WAKE FOREST, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.8 million acquisition loan for The Factory, a 187,695-square-foot retail and sports complex in Wake Forest. One of the largest sports complexes in the country, the public access complex covers more than 35 acres with two full-sized NHL rinks and more than 17 acres of baseball fields. The Factory was 99.8 percent leased at the time of sale to sports centers such as the YMCA of the Triangle, North Wake Baseball Association and Polar Ice House, and retail options like the Village Deli and Grill and Gonza Tacos y Tequila. The complex, built in 1964 and renovated in 2004, consists of five buildings. Jared Cassidy of MMCC’s Washington, D.C., office arranged the loan through a national balance sheet lender. Matt Greenspon of Marcus & Millichap’s Raleigh office consulted on the buy side. The undisclosed buyer purchased the asset for $17.9 million.
CHATTANOOGA, TENN. — Capstone Apartment Partners has brokered the $6.5 million sale of Forest on Frazier, a newly constructed, 30-unit apartment community located at 207 Delmont St. in Chattanooga’s NorthShore neighborhood. Enclave Holdings purchased the fully occupied asset from Boehm Real Estate & Investment Co. for $215,200 per unit, the highest price per unit sale in Chattanooga’s history. Built in 2014, the apartment community is located a couple blocks from the Tennessee River and offers views of Lookout Mountain and the downtown Chattanooga skyline. Adam Klenk and Eric Conklin of Capstone’s Nashville office, along with Andrew Klenk of Capstone’s Raleigh-Durham office, represented the seller in the transaction.
HOUSTON — CBRE has arranged a 3,535-square-foot lease with Peli Peli Kitchen, a new fast-casual restaurant chain inspired by modern South African and Southern cuisines. The restaurant will be located within the Gateway at Spring Valley development at 9090 Katy Freeway in Houston. Eric Lestin and Kyle Golding of CBRE’s Houston office represented Peli Peli in the site selection and lease transaction. The new restaurant is slated to open by spring 2016. Peli Peli Kitchen joins its sister restaurant Peli Peli, which has locations in the Vintage Park Shopping Center and the Houston Galleria. Houston-based Ersa Grae Corp. is the developer of Gateway at Spring Valley, located at the corner of Campbell Road and I-10.
The Southern Nevada industrial market has continuously seen improvement through the second quarter of 2015 with a positive absorption of 878,151 square feet. The overall vacancy rate followed suit and decreased to 8 percent – down 2.1 points from the 12 previous months, which ended at 10.1 percent. The asking lease rates also increased to an average of $6.38 – up almost 10 percent in the fourth quarter of 2014 when it stood at $6.16. A new addition to the healthy market is the growth in new projects that are either planned or under construction. There is an estimated 2.4 million square feet currently under construction, with deliveries anticipated from the third quarter of 2015 through the second quarter of 2016. Big box distribution demand continues to climb, and most developers now believe “if you build it, they will come.” One of the largest deliveries planned for the third quarter of this year is Prologis’ 3700 Bay Lake Trail. Bay Lake was originally planned as a 464,203-square-foot, speculative project. The entire development was leased by Cushman & Wakefield to the Global Equipment Company (GEC), a subsidiary of Systemax, prior to the official groundbreaking, however. This deal was an expansion for …
Lately, Charlotte seems to have more of everything: jobs, residents, young people — all of which has driven more demand for quality multifamily properties in urban neighborhoods with multiple lifestyle amenities. Renters’ desire for parks, transit options and walkable access to work, culture, and entertainment has led Charlotte’s Uptown/South End region to become the fastest-growing apartment submarket in the nation, according to a study by MPF Research. Since the recession, Uptown/South End has experienced a period of remarkable growth in the multifamily market, and has seen an 82 percent increase in units since 2012, the study says. Overall, renter-occupied units make up just over two-fifths, or 40 percent, of the city’s housing market, a percentage that is already higher than the national average and anticipated to increase. As more properties are built, Charlotte’s 5.1 percent vacancy rate is likely to increase over the long term, but demand is expected to remain strong as the city’s dynamic economy and population continue to grow. The area’s population is set to increase about 2 percent annually over the next five years, far outpacing the country’s overall rate of 0.75 percent. Much of that is due to an influx of well-educated, younger people moving …
GARLAND, TEXAS — RagingWire Data Centers, a data center provider, has purchased 42 acres of land in Garland to build a 1 million-square-foot data center campus known as TX1. The 80-megawatt property will be located off of the President George Bush Turnpike at the intersections of Lookout Drive and Campbell and Telecom roads. The city of Garland and Garland Power & Light worked with RagingWire to provide planning assistance and economic development incentives for the project. Construction is expected to begin immediately on the first of five 180,000-square-foot data centers at the TX1 campus. Leasing of wholesale build-to-suit vaults, custom data center buildings and retail colocation cages and racks is expected to commence by September 2016. Bo Bond and Ali Greenwood of JLL represented RagingWire in the land acquisition.
