ASBURY, N.J. — Marcus & Millichap has arranged the sale of ABM Self Storage, a 59,562-square-foot self-storage facility located at 190 New Jersey Highway 173 in Asbury. A limited liability company acquired the asset for $4.6 million. Situated on 5.8 acres, the four-building property features 400 storage units. Anthony Asencio, Michael Mele, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the seller, a developer, and the buyer in the transaction.
Convenience, quality and experience are the key deliverables for today’s retail customer. Make it easy, of high value and enjoyable. Today’s shopper has less time, less money and less patience for retailers and developers to “get it right.” They want shopping to be an event and a social experience. They want a reason to get off the couch and go shopping instead of simply buying online. Although e-commerce still accounts for less than 15 percent of retail sales in the United States, it dramatically impacts consumers’ expectations and will increasingly influence retail trends. Shoppers are better informed, often having thoroughly researched the options and narrowed their choices before ever setting foot in the store. Salespersons must be better informed and prepared to successfully engage sophisticated consumers. Sales of consumer goods perceived to be commodities, some of which include books, electronics and office supplies, are continuing to migrate online. Retailers who are able to seamlessly integrate their brick and mortar stores with their online presence have been able to take advantage of shifting trends successfully, while those who haven’t struggle to compete. Omni-channel retailing is becoming more mainstream. Retailers that haven’t adopted omni-channel retailing are racing to catch up to businesses …
ATLANTA AND NASHVILLE, TENN. — Alliance Residential Co. has started construction on two luxury apartment developments in Atlanta and Nashville. The projects include Broadstone Ridge, a five-story development within walking distance of the Chattahoochee National Recreation Area and the new Atlanta Braves stadium, and Broadstone 8 South in Nashville’s 12South/8th Avenue neighborhood. Since 2012, Alliance Residential’s pipeline has totaled more than $350 million with projects in Georgia, South Carolina and Tennessee. The company recently delivered The Haynes House and Broadstone Court in Atlanta and Broadstone Seaside in Charleston. Current projects in the company’s pipeline include Broadstone Midtown in Midtown Atlanta, Broadstone Springs in Sandy Springs, Ga., and Broadstone Germantown in Nashville.
GARDEN CITY, GA. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Westport Business Park on a 33-acre land parcel in Garden City, which borders Savannah. The 312,000-square-foot speculative distribution center will feature 32-foot clear heights with 94 dock doors, 52-foot by 60-foot stage bays, T5 lighting, ESFR sprinklers, 45 trailer spaces and 77 car parking spaces. The facility will be situated less than two miles from the Garden City Terminal at the Port of Savannah and the Savannah/Hilton Head International Airport. The joint venture expects to complete the project by mid-2016.
LEBANON, TENN. — Communications Test Design Inc. (CTDI), an engineering, repair and logistics company serving the communications industry, has signed a 403,750-square-foot industrial lease at Eastgate Distribution Center I in metro Nashville. The building is located at 7800 Eastgate Blvd. in Lebanon. John Ward of Cushman & Wakefield represented the landlord, Pattillo Industrial Real Estate, in the lease deal. Terry Smith of Colliers International represented CTDI. David Mackey and John Morrissey of Jackson Cross Partners assisted in representing CTDI.
RALEIGH, N.C. — Heritage Properties Inc. plans to develop Legacy at Brier Creek, a 121,000-square-foot, Class A office building in Raleigh. The development will be situated at the corner of TW Alexander and Brier Creek Parkway. The office building’s amenities will include a tenant lounge on the first floor with a coffee bar and Wi-Fi, fitness center and yoga studio, locker rooms with showers and an outdoor terrace with seating and grills. The building is designed with 15-foot floor-to-ceiling heights on each floor, allowing tenants the option of having an exposed 15-foot ceiling or a traditional 10-foot drop ceiling. The property features land for the development of an additional 45,000 square feet of office space. Heritage Properties has selected Colliers International to lease the project.
CHICAGO — Holliday Fenoglio Fowler (HFF) has arranged the $168.2 million sale of an office building in Chicago’s West Loop. 200 West Adams is a 32-story, LEED Gold-certified building that spans 683,730 square feet. Sterling Equities and Lincoln Property Co. sold the asset to Gerding Edlen. The buyer also secured a $133.9 million acquisition loan through AEW Capital Management LP. The floating-rate loan is for a period of three years. 200 West Adams is located at the northwest corner of Adams and Wells Streets and was built in 1985. The building is 91 percent occupied by tenants such as the Government Services Administration, BMO Harris Bank and law firm Lowis & Gellen. The retail space on the lobby level is leased to Starbucks, Walgreens and Au Bon Pain. Jeff Bramson and Jaime Fink of HFF represented the seller in the transaction. Tim Joyce of HFF originated the loan.
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $15.1 million HUD 221(d)(4) loan for the rehabilitation of two conjoined warehouses in Minneapolis. The property, 700 Central, will be converted into 80 market-rate housing units. The apartment buildings will also feature 5,600 square feet of ground-floor retail. The project has been placed on the National Register of Historic Places, and the borrower, 700 Central Owner LLC, was able to utilize equity from the sale of historic tax credits for the project.
LAWRENCEBURG, IND. — Evans Senior Investments has arranged the sale of Shady Nook Care Center, a skilled nursing and memory care facility in Lawrenceburg, approximately 25 miles west of Cincinnati, Ohio, for an undisclosed price. A local investor purchased the property and will retain the existing operator. Shady Nook was built in 1984 and consists of 35 semi-private rooms and 12 private rooms in a 37,332-square-foot facility. The property underwent a $395,000 renovation in 2010. Jason Stroiman of Evans Senior Investments arranged the deal.
MEQUON, WIS. — Ryan Cos. has broken ground on a new Children’s Hospital of Wisconsin clinic in Mequon, approximately 20 miles north of Milwaukee. This is the third Children’s Hospital that Ryan Cos. has been hired to build in Southeast Wisconsin in the past two years. The two-story, 40,000-square-foot clinic will be situated on a six-acre site at the corner of Mequon Road and Market Street. The clinic will include Echo and MRI imaging, neurology, orthopedics, occupational therapy, primary care, urgent care and much more. The clinic will also feature an on-site lab and pharmacy services. The facility is slated to open in mid-2016. Ryan Cos. is providing development, design-build construction and real estate management services. ScopeBridge serves as the project architect, and Associated Bank is providing construction financing.
