WESTWOOD, N.J. — CBRE has arranged the sale of a retail property located at 39 Kinderkamack Road in Westwood. An undisclosed buyer acquired the property for $5.5 million. The 9,300-square-foot building is triple net-leased to Goodyear for a 15-year term. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transaction. The name of the seller was not released.
WILLOW GROVE, PA. — PREIT has signed Primark, a European fashion retailer, to its Willow Grove Park Mall in Willow Grove, a suburb of Philadelphia. The European fashion retailer will occupy 58,300 square feet of space, which was previously occupied by Sears, on the second and third floors of the mall. The store will feature 59 fitting rooms, 47 registers, recharge areas and a trend room that elevates the shopper experience with added convenience and innovative experiences. The retailer offers a range of fashion products, including womenswear, menswear, children’s apparel, home goods and beauty products. The opening at Willow Grove supports PREIT’s commitment to diversifying its tenant mix. This Primark location is the second in the Philadelphia region and the fifth in the Northeast.
ATLANTA — Columbia Ventures LLC plans to break ground this week on Spoke, a transit-oriented, mixed-use development situated at the Edgewood/Candler Park MARTA station in Atlanta’s Edgewood neighborhood. Demolition has begun on the site, which is currently a parking lot on La France Street. Spoke is the first of several MARTA station activation projects to break ground under the leadership of MARTA CEO Keith Parker. Upon completion in 2018, Phase I of Spoke will feature a 224-unit luxury apartment building, neighborhood park, local restaurant and a headquarters and performing arts center for Moving in the Spirit, a local youth development organization. Perkins + Will designed the Moving in the Spirit building. Future phases will include additional housing and commercial uses. Chip Sykes of HFF arranged construction financing through Mutual Bank of Omaha on behalf of Columbia Ventures.
CHANNAHON, ILL. — IDI Gazeley has broken ground on a 749,554-square-foot speculative industrial building in Channahon, approximately 55 miles southwest of Chicago. The facility is the first of four buildings to be constructed at the Channahon Corporate Center, a 100-acre, master-planned industrial and logistics park that will offer approximately 2 million square feet of space once complete. The first building, located at 23700 W. Bluff Road, is scheduled for completion in the first quarter of 2017. The facility will be expandable to 1.3 million square feet and will include amenities such as 36-foot clear heights, 86 loading docks, 440 parking spaces and 192 trailer spaces.
CHARLOTTE, N.C. — KBS Real Estate Investment Trust Inc. (KBS REIT) has sold Gateway Center, a 10-story, 310,745-square-foot office building located at 901 W. Trade St. in Charlotte’s central business district. An undisclosed buyer purchased the asset for $30.5 million. The property is within walking distance of Greyhound and Light Rail stations, in addition to Bank of America Stadium, home of the NFL’s Carolina Panthers. Gateway Center was 90 percent leased at the time of sale to tenants such as Bank of America and Johnson & Wales University. Amenities include a sundries shop and a 149-space, below-grade parking facility. The sale includes a 1.6-acre parcel currently used as a 29-space surface parking lot. Ryan Clutter, Scot Humphrey, Ralph Smalley and Christopher Lingerfelt of HFF represented KBS REIT in the sale.
MINNEAPOLIS — The Opus Group has completed a new office headquarters property for Xcel Energy in downtown Minneapolis. The 222,000-square-foot project is located at the north end of Nicollet Mall, a 12-block shopping, dining and commercial district. 401 Nicollet is a two-building campus that consolidated operations that were previously spread throughout Minneapolis. The complex features collaborative work spaces with flexible furniture, technology and conference areas, as well as a skyway that connects the two nine-story buildings.
GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $22 million refinance loan for a portfolio of three student housing communities located near the University of Florida campus in Gainesville. Paul Ahmed of Walker & Dunlop arranged the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, Trimark Properties. The portfolio of properties includes Solaria II, Tuscana and Savion Park. Altogether, the three properties comprise 114 units and 157,000 square feet. Community amenities at the properties include private balconies, internal courtyards, parks with jogging paths, electric wine chillers and 24-hour concierge services.
CHICAGO — Cenveo Corp., a paper products company, has sold two industrial buildings located in Chicago in a sale-leaseback transaction for an undisclosed price. An affiliate of Hackman Capital Partners LLC acquired the facilities, which total 195,436 square feet. The adjacent property consists of a 150,084-square-foot manufacturing facility at 3001 N. Rockwell St. and a 45,351-square-foot warehouse and distribution building at 2950 N. Campbell Ave.
CINCINNATI — Chicago-based fitness franchise The Barre Code is set to open a new location at 615 Main St. in downtown Cincinnati early next year. The new 2,250-square-foot location will include a studio room and changing rooms with fully stocked vanity areas. Megan Fair of CBRE represented the tenant in the lease transaction. CBRE’s project management team is also facilitating a buildout at the location.
BLACKSBURG, VA. — Phillips Realty Capital has secured an $18.7 million construction loan for a new Residence Inn adjacent to the Virginia Tech campus in Blacksburg. The new Marriott-branded hotel will sit at the corner of University City Boulevard and Prices Fork Road. The six-story, 126-room hotel will feature fully equipped kitchens and living rooms, an indoor pool and a 24/7 workout room. The new hotel will help anchor University Crossroads, a mixed-use redevelopment near Virginia Tech’s visitors center and main entrance. Brian Boland of Phillips Realty Capital arranged the financing through a regional bank on behalf of the borrowers, Newport Hospitality Group Inc. and Collegiate Inn of Blacksburg LLC. The hotel is scheduled to open in mid-2018.