JEFFERSONVILLE, IND. — GBT Realty Corp. has partnered with The Koetter Group to develop a $35 million regional retail center within Jeffersonville Town Center, a master-planned, mixed-use development in Jeffersonville in far southern Indiana. The companies are under contract to purchase 24.7 acres located immediately across from the Phase I Marketplace at Jeffersonville Town Center. The 240,000-square-foot shopping destination will feature two anchor tenants of 55,000 and 63,000 square feet; two junior anchor tenants of 28,000 and 22,000 square feet; and 30,000 square feet of small-shop space. Additionally, two buildings along Town Center Boulevard will feature 25,000 square feet of small-shop space for local and regional retail, dining and service provides. Site work is expected to begin immediately upon land acquisition, which is expected to close in December. The development is slated to open in the spring of 2017.
INDEPENDENCE, OHIO — The City of Independence has approved a series of area development plans and selected Cleveland, Ohio-based Fairmount Properties LLC as a development partner. The city, located about 12 miles south of Cleveland, plans to develop and redevelop various city-owned property in downtown Independence, including the former Independence Middle School, and a 33-acre site in the Northwest Quadrant of Rockside Road. The overall plan focuses on bringing much-needed residential, commercial and public amenities to the community, while the initial scope of the development planning will concentrate on adding new for-sale residential choices to the downtown market. Additionally, a complementary neighborhood retail component is included in the initial planning, which will expand housing options for young professionals, empty nesters and downsizers. The vision for the 33-acre, city-owned property is a mixed-use district with a corporate focus that also incorporates ancillary retail, restaurant, entertainment and residential uses within a compact and walkable street pattern. The city and Fairmount will immediately begin the pre-development process for the projects. The anticipated completion for the initial phases of development is scheduled for 2017.
CHICAGO — Marcus & Millichap has brokered the sale of an apartment building located at 5428-5430 N. Kimball Ave. in Chicago. The 14-unit property sold for $1.3 million. The property is located in the North Park neighborhood, which is home to Northeastern University and North Park University. Jacob Korman and Kyle Stengle of Marcus & Millichap’s downtown Chicago office represented the seller, a private investor, while Joseph Scheck and Steve Livaditis, also of Marcus & Millichap, represented the buyer, a limited liability company, in the transaction.
ROMEOVILLE, ILL. — Meridian Design Build has completed a 70,411-square-foot expansion to a 238,643-square-foot sorting and distribution center in Romeoville. The expansion increases the capacity of the facility with the addition of 95 interior van loading positions, 185 auto parking stalls, 69 trailer stalls and 3,442 square feet of office space. Site improvements include the construction of a 1,600-linear-foot retaining wall to facilitate expansion of the trailer area. Precept Design LLC served as project architect and Jacob & Hefner Associates provided civil engineering services for the project. Meridian constructed the original facility on a design-build basis in 2012 for Indianapolis-based Scannell Properties.