NEWNAN, GA. — Variety Wholesalers has signed a 20-year, 1.4 million-square-foot lease for its new distribution center at 60 Herring Road in Newnan. LRC Properties owns and manages the property, which is a former Kmart distribution center. LRC purchased the building last August and made improvements to the facility’s roof and parking lots, as well as refit the building to accommodate multiple tenants. Variety Wholesalers, which is the first tenant to move into the space, operates nearly 400 stores in 17 different states, primarily under the brand names of Roses Discount Store and Roses Express. The company will employ more than 300 full-time employees at the facility and process more than 100 million units of product annually.
CHARLOTTE, N.C. — Grubb Properties has unveiled the design for a 10-story office building the company is renovating on Mockingbird Lane in Charlotte’s Montford Park submarket. Known as 1515 Montford Park, the updated office building will feature a full glass façade with expansive windows, high ceilings, open floor plans, an outdoor terrace and an amenities lounge on the fifth floor featuring table games, bar top, lounge seating, big-screen TV and a stocked kitchen area. Office tenants will have access to a full-service fitness center and bike room at the adjacent 4601 Park Road building. Pfeiffer University Charlotte has pre-leased space at 1515 Montford Park. Space for lease on floors three through six will be available for near-term delivery, with a start on floors seven through 10 projected for the beginning of 2018.
CHICAGO — Vapiano has unveiled plans to open a 9,188-square-foot restaurant inside the AC Hotel Marriott in Chicago. The property is located at 630 N. Rush St. Spread over two floors, the new restaurant will serve Vapiano’s trademark pasta, pizza and salad by chefs from an open kitchen. The company has an established location at 44 S. Wabash Ave. and more than 181 locations in 31 countries. Matt Alexander and John Skalla of Bradford Allen represented Vapiano in the lease transaction. Todd Siegel and Phil Golding of CBRE, along with Bruce Westling of NAI MLG Commercial, represented the landlord. The restaurant is slated to open this fall.
STATESBORO, GA. — Vesper Holdings has acquired The Forum at Statesboro, a 780-bed student housing community located near Georgia Southern University in Statesboro, for $28.5 million. The property comprises 13 three-story residential buildings and a clubhouse, and offers one-, two-, three- and four-bedroom units. Community amenities include a swimming pool, 24-hour fitness center, game room, indoor basketball court, tennis and volleyball courts, tanning beds, a business center and a dog park. Vesper plans to invest $1.3 million in capital expenditures to improve curb appeal, renovate the clubhouse and upgrade amenities. The seller was undisclosed.
PEMBROKE PINES. FLA. — An affiliate of Harbor Group International LLC has acquired the 700-unit Montage at City Center in Pembroke Pines, a suburb of Miami, for $158.5 million. Montage at City Center contains 12 mid-rise buildings and 28 townhome buildings. The community offers a mix of one-, two- and three-bedroom units. The property is currently 95 percent leased with an average market rent of $1.55 per square foot. Montage at City Center was built in two phases between 2014 and 2015. Unit interiors feature formica countertops, espresso cabinetry, stainless steel appliances and hard-surface flooring. Property amenities include a LEED Gold-certified clubhouse, two resort-style pools, a fitness center, business center, game room and demonstration kitchen. Private garages and storage units are also available for rent. The multifamily complex is located adjacent to Pembroke Pines City Center, a 47-acre mixed-use project that will feature retail, office and residential components. Terra Group is developing the project. Phase I will deliver 200,000 square feet of retail anchored by a 45,600-square-foot Publix. Phase II will add 450 apartments and 100,000 square feet of office. The City of Pembroke Pines is also building a $60 million civic and cultural center, which includes a new city …
SOLANA BEACH, CALIF. — CBRE has arranged the $33.3 million sale of BeackWalk, a 54,973-square-foot shopping center located in Solana Beach. Tenants at the center include California Pizza Kitchen, Alfonso’s of La Jolla, Rubio’s Coastal Grill and Banfield Pet Hospital. John Read, Philip Voorhees, Jimmy Slusher and Kirk Brummer of CBRE represented the buyer, a fund manager based in Chicago. The same team from CBRE, alongside Reg Kobzi of CBRE’s San Diego office, represented the seller, a partnership managed by The Muller Company.
NEW YORK CITY — HFF has arranged a joint venture for the development of 69 West Broadway, a ground-up condominium project in the Tribeca neighborhood of Manhattan. HFF worked on behalf of the developer, Cape Advisors, along with private equity fund Forum Absolute Equity Partners to arrange the investment with a European fund. The fund contributed in excess of $21 million toward the $120 million total project cost. BKSK Architects is designing the property, which will occupy the block between Warren and Murray streets at West Broadway. The eight-story 69 West Broadway development will include 24 units situated above ground-floor retail. Eric Anton led HFF’s equity placement team.
VISTA, CALIF. — An unnamed buyer has acquired the 140-unit Las Palmas apartments in the San Diego submarket of Vista for $20.9 million. The community is located at 300 W. Los Angeles Drive. Las Palmas has floor plans ranging from one- to three-bedroom units. Amenities include a pool, fitness center, community lounge and covered parking. Chris Zorbas of IPA represented the buyer. JLL’s Darcy Miramontes and Kip Malo represented the sellers, FPA Multifamily and PCCP, in this transaction.
NORTH BERGEN, N.J. — Terreno Realty Corp. has acquired an industrial property located at 7777 West Side Ave. in North Bergen for $14 million. The building spans 126,000 square feet on 4.4 acres adjacent to Exit 16E of the New Jersey Turnpike. Amenities at the 100 percent leased property include eight dock-high and two grade-level loading positions, plus parking for 70 cars.
CARLSBAD, CALIF. — A high-net-worth 1031 exchange buyer has purchased a 64,165-square-foot creative office and industrial property in Carlsbad. The asset is located at 5858 Dryden Place. The space was 98 percent leased to 44 tenants. It includes a high-end creative office portion that serves as executive suites and a warehouse space currently occupied by the International Floral Trade Center. CBRE’s Matt Pourcho, Gary Stache and Anthony DeLorenzo represented the seller, Sunroad Enterprises, in this transaction.