GLENDALE HEIGHTS, ILL. — Sitex Group has acquired a 69,000-square-foot warehouse and distribution facility in Glendale Heights, approximately 30 miles west of Chicago. A private ownership group sold the asset located at 192-196 Exchange Blvd. for an undisclosed price. The facility features 24-foot clear heights, 2,000 amps of power and parking for 140 cars. Sub-Zero and Wolf previously occupied the entire building, but currently occupies 16,000 square feet, leaving the rest of the space vacant. Sitex plans to make improvements including remodeling the office space, installing T-5 lighting, painting the building’s exterior and upgrading the HVAC system.
KNOX, IND. — Marcus & Millichap has brokered the sale of a 14,187-square-foot retail property net leased to Walgreens for $4.5 million. Walgreens has 15 years remaining on an original 25-year lease term. The building is located at 1207 S. Heaton St. in Knox, approximately 45 miles southwest of South Bend. John Bailey, Bill Bailey and George Ghattas of Marcus & Millichap listed the property on behalf of the seller, an undisclosed limited liability company. Dave Lincoln and Walter Brauer of Marcus & Millichap secured and represented the buyer, a private investor.
OAKBROOK TERRACE, ILL. — Mid-America Asset Management Inc. has arranged three new retail leases at Orland Park Crossing in Orland Park, approximately 30 miles southwest of Chicago. Orland Park Crossing is a 107,371-square-foot lifestyle center that is located at the intersection of 143rd Street and LaGrange Road. In the first deal, Soft Surroundings signed a 5,445-square-foot lease and was represented by John Vance of Stone Real Estate. In the second deal, Xfinity inked a 5,303-square-foot lease and was represented by Carole Borg of CBRE. In the last deal, Eric Unatin of Armada Real Estate Services represented Massage Green who signed a lease for 2,509 square feet. All three tenants are expected to open this spring. Other tenants at Orland Park Crossing include White House Black Market, Talbots, Charles Schwab, Ann Taylor and Charming Charlie. Paige Schiesser and Samantha Spinell Schnell of Mid-America represented Orland Park Crossing in all three transactions.
CHARLOTTE, N.C. — Crescent Communities has broken ground on a transit-oriented development at Lynx Light Rail’s Stonewall Station that will be anchored by Uptown Charlotte’s first Whole Foods Market. The mixed-use development will feature the 47,000-square-foot Whole Foods store, 459 luxury apartment residences and a parking deck. Expected to open in 2017, the development will span 5.4 acres and feature a public plaza that will offer food carts and gathering spaces for social events. Community amenities will include a heated, invisible-edge saltwater pool, fitness center, sky lounge, picnic areas and a rooftop dog park. Unit interiors will feature granite or quartz countertops, stainless steel appliances, faux-wood flooring, designer lighting fixtures and USB outlets for connectivity. Crescent Stonewall Station’s financing includes an equity investment by Crescent Communities and the Melissaris family, as well as construction debt provided by JP Morgan Chase and Emigrant Realty Finance. The design team includes architect The Preston Partnership, interior designer Vignette Interior Design, civil engineer and landscape architect LandDesign and general contractor Whiting-Turner.
MEMPHIS, TENN. — Los Angeles-based CBRE Group Inc. has acquired CBRE | Memphis, a commercial real estate services firm that has served as CBRE’s affiliate firm in Memphis since 1996. The firm has more than 100 employees on staff and leases and/or manages roughly 14 million square feet of commercial property in the metro Memphis area, as well as Arkansas and Jackson, Miss. CBRE | Memphis and CBRE’s existing corporate staff in the Memphis region totals more than 500 employees. After acquiring affiliate firms in Charleston, Columbia, Greenville and Louisville, CBRE Group now has 14 offices in the Southeast totaling more than 3,200 employees.
GAITHERSBURG, MD. — Elion Partners has completed a major capital improvement program for Goshen Plaza, a 45,654-square-foot shopping center in Gaithersburg. Located at the corner of Goshen and Rothbury roads, the shopping center’s tenant roster includes CVS/pharmacy, McDonald’s, Subway, Paisano’s and Pizza Hut. The capital improvement program included repaving the front parking lot and painting the shopping center. New soffit and beams wrapped in stained wood were installed under the canopy and a new light line was installed along the roof. The landscaping also received a complete overhaul. Rappaport manages the leasing strategy, physical plant and construction activities for Elion Partners at Goshen Plaza.
TYSON’S CORNER, VA. — First Potomac Realty Trust has sold Cedar Hill I & III, two three-story office buildings in Tyson’s Corner, for $27.3 million. The properties total 102,632 square feet and were fully leased as of Sept. 30, 2015. JLL represented the office REIT in the transaction.
DULUTH, GA. — Versant Commercial Brokerage Inc. has acquired two flex office buildings in Duluth, a suburb of Atlanta, for $9.1 million. The properties total 113,035 square feet and are located at 2425 and 2450 Commerce Ave. The properties’ tenant roster includes Metso Automation USA Inc., Vensure Employer Services, Moreland Altobelli Associates and Videojet Technologies. Asset manager Clear Vista Management and property manager Wiedmayer & Co. assisted Versant in the transaction. Versant acquired the buildings on behalf of a group of former tenant-in-common investors, which own the two adjacent buildings. Versant negotiated the acquisition and assisted in financing the acquisition with low-cost debt.
Without question 2015 was a “great year” for the St. Louis retail market, says Adam Glosier, senior vice president with Colliers International. “New users entered the market and few vacated. The St. Louis retail landscape benefitted from the continued expansion of organic grocers, sporting goods operators, quick service restaurants and soft goods retailers.” At the end of the third quarter, the vacancy rate stood at 7.1 percent, unchanged from the prior quarter but down from 8.2 percent a year earlier, according to CoStar Group. Net absorption totaled 579,206 square feet during the third quarter, bringing the year-to-date total to just under 900,000 square feet. Six new retail buildings were delivered in the third quarter, which collectively brought 612,595 square feet to the market. The gross leasable area (GLA) of the 29 buildings under construction at the end of the third quarter totaled 915,751 square feet. “There was a lot of activity in 2015 in the freestanding and small retailer market, as well as activity from junior anchors,” says Christopher Zoellner, senior vice president of retail with Balke Brown Transwestern. “This has created strong activity and a good pipeline going into 2016.” IKEA Makes ‘Big Splash’ A few retailers opening new …
MIRAMAR, FLA. — CBRE has brokered the sale of Modera Town Center, a new 487-unit, Class A multifamily asset located at 11575 City Hall Promenade in the Miami suburb of Miramar. CIP II/MRCT Miramar Town Center LLC, a joint venture between CrossHarbor Capital Partners and Mill Creek Residential Trust, sold the asset to Miramar Apartment Co. for $120 million. The property is located within the 54-acre, master-planned Miramar Town Center, which includes mix of 320,000 square feet of office, retail and civic buildings. “Anchored by the 6 million-square-foot Miramar Park of Commerce, the Miramar address represents one of Broward County’s largest and most sought-after office and industrial markets,” says Robert Given, vice chairman of CBRE Multifamily. The property is 88 percent leased with an average market rent of $1.78 per square foot. Modera Town Center consists of 353 units in two midrise buildings and a mix of 134 two- and three-bedroom townhomes. Interior finishes include granite countertops, ceramic tile flooring, espresso cabinets, stainless-steel GE appliances, accessories, tile backsplash, full-size washer and dryer and knockdown finishes on the walls and ceiling. All units feature covered parking via a parking garage for the midrise units or direct access garages in the townhomes. …