BOURBONNAIS, ILL. — Nucor Corp. (NYSE: NUE) has acquired a 160-acre industrial land parcel in Bourbonnais, about 55 miles south of Chicago. The site is located at the corner of I-57 and 5000 North Road. Nucor’s planned expansion will allow the steel manufacturer to add a full-range merchant bar quality (MBQ) mill to its current bar steel mill operation. MBQ refers to a lower quality type of carbon steel. The $180 million project will take approximately two years to complete. Greg Leutloff and Jeff Bennett of McColly Bennett Commercial represented the seller, NRG, in the transaction.
ASHWAUBENON, WIS. — Walker & Dunlop Inc. has arranged a $15.5 million HUD loan for the construction of Manseau Flats in Ashwaubenon near Lambeau Field, home of the Green Bay Packers. The 78-unit multifamily development will feature one- and two-bedroom floor plans. Amenities will include a fitness center, on-site storage and underground parking. The project is expected to qualify for the National Green Building Standard designation. The Riverfront/Broadway District surrounding the property has undergone a vast revitalization in conjunction with the Titletown District redevelopment immediately west of Lambeau Field, featuring several new restaurants, breweries, retail shops, hotels and entertainment options. Brandon Strong and Chris Rumul of Walker & Dunlop arranged the 40-year loan via the HUD 221(d)(4) program. Bedford Development is the project developer. Completion is slated for November 2018.
CHICAGO — GlenStar has acquired Bannockburn Lakes V in Chicago from Ameritus for an undisclosed price. The 103,471-square-foot office building is located at 2121 Waukegan Road. GlenStar now owns all the buildings in the Bannockburn Lakes office complex, acquiring the previous four in late 2015. GlenStar plans to update the common areas, restrooms, lobbies, exterior drive-up, landscaping and parking lots at the fifth building. In the past 24 months, GlenStar has invested more than $10 million in the complex, which was built in stages since the 1980s.
DAVENPORT, IOWA — CBRE Hotels has brokered the sale of the Radisson Quad City Plaza hotel in Davenport, the largest of the Quad Cities, for an undisclosed price. The 221-room hotel is located at 111 East 2nd St. along the Mississippi River. Amenities include an indoor pool, fitness center and on-site restaurant. Nate Sahn of CBRE represented the undisclosed seller. Hawkeye Hotels Inc. purchased the property with plans to complete a comprehensive renovation.
PITTSBURG, Calif. — JRK Property has purchased the 242-unit Diamond Hillside apartment community in the San Francisco East Bay community of Pittsburg for $52.8 million. The community is located at 2205 E. Leland Road. Diamond Hillside was built in 1985 and has undergone physical improvements since that time. These include updated vinyl wood floors, new cabinetry, appliance packages, contemporary lighting, new hardware, plumbing fixtures and paint. Additional improvements were made to the pool and spa area, clubhouse and fitness center. A new dog park, children’s playground and barbecue area were also added. Mark Leary, Nate Oleson and Rob LeDoux in the San Francisco office of ARA/Newmark represented both parties in the transaction.
KAPAA, HAWAII — HFF has arranged the $43.6 million sale of Kauai Village, a 109,466-square-foot, grocery-anchored retail center in Kapaa, on the Hawaiian island of Kauai. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, ValueRock Realty Partners. In addition, Kyle Spencer and John Chun of HFF secured $32.3 million in acquisition financing on behalf of the buyer, Epic Real Estate Partners. A life company provided the three-year, floating-rate loan. At the time of sale, Kauai Village was 81.2 percent leased to tenants including Safeway, Ross Dress for Less, Panda Express, Starbucks Coffee and ABC Stores.
SAN BERNARDINO, CALIF. — Westcore Properties has purchased Northgate Industrial Portfolio, a more than 1 million-square-foot industrial portfolio in San Bernardino, for an undisclosed sum. The fully leased, two-building, Class A industrial portfolio is located at 927 E. 9th St. and 7776 E. Tippecanoe Ave. The distribution buildings are situated on more than 44 acres. They were built in 2009. Each of the buildings provides cross-dock loading, ESFR sprinkler systems, secured concrete truck courts, 30-foot clear heights and T-5 lighting. The properties also provide immediate access to the Southern California freeway system via Interstates 215 and 10, as well as nearby State Route 210. Westcore represented itself in the transaction. Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Nico Napolitano and Bryce Aberg of Cushman & Wakefield represented the seller, Bentall Kennedy, in this transaction. Bentall Kennedy acted on behalf of an institutional client.
SURPRISE, ARIZ. — Koelsch Communities has acquired Rock Creek Memory Care Community in the Phoenix suburb of Surprise. JEA Senior Living sold the community for an undisclosed price. The 31,372-square-foot community currently houses 66 residents. JEA opened the property in 2011. The Rock Creek acquisition is part of a larger plan in the area for Koelsch. The company recently purchased Park Wood Assisted Living Community, located next door to Rock Creek, from Sunshine Retirement Living. Koelsch is planning a $500,000 renovation for that community. The company has also started construction of The Park at Surprise, a 155-unit independent living community also next door to Rock Creek. The three neighboring communities will be combined into one campus, offering a larger continuum of care. Koelsch Communities operates 27 communities in eight states and has eight more under construction.
LONE TREE, COLO. — A new 6,088-square-foot Altar’d State store has opened in Lone Tree at the Park Meadows Mall. St. Louis-based Knoebel Construction completed construction on the chain’s 50th store in five years, working with the retailer across 26 states. The new Lone Tree location features Colorado-inspired furnishings, a rotating display window platform with graphics of Aspen tree trunks, and Aspen leaf design accents. The store is also one of the first to integrate checkout video monitors that display messages about the charitable causes Altar’d State supports. Since its start in 2009, Altar’d State has expanded from 13 employees to nearly 1,500. Today, Altar’d State operates nearly 90 boutiques in 30 states. Knoebel Construction, Inc. is a national general contractor specializing in retail center, restaurant, grocery, healthcare and retail store construction.
With Atlanta’s economy more robust than ever, demand for multifamily housing remains high, driving rent growth and investor interest throughout the market. Since the last cycle — when a reliance on construction hit hard — the city has transformed its economy by building up its IT, healthcare and automotive sectors, among others. The results of strong job growth and the diversification of employment are evident market-wide. In particular, Buckhead and Midtown have seen a substantial increase in multifamily supply over the last three to five years, as spillover activity in East Atlanta and West Midtown will continue. And the rise of two multibillion-dollar sports stadiums (Mercedes-Benz Stadium and SunTrust Park) in the same year — a first for the city — continues to draw national and international attention to intown and metro submarkets. Urban Goes Suburban A seemingly insatiable demand for urban live-work-play settings has inspired developers to replicate the highly-amenitized and high-rent success in the suburbs. Alpharetta’s Avalon was a game changer, spurring destinations in John’s Creek, Gwinnett County’s Peachtree Corners and the mixed-use boon around SunTrust Park in Cobb County. So far, development activity has been steady in the northern submarkets, with little activity on Atlanta’s south side. …