Property Type

Cushman & Wakefield Brokers Sale of Edgewood Country Club in New Jersey

by Amy Works May 27, 2015

RIVER VALE, N.J. — Cushman & Wakefield has brokered the sale of Edgewood Country Club, a 185-acre property located in River Vale. The Witmondt and Schonbraun Families, operating through Edgewood Golf Course Realty Associates, acquired the property for an undisclosed sum from Edgewood Country Club Inc. Located at 449 Rivervale Road, the property operates as a private 27-hole golf course and country club facility, including a 41,500-square-foot clubhouse, swimming pools, tennis courts, driving range, putting greens, snack bar, banquet facilities and other amenities. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Dowd of Cushman & Wakefield brokered the transaction.

May 27, 2015

Indiana Industrial Midwest

GM to Invest $1.2B in Full-Size Truck Plant in Fort Wayne

by Amy Works May 27, 2015

FORT WAYNE, IND. — General Motors will invest $1.2 billion in its full-size pickup truck plant in Fort Wayne. The investment will include upgrades and technology that will improve the plant’s competitiveness in assembling high-quality light- and heavy-duty models. Construction of the new pre-treat, electro-coat operation and sealing facility, expanded body shop, expanded and new material sequencing centers, and upgraded general assembly area is expected to begin in June and take several years to complete. The production schedules for full-size trucks will not be affected by the upgrades and renovations. The investments are part of the $5.4 billion that GM is planning to invest in U.S. facilities over the next three years.

May 27, 2015

Illinois Industrial Midwest

NGKF Brokers 1.1M SF Tenant Relocation in Joliet

by Amy Works May 27, 2015

JOLIET, ILL. — Newmark Grubb Knight Frank (NGKF) represented Saddle Creek Logistics in its relocation to a 1.1 million-square-foot build-to-suit distribution facility in Joliet. Located within CenterPoint Intermodal Center, the state-of-the-art facility will be situated on 60 acres. The $43 million facility will feature 32-foot clear ceiling heights, 132 dock doors, four drive-in doors, ample parking, 328 trailer stalls and 15,000 square feet of office space. Saddle Creek is relocating to the new facility from its current 590,000-square-foot facility at 21051 W. Walter Strawn Drive in Elwood, Ill. The company plans to occupy the new space by February 2016. Jack Cozzie of NGKF and Ladson Montgomery of Newmark Grubb Phoenix Realty Group represented Saddle Creek, while Dan Leahy and Adam Roth of NAI Hiffman represented CenterPoint in the transaction.

May 27, 2015

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $24M Loan for Orion Commerce Center

by Amy Works May 27, 2015

ORION TOWNSHIP, MICH. — Bernard Financial Group has arranged a $24 million non-recourse loan for Orion Commerce Center in Orion Township. Located off I-75, the property features 890,000 square feet of warehouse/distribution space. Ashley Capital LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the loan through a national CMBS lender.

May 27, 2015

Midwest Missouri Retail

Gershman Commercial Brokers Sale of 15,859 SF Retail Space in Missouri

by Amy Works May 27, 2015

EUREKA, MO. — Gershman Commercial Real Estate has brokered the sale of a 15,859-square-foot retail space located at 98 The Legends Parkway in Eureka. CUNA Mutual Investment Corp. sold the property to The Legends Plaza LLC for an undisclosed sum. Roger Zigler and Stephen Symsack of Gershman Commercial represented both parties in the transaction.

May 27, 2015

Industrial Loans North Carolina Southeast

CBRE Arranges $58M Loan for 1.6M SF Industrial Portfolio in Charlotte

by John Nelson May 27, 2015

CHARLOTTE, N.C. — CBRE Capital Markets has arranged $58 million in financing for an eight-property, 1.6 million-square-foot industrial portfolio located in Charlotte. The portfolio is 100 percent leased and comprises warehouse and distribution facilities. Hal Kempson and Compton Newman of CBRE’s Charlotte office arranged the loan on behalf of Beacon Partners, which is using the loan to refinance the portfolio. TIAA-CREF provided the 15-year loan at a fixed interest rate.

