FLOWOOD, MISS. — Inland Real Estate Income Trust Inc. has acquired Dogwood Festival Shopping Center, a 187,610-square-foot retail center located in Flowood, roughly 10 miles northeast of Jackson. Lou Quilici of IREIT Business Manager & Advisor Inc. brokered the transaction. The property is 97.8 percent leased to 36 tenants, including T.J. Maxx, HomeGoods, Old Navy, Gap, Men’s Wearhouse and Hibbett Sports.
Property Type
WHITE MARSH, MD. — Baltimore-based Continental Realty Corp. has purchased two apartment communities in the White Marsh section of Baltimore County for a combined $58.3 million. On behalf of CRC Fund III LP, Continental Realty purchased Lincoln Woods and Quail Ridge from Henderson Global/TIAA-CREF for $29.15 million each. Lincoln Woods was constructed in 1986 and features an outdoor pool, resident clubhouse/leasing office and a dog park. Quail Ridge was built in 1987 and includes an outdoor pool, clubhouse/leasing office and a children’s playground.
COLUMBIA, S.C. — Pierce Education Properties (PEP) has purchased Pointe West, an off-campus student housing community that serves University of South Carolina (USC) students, for $16.4 million. Pointe West is a 480-bed, 144-unit community west of the USC campus. The fully furnished community features two- and four-bedroom units, modern appliances, leather furniture, private balconies/patios, as well as a private washer and dryer in each unit. Property amenities include a resort-style pool surrounded by a large sundeck and hot tub, fitness center, internet café with coffee bar, sand volleyball court, basketball court, on-site hiking trails linking to regional riverfront pathways and picnic-style areas equipped with grills. PEP plans to invest another $300 million in other acquisitions in the student housing sector over the next 24 months. KeyBank provided $8.5 million in acquisition financing for the transaction.
ALEXANDRIA, VA. — Newmark Grubb Knight Frank (NGKF) has arranged the U.S. Department of Defense’s (DOD) 606,575-square-foot lease renewal at Hoffman Tower II in Alexandria, roughly eight miles south of Washington, D.C. The office lease transaction is the largest in the Washington, D.C. metro area this year, according to NGKF. Brendan Owen and Scott Johnston of NGKF represented the owner, The Hoffman Co., in the transaction. CBRE represented the U.S. General Services Administration (GSA), which signed the lease renewal on behalf of the DOD. The DOD has occupied Hoffman Tower II for more than 30 years.
BRANDON, FLA. — Publix Grocery Stores Inc. has purchased Kingsway Crossing, a 63,423-square-foot, Publix-anchored shopping center in Brandon, about 11 miles west of Tampa. Publix purchased the asset from Valrico Lake Brandon LP, a private Canadian investment entity, for $8.2 million. The shopping center, located at 1254 Kingsway Road, is 90 percent leased to tenants including Great Clips, Metro PCS and Kumon Learning Center. Mark Shellabarger and Dennis Carlson of CBRE represented the seller. CBRE handles the property management and leasing of Kingsway Crossing.
COLUMBIA, S.C. — Lincoln Property Co. Southeast has brokered the $2.3 million sale of the Seventy Seven Building, a two-story, 57,375-square-foot office building in Columbia. Denton Shamburger and Chip Sipple of Lincoln Property’s Atlanta office represented the seller, GE Commercial Finance Business Property Corp., in the transaction. Roger Winn of NAI Avant represented the buyer, Red Hills Holdings LLC. Seventy Seven Building is located at 101 Business Park Blvd., about 10 minutes from downtown Columbia. The building was 37 percent leased at the time of the sale.
PONTOON BEACH, ILL. — PCCP LLC has formed a joint venture with TriStar Properties to acquire 45 acres of land for the development of a 673,000-square-foot industrial building in Pontoon Beach, Ill., approximately 14 miles northeast of St. Louis, Mo. Development of the Class A industrial warehouse building will begin this summer. The building will include 32-foot clear heights, cross-docks, 172 trailer spaces, up to 264 car parking spaces and an ESFR system. The project is slated for completion in February 2015. The site is within Gateway Commerce Center, a fully leased, 2,000-acre industrial park that includes major tenants such as Procter & Gamble, Hershey’s and Unilever. TriStar Properties is the master developer of Gateway Commerce Center.
DAYTON, OHIO — Marcus & Millichap has arranged the $4.1 million sale of three dialysis centers totaling 35,670 square feet. Dialysis Centers of Dayton occupies two of the three buildings; one as the sole tenant and the other as co-tenant along with Renal Physicians Inc. DaVita Dialysis anchors the third facility with Renal Physicians Inc. occupying the remaining space. The anchor tenants, DaVita Dialysis and Dialysis Centers of Dayton (Miami Valley Hospital), each have more than nine years remaining on their leases along with two, five-year renewal options. Gino Lollio, Christopher Mitchel and Scott Niedergang of Marcus & Millichap’s national healthcare real estate group represented the seller, Premier Health Partners, a medical network of five hospitals and two major health centers in the Dayton region, including Miami Valley Hospital. The Marcus & Millichap team also represented the buyer, a private healthcare-focused real estate fund. Michael Glass of Marcus & Millichap’s Ohio office also assisted in the transaction.
CAROL STREAM, ILL. — Cushman & Wakefield has arranged a long-term, 185,000-square-foot industrial lease in Carol Stream, approximately 35 miles west of Chicago. Diamond Marketing Solutions, which creates data-driven communications in print and digital response media, leased the space within the Carol Point Business Park located at 900-910 Kimberly Drive. The lease brought the 275,000-square-foot industrial property to 100 percent occupancy. Britt Casey and Chris Lydon of Cushman & Wakefield's Rosemont, Ill., office represented the property owner, TA Associates Realty. John Gearen of Nicolson, Porter & List served as tenant broker in the transaction. Diamond Marketing Solutions is relocating its headquarters to the property from Bloomingdale.
CHASKA, MINN. — The Opus Group plans to develop a mixed-use project on 60 acres in Chaska, a small town about 25 miles southwest of Minneapolis. The property is located at the southwest corner of U.S. Highway 212 and County Road. Plans for the site include approximately 500,000 square feet of industrial and office space and a 15-acre, grocery-anchored retail development. Opus Development Co. LLC has retained Colliers International to market the site. The population of Chaska was nearly 24,100 as of 2012, according to the U.S. Census Bureau.