Property Type

Joint Venture Breaks Ground on Transit-Oriented Multifamily Community in Metro D.C.

by Camren Skelton July 13, 2018

ALEXANDRIA, VA. — A joint venture between Novare Group, Mulberry Development Group and Mill Green Partners has broken ground on Cameron Park, a 302-unit apartment community located adjacent to the Van Dorn Metro Station in Alexandria, roughly eight miles south of Washington, D.C. The community will offer a mix of studio to three-bedroom units. Amenities at Cameron Park will include a pool with sundeck, grilling stations, outdoor cabanas, fitness center, separate yoga room, clubroom, game room, cyber café, business center and private offices. KTGY is the project architect, and Fortune-Johnson is the general contractor. Preferred Apartment Communities (PAC) and Citizens Bank are providing construction financing for the project. PAC provides mezzanine loans to development projects and also enters into purchase options to acquire the projects once stabilized. Construction on Cameron Park is scheduled to take 24 months, with the first move-ins expected in the first quarter of 2020.

July 13, 2018

Development Industrial Southeast Virginia

Becknell to Develop 60-Acre Industrial Park Near Richmond International Airport

by Camren Skelton July 13, 2018

RICHMOND, VA. — Becknell Industrial has acquired a 60-acre parcel of land along Laburnum Avenue and Seven Hills Boulevard in Richmond with plans to construct a four-building industrial campus. The 805,190-square-foot development, located roughly two miles from Richmond International Airport, will be known as Airport Logistics Center. The first phase of the project will include a 246,760-square-foot concrete building with 32-foot clear heights, LED lighting with motion sensors, an ESFR sprinkler system, multiple drive-in doors, trailer parking with 135-foot court depths and a 60-foot loading bay. Becknell expects to wrap up construction on the first building in spring 2019. Cliff Porter of Porter Realty Co. will manage the industrial park and handle the property’s leasing assignment.

July 13, 2018

Acquisitions California Office Western

NKF Capital Markets Negotiates Sale of 124,529 SF Office Building in Inland Empire for $29.9M

by Amy Works July 13, 2018

ONTARIO, CALIF. — NKF Capital Markets has brokered the sale of Empire Towers V, a five-story office building located at 3990 Concours St. in Ontario. TA Associates sold the property to MGR Realty for $29.9 million. Kevin Shannon, Ken White and Michael Moore of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Built in 2007, the 124,529-square-foot property is situated on 4.4 acres and within walking distance to various amenities, including restaurants, hotels, Ontario Mills Mall, Citizens Business Bank Arena and the Ontario Convention Center. At the time of sale, the property was 100 percent occupied by 11 tenants, including United Health Care Services, Chapman University and CEMEX.

July 13, 2018

Acquisitions Florida Retail Southeast

HFF Brokers $29M Sale of Grocery-Anchored Center in Tampa Bay Area

by Camren Skelton July 13, 2018

PLANT CITY, FLA. — HFF has brokered the $29 million sale of Lake Walden Square, a 244,529-square-foot shopping center in the Tampa Bay community of Plant City. Eric Williams, Daniel Finkle and Luis Castillo of HFF arranged the transaction on behalf of the seller, Retail Value Inc. JBL Asset Management acquired the property. Winn-Dixie anchors Lake Walden Square, which was 93.3 percent leased at the time of sale. Additional tenants include Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear, Continuecare Medical, Amscot Financial, Cricket Wireless, Queen Nails and Firehouse Subs.

July 13, 2018

Development Industrial Kentucky Southeast

Kroger to Invest $17M to Expand Distribution Facility in Northern Kentucky

by Camren Skelton July 13, 2018

FLORENCE, KY. — The Kroger Co. plans to invest $17 million to expand its newly built distribution center on Mt. Zion Road in Florence, a city in northern Kentucky’s Boone County. The 674,000-square-foot facility, which opened in fall 2017 after Kroger’s $60 million investment, currently employs 80 associates. The expansion project will ramp up production at the facility and create 250 new jobs, the majority of which will be full-time positions. The project is supported by a Kentucky Business Investment incentive of up to $1 million over 10 years. The company’s annual eligibility for the performance-based tax credit is linked to investment, job creation and retention and average hourly wage targets. Kroger will start to expand its team for the distribution facility in September. The grocer currently employs more than 21,000 people in Kentucky.

