JURUPA VALLEY, CALIF. — Star Holdings LLC has acquired a 32,898-square-foot manufacturing/distribution facility in Jurupa Valley for $4.1 million. The facility is located at 4758 Troy Court. The building was completed in January as part of the Galena Business Park. It sits on 68,389 square feet of land.
NORFOLK, VA. — The City Council of Norfolk has unanimously approved IKEA’s plans for a new store, the Swedish retailer’s second location in Virginia. Plans call for a 331,000-square-foot store featuring 10,000 items, 50 room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant, as well as 1,200 parking spaces. The new store will be situated on 19 acres at the northwest corner of Interstate 64 and Northampton Boulevard, about eight miles east of downtown Norfolk. Pending remaining approvals and permits, construction on the new store is slated to begin this summer with an opening set for summer 2018. The project is expected to create 500 construction jobs and 250 permanent jobs upon opening.
CHARLOTTE, N.C. —Insite Properties plans to develop The Refinery, a five-story office development located at 1213 W. Morehead St. near Uptown Charlotte. Insite’s joint venture partner on the development is Washington, D.C.-based Northridge Capital LLC. Situated a half mile from Bank of America Stadium, The Refinery will span 105,000 square feet of office space and feature a connected parking structure, rooftop indoor/outdoor conference center, first floor showers and lockers, community meeting space, tenant café and an interior bike room. The project team includes civil engineer LandDesign, architect BB+M Architecture and leasing agents Barry Fabyan and Charley Leavitt of JLL. The design team is aiming for LEED certification. Insite and Northridge plan to deliver the project in the fall of 2018.
COCONUT GROVE, FLA. — Terra and partner Mayfair Real Estate Advisors plan to transform a 1980s-era parking garage in Coconut Grove into Mary Street, a Class A mixed-use project. Designed by Touzet Studio, the property will include three levels of office space, a public parking garage component and 20,000 square feet of street-level retail space fronting Mary, Oak and Rice streets. The property will include a main lobby, 24-hour security, covered valet and drop-off, dedicated elevators, electric car charging stations and bike storage. Construction on Mary Street is set to begin early this year. Terra has two other projects in Coconut Grove under construction: Grove at Grand Bay, a condominium property, and Park Grove, a multifamily community. Mary Street will represent the first construction of office space in Coconut Grove in more than 20 years, according to Terra.
OCALA, FLA. — Cushman & Wakefield has arranged the $29.4 million sale of Tuscany Place, a 288-unit, value-add apartment community located at 3420 S.W. 34th St. in Ocala. A partnership between Gainesville, Fla.-based The Collier Cos. and Houston-based ApexOne Investment Partners acquired the asset from Richmond, Va.-based GrayCo Inc. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando Capital Markets Multifamily Advisory Group represented GrayCo in the transaction. Built in 1997, Tuscany Place features one-, two- and three-bedroom units averaging 1,126 square feet. The average rental rate is $858 per month, and the community features a resort-style pool, heated jacuzzi, 24-hour laundry center, pet walk, playground, resident business center, 24-hour fitness center, jogging path, two-car wash areas with vacuums, barbecue grills, lighted tennis court, professional landscaping and two VIP/guest suites.
LILBURN, GA. — CBRE has arranged the $22.6 million sale of Park Crossing Apartments, a 280-unit multifamily community located at 2700 Park Crossing Way in Lilburn, a northeast suburb of Atlanta in Gwinnett County. New Jersey-based Engineering Partners purchased the asset from Ventron Management with plans to upgrade the property’s interiors and amenity spaces. Built in 1985, Park Crossing features one-, two- and three-bedroom units and was 98 percent occupied at the time of sale.
CHICOPEE, MASS. — Calare Properties has acquired full ownership of a two-building industrial property located at 425 Meadow St. in Chicopee. Calare secured full ownership of the asset through a recapitalization. Calare has managed and owned the property with a joint venture majority partner since 2014. Situated on 47 acres, the 552,000-square-foot asset comprises a 402,000-square-foot manufacturing facility and a 150,000-square-foot high-bay warehouse. Along with the acquisition, Calare has finalized two leases at the property. Callaway Golf Co. has signed a 10-year lease extension for the manufacturing facility through 2028, and Granite City Electric signed a long-term lease for 80,000 square feet of the warehouse space.
LYNDHURST, N.J. — HFF has arranged a $40 million construction loan for The Winston, a multifamily community located at 120 Chubb Ave. within The Station of Lyndhurst in Lyndhurst. The borrower is J.G. Petrucci Co. Slated for completion in early 2018, The Winston will add 218 apartment units to the existing 192 units at The Station at Lyndhurst, which was constructed in 2014. Situated on 6.8 acres, the property will feature a courtyard with lounge deck, resident lounge with billiards and arcade games, fitness center with yoga studio, dog run and complimentary shuttle service. Jon Mikula of HFF secured the financing for the borrower through Provident Bank and Lakeland Bank.
MONTICELLO, N.Y. — A joint venture between Heidenberg Properties Group, Strategic Real Estate Partners and Norse Realty Group has acquired Thompson Square Shopping Center in Monticello. An undisclosed seller sold the 117,944-square-foot property for $19.1 million. A 54,300-square-foot ShopRite anchors the property, which was 90 percent leased at the time of sale. Tenants include Staples, AutoZone, Monticello Cinemas, Catskills Hudson Bank, Brother Bruno’s, Subway and GameStop. This is the second joint venture acquisition between the three companies.
NEWARK, DEL. — HALL Structured Finance has closed a first lien construction loan totaling $14.7 million for the development of a SpringHill Suites by Marriott in Newark. Danneman Hospitality is developing the hotel, which will be the first SpringHill Suites in the state. The property will have 118 one-room suites and seven two-room suites. Amenities at the five-story property will include a breakfast dining area, lobby, bar, three meeting rooms, an indoor pool, fitness center, laundry room, marketplace and on-site restaurant.
