HURST, TEXAS — SVN Trinity Advisors has brokered the sale of a 40,288-square-foot office building located at 1550 Norwood Drive in Hurst, a northeastern suburb of Fort Worth. Steve Fithian and Clint Montgomery of SVN Trinity represented the seller, AREI LLC, in the transaction. John Fegan of Compass Realty represented the buyer, 1550 Norwood LLC. The multi-tenant building was constructed in 1985.
ST. LOUIS — The St. Louis Cardinals and The Cordish Cos. have broken ground on the $260 million second phase of Ballpark Village. The 700,000-square-foot mixed-use expansion project will complete a full build-out of Clark Street. New buildings will be constructed on both the east and west sides of the existing Phase I development. A new street, running from 8th to Broadway streets, will be called Cardinal Way. On the east end of Cardinal Way will be a 29-story luxury residential tower called One Cardinal Way. On the west end will be a Class A office building, anchored by PricewaterhouseCoopers, and a convention hotel, Live! by Loews-St. Louis. In addition, a three-story retail pavilion just north of the existing Busch II Infield and event plaza will connect everything together. This glass pavilion will be anchored by a 31,000-square-foot Onelife Fitness. Designed by Hord Coplan Macht, the 29-story One Cardinal Way will feature 297 apartment units and 10,000 square feet of restaurant and retail space on the first floor. The building will also feature 25,000 square feet of amenity space, including an infinity edge pool, demonstration kitchen, club room, entertainment room, fitness center and conference room. Designed jointly by HKS Architects, HCM and Tao & …
WICHITA, KAN. — Choice Hotels International Inc. (NYSE: CHH) has reached a definitive agreement to acquire the brand and franchise business of WoodSpring Suites from WoodSpring Hotels Holdings LLC, a portfolio company of Lindsay Goldberg, for approximately $231 million. The acquisition will add nearly 240 extended-stay hotels in 35 states to the Choice Hotels portfolio, creating an extended-stay portfolio of more than 350 properties with existing brands MainStay Suites and Suburban Extended Stay. Wichita, Kansas-based WoodSpring Hotels is an extended-stay hotel company, with nearly 240 properties in 35 states nationwide. Over the past few years, the company has executed a brand relaunch and repositioning, resulting in WoodSpring Suites unit growth of more than 25 percent and franchise fee revenue growth of 45 percent in the last three years, according to Choice Hotels. More than 25 Woodspring hotels are expected to open in 2018. The transaction is expected to close in the first quarter of 2018. Moelis & Co. LLC is serving as financial advisor to Choice Hotels on the transaction, while Willkie Farr & Gallagher is serving as legal advisor. Morgan Stanley & Co. LLC is serving as financial advisor to WoodSpring, while Weil, Gotshal & Manges LLP is serving as legal advisor. Lindsay …
ST. PETERS, MO. — Knoebel Construction has completed The Shoppes at Mid Rivers in St. Peters, a suburb of St. Louis. The project is the largest mall to be built in St. Charles County since 2008. The 270,000-square-foot shopping center includes 14 buildings on 28 acres just north of I-70. Academy Sports + Outdoor, Burlington, Marshalls, Home Goods, Ulta Beauty, OshKosh B’gosh, Five Below, Famous Footwear and Aspen Dental have opened at the property. Ross Dress for Less, Sleep Number, Sprint and World Financial are slated to open in early 2018. Approximately 50 subcontractor companies worked on the project. The shopping center will employ 750 full- and part-time employees, according to developer GBT Realty Corp.
LIVONIA, MICH. — Mid-America Real Estate Corp. has arranged the sale of Millennium Park shopping center, a 273,029-square-foot retail center in Livonia, a suburb of Detroit. Grand Sakwa Properties acquired the asset for an undisclosed price. Ben Wineman of Mid-America arranged the transaction on behalf of the seller, Ramco-Gershenson Properties Trust. Millennium Park shopping center is home to tenants including The Home Depot, Marshalls, Michaels, PetSmart and Ulta Beauty. Costco and Meijer anchor the center.
MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of English Manor for $3 million. The 37-unit apartment building is located on English Street in Maplewood, about 20 miles east of Minneapolis. The property features 21 one-bedroom units and 16 two-bedroom units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer. Both were private investors.
DOUGLASVILLE, GA. — CyrusOne, a Dallas-based global data center REIT, has unveiled plans to expand into the Atlanta-area market with a 44-acre campus in Douglasville. The $206 million project will be located near the home of Google’s 2 million-square-foot server farm, according to the Atlanta Business Chronicle. At full build-out, the project will include three data centers totaling 440,000 square feet, and 50 megawatts of critical power. Construction is scheduled to begin in the first quarter of 2018, with completion of the first building slated for the summer of 2018. CyrusOne’s Atlanta centers will have access to multiple cloud providers and will be linked to the CyrusOne National Internet Exchange, which delivers interconnection between other CyrusOne locations across the country. The company currently operates 44 data center facilities across the United States, Europe and Asia.
PEMBROKE PINES, FLA. — Cushman & Wakefield has arranged the sale of Pembroke Pointe 880, a 143,535-square-foot office building in Pembroke Pines, a city in Broward County. Public records show the building sold for $42 million. Scott O’Donnell, Mike Davis, Michael Lerner, Dominic Montazemi, Miguel Alcivar, Greg Miller and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, Duke Realty. Jason Hochman of Cushman & Wakefield arranged a $22.7 million, long-term acquisition loan on behalf of the buyer, Pembroke Pointe Office LLC, an affiliate of Miami-based Midtown Capital Partners LLC. Pembroke Pointe 880 was constructed in 2015 and features 36,111-square-foot floor plates, a parking ratio of 5.5 per 1,000 square feet and Interstate 75 frontage. In addition, the property is located adjacent to the 400,000-square-foot Shops at Pembroke Gardens, an open-air retail center. At the time of sale, the building was 86 percent leased to tenants including Global Medical Management, Elizabeth Arden, CES Consultants Inc., Boxy Charm, Kronos Inc., Corestaff, Devry Education Group and Evolution Lighting LLC.
CHARLOTTE, N.C. — McCraney Property Co. has acquired a 54-acre land parcel in Charlotte for the development of a 610,700-square-foot speculative industrial project. Dubbed Airport South Business Park, the property will be located near the intersection of Billy Graham Parkway and West Boulevard, less than one mile from Charlotte Douglas International Airport. Upon completion, the development will include five Class A industrial buildings. Warren Snowdon and David Hanna of Foundry Commercial arranged the land acquisition on behalf of McCraney Property Co. The project is part of the developer’s more than 2 million-square-foot industrial pipeline currently under development or planned throughout the Southeast.
BOWIE, MD. — Neuman Commercial Group LLC has arranged the $21 million sale of The Shoppes at Bowie Town Center, a 104,000-square-foot retail center in Bowie, a suburb 18 miles east of Washington, D.C. Gil Neuman of Neuman Commercial Group arranged the transaction on behalf of the seller, Shoppes at Bowie Town Center LLC, and procured the buyer, J.A.R. New York RLT. The center was 98 percent leased at the time of sale to 12 tenants including Five Below, Party City, Goodwill, Bank of America, A.C. Moore, Music & Arts, David’s Bridal, Sprint and California Tortilla. The Shoppes at Bowie Town Center is a specialty extension of the 578,000-square-foot Bowie Town Center, an open-air shopping center leased to tenants including Safeway, Macy’s, Best Buy, Off Broadway Shoes, LA Fitness, Chipotle Mexican Grill and Barnes & Noble.