MEBANE, N.C. — Wal-Mart Stores Inc. has opened a new $100 million distribution center in Mebane, roughly 23 miles west of Durham. The new industrial property is expected to create 550 jobs. The Mebane Walmart Distribution Center will be used to supply and distribute perishable food products for more than 55 Walmart stores in North Carolina and Virginia. This new facility is Wal-Mart’s fourth distribution center in North Carolina. Wal-Mart Stores held a grand opening ceremony on Wed., July 13 attended by North Carolina Gov. Pat McCrory and other local officials.
RICHMOND, VA. — Colliers International has arranged the $81 million sale of a three-property, 818-unit multifamily portfolio in Richmond. The properties include Champions Club, Park West End and Hickory Creek. Will Mathews, Jason Hetherington, Bruce Milam and Jackie Noel of Colliers’ east region multifamily advisory group represented the seller, CORE Realty Holdings Management, in the transaction. Richmond-based McCann Realty Partners purchased the 294-unit Hickory Creek, while Irvine, Calif.-based MDO Capital purchased Champions Club and Park West End Apartments.
ATLANTA — Parkside Partners has formed a joint venture with Payscape, a financial technology firm that provides payment processing software for small to mid-size businesses, to purchase and renovate a 43,430-square-foot office building in Midtown Atlanta. The companies will renovate the two-story asset located at 1438 W. Peachtree St. for Payscape’s new headquarters. Payscape will triple its square footage following its move from its current location at 729 Lambert Drive in Atlanta. The joint venture purchased the property from Lyrasis, which signed a long-term lease prior to the sale for 9,200 square feet of office space at the property. Additionally, AlliedBarton Security Services currently occupies 11,475 square feet in a long-term lease. The asset will be 80 percent leased when Payscape takes occupancy in the fall. MSTSD is the architect of the $8 million renovation, which is expected to wrap up by the first quarter of 2017. The renovations include painting the building’s brick exterior, transforming the office suites to a loft-style design, renovating the lobby, installing skylights on the second floor and landscaping the grounds. Howard Boyd of Hailey Realty represented the joint venture in the purchase, and Iberia Bank provided acquisition financing on behalf of the new ownership. …
COLUMBIA, S.C. — NAI Avant and Sumter LLC are collaborating on a historic $7.5 million rehabilitation project for three vacant buildings in downtown Columbia. The assets are located at 1519 Sumter St. and 1222 and 1224 Taylor St. Once complete, the buildings will provide roughly 23,000 square feet of mixed-use space with 12-foot ceilings, exposed brick, stone work, spiral duct work and large windows. Phase I of the project will be the rehabilitation of 1519 Sumter, a building constructed in 1920 and known locally as the Powell Furniture building. The Boudreaux Group has pre-leased the entire second floor of the building with plans to move in by spring 2017. Phase II will be the renovation of the Taylor Street buildings, which will begin in the first quarter of 2017. NAI Avant and Sumter LLC will use state and federal tax credits for the renovation project. Sumter LLC comprises three entities — Robert Lewis and Chris Rogers of Rogers, Lewis Jackson Mann and Quinn Attorneys at Law; Heather Mitchell and Randy Huth of The Boudreaux Group; and a silent partner. Mashburn Construction will oversee the construction project.
NUTLEY AND CLIFTON, N.J. — PB Nutclif I LLC, an affiliate of Prism Capital Partners, has signed a purchase and sale agreement with Hoffmann-La Roche Inc. to acquire the pharmaceutical company’s 116-acre former North American headquarters campus in Nutley and Clifton. At the time of the sale, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres at the property. The buyer plans to make substantial improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Additionally, Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated clinical research center at the campus. The sale is expected to close Sept. 30. Financial terms of the deal were not released.
GREENWICH, CONN. — CBRE has arranged the sale of an office building located at 500 W. Putnam Ave. in Greenwich. Fareri Associates acquired the four-story, 121,000-square-foot property from SL Green for $41 million. The Class A property is located in close proximity to Greenwich Avenue, which features high-end retail destinations and restaurants. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller in the deal.
NEW YORK CITY — Triangle Equities has completed Triangle Plaza Hub, a multi-use complex located in the South Bronx. The $35 million, 88,000-square-foot complex is occupied by Fine Fare Supermarket, Metropolitan College of New York, Brightpoint Health, DaVita Dialysis Center, Vistasite Eye Care, Boston Market and Dunkin’ Donuts. A 3,900-square-foot retail space on the ground floor and a 3,000-square-foot pad site adjacent to the public plaza are available for lease.
MONTGOMERYVILLE, PA. — NAI Mertz has arranged the sale of an industrial building located at 220 Commerce Drive in Montgomeryville. LMP Montgomeryville LLC sold the 65,219-square-foot building to ClientLink Inc. for an undisclosed price. As an existing tenant, ClientLink exercised its option to purchase the property. Located within Montgomeryville Industrial Park, the facility features 4,818 square feet of office space, 41,733 square feet of warehouse space, an 18,000-square-foot production area, four tailgate loading docks and one oversized drive-in door. ClientLink is a production and marketing company that provides a variety of services, including e-commerce, fulfillment, digital and offset printing, direct mail, promotional items, warehousing and logistics. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller. Nick Adams of Jackson Cross Partners also co-brokered the deal.
NASHVILLE, TENN. — Atlanta-based North Point Hospitality has broken ground on a $137 million Marriott Hotel in Nashville. The 470-room Marriott property will consist of a 209-room AC Hotel, a 136-room Residence Inn and a 125-room SpringHill Suites. Visitors to the hotel will enter through one main entrance. Once inside, the property will be divided amongst the three distinct brands. All guests of the hotels will have access to a wide variety of shared amenities, including a fitness center and six food and beverage options, including major restaurants at street level and an indoor/outdoor pool bar. A rooftop bar and patio will offer panoramic views of the Nashville skyline. The property will also feature 4,000 square feet of meeting space located on the top floor. North Point recently unveiled an original 300-pound model of the hotel made with 63,636 LEGO bricks. Award-winning artist Sean Kenney designed the model. The property, located next to the Music City Center convention facility, is scheduled for completion in mid-2018. North Point Hospitality is a hotel development and operations company. Currently, the company owns and operates seven Hilton- and Marriott-branded hotels in the Southeast, with an additional nine under construction or in active development, resulting …
Although Houston’s local economy is not exclusively dependent on oil and gas, re-energizing this sector will be key to a multifamily rebound in the area. Since the downturn in oil prices over the last two years, Houston’s multifamily market has been one of the most impacted victims of the area’s economic slowdown. Oil and gas is estimated to represent about one-fifth of Houston’s economy. This does not include construction and other new development that depends on the oil and gas industry. The Houston market’s annual rent growth rate is well below the national average of 4.1 percent, according to Axiometrics’ Houston-area Market Performance Survey. From the fourth quarter of 2015 to the first quarter of 2016, the annual growth rate in Houston’s multifamily sector was only 0.8 percent. The annual effective rent growth in the area is forecast to be 2.4 percent in 2017 and is expected to average 3.6 percent from 2018 to 2020. According to the Bureau of Labor Statistics, job growth in the Houston metro area was 0.3 percent in April 2016, reflecting 10,000 jobs added during the preceding 12-month period. The metro job growth figure was below the national number of 1.9 percent. Limited Demand On …