July 13, 2018

Acquisitions Kentucky Retail Southeast

SRS Arranges $8.9M Sale of Shopping Center Near Lexington

by Camren Skelton July 13, 2018

NICHOLASVILLE, KY. — SRS’ Investment Properties Group has arranged the $8.9 million sale of Brannon Crossing Centre, a 63,707-square-foot retail center located at 230 E. Brannon Road in Nicholasville, roughly 12 miles south of Lexington. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, Viking Partners. Jason Taylor of Equity Management Group Inc. represented the buyer, Brannon 230 LLC. Brannon Crossing Centre was 97 percent leased at the time of sale to tenants such as Marshalls, HomeGoods, Subway, Great Clips, Sally Beauty Supply and Sun Tan City.

July 13, 2018

Loans Retail Utah Western

Bellwether Enterprise Secures $10.5M Refinancing for Retail Center in Orem, Utah

by Amy Works July 13, 2018

OREM, UTAH — Bellwether Enterprise has arranged a $10.5 million first mortgage loan to refinance a shopping center in Orem. Shelley Magoffin and Max Sauerman of Bellwether secured the financing for a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The non-recourse loan features a 10-year term, 25-year amortization schedule and flexible prepayment penalty for the latter half of the loan term. Constructed in phases between the 1950s and 1980s, the property features more than 100,000 square feet of retail space. At the time of financing, the asset was 95 percent leased to 11 tenants ranging in size from 1,400 square feet to 40,000 square feet. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

July 13, 2018

Arizona Development Industrial Western

Graycor Construction Co. to Build Phase One of Prologis I-17 Logistics Center in Phoenix

by Amy Works July 13, 2018

PHOENIX — Prologis has selected Graycor Construction Co. for the first phase of its new Prologis I-17 Logistics Center, located on 25 acres of infill space within Phoenix’s 7th Street Corridor. When complete, the first phase will comprise four buildings offering a total of 558,712 square feet of industrial space, divisible from 25,000 square feet to 211,000 square feet. The project is located at 2111-2145 S. 7th St. at the southeast corner of 7th Street and Interstate 17. Graycor will begin construction of the first phase in July, with completion slated for the first quarter of 2019. Phase I will feature four buildings ranging in size from 82,284 square feet to 211,208 square feet. Each building will offer 32-foot clear heights, 52-foot by 50-foot column spacing, 135-foot to 210-foot truck courts and the flexibility to accommodate multiple mid-size users.

July 13, 2018

Development Illinois Industrial Midwest

TriStar Properties Is Developing $115M Industrial Campus for WWT Near St. Louis

by Kristin Harlow July 13, 2018

EDWARDSVILLE, ILL. —TriStar Properties is developing a $115 million industrial campus for World Wide Technology (WWT) at Gateway Commerce Center in Edwardsville, just northeast of St. Louis. The 176-acre build-to-suit will include two buildings totaling 2 million square feet. St. Louis-based WWT is an international technology provider with 4,600 employees in more than 70 offices worldwide. WWT plans to use one building for the production and assembly of technology equipment. The other will be used for storage and distribution. The buildings are slated for completion in April and August 2019. The buildings will feature a clear height of 36 feet in addition to dock doors and truck courts. Contegra Construction is the general contractor. PCCP is TriStar’s equity partner in the deal.

July 13, 2018

Development Midwest Mixed-Use Ohio

Blue Horseshoe Ventures to Develop $50M Mixed-Use Project in Gahanna, Ohio

by Kristin Harlow July 13, 2018

GAHANNA, OHIO — Blue Horseshoe Ventures Ltd. is developing Hamilton Towne Centre, a $50 million mixed-use development in Gahanna near Columbus. The project will include a 48,000-square-foot office building that will serve as the corporate headquarters for Blue Horseshoe. Plans also call for a luxury apartment complex, four-story hotel, specialty coffee shop, fitness center and several restaurants. A timeline for completion was not disclosed.

July 13, 2018

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