
RIVERSIDE, CALIF. — SRS Real Estate Partners’ National Net Lease Group is arranged the sale of a freestanding, single-tenant property located on 1.9 acres at 3490 Madison St. in Riverside. A Newport Beach, Calif.-based private developer sold the property to a Newport Beach-based physician for $5.3 million. Grocery Outlet Bargain Market occupies the 17,889-square-foot retail property on a 15-year triple-net lease. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Marcus & Millichap represented the buyer. Additionally, Garrett Colburn and Townsend Cropsey of SRS secured the long-term lease with Grocery Outlet on behalf of the ownership.