May 27, 2015

Baltimore Washington Logistics Center Jessup

Industrial Maryland Southeast

Manekin, AEW Purchase 730,000 SF Distribution Center for $45.3M

by John Nelson May 27, 2015

JESSUP, MD. — A joint venture between Columbia, Md.-based Manekin LLC and Boston-based AEW Capital Management has purchased the 60-acre Baltimore Washington Logistics Center. The 730,000-square-foot property is located at 7600 Assateague Drive in Jessup, roughly halfway between Baltimore and Washington, D.C. The Baltimore Business Journal reports that the joint venture, named MCA Assateague JV LLC, purchased the facility for $45.3 million from Madison-SP Assateague LLC, a joint venture between New York Life Real Estate Investors and Mosaic Realty Partners. The facility was formerly occupied by Giant Food and was used as the grocer’s main dry-goods warehouse until 2013. In addition to expanding the existing building by 120,000 square feet, the new ownership plans to speculatively develop an additional 160,000-square-foot industrial building on the site. Once the expansion is complete, the site will still be able to accommodate at least 400 trailer parking spaces, which is one of the largest counts in the region. Manekin LLC’s Owen Rouse and John Graham put the deal together as investment advisors and also represented the ownership group in the acquisition, while Cris Abramson and Brian Kruger with Cushman & Wakefield represented the seller. The new ownership has selected Michael Elardo, Jared Ross and …

May 27, 2015

Purcellville Gateway Harris Teeter Cole Farm

Retail Southeast Virginia

ECHO Realty Buys Harris Teeter-Anchored Shopping Center in Virginia

by John Nelson May 27, 2015

PURCELLVILLE, VA. — ECHO Realty has purchased Purcellville Gateway, a 90,000-square-foot grocery-anchored shopping center located at the intersection of Berlin Turnpike and Main Street in Purcellville, a town in Virginia’s Loudoun County. Jordan Lex and John Owndoff of HFF brokered the transaction. The developers, a partnership between Roadside Development and Harris Teeter, built the shopping center on the original Cole Farm site and preserved three of the original structures. One of the original barns is occupied by The Wine Kitchen and IJ Canns American Grille, and the silo that once held grain for the farm now houses equipment to support the public water feature and fountain. Originally opened in 2012, a second phase of the development opened in 2015, featuring The UPS Store and a new Starbucks drive-thru location, as well as an expanded Pet Valu. Chick-fil-A will also open later this year on the northeastern corner of the property, and ECHO is exploring plans to build additional, light density retail and residential use on a three-acre parcel at the northwest corner of the property. Purcellville Gateway is ECHO Realty’s first center acquired in Virginia and the new ownership has chosen to retain the management and leasing services of Roadside …

May 27, 2015

Multifamily North Carolina Southeast

Capstone Apartment Partners Brokers $12.8M Sale of Charlotte Apartment Community

by John Nelson May 27, 2015

CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $12.8 million sale of Hunter’s Pointe, a 394-unit apartment community located in Charlotte. The property is located roughly five miles from Uptown Charlotte. ACRE purchased the asset from Hunter’s Apartments LLC for roughly $32,616 per unit. The apartment community has received approximately $3 million in upgrades over the past 10 years and was 85 percent occupied at the time of sale. Brian Ford, Beau McIntosh and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.

May 27, 2015

Maryland Mixed-Use Southeast

Medical Office Tenant, Package Store Join Gateway at UTC in Metro D.C.

by John Nelson May 27, 2015

HYATTSVILLE, MD. — ECHO Realty and Bernstein Cos. have signed two new tenants to their Gateway at UTC mixed-use development in Hyattsville, a Maryland suburb seven miles northeast of Washington, D.C. The Gateway at UTC development is currently under construction and will be located along East-West Highway, between America Boulevard and Democracy Avenue. The two new tenants joining the development are MedStar Health and Town Center Wine & Spirits. MedStar will operate a primary care office and a MedStar PromptCare urgent care facility comprising 10,000 square feet on the second level of the commercial development. With the majority of parking situated on the second story, patrons will have drive-up access to both MedStar and Phenix Salon Suites, the other tenant to occupy the project’s upper level. On the first floor, Town Center Wine & Spirits will occupy 3,600 square feet at the north end of the street-level retail lining America Boulevard. The mixed-use development is currently 95 percent pre-leased to tenants such as Safeway, Unleashed by Petco and Le’s Nails. Safeway is on schedule to open this fall with other retailers opening soon thereafter.

May 27, 2015

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