CHICAGO — Interra Realty has brokered the sale of a multifamily property in Chicago’s Hyde Park for $6.5 million. The 75-unit property is located at 5736 S. Stony Island Ave. The building, which borders the University of Chicago, features 43 studio apartments, 29 one-bedroom and three two-bedroom units. Craig Martin of Interra represented both the buyer and seller. The purchaser was a privately held national real estate investment firm and the seller was a private owner.
FENTON, MO. — Alkem Laboratories and Beckwood Press Co. have signed industrial leases totaling 87,966 square feet at Fenton Logistics Park in Fenton. Alkem Laboratories, a pharmaceutical company, signed a 32,086-square-foot lease in the park’s first speculative building located at 2050 Fenton Logistics Blvd. Beckwood Press Co., a hydraulic equipment supplier, signed a 55,880-square-foot lease at the park’s second speculative building, which is currently under construction. Jon Hinds and Katie Haywood of CBRE represented the landlord and developer, KP Development. JLL and NAI Desco represented Alkem and Beckwood Press, respectively.
COLORADO SPRINGS, COLO. — A joint venture between Griffis/Blessing Inc. and Freshwater Investment has purchased the 280-unit Lamplight Square at the Park Apartments in Colorado Springs for $41.1 million. The community is located at 6236 Twin Oaks Drive. Lamplight Square was built in 1984. Community amenities include a clubhouse with leasing office and business center, fitness center, coffee bar, swimming pool, spa, picnic area, courtyard and covered parking.
PORTLAND, ORE. — A joint venture between Security Properties Development Co. and Beijing Jade Investment Group has purchased the PepsiCo Distribution Center in Portland for an undisclosed sum. The center is located between NE 25th and NE 27th avenues, and NE Holladay Street and NE Sandy Boulevard. The JV plans to redevelop the five-acre urban property under the City of Portland’s “Large Site Master Plan” designation, offering market-rate and affordable housing, office, retail and other real estate types over the next several years.
SACRAMENTO, CALIF. — Insight Realty Co. has purchased Park Plaza, a 73,000-square-foot office building in downtown Sacramento, for an undisclosed amount. The Class A building is located at 1303 J St. The firm partnered with local developer and investor Patrick Molloy, along with his firm Gavden Investments, to acquire the asset.
SALEM, ORE. — A joint venture between PCCP and Capstone Partners has announced plans to develop Mill Creek Logistics Center, a 1 million-square-foot distribution facility in Salem. The facility is situated in the Mill Creek Corporate Center, a 548-acre master-planned industrial park. The JV acquired the land in late August from the State of Oregon – Department of Administrative Services. Development has commenced on the 62-acre parcel with completion anticipated in July 2018. Notable neighboring tenants include Home Depot and FedEx.
PHOENIX — Aquafil USA has leased a 116,890-square-foot industrial building in Phoenix. The facility is located at 3555 W. Washington St. It was built in 1991. The company is expanding into the market to increase its nylon fiber operations. Keith Clark and Dave Dixon of Commercial Properties Inc./CORFAC International represented the tenant, while JLL represented the landlord, Colony Northstar, in this transaction.
KNOXVILLE, TENN. — Southeastern Development is underway on One Riverwalk, a $160 million mixed-use project in downtown Knoxville. The Augusta, Ga.-based company demolished 800,000 square feet of the former Baptist Hospital to make way for the project. Upon completion, the 23-acre development will include a 300-unit apartment community that is slated to open in November, a student housing facility, a new hotel and various retail and office buildings. Regal Cinema Corp., one of the world’s largest theater chains, redeveloped a former 180,000-square-foot medical building on the site, with plans to relocate its corporate headquarters to the development this fall. University Housing Group purchased five acres within the project to develop the student housing community, servicing students attending the University of Tennessee. The student housing units are slated to open in summer 2018. Phase II of the project will bring a Home2 Suites Hotel, slated to open in the fall of 2018; the renovation of an existing 50,000-square-foot office building that will be converted to retail and restaurant space; 10,000 square feet of retail space; and reconfiguration of Blount Avenue to include wider sidewalks, bike paths and landscaped medians. Public improvements are slated to debut in summer 2018, and restaurant and …
CHARLESTON, S.C. — A joint venture between North Signal Capital LLC and a fund managed by Westport Capital Partners LLC has purchased two industrial sites in Charleston with plans to develop a speculative building and a build-to-suit property. The sites, collectively referred to as North Pointe Commerce Park, will add approximately 400,000 square feet of Class A industrial space to the market. The partnership will break ground on the 250,000-square-foot speculative building this month, with delivery slated for September 2018. The build-to-suit project could deliver as early as September 2018. North Pointe Commerce Park is situated within 10 miles of the Charleston International Airport, North Charleston Terminal, Boeing and SPAWAR, the U.S. naval installation. Colliers International represented the seller, WestRock, in the transaction. Peter Fennelly, Hagood Morrison and Simons Johnson of Colliers will handle the industrial park’s leasing assignment.
TALLAHASSEE, FLA. — Asset Campus Housing has completed development of Domain at Tallahassee, a 125-unit student housing property located half a mile from Florida State University. Meeks + Partners was the architect for the project, which features a swimming pool, computer lab, study lounge and a fitness center. The five-story community offers a mix of one- to four-bedroom units ranging in size from 659 to 1,399 square feet. Domain at Tallahassee began leasing for students entering the fall 2017 semester.
