WEST CHESTER, OHIO — Scott Street Properties has broken ground on a retail development along I-75 and The Streets of West Chester, about 25 miles north of Cincinnati. Phase I of the 8.3-acre development will include a couple freestanding buildings and a multi-tenant building featuring two new-to-market concepts. Chuy’s Tex-Mex restaurant and Matt the Miller’s Tavern have committed to the new project. North Shore Construction & Development Services is handling the project management for Scott Street Properties. Tenants are expected to begin opening for business in spring 2017. Eric Abroms and Joshua Rothstein of OnSite Retail Group LLC are handling the marketing and leasing of the new development.
BROOKLYN PARK, MINN. — CBRE has negotiated an industrial lease expansion for Point B Logistics in Brooklyn Park near Minneapolis. The logistics company has expanded its lease at 610 Commerce Center from 34,780 square feet to 61,097 square feet. This brings the industrial building to full occupancy. Other tenants include Scholastic Book Fair, Blackhawk Industrial and Varitronics LLC. The building is the first phase of development at the site, with another 202,000-square-foot industrial building available for occupancy in fall 2017. A third 100,000-square-foot building is also planned for the site. Dan Swartz of CBRE is exclusively marketing Phase II and III for lease on behalf of the building’s owner and developer, CSM Corp.
SOUTH BEND, IND. — The Boulder Group has arranged the sale of a single-tenant property net leased to Best Buy in South Bend for $9 million. The 50,000-square-foot building is located at 6502 Grape Road near the University of Notre Dame. There are approximately seven years remaining on the Best Buy lease, which began in March 2003 and expires in March 2023. The absolute triple net lease features a 3 percent rental escalation in the primary term and in each of the four five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest real estate investment company. The buyer was a West Coast-based real estate investment company.
CRYSTAL LAKE, ILL. — Mid-America Real Estate Corp. has brokered the sale of a portion of Bohl Farm Marketplace in Crystal Lake, a northwest suburb of Chicago. The sales price was not disclosed. Fresh Thyme Farmers Market, Planet Fitness and Party Center anchor the 66,066-square-foot portion that was sold. The center is located near the northwest corner of Northwest Highway and Pingree Road. Ben Wineman and Carly Gallagher were the exclusive brokers in the transaction on behalf of the seller, Berengaria Development.
LINO LAKES, MINN. — Marcus & Millichap has arranged the sale of Lino Lakes Marketplace in Lino Lakes, a northern suburb of the Twin Cities, for $3.2 million. The 18,027-square-foot property is located at 701-717 Apollo Drive. The property was 92 percent occupied at closing. Sean Doyle, Cory Villaume, Matthew Hazelton and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was also a limited liability company.
GREENVILLE, S.C. — The Greenwich Group International has secured $52.9 million in acquisition and renovation financing for Park Central and Park East, two office parks in Greenville totaling 570,000 square feet. The financing included a $39 million loan and $13.9 million in joint venture equity. The borrower, Atlanta-based TWO Capital Partners, purchased the properties in an off-market transaction. Located in Greenville’s I-385 corridor, Park Central and Park East feature 12 buildings that were 70 percent leased at the time of sale. Don Atchison, Steve Lorenz and Larry Baucom led Greenwich Group’s team in securing the financing.
BRENTWOOD, TENN. — Avison Young has brokered the $26 million sale of Gateway Plaza I and Maryland Park Center in Brentwood, a suburb of Nashville. Gateway Plaza I is a three-story, 82,848-square-foot office building located at 5409 Maryland Way. The property was fully leased at the time of sale to tenants such as Foundations Recovery Network, Henderson Financial Group, The Layton Cos. and Right Management. Maryland Park Center is a three-story, 43,696-square-foot office building located at 115 East Park Drive. The building was fully leased at the time of sale to tenants such as Vulcan Construction Materials, Nashville Sleep Medicine, Maxim Healthcare Services and CareSpot. Don Albright, Lisa Maki, Mike Jacobs and Ashley Albright of Avison Young represented the seller, Sun Life Assurance Co. of Canada. The acquisition is the first purchase in Brentwood for the buyer, Albany Road Real Estate Partners.
WEST PALM BEACH, FLA. — NXT Capital has provided an $18.5 million acquisition loan for Centrepark West, a four-building office park totaling 175,000 square feet in West Palm Beach. The site is bordered by I-95 to the east and Palm Beach International Airport to the west. Christian Lee and Amy Julian of CBRE’s Miami office arranged the loan through NXT Capital on behalf of the undisclosed borrower.
NORTH HILLS, N.Y. — ACORE Capital has provided $156 million in construction financing for Phase II of The Ritz-Carlton Residences, Long Island, North Hills, located 20 miles east of Midtown Manhattan on Long Island’s North Shore. Mike Tepedino, Michael Gigliotti and Geoff Goldstein of HFF worked on behalf of RXR Realty LLC to place the construction loan with ACORE Capital. HFF previously secured construction financing on the borrower’s behalf for the first phase of the condominium project in 2013, which is now more than 90 percent sold. The first 120-unit phase of the property was recently completed, and offers two- and three-bedroom units. The second phase of the project will consist of an additional 120 units totaling approximately 270,211 square feet. Each unit will have a minimum of two indoor parking spaces available. Community amenities include indoor and outdoor swimming pools, a fitness center and yoga studio, resident lounge, private reception rooms, boardroom, billiards room, coffee and espresso bar, and movie theater. The Ritz-Carlton Hotel Company manages the property and offers the full array of Ritz-Carlton’s services, including concierge, doormen, porters and membership in The Ritz-Carlton’s worldwide reservations network. The community also offers a number of a-la-carte services such as housekeeping, …
The self storage REIT industry is sizzling hot. Last year, when stocks were flat and REITs generated a mere 2.8 percent return on average, self storage REITs returned a whopping 40 percent, far surpassing all other REIT sectors. Occupancy rates at the 51,000 self storage facilities in the United States have grown by 11 percent from the first quarter of 2012 to the first quarter of 2016. The need for storage facilities continues to increase as Baby Boomers retire and downsize, while millennials flock to rental apartments without garages and basements. In fact, the growth in the inventory of self storage facilities mirrors recent increases in apartment occupancy. Although net absorption of apartments is slowing, self storage REITs remain a solid investment. That’s because the existing inventory of storage facilities is relatively low due to a slowdown of construction during the recession. This lack of sufficient supply prompted Integra Realty Resources to predict record-level prices and continued demand for this strong investment type into 2017. One of the advantages of self storage is that it involves so little capital outlay when compared to other kinds of commercial real estate, such as malls, offices or apartments. Indeed, it requires less capital …