PORT HURON, MICH. — HP Pelzer Automotive Systems has signed a 90,000-square-foot industrial lease in Port Huron, about 60 miles north of Detroit. The manufacturer of acoustic and thermal components for the automotive sector will occupy the entire building located at 2336-2356 Beard St. HP Pelzer maintains additional facilities in Port Huron. Jason Capitani and Joe DePonio of L. Mason Capitani CORFAC International brokered the lease transaction.
MATTESON, ILL. — Namdar Realty Group has acquired Matteson Town Center in Matteson, approximately 35 miles south of Chicago. The purchase price was in excess of $1 million, but the exact price was not disclosed. Developed in 1982 and expanded in 1990, the 181,169-square-foot shopping center is located at 104 Town Center Road. OfficeMax and Chuck E. Cheese’s anchor the center. Other tenants include FootLocker, GameStop, Check ‘n Go, Cricket Wireless, Hibachi Grill & Buffet and Subway. At the time of sale, 91,143 square feet of the center was vacant. Joel J. Gorjian of Namdar completed the acquisition on the company’s behalf. Derrick Almassy of CBRE represented the undisclosed seller.
IRVINE, CALIF. AND CHICAGO — Sabra Health Care REIT (NASDAQ: SBRA) and Care Capital Properties Inc. (NYSE: CCP) are joining forces to create a healthcare REIT with a pro forma total market capitalization of roughly $7.4 billion and an equity market capitalization of roughly $4.3 billion. The all-stock transaction is expected to close during the third quarter of 2017. The new REIT will be headquartered in Irvine and include a healthcare portfolio comprised of 564 investments across 43 states and Canada. Sabra’s current executive team will manage the company, which will continue to trade under the SBRA ticker symbol. During a conference call on Monday morning, Sabra CEO and Chairman Rick Matros stated that the merger enables Sabra to achieve its goal of upgrading its credit rating. “With this structure to the stock deal, the transaction is credit-enhancing for both parties,” Matros said during the call. “Our leverage will be modest, we’ll have greater scale and diversification and greater opportunities for shareholder-friendly growth than either company had on a standalone basis.” Matros also noted during the call that the merger allows Sabra to meet one of its diversification goals: adding more skilled nursing facilities. However, that focus won’t change the …
If it’s been several years since visiting Memphis, it’s time to come back and see the improvements. The city and suburbs have experienced large amounts of new construction and redevelopments, from the downtown Memphis Pyramid becoming the grandest Bass Pro Shops outside of their headquarters to the new Tanger Outlets in Southaven, Miss., and many more developments in between. The most active retail category continues to be restaurants, followed closely by grocers and service-oriented retailers. New restaurants have leased space across the market, varying from fast-casual options like Pimento’s Kitchen + Market to upscale options like Cheesecake Factory and Char, a steakhouse based in Jackson, Miss. In the grocery sector, Kroger, The Fresh Market and Whole Foods Market expanded their reach by adding new and redeveloped stores. Kroger, with its 125,000-square-foot Marketplace concept, is further solidifying market share and geographic footprint with Marketplace units in Hernando and Arlington and a 100,000-square-foot unit in Germantown. These locations were also joined by new-to-Memphis Sprouts Farmers Market. Trader Joe’s also announced plans to open a new store later this year. One of the most notable new Memphis-area retailers is IKEA, which opened its 271,000-square-foot store along Interstate 40 in late 2016. The store …
RESTON, VA. — Atlantic Realty Cos. has kicked off construction today on Hunters Woods at Trails Edge Senior Living Community located at 2222 Colts Neck Road in Reston, about 22 miles west of Washington, D.C. The $72 million seniors housing facility will span 230,000 square feet on a 4.3-acre lot. The development team, which comprises Atlantic Realty, AEW Capital Management and IntegraCare, is demolishing the existing United Christian Parish Church to make way for the 210-unit community by January 2019. The property will feature 90 independent living, 81 assisted living, 15 special needs and 24 memory care units. The project will offer 20 percent of the independent living units as affordable units and 4 percent of the assisted living beds will be available for residents who are eligible for the Virginia Department of Aging and Rehabilitative Services Auxiliary Grant Program. Community amenities will include an arts studio, barbershop, salon, advanced security and communication technology and community-wide Wi-Fi. Jim Kornick of Avison Young’s Washington, D.C., office was the lead advisor bringing the project to fruition.
CHARLOTTE, N.C. — Omni Hotels & Resorts has plans to implement a $26 million transformation of the 374-room Omni Charlotte Hotel located at the corner of South College and East Trade streets in Uptown Charlotte. Moncur Design Associates Inc. and CT + C Design Studio are spearheading the redesign, which features a new exterior, renovated lobby experience, updates to Trade Restaurant & Bar, new furniture in the guest rooms and suites, renovation of the 14th-floor club lounge and a rooftop pool deck and bar.
BUFORD, GA. — Liberty Property Trust has signed ProCraft Cabinetry, a Nashville, Tenn.-based distributor of kitchen cabinets, to a 120,400-square-foot industrial lease at the REIT’s new 38-acre Liberty Business Center in Buford, a northeastern suburb of Atlanta. ProCraft Cabinetry will move into Building One, located at 3525 Gravel Springs Road, in June. Both of Liberty Business Center’s LEED Silver-certified buildings feature 50- by 54-foot column spacing, 32-foot clear heights, ESFR sprinkler systems and trailer parking. Matt Nelsen of Hughes Commercial Real Estate represented ProCraft Cabinetry, and Price Weaver and Lee Cardwell of Colliers International represented Liberty in the lease transaction.
FORT MITCHELL, KY. — NorthMarq Capital has arranged the $4.1 million refinancing for Chamber Office Park, a 67,552-square-foot office park located at 2101-2181 and 2500 Chamber Center Drive in Fort Mitchell, a Kentucky city located about six miles south of Cincinnati. Susan Branscome of NorthMarq’s Cincinnati office arranged the fully amortizing, 10-year loan through an undisclosed life insurance company.
FORT WORTH, TEXAS — Facebook’s $1 billion data center in Fort Worth, which includes 440,000 square feet of server space and 70,000 square feet of administrative space, has gone operational. Construction of the property, which is situated on 150 acres at State Highway 170 and Park Vista Boulevard, began in June 2015. The Menlo Park, California-based media giant will also build a $267 million addition to the center that will deliver more than 400,000 square feet of additional space, according to The Dallas Morning News.
HOUSTON — Grandbridge Real Estate Capital has arranged $7.8 million in refinancing for a 138,633-square-foot office building located at 2224 Bay Area Blvd. in the Clearlake area of Houston. Adam Lipkin of Grandbridge arranged the refinancing for the six-story property on behalf of a sovereign wealth fund operated by the Republic of Nauru, a South Pacific island nation. The property is primarily leased to a subsidiary of Jacobs Engineering Group, a publicly traded NASA contractor.
