HAZELWOOD, MO. — In separate transactions, Savoy Properties has arranged one property sale and one lease in Hazelwood, a northwestern suburb of St. Louis. In the first transaction, Bommarito Ford Realty LLC purchased a 21,016-square-foot retail building from Robert Chandler and Marilyn Chandler. The property is located at 6311 N. Lindbergh Blvd. in Hazelwood. John McDonald of Savoy represented the buyer, Bommarito Ford Realty. In the second transaction, Kingsbrook Properties LLC has leased 12,712 square feet of office space to Center for Life Solutions. The property is located at 9144 Pershall Road in Hazelwood. Ryan Pennington and John Pennington of Savoy represented the landlord, Kingsbrook. Eric Galanti of CBIZ represented the tenant.
KANSAS CITY, MO. — U.S. Bank has provided $5.3 million in equity for the development of a 364,000-square-foot industrial park in Kansas City. Three Trails Industrial Park is a $16 million project slated for completion in February 2016. The $5.3 million in equity was raised through the federal New Markets Tax Credit Program designed to spur revitalization efforts of low-income and impoverished communities across the country.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered three separate sales of three apartment communities in the Raleigh-Durham area totaling $62.4 million. The transactions include Atlanta-based TriBridge Residential selling The Hamptons at RTP, a 286-unit property in Durham, to Cortland Partners for $34.6 million; Los Angeles-based Robertson Properties Group selling Emerald Forest, a 320-unit property in Durham, to New York-based Somerset Partners for $19.5 million; and New York-based JEM Holdings purchasing Westchester, a 160-unit property in Garner, from Carlisle Residential for $8.3 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in all three transactions.
LAUREL, MD. — Wood Partners plans to break ground on a new 340-unit apartment community in Laurel, a city situated halfway between Baltimore and Washington, D.C. The property, known as The Residences Towne Centre at Laurel, will be located on a 5.2-acre site adjacent to the Towne Centre at Laurel, a 400,000-square-foot mixed-use development that features an Old Navy, Outback Steakhouse, Mission BBQ and Panera Bread. Designed by JDavis Architects, the new community will comprise a 640,000-square-foot, four-story building wrapping a 555-space parking garage. The units will feature quartz countertops, stainless steel appliances, tile backsplashes, oversize tubs, vinyl plank flooring, upgraded lighting and hardware packages and full-size washers and dryers. Community amenities will include lounge spaces, a game room, café, business center, fitness facility with a yoga studio, additional storage space, bicycle storage and a pet spa. CBRE represented the seller, Greenberg Gibbons, in the land sale. Leasing is anticipated to begin in early 2017, with construction scheduled for completion by the summer of 2017.
CHATTANOOGA, TENN. — Marcus & Millichap has brokered the $21.2 million sale of a Coca-Cola industrial warehouse portfolio comprising three properties in Chattanooga. The three buildings span roughly 645,000 square feet and are leased by Coca-Cola Refreshments, a wholly owned subsidiary of The Coca-Cola Co. Coca-Cola Refreshments recently leased the properties for five-year terms with the option to renew for additional five-year terms. Sam Hanna of Marcus & Millichap’s San Diego office, along with Anne Williams of the firm’s Memphis office, brokered the transaction. Williams is Marcus & Millichap’s broker of record in Tennessee. The unnamed buyer is a publicly traded REIT.
AUSTELL, GA. — Crossman & Co. has brokered the $5.5 million sale of the East West Shoppes, an 85,565-square-foot neighborhood retail center in Austell, a northwest suburb of Atlanta in Cobb County. The five-building property is situated on a 15.7-acre parcel at 1025 East-West Connector. The property was 75 percent leased at the time of sale to tenants such as Starbucks Coffee, Discount Tires, American Family Insurance and Apex Animal Hospital. Brian Carolan, Bruce Lyons and John Zielinski of Crossman & Co. represented the seller, a Miami-based special servicer, in the transaction. The buyer, a private investor based in Boca Raton, Fla., has retained Crossman & Co. to lease and manage East West Shoppes.
WINNETKA, ILL. — SVN | Chicago Commercial has brokered the $1.5 million sale of a 7,800-square-foot retail building in downtown Winnetka, a northern Chicago suburb. Bertha Turner TN4 LLC sold the property, located at 563-571 Lincoln Ave., to Edgewood Real Estate Investment II LLC. Wayne Caplan of SVN | Chicago Commercial represented the seller and was the sole broker in the transaction. The building features six storefronts and includes tenants such as apparel retailers J. McLaughlin and Sara Campbell, a local real estate office and two local antique dealers. One storefront is currently vacant. This transaction is the first time the property has traded hands since its construction nearly 90 years ago.
CHARLESTON, S.C. — Charlotte-based Ferncroft Capital has acquired a 14,000-square-foot, Class A medical office building located at 163 Rutledge Ave. in Charleston, for $5.3 million. The Medical University of South Carolina anchors the fully leased property. Bank of North Carolina provided the acquisition loan on behalf of Ferncroft Capital. Ferncroft has tapped CBRE to manage the medical office building. Colliers International’s Charleston office represented the undisclosed seller in the transaction.
Underpinned by a $50 billion tourism industry that drew a record-breaking 62.3 million visitors in 2014 in addition to strong job, population and residential growth, there is no question that Orlando’s retail real estate market is stronger than ever. According to 2014 U.S. census data, Orlando outpaced 99 of America’s 100 most populous MSAs in year-over-year population growth. The City Beautiful also recently ranked as the No. 1 U.S. city for job growth by Fortune Magazine following a 3.7 percent increase in its employment base in the same year. The Orlando retail market has also benefited heavily from healthy gains in the housing sector, powered by Central Florida’s tourism and construction industries, which stimulate economic development in the region. Orange County Property Appraiser, Rick Singh, reported that average home sale prices were up more than 10.5 percent in 2014, while residential construction rose 79 percent in the same period. With this type of growth, Orlando is experiencing strong consumer spending and an increase in demand for retail space. The Orlando region’s Index of Retail Activity rose 8.5 percent year-over-year in the second quarter of 2015, while the metro-wide retail vacancy rate decreased to 6.5 percent, down from 8.2 percent at …
LOS ANGELES — AvalonBay has purchased a 5.8-acre land parcel in Hollywood for more than $100 million. The parcel is located at 6677 Santa Monica Blvd. AvalonBay plans to demolish the existing site where it will build a mixed-use multifamily and retail development. The proposed development will include 24,900 square feet of retail space and 695 apartment units, including 56 affordable housing units. The project is currently in the pre-development stage. CBRE’s Curtis Palmer, Anthony Muhlstein and Peter Sherman represented the buyer. The seller was Calico and Tinseltown.