BLOOMINGDALE, GA. — Atlanta-based flooring retailer Floor & Decor has opened a 1.4 million-square-foot distribution center in Bloomingdale, roughly 15 miles west of Savannah. The facility is located within Morgan Business Center, a 250-acre industrial park located near the intersection of Interstates 16 and 95. The center is roughly 11 miles from the Port of Savannah. The retailer will use the facility to store and distribute merchandise to stores across the eastern U.S. Duke Realty developed the project and CBRE handled the center’s leasing assignment. The new facility brings an additional 30 jobs to the Savannah area.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 126,537-square-foot industrial facility in Elk Grove Village for an undisclosed price. The 4.2-acre property is located at 2001 Arthur Ave. The buyer, Seefried Industrial Properties Inc., plans to build an 80,000-square-foot warehouse to replace the existing building. Mike Antonelli and Mason Hezner of Brown Commercial represented the seller, Spirit Realty Capital, in the transaction. Jonathan Kohn of Colliers International represented Seefried.
SARALAND, ALA. — Mobile-based general contractor White-Spunner Construction is underway on a new 101-room Hampton Inn & Suites in Saraland, roughly 12 miles north of Mobile. The $15 million hotel will replace a previous Hampton Inn that closed in 2017, and will be one of the first to feature the newest Hampton design for the brand. In addition, the hotel will feature 900 square feet of meeting space, an outdoor pool, fitness center, sundry shop and a business center. The hotel is expected to open in October.
BLOOMINGTON, IND. — Pillar Financial has provided a $14.1 million Fannie Mae loan for the refinancing of Urban Station in Bloomington. The permanent financing will replace a construction loan. The 53-unit student housing property opened in August 2017. The four-story property was developed on the original site of The Chocolate Moose, an ice cream parlor dating back to 1933. The Chocolate Moose now occupies all of the property’s first-floor retail space. Joe Markech of Pillar originated the 12-year loan, which features a 30-year amortization schedule. Mike Dury of PR Mortgage & Investments arranged the loan. The borrower is a Bloomington-based developer and manger of student housing and multifamily properties throughout Indiana.
PEMBROKE PINES, FLA. — Strategic Storage Growth Trust Inc., a non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired an 870-unit self-storage facility in Pembroke Pines, roughly 23 miles north of Miami. The property is located at the intersection of Pines Boulevard and S.W. 186th Avenue. The 84,000-square-foot, climate-controlled facility was completed earlier this year and comprises one two-story and one three-story building. The sales price was not disclosed.
KENT, OHIO — Marcus & Millichap has arranged the sale of the Discount Drug Mart Center in Kent, about 40 miles south of Cleveland, for $3.2 million. The 31,762-square-foot retail center is located at 1763 E. Main St. The property is 100 percent occupied by tenants such as Discount Drug Mart and NAPA Auto Parts. Three of the four tenants have resided at the center since its construction in 1999. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company based in northeast Ohio. Russ Panowicz, also of Marcus & Millichap, secured and represented the buyer, an Indiana-based private investor.
WICHITA, KAN. — TGC Development Group has completed a $1.9 million interior renovation of the TownePlace Suites by Marriott Wichita East. The 82-room, extended-stay hotel is located at 9444 E. 29th St. Renovations include fully updated guest rooms and new furniture, flooring and décor in the lobby. The hotel is designed for travelers who need accommodations for longer stays, including fully equipped kitchens and separate working areas. Wichita-based SBA Construction was the general contractor for the project. TGC manages the hotel.
CHICAGO — ING Capital LLC has underwritten and closed a $231.5 million senior loan for the acquisition of One South Dearborn, an 828,538-square-foot office tower located in downtown Chicago’s Central Loop. The borrower was Connecticut-based Starwood Capital Group. ING expects to syndicate a portion of the senior loan in the coming weeks. Deutsche Asset Management provided a $62.5 million mezzanine loan for the acquisition. Hines developed the 40-story, Class A property in 2005. Law firm Sidley Austin has served as its anchor tenant since completion and recently renewed its lease. According to Crain’s Chicago, California-based Olen Properties was the building’s most recent owner. The sale closed on Jan. 24. Designed by DeStefano Keating Partners Ltd., the property features amenities such as a fitness center, conference facilities, 8,000 square feet of retail space and a 170-space parking garage. A 16,000-square-foot plaza fronts Dearborn Street and provides entry into the three-story lobby. “The opportunity to finance One South Dearborn was welcome given the quality of the property and the strength of downtown Chicago’s office market,” says Craig Bender, head of capital markets at ING. “This market has seen a significant increase in demand in recent years due to urban migration from the …
HOUSTON — If patience is a virtue, then developers and brokers in Houston’s office market are poised to become a bit more saintly. For the past three years, the story of the market has been a painful coinciding of sluggish oil prices hurting Houston’s largest tenants, while deliveries of new office spaces are at a peak. According to CoStar Group, more than 5 million square feet of office space has been delivered in Houston during each of the past three years. The nosedive that oil prices took beginning in early 2015 set rising vacancy in motion, leading to an 11-quarter streak of negative absorption. And while the price of oil has risen substantially to start the new year — increasing by roughly $10 to its current price of $65 per barrel over the last two months — that won’t force an overnight recovery in this struggling niche. This one-two punch has players in the space wondering when the market might finally begin to display sound fundamentals. According to panelists at the InterFace Houston Office Forecast, that’s not likely to happen before 2020. The event was held Thursday, Feb. 1 at the Royal Sonesta hotel in Houston. Approximately 150 industry professionals attended the …
The Raleigh-Durham industrial and flex market, totaling approximately 129 million square feet, continues to be strong with overall positive absorption. Vacancy is trending lower, making the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any city in North Carolina. Available industrial land is diminishing for development in high-demand areas, and that typically signifies a significant barrier to entry for developers helping keep supply in check. The rental rate for new industrial product is currently in the mid-$5.00 per square foot range and trending higher. Some developers and brokers speculate the Triangle may become a $6.00-plus per square foot market for institutional-grade warehouse space. However, when comparing rental rates to markets like Austin and Boston, Raleigh-Durham is still a very competitive option. Ground zero for the region’s warehouse market is in the general vicinity of Raleigh-Durham International Airport. Most of these distributors are delivering to the local market and need the central location and access to Interstate 40. The highest rates and prices can be found in this submarket and then start to decrease further out. Due to the lack of available land …