KENNESAW, GA. — InvenTrust Properties Corp. has acquired Kennesaw Marketplace, a 114,000-square-foot retail center in the northwest Atlanta suburb of Kennesaw, for $64.3 million. Atlanta-based Fuqua Development delivered the center in 2017. Whole Foods Market anchors the development, which was 99 percent leased at the time of sale to tenants including Starbucks Coffee, MOD Pizza, PNC Bank, AT&T, Sports Clips, Del Taco, Zoe’s Kitchen, Newk’s Eatery and Navy Federal Credit Union.
CHAPEL HILL, N.C. — Eyzenberg & Co. has selected Greystar to develop Grove Park, an 850-bed student housing community located at 425 Hillsborough St. in Chapel Hill, a half-mile from the University of North Carolina (UNC) at Chapel Hill campus. Eyzenberg arranged the 12.3-acre ground lease for the project, which is currently home to an existing 111-unit apartment community. Other terms of the deal were not disclosed. The community will include a mix of apartment units and townhomes, and will feature study spaces, a swimming pool, fitness facilities, five-level parking garage and a rooftop deck. Townhouse Apartments LLC, owned by the Segar Family, which also owns the land, developed the project concept, managed the design, coordinated the entitlement and delivered the permits. Greystar expects to break ground on the community this summer and deliver the project prior to the 2020-2021 school year.
FLOWER MOUND, TEXAS — Duke Realty Corp. has broken ground on a 635,000-square-foot distribution center in Flower Mound, a northern suburb of Fort Worth. The building, which is slated for a May 2019 delivery, will feature a cross-dock configuration and 36-foot clear heights. Approximately 450,000 square feet, or 71 percent of the space, has been preleased to PPG Industries Inc., a Pittsburgh-based supplier of architectural paints and coatings.
LEWISVILLE, TEXAS — Transcontinental Realty Investors Inc. and its subsidiary, Adobe Properties, have broken ground on Tower Bay Lofts, a 308-unit midrise multifamily community in Lewisville, a northern suburb of Dallas. The four-story property will feature amenities such as multiple pools, a fitness center, bocce court, storage units, bike rental service, coffee bar and a resident lounge with a bar. Units will range in size from 575 square feet to 1,604 square feet. A timeline for completion has not yet been established.
HOUSTON — The Jenkins Organization is underway on development of EaDo Storage, an 830-unit self-storage facility that will be located in downtown Houston. The Class A facility will consist of 108,000 square feet and offer both climate- and non-climate-controlled units. Additional features will include gated entry, electronic security monitoring throughout and space for a live-in, on-site manager. Construction began this year and completion is slated for later in the summer.
DETROIT — Lutz Real Estate Investments and Northern Equities Group have acquired the historic Albert Kahn Building in Detroit’s New Center, a commercial and residential historic district. The price was undisclosed. The 320,000-square-foot office building, once home to Saks Fifth Avenue, will be converted into 200 apartment units and 60,000 square feet of retail and office space. Kraemer Design Group is the design firm and Cunningham Limp is the general contractor. Brian Raznick of Jaffe Raitt Heuer & Weiss represented the partnership in the transaction. Q10 | Lutz Financial Services secured the acquisition and renovation financing from a West Coast-based lender that had been actively looking for Detroit financing opportunities. A.J. Weiner and Anne Knopke of JLL brokered the sale. The Platform acquired the 10-story Albert Kahn Building in 2015 in a package deal with the landmark Fisher Building.
BLUE SPRINGS, MO. — LandMark Group Cos. is developing a $40 million manufacturing build-to-suit for Faurecia in the Kansas City metro area of Blue Springs. The 250,000-square-foot facility will be located on 25 acres of land adjacent to 20th Street on the north side of I-70. LandMark Construction, a division of LandMark Group Cos., will design and construct the property. Faurecia is an automotive technology company.
MINNEAPOLIS — LaSalle Investment Management has acquired T3, a 222,000-square-foot office property in downtown Minneapolis. Neither the purchase price nor the seller was disclosed. Built in 2016, T3 is located within the North Loop submarket. Amazon occupies approximately half of the property under a long-term lease.
WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed an industrial build-to-suit for Visual Pak Cos. in Waukegan. The 197,000-square-foot facility features a clear height of 32 feet, 9,500 square feet of office space, 30 exterior truck docks and 244 car parking spaces. Visual Pak provides solutions in the contract packaging industry. The project team also included Cornerstone Architects Ltd., Manhard Consulting Ltd., Swift Structural Design, MVP Plumbing, MK Industries and Connelly Electric.
CHICAGO — NAI Hiffman has arranged the sale of InterPark Corporate Center in Chicago for an undisclosed price. The 12-building, 165,000-square-foot office complex is situated on seven acres. Jonathan Berger of Berger Asset Management LLC purchased the property from AREI (InterPark) LLC with plans to revitalize and reposition the asset. Plans call for a new fitness center, conference and lounge space and bike share program. The property will be renamed Concourse Chicago and is expected to reopen this fall. John Cash, Art Burrows, David Haigh and Steve Chrastka of NAI Hiffman brokered the transaction.
