BRANFORD, CONN. — O,R&L Commercial has arranged a 31,375-square-foot industrial lease at 965 W. Main St. in Branford. Frank Hird of O,R&L represented the landlord, Branford West Main LLC. Kevin Geenty of The Geenty Group Realtors represented the new tenant, R&R Freight Services LLC, a provider of logistical services. The multi-year lease in the 200,000-square-foot facility brings the building to 100 percent occupancy.
PAULSBORO, N.J., AND PHILADELPHIA — Metro Commercial Real Estate has brokered leases for four new Save-A-Lot locations in Philadelphia and Paulsboro. Michael Murray of Metro Commercial represented Save-A-Lot in the following leases: 2101 W. Lehigh Ave., Philadelphia, at Hope Plaza Shopping Center. The 17,500-square-foot store will open this spring. 545 W. Broad St., Paulsboro, at Paulsboro Plaza Shopping Center. The 17,795-square-foot store will open this spring. 400 W. Allegheny Ave., Philadelphia. The 16,338-square-foot store will open this summer. 6301 Chew Ave., Philadelphia. The 18,425-square-foot store opened March 9.
NASHVILLE, TENN. — San Diego-based OliverMcMillan and Nashville-based Spectrum Emery have broken ground on Fifth + Broadway, a massive mixed-use development in downtown Nashville. The development cost wasn’t disclosed, but The Tennessean reports Fifth + Broadway will cost $430 million to develop. Situated across from Bridgestone Arena on the 6.2-acre site of the former Nashville Convention Center, the project will feature 235,000 square feet of retail and entertainment space, including the 56,000-square-foot National Museum of African American Music and a restaurant concept by Nashville restaurateur Tom Morales; a 385,000-square-foot office tower at 501 Commerce; more than 350 apartments; and more than 2,000 parking spaces. Rob Lowe and Stewart Lyman of Cushman & Wakefield are the leasing agents for the office tower. General contractor Skanska broke ground on Fifth + Broadway yesterday and plans to complete construction by late 2019.
LOS ANGELES — CenterPoint Properties has purchased 1 million square feet of contiguous transload facilities in Los Angeles. The price was undisclosed, though the company noted it purchased the asset “below replacement cost.” The property sits on 44.5 acres with easy access to a large population, nearby ports and major highways. CenterPoint plans to reposition and stabilize the asset to capture growing industrial demand.
LOS ANGELES — An e-commerce company has leased 295,267 square feet of infill logistics space at the Goodman Logistics Center in the Los Angeles submarket of Santa Fe Springs. The facility is situated less than two miles from I-5 and I-605. It is 22 miles from the ports of Los Angeles and Long Beach and 15 miles from downtown Los Angeles. The online supplier of automotive parts signed a seven-year lease on the first of three logistics facilities currently under construction. It is scheduled to take occupancy this summer. The remaining two facilities will be completed by the end of the year. The Goodman Group is developing the property.
MESA, ARIZ. — Skanska is completing construction on Phase I of Dexcom’s 145,000-square-foot build-out of an existing shell building in Mesa. The facility will be located at 232 S. Dobson Road. The first phase includes the renovation of a 60,000-square-foot industrial warehouse to medical device manufacturing space that will produce hardware- and software-compatible glucose monitors. The space includes 33,000 square feet of controlled environment room, chem prep and microbiology labs, 20,000 square feet of production machine shop and high-bay warehouse space, 42,000 square feet of equipment mezzanines, and 20,000 square feet of office, training and support space. A new 10,000-square-foot central utility building and equipment yard will also be built on-site.
LOS ANGELES — Universe Holdings has secured a $9.2 million loan for the 50-unit Sycamores apartments in the Los Angeles submarket of Inglewood. The community is located at 875 Victor Ave. The Sycamores was built in 1972. Universe Holdings has renovated and modernized the asset since it acquired the property in 2014. The refinancing retired existing debt and the original principal and improvement capital. It was arranged by HFF’s Charles Halladay.
SACRAMENTO, CALIF. — Hunt Mortgage Group has provided a $5 million loan to Promise Keeper LLC for the acquisition of the 72-unit Arden Villas apartment community in Sacramento. The community is located at 2043-2045 Wyda Way. Arden Villas is currently 96 percent occupied. Units were recently updated with new flooring, countertops, cabinetry and hardware. Select units also contain a washer and dryer, central HVAC and/or small yards and patio spaces. The loan was a Freddie Mac Small Balance Loan.
HURST, TEXAS — Marcus & Millichap has brokered the sale of a 41,839-square-foot retail property located at 740-760 W. Pipeline Road in the Dallas-Fort Worth metro of Hurst. Built in 2015, the property is fully leased to a Walmart Neighborhood Market. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Jamie Medress and Mark Ruble, also with Marcus & Millichap, represented the buyer, a private investor who purchased the store at a 4.5 percent capitalization rate.
HOUSTON — Austin-based investment firm The PPA Group, in a partnership with a private Israeli investment company, has acquired Citation North Apartment Homes, a 236-unit multifamily property in north Houston. Situated on eight acres at 411 Highland Cross Drive, the Class C property will be rebranded as Highland Cross Apartments. Grandbridge Real Estate Capital brokered the transaction.
