ATLANTA — CT Realty, through its affiliate Port Logistics Realty, and joint venture partners PGIM Real Estate and River Oaks Capital Partners have purchased 213 acres of land in Atlanta for the development of Palmetto Logistics Park, a 3.5-million-square-foot industrial park. The joint venture also has a purchase option on an adjacent 145 acres. Situated across from a CSX intermodal facility and near Interstate 85, Palmetto Logistics Park will be built in three phases with buildings ranging in size from 1 million square feet to 1.5 million square feet. Fifth Third Bank will provide construction financing for the first phase building of Palmetto Logistics Park. Ben Logue and Price Weaver of Colliers International’s Atlanta office will handle the park’s leasing assignment. No timeline for groundbreaking or delivery was disclosed. Dallas-based Port Logistics Realty is a partnership between CT Realty and Xebec Realty, two Southern California-based industrial development firms.
ATLANTA — Miami-based Banyan Street Capital plans to implement large-scale renovations to the retail portion of Peachtree Center, a mixed-use, transit-oriented development located in downtown Atlanta. Situated over the underground Peachtree Center MARTA station, Peachtree Center comprises six office towers, three hotels, three parking garages and the Mall at Peachtree Center. Amy Fingerhut and Sara Pepper of CBRE have been tapped to lease the redeveloped retail center, which is currently home to over 50 restaurants, retailers and service tenants. Along with the addition of new restaurants and shops, renovations to the center will include changes to the indoor mall area and outdoor courtyard. Construction is set to begin this summer. Beck is serving as the architect on the project.
ALTAMONTE SPRINGS, FLA. — Avesta has purchased two apartment communities in Altamonte Springs, about 11 miles north of Orlando, for a combined $32 million. Avesta has rebranded and operationally merged the two assets, known as Altamonte Villas and Palms at Altamonte, as East Pointe at Altamonte. Totaling 354 units, East Pointe at Altamonte features a mix of one- and two-bedroom apartments and townhomes. Community amenities include two swimming pools, a fitness center, sports court, dog park, central laundry facilities and select covered parking. Avesta will invest $5 million to renovate and upgrade the community’s interiors, exteriors and amenities.
CHICAGO — Kiser Group has brokered the sale of a multifamily portfolio on Chicago’s south side for $29 million. The portfolio consists of 21 buildings and 370 units. The properties, which include studios, one-, two-, three- and four-bedroom units, are largely located in Washington Park, East Woodlawn and South Shore. WPD Management sold the portfolio in order to take advantage of high demand and growing interest in the South Side neighborhoods. Noah Birk and Broker Aaron Sklar of Kiser brokered the transaction.
DETROIT — Local ironworkers constructing the Little Caesars world headquarters campus extension in Detroit held a topping out ceremony on Tuesday. Workers signed their names, attached banners, flags and an evergreen tree to structural steel beams that were hoisted into place. A Little Caesars mascot was also along for the ride. Led by contractor Brinker-Christman JV and designed by SmithGroupJJR, the nine-story, 234,000-square-foot building is located at the corner of Woodward Avenue and Columbia Street. The $150 million project will anchor The District Detroit’s Columbia Street neighborhood. The new headquarters, located approximately one mile from Little Caesars Arena, is slated to open in 2018.
ST. LOUIS — The Opus Group, in partnership with AIG Global Real Estate, has completed Citizen Park, a 217-unit luxury apartment property in the Central West End neighborhood of St. Louis. Located at the corner of Lindell Boulevard and Euclid Avenue, the 12-story building features penthouse suites as well as one- and two-bedroom units. A third-floor amenity deck includes a fitness center, pool terrace with outdoor grilling space and fire pits, guest suites, dog wash and full-time concierge services. Orangetheory Fitness will occupy 2,700 square feet of the 10,000-square-foot retail space. Joshua Roedemeier and Nick Cascella of CBRE are marketing the remaining 7,300 square feet of retail space for lease. Opus Development Co. served as developer, while Opus Design Build served as design-builder. Opus AE Group was the architect and structural engineer of record, while ESG Architects provided conceptual design services.
NOBLESVILLE AND LAFAYETTE, IND. — KeyBank Real Estate Capital has provided $15.3 million in loans for the refinancing of a two-property skilled nursing portfolio in Indiana. KeyBank provided a $9.6 million loan for Trilogy-Prairie Lakes Health Campus located in Noblesville, about 25 miles north of Indianapolis. Built in 2010, the 132-bed facility consists of 49 skilled nursing units, 33 assisted living units and 29 memory care units. KeyBank provided a $5.7 million loan for Trilogy-St. Mary Healthcare Center located in Lafayette, about 60 miles northwest of Indianapolis. The 71-bed facility was built in 1969 and renovated in 2010. John Randolph and Laura Conway of KeyBank Healthcare Group arranged the loans through the FHA 232/223(f) mortgage insurance program. Both loans include 35-year amortization schedules.
CHICAGO — Bellwether Enterprise has arranged a $9 million loan for the refinancing of a 700,000-square-foot industrial property in Chicago. Constructed in the late 1990s, the building features 30-foot clear heights and 120-foot truck courts. Shelley Magoffin and Max Sauerman of Bellwether arranged the loan for the Los Angeles-based owner. Thrivent Financial for Lutherans provided the loan.
WALLER, TEXAS — Daikin Industries Ltd., a manufacturer of indoor heating and cooling systems and refrigerants, has opened the 500-acre Daikin Texas Technology Park (DTTP) in Waller, about 43 miles northwest of Houston. The Japanese company’s new $400 million business campus consolidates many of the company’s HVAC (heating, ventilating and air conditioning) manufacturing and logistics facilities in Texas and Tennessee. “The DTTP is the largest facility investment our company has made in its 90-year history, and we believe that investing in Texas and keeping jobs in the United States is mutually beneficial for both our company and the economy,” says Takeshi Ebisu, president and CEO of Goodman Global Group Inc., a subsidiary of Daikin. Spanning roughly 4 million square feet, the DTTP supports the design, engineering and assembly of heating and cooling products for residential and commercial use, marketed under the Daikin, Goodman and Amana brands. Amana is a registered trademark of Maytag Corp. or its related companies (including Whirlpool) and is used under license to Goodman Co. Daikin also plans to assemble VRV (variable refrigerant volume) products at the DTTP that were previously imported from other Daikin business units outside of North America. Noriyuki Inoue, Daikin’s chairman of the …
LAS VEGAS — In the midst of a particularly tumultuous period for the retail sector, evidenced by waves of store closures, what advice do seasoned shopping center executives have for aspiring young professionals seeking to make their mark in this business? The question arose Monday during a panel discussion moderated by Marcus & Millichap’s Bill Rose, national director of the brokerage firm’s retail group, at the Renaissance Las Vegas Hotel. The hour-long program, titled “Retail eVolution: A New Beginning, Not the End As We Know It,” analyzed the strengths and weaknesses of today’s retail market. The panel discussion capped off the first day of events at RECon 2017, the shopping center industry’s biggest deal-making event of the year. This year’s show, which is put on by the International Council of Shopping Centers, included 37,000 registrants, 1,200 exhibitors spread across 853,000 square feet and participants from 58 countries. The panelists pointed out that the current disruption taking place in the retail real estate sector — driven by a combination of shifting demographics, the growth of online retailing and a U.S. market that is over-retailed in some categories — creates both risk and opportunity. Hessam Nadji, president and CEO of Marcus & …