MILWAUKEE — The Dickman Co. Inc./CORFAC International has negotiated the sale of a 28,050-square-foot industrial building in Milwaukee. The facility is located at 7528 N. Teutonia Ave. Olympic Supply Co., a distributor of bicycle parts and accessories, purchased the building from Delores Kramer Trust. Nick Keys, Roger Siegel and Zach Hansen of the Dickman Co. brokered the transaction.
MITCHELL, S.D. — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the refinancing of Pheasant Ridge Village Apartments in Mitchell, in southeastern South Dakota. The property consists of 64 apartment units and was built in 2014. The 15-year loan includes a 30-year amortization schedule. The loan was arranged through Dougherty’s Minneapolis office for the borrower, Pheasant Ridge Village Apartments LLC.
PAINESVILLE, OHIO — Marcus & Millichap has brokered the sale of Painesville Mini-Storage in Painesville, about 30 miles northeast of Cleveland, for $1.2 million. The 48,240-square-foot facility is located at 649 Hoyt St. The 162 storage units range in size from 100 to 3,600 square feet. The facility has an on-site manager’s office, perimeter fencing, electric gage and concrete drives throughout. Brett R. Hatcher of Marcus & Millichap marketed the property on behalf of the buyer and seller, both limited liability companies.
VIRGINIA BEACH, VA. — Wegmans plans to open a new 130,000-square-foot grocery store at Town Center of Virginia Beach. Situated near the intersection of Virginia Beach and Independence boulevards, the store will feature a parking deck in front and a mezzanine level for café seating. Wegmans is expected to create hundreds of jobs and invest millions of dollars in the new store. The Rochester, N.Y.-based grocer currently has 10 other stores in Virginia.
CHARLOTTE, N.C. — Trinity Capital Advisors has purchased 1001 Bond St., a two-building industrial property totaling 404,351 square feet in Charlotte’s Northwest industrial submarket. Trinity Capital acquired the property in a joint venture with SilverCap Partners for an undisclosed price. Both buildings are fully leased to Camber Ridge, a tire characterization research and development company. The properties are situated off of I-85 and feature direct access to I-485, I-77 and Charlotte Douglas International Airport via NC Highway 16.
ATLANTA — Spaces, a co-working office space brand owned by Regus, plans to open a new location at 715 Peachtree in Midtown Atlanta. Situated across from the Fox Theatre, Spaces Midtown East will provide more than 100 private offices, 40 private desks, a 10,000-square-foot business club, hospitality-quality services and three meeting rooms available to Spaces members and community residents. The new Midtown location, the brand’s fourth in North America, is set to open on February 6, with co-working memberships starting at $199. In mid-2017, Spaces will open Spaces Atlanta-The Battery at SunTrust Park at The Battery Atlanta, a $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves new ballpark in Cobb County. All Spaces locations provide 24/7 access to dedicated desks and office space for members, as well as access Monday through Friday of the business club.
RICHMOND, VA. — Capital Square 1031 has completed the stabilization and sale of Forest Office Park, a 19-building, 710,000-square-foot office campus in Richmond, for $24.1 million. The firm served as a replacement sponsor and manager of NNN Forest Office Park LLC, a tenant-in-common (TIC) ownership. Forest Office Park was under TIC ownership for the past 11 years. Capital Square 1031 assumed sponsorship and management in February 2016, replacing the previous manager after more than a decade, to take over sponsorship, management and serve as loan guarantor for the TIC program. Forest Office Park is situated in Richmond’s West End at the corner of Three Chopt Road and Forest Avenue. Located within six miles of Short Pump and downtown Richmond, the property was approximately 95 percent leased at the time of sale. CBRE | Hampton Roads, CBRE | Richmond and the Atlanta office of CBRE Group Inc. brokered the sale on behalf of the TIC ownership.
SAVANNAH, GA. — Burroughs & Chapin, a retail investment REIT based in Myrtle Beach, S.C., has acquired an 8,800-square-foot retail property located at 5-15 W. Broughton Street in downtown Savannah’s Historic District. Originally built in the 19th century, the property is fully leased to tenants including Ann Taylor LOFT, FedEx Office and Flying Monk, an Asian restaurant. The seller and sales price were undisclosed.
HYATTSVILLE, MD. — Greysteel has arranged the $8.9 million refinancing of Madison Park, a 91-unit apartment community located at 5902 31st Ave. in Hyattsville, about six miles northeast of Washington, D.C. Built in 1962, Madison Park’s units average 873 square feet. The borrower, Madison Park LLC, will use the loan proceeds to refinance a maturing CMBS loan. Greysteel arranged the 10-year loan with a fixed 4.65 percent interest rate and three years of interest-only payments followed by a 30-year amortization schedule.
BAKERSFIELD, CALIF. — A joint venture between C & C Properties Inc. and MarkChris Investments has announced the redevelopment of East Hills Mall in Bakersfield, roughly 110 miles north of Los Angeles. The 414,000-square-foot enclosed regional mall will be transformed into a 350,000-square-foot, open-air lifestyle center. A state-of-the-art movie theater will anchor the development, which is set to feature a collection of restaurants, retail and entertainment space. Renovations will include the addition of a large outdoor plaza, water fountain, and seating and landscaping around the movie theater complex. Development plans also include the addition of several buildings along Mall View Road for shops, restaurants and services. The buyers acquired the mall from a joint venture between Retail Equities LLC and El Corte Ingles in late December 2016. Duane Keathley, Vince Roche and Josh Sherley of Cushman & Wakefield | Pacific Commercial Realty Advisors represented both the buyer and seller in that transaction, and have been retained by the new ownership to lease the redeveloped center. Construction is expected to begin this year, with completion scheduled for fall 2018. — Katie Sloan
