COVINGTON, LA. — Monmouth Real Estate Investment Corp., a publicly traded industrial REIT based in Freehold, N.J., has purchased a 175,315-square-foot industrial facility for $18.4 million. Located at 450 Northpointe Court in Covington, a suburb of New Orleans, the distribution center is net-leased for 10 years to FedEx Ground Packaging System Inc. The property is situated on a 19.2-acre lot near I-12 and the Port of New Orleans. This is the first acquisition in Louisiana for Monmouth, which now owns 14.4 million square feet of industrial space in 29 states.
MURFREESBORO, TENN. — GBT Realty Corp. plans to develop The Shoppes of Northgate, a $16 million shopping center located along Memorial Boulevard in Murfreesboro. GBT Realty acquired the 13.1-acre site across from the Walmart Supercenter in November for $2.4 million. The new shopping center will feature a 30,000-square-foot Sprouts Farmers Market, as well as a PetSense, Liquor Barn and Newk’s Eatery. The new Sprouts store will be the fourth Sprouts that GBT Realty has developed this year. Construction on The Shoppes of Northgate is expected to begin this month, with store openings set for spring 2016. GBT Realty currently has $161 million of commercial space under development in the Nashville region.
DULUTH, GA. — SRS’ Southeast investment sales team has brokered the $16.4 million sale of Pleasant Hill Square, a 282,137-square-foot regional power center located in Duluth, an Atlanta suburb in Gwinnett County. Located at 2205 Pleasant Hill Road near the Satellite Boulevard intersection, the property is anchored by Toys “R” Us, Jo-Ann and Staples. Wells Fargo NA sold the shopping center to GW Real Estate of Georgia LLC. Kyle Stonis and Pierce Mayson of SRS, along with Tony Bartlett and Chip Sipple of Lincoln Property Co., represented Wells Fargo in the transaction. The buyer was self-represented.
SANDY SPRINGS, GA. — The RADCO Cos. has sold Sierra Place, a 130-unit, Class B apartment community in Sandy Springs, for $7.2 million. RADCO originally purchased the 1970s era property in June 2012. The Atlanta-based multifamily investor sold the asset to a group of three investors. Multi Housing Advisors brokered the transaction. RADCO has four other properties under contract for sale and has three properties totaling 1,100 units in contract for acquisition.
LEXINGTON, KY. — Shake Shack, a popular burger restaurant that began as a hot dog cart in New York City in 2001, plans to open its first Kentucky eatery in Lexington. The restaurant will join the tenant roster of The Summit at Fritz Farm, a mixed-use food hall development that will feature national retailers, chef-driven restaurant concepts, Class A office space, a boutique hotel and upscale apartment residences. The project is set to open in March 2017. The one-level, 3,000-square-foot Shake Shack will anchor The Green, a communal area of the development. Other retailers joining Shake Shack include Whole Foods Market, Kendra Scott, J. McLaughlin, Brooks Brothers, Pottery Barn, J. Alexander’s, Babalu Tacos & Tapas, Steel City Pops and Arhaus.
FISHKILL, N.Y. — TGM Associates has sold TGM Village at Merritt Park to New York City-based Hampshire Properties for an undisclosed sum. Located at 80 Jefferson Blvd. in Fishkill, the property features 360 apartment units in a mix of one-, two- and three-bedroom floor plans ranging from 754 square feet to 1,328 square feet. Brian Whitmer of Cushman & Wakefield brokered the transaction. TGM originally purchased the property in 2006.
TWINSBURG, OHIO — Meridian Design Build has completed the construction of two industrial buildings for developer Scannell Properties. The buildings, which total 510,722 square feet, are located in Twinsburg, approximately 20 miles southeast of Cleveland. The new facilities consist of a 303,888-square-foot build-to-suit building and a 207,360-square-foot speculative building. The assets are located on 59 acres of land within the Cornerstone Business Park. The build-to-suit project features 99 loading docks, 236 interior van loading positions, 509 exterior trailer stalls and 15,434 square feet of office space. The multi-tenant speculative building includes 171 auto parking stalls, five tenant entrances and 26 loading docks. Precept Design LLC provided the architectural services for the projects, and Weber Engineering Services provided the civil engineering work.
NEW YORK CITY — H&M, a global fashion retailer, is opening its first location in Lower Manhattan. Situated within Westfield World Trade Center, the 25,000-square-foot store is slated to open in spring 2016. This location will be the first store in the United States to apply for LEED certification. The interior of the store will operate on renewable power sources, use less energy than a conventional office building, utilize LED lighting and Energy Star equipment and implement a recycling program throughout the store. The Westfield World Trade Center location is H&M’s 18th store in New York City.
CHICAGO — SVN | Chicago Commercial has completed the $9.5 million sale of a four-property multifamily portfolio in Chicago’s South Shore neighborhood. Drexel Properties sold the portfolio to an undisclosed out-of-state buyer. The four properties have a total of 181 units and are located at 6715 S. Paxton Ave., 6755 S. Paxton Ave., 6701 S. Merrill Ave. and 6920 S. Ogelsby Ave. The buyer plans to complete major renovations of all properties. Jeff Baasch of SVN | Chicago Commercial represented the seller in the transaction and was the sole broker.
CHICAGO — Associated Bank has provided a $7.5 million construction loan to Three Corners Development and Madison Construction. The developer and general contractor will use the capital to build three mixed-use residential apartment buildings in Chicago. The projects will span three stories and will each feature 22 units and approximately 12,000 square feet of ground-floor retail space. The buildings will be located at 1301 W. Devon Ave., 6359 N. Wayne Ave. and 1244 W. Devon Ave.