RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of Carolina Place, a five-story, 99,181-square-foot office building located at 2626 Glenwood Ave. in Raleigh. The Class A building was 90 percent leased at the time of sale. Houston-based Griffin Partners purchased the asset from New Boston Fund for $20 million, according to the Triangle Business Journal. Ben Kilgore of CBRE | Raleigh, along with John Boylan and J.D. McNeil of Spectrum Properties, represented New Boston Fund in the sale.
CARMEL, IND. — Anderson Birkla Investment Partners has selected Woolpert to design a $60 million mixed-use development in downtown Carmel, a northern suburb of Indianapolis. The Proscenium will be situated on 6.5 acres and will include 225 luxury one- and two- bedroom apartment units. Plans also include a fitness club, a bike center and a coffee bar. The Proscenium will also offer 20,000 square feet of retail space and 60,000 square feet of office space that will be centered on 1.8 acres of public green space. Construction on The Proscenium will begin this fall and is expected to take 18 to 24 months to complete.
HUNTSVILLE, ALA. — RCP Cos. has opened Phase I of The Shops at Merchants Walk, a 90,000-square-foot retail center in Huntsville. Phase I brings north Alabama its only Whole Foods Market. The 42,000-square-foot store anchors the center, which is roughly 90 percent pre-leased to tenants such as lululemon athletica, Farm Burger, Spa Sydell, Mountain High Outfitters, Maki Fresh, Orangetheory Fitness, Local Taco, The Masters Aveda Salon and DressUp Boutique. The shopping center is situated directly adjacent to the 650,000-square-foot Parkway Place, a regional mall.
JEFFERSONVILLE, IND. — NorthMarq Capital has secured an $11.5 million refinancing loan for a 500,000-square-foot distribution warehouse in Jeffersonville, a suburb of Louisville, Ky. River Ridge IV is located at 600 Patrol Road. The loan features a 10-year term and 15-year amortization schedule. NorthMarq arranged the financing for the industrial developer through its correspondent relationship with a national life insurance company. Randall Waddell of NorthMarq secured the loan.
CHARLOTTE, N.C. — Ziff Properties Inc. has sold Maplecrest Industrial Park, a 63,200-square-foot flex industrial facility located in Charlotte. The buyer, an undisclosed private buyer based in the Western U.S., purchased the asset for $4.7 million. The transaction marks Ziff Properties’ fifth North Carolina disposition this year. Jared Londry, Robert Cochran and Ashton Nolan of Cushman & Wakefield represented Ziff in the transaction.
CHICAGO — Transwestern has arranged the sale of a six-building industrial portfolio in metro Chicago. Chicago Properties LLC sold the portfolio to Clear Height Properties for an undisclosed amount. Transwestern represented Chicago Properties in the transaction. The portfolio includes 21 tenants across the six properties. Tenants include Pace Suburban Bus Service, Stanley Black & Decker, Veltri Inc., Claridge Products, Red Barcode Planet Inc. and ECL Products LLC. Properties in the portfolio include: A 31,726-square-foot, multi-tenant property at 600 Northgate Parkway in Wheeling, Ill. A 30,000-square-foot, single-tenant property at 3847 Exchange Ave. in Aurora, Ill. A 27,600-square-foot, multi-tenant property at 921-927 State St. in Elgin, Ill. A 22,644-square-foot, single-tenant property at 3121 Tollview Drive in Rolling Meadows, Ill. A 20,000-square-foot, multi-tenant property at 72-92 N. Lively Blvd. in Elk Grove Village, Ill. A 14,372-square-foot, multi-tenant property at 2130 Oxford Road in Des Plaines, Ill.
CHICAGO — Novak Construction Co. has broken ground on a new Whole Foods Market in Chicago. The grocery store will be located at the intersection of Ashland, Belmont and Lincoln avenues. The store under construction at 3201 N. Ashland Ave. is replacing the existing Whole Foods Market, which is located at 3300 N. Ashland Ave. The new 70,000-square-foot store will feature a second-story balcony for outdoor dining and additional indoor dining space. Completion of the new Whole Foods Market is slated for spring 2017.
RACINE, WIS. — The Dickman Company Inc./CORFAC International has arranged a 2,400-square-foot industrial lease for Elwood Corp. in Racine, approximately 25 miles south of Milwaukee. Vail Rentals owns the 14,400-square-foot, multi-tenant building, located at 2723 Carlisle Ave. Cale Berg and Anthony Huenerbien of The Dickman Co. were the sole brokers in the transaction.
Improving real estate fundamentals in the St. Louis office market are opening the floodgates to new construction that is greatly needed as large occupiers are finding limited, if any, existing available options. Over the past few years, the gap between rent for existing office properties and new properties was too great to justify construction. Until now, that is. The St. Louis employment base is finally reaching a pre-recession level with continued growth in the healthcare, information technology and engineering industries. The centrally located and more affluent residential areas — the West County and Clayton submarkets in particular — are experiencing higher occupancies and increasing rental rates. Clayton historically has been the best-performing submarket in St. Louis and still is today, while West County is situated near mid- to upper-level income workers. Development has and will continue to follow these highly sought after submarkets as they offer the metro area’s best real estate fundamentals and returns. Add to all of those factors a lack of new product in the past several years — plus a Class A vacancy rate of 10 percent — and you have an ideal climate for new construction. Pivotal project is catalyst The announcement that St. Louis-based …
ALISO VIEJO, CALIF. — Berkadia has arranged $105 million in financing for the 590-unit Barcelona Apartments in Aliso Viejo. The community is located at 23592 Windsong. The property was about 95 percent occupied at the time of closing. The loan features a 10-year term, 3.51 percent interest rate and interest-only payments for the full term. Mitch Thurston and Andy Ahlers of Berkadia originated the transaction through the firm’s Fannie Mae program.
