LEMONT, ILL. — Transwestern has negotiated a 47-acre ground lease for Chicago Truck Parking in Lemont, a suburb of Chicago. The multi-million deal is one of the largest parking leases ever in metro Chicago. The operator of parking lots for tractor-trailers and other commercial vehicles will occupy the space at 12300 New Ave. Located in the I-55 industrial corridor, the new parking lot will allow Chicago Truck Parking to consolidate multiple yards into a single location. The company will continue to operate its truck parking at Veterans Parkway and I-55 in Bolingbrook, Ill., but will consolidate its Archer Avenue and Route 83 location in Lemont at the new location. Terri Alexander of Transwestern represented the tenant in the eight-year lease. Tim McCahill and Brian Vanosky of Lee & Associates represented the landlord, Realterm Logistics.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the lease of 12,040 square feet of industrial and office space for Naturescape Inc. in Milwaukee. The lawn and landscape care company will occupy the building at 5757 N. Lovers Lane Road. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of the Dickman Co. represented the landlord, Marva’s Realty LLC. Lori Hake of Judson & Associates represented the tenant.
BLOOMFIELD HILLS, MICH. — Colliers International has brokered the lease of a 10,197-square-foot industrial facility for Team Rehab in Bloomfield Hills, a northern suburb of Detroit. The physical and occupational therapy company will be occupying the former St. Joseph Mercy Hospice center located at 281 Enterprise Drive. The company is expected to move into the facility by February 2017, and will use the space as a training and rehab facility for outpatient and sports physical therapy. Peter E. Kepic and Peter J. Kepic of Colliers International represented the landlord in the lease.
CHICAGO — Jameson Commercial and Jameson Sotheby’s International Realty have arranged the sale of a 5,800-square-foot, mixed-use building in Chicago for $1.4 million. The Lax Shop, a lacrosse specialty retailer, is relocating from the building at 1216 W. Belmont Ave. to outside Chicago. Katie Whelan and Karoline Whittaker of Jameson represented The Lax Shop. Tim Sheahan and Brendan O’Malley of Conlon Real Estate represented the buyer, Jenny Builders.
Northwestern Mutual Provides $73M Construction Financing for $750M Capitol View Project in Nashville
NASHVILLE, TENN. — Northwestern Mutual has provided $73 million in construction financing for Capitol View, a $750 million, 32-acre mixed-use development underway in Nashville’s North Gulch area. Upon completion the project will feature 1.1 million square feet of Class A office space, 130,000 square feet of retail and restaurant space, 600 multifamily residences, 410 hotel rooms and a 2.5-acre urban park connected to Nashville’s greenway system. The co-developers, Boyle Investment Co. and Northwood Ravin, will begin construction this month on the next phase of Capitol View. Known as Block D, the $115 million phase will encompass seven city blocks at the intersection of I-40/Charlotte Avenue and 11th Avenue North and feature a mixed-use structure with 60,000 square feet of ground-level retail space, 40,000 square feet of second-floor loft office space and 378 residential units. With Northwestern Mutual’s financing, Capitol View’s total capital investment is now 70 percent committed. The development is anchored by Hospital Corp. of America and Lifeway, which will bring more than 3,000 employees to Capitol View combined. A portion of Nelson Merry Street will be designated as “Festival Street,” which can be closed off for festivals and other events.
LEBANON, CLARKSVILLE AND COLUMBIA, TENN. — Minneapolis-based Timberland Partners has acquired a three-property multifamily portfolio totaling 548 units in metro Nashville for $57.5 million. The communities include the 210-unit Falls at 109 in Lebanon, the 184-unit Fountains at Meadow Wood in Clarksville and the 154-unit Lakes of Columbia in Columbia. As part of the transaction, Timberland Partners assumed three existing HUD loans. Steve Massey and Russ Oldham of CBRE’s Nashville office represented the undisclosed seller in the transaction. Timberland Partners now owns and manages five multifamily assets in the Nashville area totaling 960 units.
SUMMERVILLE, S.C. — CenterPoint Properties has acquired Charleston Gateway Distribution Center, a 615,090-square-foot, three-building development that features 473,124 square feet of bulk warehouse space, 121,466 square feet of cold storage space and 21,060 square feet of truck maintenance and storage space. CenterPoint purchased the asset from J.L. Woode Ltd. for $41 million. Chris Norvell of HFF represented the seller in the transaction. Situated on 109 acres at 1125 Newton Way in Summerville, Charleston Gateway Distribution Center was fully leased at the time of sale to three port-related tenants — Zinus Inc., Argo Merchants Group and H&E Equipment Services. The industrial complex features up to 42-foot clear heights, 64 dock-high loading positions, a 205-foot truck court and 94 trailer storage spaces. The property fronts I-26 and provides easy access to the Port of Charleston.
ORLANDO, FLA. — Walker & Dunlop has arranged a $41 million loan for Big Rock Partners, which will use the money to fund construction of its 240-unit independent living, assisted living and memory care community adjacent to Disney World in Orlando. Big Rock purchased the nine-acre plot from Disney in 2014 for $4.5 million and began construction in August 2016. The project, which does not yet have a name, will feature 152 independent living, 55 assisted living and 33 memory care units. As part of the arrangement with Disney, Big Rock also has the option to purchase 20 more acres adjacent to the site. Balfour Beatty is construction manager on the project, which is scheduled for completion in the spring of 2018. Gensler designed the property and once complete, Life Care Services will operate the community. Walker & Dunlop’s Albert Rex and Marty McGrogan arranged the 3.5-year loan with three years of interest-only payments and a 25-year amortization schedule. Big Rock Partners is a private real estate investment management firm. The company is currently developing three large seniors housing projects in Florida, with a total development cost exceeding $200 million.
DAVIDSON, N.C. AND VIRGINIA BEACH, VA. — Armada Hoffler Properties Inc., a publicly traded REIT based in Virginia Beach, has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach. Armada Hoffler acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for 2 million shares of common stock. The 80,000-square-foot Renaissance Square is currently 92 percent leased and anchored by a 50,000-square-foot Harris Teeter store with over 11 years remaining on its lease term. Columbus Village II comprises over 92,000 square feet and is 100 percent leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Gerald Divaris of Divaris Real Estate Inc. represented both Armada Hoffler and the seller, Capitol Industries, in the Columbus Village II transaction. Armada Hoffler has retained Divaris Real Estate and Divaris Property Management to manage and lease the property. Armada Hoffler acquired Columbus Village I, a 65,000-square-foot retail center, in 2015.
FORT LAUDERDALE, FLA. — Tavistock Development Co., an Orlando-based real estate development firm, has acquired the Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale. The sales price and seller weren’t disclosed, but the South Florida Business Journal reports that Tavistock purchased the assets from an affiliate of Blackstone (NYSE: BX) for $163.3 million. Situated on 22 waterfront acres along the Intracoastal Waterway, Pier 66’s 17-story tower features a rotating panorama rooftop. The property’s 127-slip yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Tavistock has retained Interstate Hotels & Resorts to operate the 384-room hotel and marina. Pier Sixty-Six also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space. “When we first discovered that this special property was available, we knew there were incredible opportunities to leverage the collective experience of our teams and further establish this iconic hotel and marina as one of Fort Lauderdale’s defining destinations,” says James Zboril, president of Tavistock Development, which is owned by Tavistock Group. CBRE Group Inc. facilitated the deal between …