WIXOM, MICH. — Signature Associates has negotiated the lease of 14,350 square feet of industrial space located at 48152 West Road in Wixom. Steve Kozak, Steve Gordon and Angela Thomas of Signature Associates represented the tenant, Profiroll, in the transaction. Steve Kozak and Steve Gordon also represented the landlord, International Development, in the transaction. Signature Associates is an independently owned and operated company that is a member of the Cushman & Wakefield Alliance.
NORTHVILLE, MICH. — PF Michigan Group, a Michigan-based Planet Fitness area developer owned and operated by Bryan and Laura Rief, has opened two new 30,000-square-foot Planet Fitness clubs located at 8260 23 Mile Road in Shelby Township and 6650 Telegraph Road in Bloomfield Township near Detroit. The franchisee of both locations is based in Northville. “These full-size clubs showcase our massive selection of top-of-the-line cardio and strength equipment, 30-minute workout area and PF Spa,” says Laura Rief. Both new clubs will feature over 120 pieces of high-quality cardio equipment including treadmills, ellipticals, stairclimbers, arc trainers and stationary bikes. Planet Fitness also offers a full complement of upper- and lower-body strength machines, a 30-minute PF Express circuit, 12-minute abdominal circuit, and new PF360 multi-function training unit. Planet Fitness is open and fully staffed 24 hours, seven days a week, and has a certified fitness trainer on site during the work week to help members with workout programs free of additional charge. Planet Fitness plans to open 10 to 15 additional properties in the Detroit area over the next 36 to 48 months. Most recently, PF inked a lease for a 35,000-square-foot club located in Chesterfield that will open this fall. Founded …
ATLANTA — Sanctuary Residential has begun construction on 200 Edgewood, a $33 million student housing development located across the street from Georgia State University (GSU) in downtown Atlanta’s MLK Landmark district. According to Sanctuary Residential, the mixed-use urban infill property will be the closest student housing to GSU, including the school’s dormitories. 200 Edgewood will be situated on 1.2 acres near the Grady/Children’s Hospital Medical Complex and the new Sweet Auburn Curb Market streetcar station. The 144-unit, 254-bed community is designed to appeal to GSU students, as well as medical interns, nurses and doctors. The property’s amenity package will include a clubhouse, fitness center, meeting/study areas, central courtyard, 110 parking spaces and 12,000 square feet of commercial space. Sanctuary Residential plans to deliver 200 Edgewood by July 2016. The design team includes architect Gary Coursey & Associates, engineer Eberly & Associates and general contractor Shell McElroy. Asset Campus Housing will manage the property upon completion.
PEMBROKE PINES, FLA. — New York Life Real Estate Investors has originated a $41 million acquisition loan for Phase II of Modera Pembroke Pines, a 278-unit Class A apartment community in Pembroke Pines, a town in Broward County. The loan is co-terminus with the Phase I financing that New York Life Insurance Co. provided in fall 2014. HFF’s Miami office arranged the financing on behalf of the borrower, New York-based AVR Realty Co.
BOILING SPRINGS AND SPARTANBURG, S.C. — Capstone Apartment Partners has brokered two sales of multifamily communities in South Carolina totaling $20.3 million. In the larger transaction, The Village at Mills Gap LLC sold the Village at Mills Gap to HKSK Corp. for $16.2 million. Built in 2014, the 208-unit property is located at 97 Mills Gap Road in Boiling Springs and was 80 percent occupied at the time of sale. Alex McDermott and Austin Green of Capstone’s Charlotte office brokered the transaction. In the second deal, Alliance sold Cross Creek Apartments to Elevation Financial Group for $4.1 million. Built in 1981, the 152-unit apartment community is located at 345 Bryant Road in Spartanburg and was 97 percent occupied at the time of sale. McDermott, Green and Beau McIntosh of Capstone represented the seller in the transaction.
SUNRISE, FLA. — Stiles has purchased Sunrise Corporate Plaza, a three-story, Class A suburban office building, for $18.9 million. Developed in 1999, the 106,648-square-foot office building is located at 1300 Sawgrass Corporate Parkway within Sawgrass International Corporate Park in Sunrise, a town in Broward County. The asset was fully leased at the time of sale to tenants such as MacNeill Group and MEDNAX Services. Fort Lauderdale-based Stiles purchased the property through Stiles Property Fund, the company’s value-add real estate fund. Mike McDonald of Eastdil Secured represented the seller, FDG Sunrise Corporate Plaza, an affiliate of Florida East Coast Industries. Following the acquisition, Stiles will lease and manage the asset.
MORROW, GA. — Dallas-based Sealy & Co. has sold a 209,210-square-foot industrial property in Morrow, roughly 14 miles south of Atlanta, for an undisclosed price. The company’s investment offefring, Sealy Strategic Equity Partners, executed the sale to enhance the fund’s key performance metrics.
The Atlanta industrial market is in the beginning stages of its third growth cycle since 1990. Vacancy has declined over the past 18 quarters, and asking rates have seen a positive trend over the same time period, increasing by 14.9 percent. These improving metrics should come as no surprise to those familiar with the history of Atlanta’s industrial market. Although the Atlanta metro is the nation’s ninth-largest metropolitan area, its industrial market represents the fourth-largest by volume. Total vacant space in the market has fallen to a 13-year low 8.7 percent, meaning the metro is once again poised for industrial expansion. Cycles One, Two and Three Atlanta’s growth cycle in the 1990s lasted just under 8 years, from 1994 until 2002, where 135 million square feet of new product was added to the market. That constitutes almost a quarter of the total 549 million square feet in the metro today. Total vacancy had fallen to 9.2 percent in the middle of 1994 and asking rates hit what was then an all-time high of $3.26 per square foot. These factors triggered a 40 percent rise in construction volume. As this cycle closed in 2001, vacancy rose back above 10 percent in …
VENTURA, CALIF. – A 43,138-square-foot building in Thousand Oaks that is triple-net leased to Orchard Supply Hardware has sold to Oppidan Investment Company for $16.7 million. The building is located at 1934 E. Avenida de Los Arboles. Christopher Maling, David Maling and Stephen Algermissen of Colliers represented both the buyer and seller, a local private investment firm, in this transaction.
POMONA, CALIF. – Universal Shipping has leased 142,000 square feet of space at the Chino Crossroads Business Park in Pomona. The lease is valued at $9 million. The space is located at 2855 S. Reservoir Street. The third-party logistics provider is currently expanding its presence in the U.S. and abroad. The company was represented by Barry Saywitz of the Saywitz Company. The landlord, Northwestern Mutual Life Insurance and Financial Service, was represented by Bill Budge of William A. Budge Inc.