ARLINGTON, TEXAS — Lee & Associates has negotiated the sale of a 56,841-square-foot industrial property located at 1721 Susan Drive in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the seller, Package Express, in the transaction. Sean O’Grady of Caliber Property Group represented the buyer, CDI-RE Arlington.
HOUSTON — Marcus & Millichap has brokered the sale of Shotwell Shopping Center, a 32,390-square-foot retail center located at 5900 Lyons Ave. in Houston. Derek Hargrove, Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Gus Lagos and Nik Kapetanakis, also of Marcus & Millichap, procured the undisclosed buyer.
ATLANTA — San Diego-based OliverMcMillan has unveiled plans to build The Office Buckhead Atlanta, a 17-story, 330,000-square-foot office tower located at 300 E. Paces Ferry Road in Atlanta’s Buckhead district. Designed by San Francisco-based architect Gensler, the Class A building will feature 30,000 square feet of ground-level retail and restaurants. The office tower will be situated adjacent to The Shops Buckhead Atlanta, which OliverMcMillan developed in 2014. Construction will begin with the demolition of the former HiFi Buys building at Peachtree Street and Boiling Way, with completion slated for early 2020. Deming Fish and Scott O’Halloran of Colliers International will handle the building’s leasing assignment.
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.
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.
