ROMULUS, MICH. — Colliers International has arranged a 77,500-square-foot industrial lease for third-party logistics provider DB Schenker in Romulus, a western suburb of Detroit. The facility, located at 27501 Hildebrandt St., will serve as a logistics and distribution center for the company. The building was previously home to Nippon Express USA for its logistic services. Christian Hill and Jim Roberts of Colliers represented the landlord, Airport Industry Center LLC, in the transaction.
LOCKPORT, ILL. — DFS Inc., a food and grains supplier, has signed a 62,598-square-foot lease at 355 Corporate Center building No. 2 in Lockport, Ill., about 35 miles southwest of Chicago. The new lease puts Panattoni Development Company’s 228,690-square-foot speculative building at 100 percent occupancy and marks the completion of Phase I, which consisted of two light industrial buildings. UPS leased the first building in its entirety immediately upon completion, and Illinois Industrial Tool took 166,092 square feet in the second building in August. Panattoni recently broke ground on Phase II of the project, a 300,158-square-foot building scheduled for completion in spring 2017. Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni in the lease transaction with DFS.
ST. LOUIS — McGrath & Associates has completed construction of the $1.9 million expansion and renovation of the Pi Beta Phi Fraternity for Women international headquarters in St. Louis. The 4,200-square-foot, two-story expansion connects to Pi Beta Phi’s international headquarters building on Town and Country Commons Drive in West St. Louis County, which McGrath built in 2002. The expansion includes an enlarged break room, conference room and mailroom on the first floor, and office space and expanded archives on the second floor. HKW was the architect.
RICHMOND, VA. — DKJ Richmond LLC, a partnership between associates of The Monument Cos. and The Edison Co., plans to develop a $44 million mixed-use project adjacent to Richmond’s Carytown district. Known as Cary Street Station, the project is a redevelopment of a historic bus and trolley barn. Situated at the corner of Cary and Robinson streets, Cary Street Station will feature two commercial buildings totaling 16,000 square feet of ground-floor retail and restaurant space and a 1,000-square-foot patio. The bus and trolley barn will be converted to 285 luxury apartment units, with residents moving in by the end of the year. DKJ Richmond plans to deliver the commercial space by the summer of 2017. The developer has hired The Shopping Center Group and JLL to lease the retail and office portions of Cary Street Station.
ATLANTA — Natixis has provided a $43 million loan to refinance the Crowne Plaza Midtown and Staybridge Suites Atlanta Midtown, a dual-branded hotel development in Midtown Atlanta totaling 462 rooms. The borrower, AWH Partners, is using the floating-rate financing to refinance an existing renovation loan following the property’s multimillion-dollar renovation. The property features 31,000 square feet of meeting and banquet space, an outdoor pool and sundeck, fitness center, locker rooms, business center, on-site dining options and a Thrive coffee bar. Peter Dannemiller of Hodges Ward Elliott arranged the loan.
CHATTANOOGA, TENN. — PointOne Holdings has purchased The Springs at Chattanooga, a 260-unit, garden-style apartment community located in Chattanooga. Built in 2015, The Springs will be rebranded as Hunters Point. Community amenities include a resort-style swimming pool, clubhouse with free Wi-Fi, coffee bar, business center, 24-hour fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. Units average 963 square feet and feature garden tubs, washer/dryer connections, patios or balconies, bay windows and walk-in closets. PointOne plans to invest $650,000 in capital improvements to the property.
CHARLESTON, S.C. — Baltimore-based Continental Realty Corp. has purchased West Ashley Shoppes, a 136,242-square-foot shopping center located at 946 Orleans Road in Charleston. Continental Realty bought the asset through its Continental Realty Fund IV LP fund from T West Ashley SC LLC for $17.3 million. Built in 1987 and renovated in 2003, West Ashley Shoppes was 93 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less and Party City. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented the seller in the transaction.
MORENO VALLEY, CALIF. — Principal Real Estate Investors has purchased March Business Center, a 1.3-million-square-foot industrial portfolio in Moreno Valley, for $93 million. The portfolio includes a recently developed 1.1-million-square-foot industrial distribution facility at 24101 Iris Ave. that is leased to Floor and Décor. The portfolio also includes a newly constructed 277,243-square-foot industrial distribution building at 16415 Cosmos Ave. that is currently available for lease. Both buildings provide easy access to Interstate 215 and neighbor many major industrial corporate users. Chuck Belden, Kyle Kehner and Tim Pimentel of Cushman & Wakefield’s Inland Empire office represented the seller, a joint venture between Penwood Real Estate Capital Management and Western Realco. The team also represented Principal Real Estate Investors in the subsequent lease transaction. CBRE’s Tres Reid and Jay Dick represented Floor and Décor.
SANTA ROSA, CALIF. — Bridge Partners has purchased the 180-unit Sonoma Ridge Apartments in Santa Rosa for $44.6 million. The community is located at 2900 St. Paul Drive. Sonoma Ridge was built in 1974. The property is adjacent to the Bennett Valley Golf Course and Annadel State Park. Stan Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the seller, CORE Realty Holdings Management, in this transaction.
SHAFTER, CALIF. — Distribution and Marking Services Inc. has leased 350,000 square feet of industrial space at Wonderful Industrial Park, a 1,625-acre, rail-served industrial development in Shafter. The park is located at 5000 Capital Road, just north of Bakersfield. The outsourced supply chain management solutions provider will use this facility to provide warehouse and distribution services. JLL’s Mike McCrary, Peter McWilliams, Mac Hewett and Nicole Welch represented the landlord, Wonderful Real Estate, in this transaction.