Property Type

Joint Venture Set to Break Ground on 229-Unit Apartment Building in Metro D.C.

by Alex Tostado March 5, 2019

BETHESDA, MD. — ZOM Living and Mitsui Fudosan America will break ground on Maizon Bethesda, a 229-unit apartment building in Bethesda. The community will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a rooftop deck, swimming pool, package services, grilling areas and a fitness center. The asset will be situated two blocks from the Bethesda Metro Station and about seven miles north of downtown Washington, D.C., and about three miles east of Capital Crescent Trail. SK+I is the designer and architect, and Balfour Beatty will serve as the general contractor. Anticipated completion is slated for October 2020.

March 5, 2019

Illinois Industrial Leasing Activity Midwest

Pepperidge Farm Signs 87,602 SF Industrial Lease in Lockport, Illinois

by Kristin Harlow March 5, 2019

LOCKPORT, ILL. — Pepperidge Farm Inc. has leased 87,602 square feet of industrial space at Heritage Crossing in Lockport. The property is located at 15901 W. 147th St. Heritage Crossing, a 228-acre business park, is now 94 percent leased. Jason West and Brian Borget of Cushman & Wakefield represented Pepperidge Farm, a cookie, cracker and bread company, in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners.

March 5, 2019

Acquisitions Illinois Midwest Retail

Hanley, Greenstone Arrange Sale of 28,600 SF Retail Property in Metro Chicago

by Kristin Harlow March 5, 2019

CREST HILL, ILL. — Hanley Investment Group Real Estate Advisors and Greenstone Partners have arranged the sale of South Weber Plaza, a 28,600-square-foot retail property in Will County’s Crest Hill. The sales price was not disclosed. The center is fully leased by The Southern Café, Fire Water BBQ, 12 Handles Ale House, Sammy’s Gaming Parlor, Motivation Fitness, Serenity Wellness Center, Grandeur Salon & Spa, The Awesome A’s Activities Club, Natasha’s Clothing Boutique and Cambium Realty. In 2018, the property underwent a major renovation, which included a new façade, storefronts, signage, parking lot, HVAC and landscaping. The sale also included a 2.1-acre pad site in front of the center and a 7,400-square-foot pad site in the parking lot. Jeff Lefko and Bill Asher of Hanley and Johnny Lefko of Greenstone represented the seller, a private partnership. The team also represented the buyer, a Southern California-based 1031 exchange buyer.

March 5, 2019

Development Industrial Texas

Molto Properties Breaks Ground on 136,651 SF Distribution Center in Houston

by Taylor Williams March 5, 2019

HOUSTON — Illinois-based industrial developer Molto Properties has broken ground on 290 Northwest Business Center, a 136,651-square-foot distribution center that will be located in northwest Houston. The property, which is expected to be complete by August, will be able to accommodate one or two tenants. Building features will include 32-foot clear heights, an ESFR sprinkler system, 2,586 square feet of office space, 121 parking spaces and a loading area with 30 dock-high doors. Lee & Associates will handle leasing of the facility.

March 5, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Negotiates Sale of 43-Unit Multifamily Property in Detroit

by Kristin Harlow March 5, 2019

DETROIT — Greystone Bel has negotiated the sale of Hyde Park Townhomes in Detroit for an undisclosed price. The 43-unit multifamily property, built in 1985, is located at 2028 Hyde Park Drive. Unit sizes average 1,500 square feet and monthly rents average $1,350. Buyer and seller information was not disclosed.

March 5, 2019

Development Georgia Industrial Self-Storage Southeast

BCDC, Adevco to Develop 804-Unit Self Storage Building in Metro Atlanta

by Alex Tostado March 5, 2019

DUNWOODY, GA. — Batson-Cook Development Co. (BCDC) and Adevco Corp. have broken ground on a 112,000-square-foot Extra Space Storage facility in Dunwoody. The planned three-story, climate-controlled building will offer 804 storage units. Anticipated completion is set for early 2021. The asset is situated at 4444 N. Shallowford Road, about 16 miles north of downtown Atlanta. Georgia’s Own Credit Union is providing construction financing, BCDC and Adevco are providing equity and Extra Space Storage will provide leasing and property management.

March 5, 2019

Acquisitions Multifamily Southeast Virginia

Pollack Shores Acquires 339-Unit Apartment Complex in Metro Richmond

by Alex Tostado March 5, 2019

GLEN ALLEN, VA. — Atlanta-based Pollack Shores has entered the Mid-Atlantic market with the acquisition of The Flats at West Broad Village, a 339-unit apartment community in Glen Allen. Pollack Shores has planned $4.5 million in renovations to the asset, which is situated above ground-floor retail between a Whole Foods Market and Trader Joe’s. Anticipated renovations include the addition of new stainless steel appliances, modern cabinetry and doors, new plumbing and lighting fixtures, granite countertops and plank flooring. The purchase includes 8,300 square feet of ground-floor retail space that the buyer will transform into the leasing office and a fitness center. The Flats at West Broad Village is located at 3930 Wild Goose Lane, about 14 miles northeast of downtown Richmond. The sales price and seller were not disclosed.

March 5, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 586-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams March 5, 2019

MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of McKinney Self Storage, a 586-unit facility located about 25 miles north of Dallas. The 72,485-square-foot property features 402 climate-controlled units and 184 drive-up units. Brandon Karr and Danny Cunningham of Karr Self Storage, a division of Marcus & Millichap, represented the seller, a private investor. A California-based self-storage owner/operator purchased the asset for an undisclosed price.

March 5, 2019

Acquisitions Multifamily Texas

180 Multifamily Capital Acquires 152-Unit Apartment Property in Bedford, Texas

by Taylor Williams March 5, 2019

BEDFORD, TEXAS — Arlington-based 180 Multifamily Capital has acquired Surrey Oaks, a 152-unit apartment community in Bedford, located on the northeastern outskirts of Fort Worth. Built in 1983, the community is situated directly off State Highway 121 next to Glade Parks, a shopping and dining destination. Floor plans consist of one- and two-bedroom units and amenities include a pool, fitness center, business center, tennis court and onsite storage space. The seller was not disclosed. The new ownership will rebrand and renovate the property.

March 5, 2019

Acquisitions Office Southeast Tennessee

FD Stonewater Purchases 89,000 SF Office Building in Nashville

by Alex Tostado March 5, 2019

NASHVILLE, TENN. — FD Stonewater has purchased Aramark Global Business’ operations property, an 89,000-square-foot office building fully leased to Aramark. The asset is situated at 5880 Nolensville Pike, about 12 miles south of downtown Nashville. Aramark, a global food services, facilities management and uniform services provider, has occupied the space since 2013. This is FD Stonewater’s fourth acquisition in Nashville in seven years. The seller and sales price were not disclosed, but The Tennessean reported that New York-based Gramercy Property Trust purchased the asset in 2014 for $16.5 million.

March 5, 2019

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