SAVANNAH, GA. — Safavieh, a New-York based manufacturer and distributor of international home furnishings, will invest $60 million to develop a 1.1 million-square-foot fulfillment center at the Savannah River International Trade Park in Savannah. Bob Robers of Cushman & Wakefield represented Safavieh in the acquisition and development of the site, and Bradley Migdal and Carol Henderson of Cushman & Wakefield secured financing for the project. Safavieh currently operates more than 500,000 square feet of warehouse space in Savannah. The new facility will triple the company’s presence in the area and is expected to create 200 jobs upon completion in late 2018.
COWETA COUNTY, GA. — Core5 Industrial Partners has unveiled plans for Southwest 85 Logistics Center, a 1.1 million-square-foot industrial development situated off Exit 51 along Interstate 85 in Coweta County, roughly 35 miles southwest of Atlanta. Slated for delivery in the second quarter of 2018, the building will feature 40-foot clear-heights, trailer parking for more than 520 trailers and expansion opportunities up to 1.3 million square feet. The announcement for Southwest 85 comes on the heels of Core5’s sale of Shugart Farms facility to TA Realty in June.
TAMPA, FLA. — Berkadia has secured a $39.8 million acquisition loan through Fannie Mae for Landmark at Grand Palms, a 438-unit multifamily community located at 3831 Northgreen Ave. in Tampa. Electra America acquired the asset from Starwood Capital for an undisclosed price. The property will be rebranded as Northgreen at Carrollwood, and Electra America will invest approximately $3.5 million in capital improvements, including updated lighting and plumbing fixtures, plank flooring in common areas and amenity and clubhouse enhancements. Situated on 34 acres, Northgreen at Carrollwood includes one- and two-bedroom units and features a fitness center, four pools, tennis courts, children’s playground and a dog park. The property was 96 percent occupied at the time of sale.
RIVERVIEW, FLA. — Batson-Cook Development Co. (BCDC), in a joint venture with Dunphy Properties, has sold Rivercrest Commons, a Publix-anchored shopping center in Riverview, for $21.7 million. The 75,000-square-foot center is situated at the intersection of Symmes Road and US 301, roughly 13 miles southeast of Tampa. Colliers International represented Atlanta-based BCDC and Tampa-based Dunphy Properties in the transaction. RealNet Tampa Bay represented the buyer, Nicklaus of Florida. The property was 92 percent leased at the time of sale to tenants including Dunkin’ Donuts, Fast Track Urgent Care Center and Heartland Dental.
CHICAGO — Structured Development has acquired a 40,000-square-foot loft office building in Chicago’s Lincoln Park for an undisclosed price. The property is located at 855 W. Blackhawk St., adjacent to another property that Structured Development purchased in 2015. Together, the sites will be redeveloped as The Shops at Big Deahl, a 200,000-square-foot mixed-use property. Demolition of the building located at 1450 N. Dayton St. is underway, with construction of The Shops slated to begin in early 2018. Callison RTKL is the project architect.
Aries/Conlon Capital Arranges $31.5M Refinancing Loan for Office Property in Buffalo Grove, Illinois
BUFFALO GROVE, ILL. — Aries/Conlon Capital has arranged a $31.5 million loan for the refinancing of Riverwalk Phase II in Buffalo Grove, a northern suburb of Chicago. The 258,995-square-foot office property, located at 2100 E. Lake Cook Road, serves as the corporate headquarters for CVS Caremark. The Class A building is 75 percent leased, with PrimeSource Healthcare serving as the other anchor tenant. Amenities include a fitness center, conference room and deli. Accesso Partners was the borrower.
HUBER HEIGHTS, OHIO — Marcus & Millichap’s Institutional Property Advisors division has brokered the sale of North Heights Plaza shopping center in Huber Heights, a suburb of Dayton. The sales price was not disclosed. The 182,453-square-foot retail center is located at 8280 Old Troy Pike. Dick’s Sporting Goods and Big Lots anchor the property, which was built in 1990. Other tenants include Five Below, Great Clips, Sally Beauty Supply, Verizon Wireless and Firehouse Subs. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller, a national real estate investment trust, and procured the buyer, a private real estate investment fund.
Wolverine to Convert Historic Orphanage Into $16M Affordable Housing Property in Marquette, Michigan
MARQUETTE, MICH. — Wolverine Building Group will redevelop the Holy Family Orphanage in Marquette, in Michigan’s Upper Peninsula, into an affordable housing property. Wolverine has partnered with Home Renewal Systems Communities and Community Action Alger Marquette for the $16 million project. The orphanage, originally constructed in 1915 and vacant since 1965, is listed on the National Register of Historic Places. The six-story building featured classrooms, bedrooms, playrooms, a laundry room, kitchen and dining hall. It once housed up to 200 children. Upon renovation, 14 of the 56 units will be set aside as supportive housing units for formerly homeless persons and families in need. Rent for these tenants will be limited to 30 percent of their current incomes. Many of the structure’s historic features, including its sandstone multi-story front porch, will be preserved during the renovation. The original chapel has been restored for use as a community space.
TROY, MICH. — L. Mason Capitani CORFAC International has negotiated five new office leases totaling 21,000 square feet at Wilshire Plaza, located at 901 Wilshire Drive in Troy. The new tenants include NB Coatings, Caliber Home Loans, Keller Williams, Dearborn Holding Co. and Avera Health. Mason L. Capitani negotiated the lease transactions on behalf of the landlord, Summit Wilshire LLC.
NEW YORK CITY — The Durst Organization, a New York-based owner and operator of Manhattan office and residential assets, has closed a financing package totaling $1 billion from multiple lenders for several of its office assets. The financing included a $600 million loan for five office buildings and a $400 million credit line. The five assets involved in the debt include 655 Third Ave., 675 Third Ave., 825 Third Ave., 114 West 47th St. and 205 E. 42nd St. Citi Private Bank was the lead lender for the financing, contributing $650 million. As part of the package, JPMorgan Chase, TD Bank, and Bank of New York Mellon each provided $100 million, and City National Bank provided $50 million. Durst will use the loan to refinance its existing debt into a first mortgage debt, and the company will use the credit facility to finance future acquisitions. Dennis Hellman of Rosenberg & Estis PC, New York’s largest real estate law firm, represented The Durst Organization in the financing deal, with assistance from colleagues Kamilla Bogdanov and Daniel Grobman. Chatham Financial also advised Durst in connection with the financing, while Herrick Feinstein represented Citi Private Bank. “The structure of this financing is similar …