SHELBY TOWNSHIP, MICH. — O.ME.R North America has entered into a 12,633-square-foot industrial lease in Shelby Township in western Michigan. The Italian-based manufacturer of railway interiors will occupy the space at 50570 Wing Drive. This is the company’s first location in the United States. Kris Pawlowski of Signature Associates represented the tenant in the lease transaction.
CHICAGO — City Capital Advisors has renewed its 9,148-square-foot office lease at 444 N. Michigan Ave. in Chicago. As part of the lease, the investment bank will undertake a significant renovation to its current space to improve layout and include the firm’s separate practice group, City Capital Ventures. Jon Milonas and Kyle Kamin of CBRE represented City Capital Advisors in the transaction. Emily Marquardt of The Telos Group represented the landlord.
WEST ALLIS, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of a 7,700-square-foot industrial building in West Allis, a suburb of Milwaukee. P & Z Properties purchased the building, located at 11408 W. Lincoln Ave., from Golden Site Management LLP. Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. represented the seller in the transaction, while Brett Garceau of MLG Commercial represented the buyer.
SUMMERVILLE, S.C. — North America Sekisui House LLC (NASH) and development partner American Newland Communities LLP (Newland) have purchased 4,000 acres in Summerville from WestRock Land and Development for an undisclosed price. The acquired land is situated within the Nexton master-planned development near Charleston. WestRock will continue to develop its commercial land fronting I-26 and US 176, including the PPCP Medical Campus, the Nexton town center retail space and other commercial and retail projects. Nexton has been approved for up to 13,000 residential units, comprising single-family detached, single-family attached and multifamily. Currently, more than 200 homes have been sold or are currently under construction within Nexton. The Nexton acquisition is the first development project in the Charleston area for both NASH and Newland, whose plans for the project were not disclosed.
TAMPA, FLA. — Glenmont Capital Management LLC and Arlington Properties have sold Tapestry at Citrus Park, a 400-unit apartment community in Tampa, for $73 million. Developed in 2015 by Glenmont and Arlington, the Class A property is situated on 60 acres at 12780 Olive Jones Road in Tampa’s North Hillsborough submarket. Tapestry at Citrus Park’s units average 1,005 square feet and feature private entrances, nine-foot ceilings, plank flooring, walk-in closets, granite countertops and stainless steel appliances. Community amenities include two beachfront-entry pools, a fitness center, lounge, business center and dog park. Patrick Dufour and Scott Ramey of ARA Newmark represented Glenmont and Arlington in the sale. Matthew Williams of Newmark Grubb Knight Frank Capital Markets arranged a four-year, $53.8 million, floating-rate acquisition loan through ARES Commercial Real Estate on behalf of the borrower, an institutional owner/operator.
WOODBRIDGE AND FREDERICKSBURG, VA. — Finmarc Management Inc. has purchased a 15-building, 750,000-square-foot industrial portfolio in northern Virginia’s I-95 corridor from Stewart Investment Co. for $58 million. Contained primarily within the Featherstone Industrial Park in Woodbridge and including a property in Fredericksburg, the portfolio was 91 percent leased at the time of sale to more than 25 tenants, including Coleman American Moving Services, Joe Moholland Moving Inc., The United States General Services Administration, Arven Moving & Storage and Atlantic Transfer Inc. Marc Rampulla, Mark Levy and Jay Wellschlanger of JLL were the brokers of record in the transaction. Finmarc has retained John Detleff of JLL to manage leasing activities for the portfolio.
MIAMI — MMG Equity Partners has purchased Kendall Corners, a 97,189-square-foot shopping center located on Kendall Drive in Miami, for $38.6 million. The property was 92 percent leased at the time of sale to tenants such as Ashley Furniture, Baptist Hospital, Bank United, Mattress Firm, Phenix Salons and IHOP. The seller was undisclosed.
INDIANAPOLIS — Electronics and home appliances retailer hhgregg’s Inc.’s decision last week to close 88 stores — or roughly 40 percent of its total outlets — and three distribution facilities over the next two months came in the wake of a rough financial stretch for the company. Net sales decreased 23.7 percent on a year-over-year basis during the company’s most recent fiscal quarter, which ended Dec. 31, 2016, and the gross operating margin declined 4.1 percent. The net loss for the quarter was roughly $58.3 million, despite the fact that this period encompassed the holidays. The company was recently delisted from the New York Stock Exchange for failing to meet minimum requirements. Most commonly, delisting occurs when a security trades below $1 per share for 30 consecutive business days; hhgregg had not closed at or above this level since Jan. 9 of this year As a supplier of consumer goods that span several different sectors, hhgregg has been hit equally hard by the rising popularity of e-commerce and competition from other multichannel retailers like Walmart and Home Depot, both of which have enjoyed upward-trending stock prices throughout the year’s early stages. Its electronics division, in particular, was hit hard by this …
KISSIMMEE, FLA. — Berkadia has arranged the $20 million sale of The Park at Sorrento, a 208-unit apartment community located at 900 Woodside Circle in Kissimmee. Jacksonville-based Michaelson Real Estate Group purchased the asset from Tampa-based Blue Roc Premier. Built in 1974, the property features one-, two- and three-bedroom units and amenities including a laundry facility, pool, fitness center, playground and an outdoor grilling area. The community is situated less than 10 miles from Walt Disney World and 18 miles from Orlando International Airport. Cole Whitaker, Jason Stanton and Greg Rainey of Berkadia negotiated the transaction.
At the close of 2016, over 1.9 million square feet of office space was absorbed in the Raleigh-Durham market and overall vacancy increased by one percentage point from 10 percent to 11 percent. Activity was strong and can partially be attributed to a very active suburban Raleigh submarket that absorbed over 1.1 million square feet. Vacancy in this submarket ended the year at 10 percent, down from a high of 17 percent in 2010. It was also an active construction year for Raleigh-Durham, with developers completing over 1.3 million square feet of new office space. There is currently another 2.7 million square feet of new projects underway, and an additional 2 million square feet of proposed projects. Downtown Durham, an approximately 4.5 million-square-foot market, has multiple office projects underway, including: The Chesterfield: Renovation on the 286,000-square-foot building should be completed soon with the first tenants moving in in July 2017. The project, being developed by Wexford Science + Technology, is approximately 75 percent leased. One City Center: The mixed-use, 432,000-square-foot project has 130,000 rentable square feet of office space and should open in late 2017. The office component is 50 percent preleased. Activity in downtown Durham has been driven by …