ATLANTA — Following the renovations of Lenox Square, Simon Property Group Inc. will implement a facelift of Phipps Plaza, an upscale mall in Atlanta’s Buckhead district. Phase I will include an extensive interior makeover, featuring upgraded LED lighting, new paint scheme, new wood accents, an updated railing system, luxury lounging areas with Wi-Fi connectivity and chargers, upgraded restrooms and a new concierge service center. Additionally, Simon will make major improvements to the parking decks and entrances. Construction is slated to begin this summer and wrap up before the holiday shopping season. Future renovations will include improvements to the mall’s Peachtree Road entrance, a new streetscape with storefronts and landscape improvements. New additions to the mall include 320 luxury residential units and a 164-room hotel with upscale dining.
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CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners has begun construction on Solis Dilworth, a 184-unit luxury apartment community in Charlotte. The multifamily property will be located on Morehead Street at Kenilworth Avenue, near the Carolina Medical Center, Uptown Charlotte, the Little Sugar Creek Greenway and the merchants and eateries lining East Boulevard. The property will feature a central courtyard with a resort-style saltwater pool and cabana. Other amenities will include a lounge and game room, fitness center, yoga room and pet exercise/grooming facilities. The project team for the development includes architect Rule Joy Trammell + Rubio, landscape architect Cole Jenest Stone and general contractor Adolfson & Peterson Construction.
SANDY SPRINGS, GA. — Franklin Street Real Estate Services has arranged the $10.9 million sale of Powers Ferry Shopping Center in Sandy Springs, a northern suburb of Atlanta. The two-story shopping center is anchored by CVS/pharmacy and includes a Subway and Bruegger’s Bagels. The asset was 85 percent leased at the time of the sale. Mac McCall and John Tennant of Franklin Street represented the seller, a local partnership that originally developed the property. The buyer was a 1031 exchange investor based in New York.
GAINESVILLE, FLA. — MedProperties Holdings LLC and Equity Inc. are partnering to build a replacement skilled nursing center for the Gainesville Health Care Center, located at 4816 S.W. Archer Road in Gainesville. The nonprofit company Gainesville Council on Aging will lease the entire 97,000-square-foot, 180-bed facility, which MedProperties and Equity will jointly own. The new property will offer short-term rehabilitation, long-term care, memory care, palliative care and hospice care. Construction is slated to last 12 to 14 months.
LOUISVILLE, KY. — HREC Investment Advisors has arranged the sale of the 271-room Holiday Inn Louisville East in Louisville. Lakshmi Narayan Hospitality Group Louisville LLC purchased the asset from a national special servicer for an undisclosed price. Monty Levy, Tom Sommer and Scott Stephens of HREC represented the seller in the transaction.
ROMEOVILLE, ILL. — Magid Glove & Safety Manufacturing Co. LLC, a supplier of safety equipment, has acquired a 703,973-square-foot industrial building from Venture One Real Estate. The purchase price was undisclosed. The property is located at 1300 Naperville Drive in Romeoville, approximately 30 miles southwest of Chicago. Magid Glove & Safety will combine the operations of two Chicago plants into one larger, modern headquarters, manufacturing and distribution facility. The building features 100,000 square feet of office space, a partially air-conditioned warehouse, more than 250 trailer stalls, 24-foot clear ceiling heights and heavy power. Brad Weiner and Whit Heitman of Cushman & Wakefield along with Jeff Girling and Terry Lynch of Paine/Wetzel represented the buyer, Magid Glove & Safety, in the transaction. Jason West and Sean Henrick of Cushman & Wakefield represented the seller, Venture One Real Estate.
CHICAGO — Marcus & Millichap has brokered the $5 million sale of a 39-unit apartment property in Chicago. The property is located at 2520 W. Leland Ave. The renovated building consists of studio, one- and two-bedroom apartments. Kyle Stengle of Marcus & Millichap represented the seller, a private investor. Stengle also represented the buyer, a limited liability company.
CHICAGO — Sperry Van Ness | Chicago Commercial has arranged the $1.1 million sale of a five-unit multifamily apartment building in Chicago’s Lincoln Park neighborhood to an undisclosed buyer. The building is located at 1870 N. Halsted Street. The property has an updated owner’s unit, individual HVAC, and parking behind the building. Jeffrey Baasch and Brian Kochendorfer of Sperry Van Ness represented the undisclosed seller in the transaction.
NEWARK, OHIO — Cleveland, Ohio-based Goodman Real Estate Services Group LLC has arranged the $2 million sale of Mt. Vernon Crossing, a shopping center in Newark anchored by Kohl’s Department Store. The property is located at 155 Deo Drive and is shadow-anchored by Kroger. The property was 90 percent leased at the time of the sale. The acquisition was an off-market transaction. Kyle Hartung of Goodman Real Estate Services represented the undisclosed buyer. Hartung also represented Planet Fitness, which leased 17,992 square feet at the shopping center. Newark is located approximately 40 miles east of Columbus.
BUCKS COUNTY, PA. — CBRE has arranged the sale of the 189,489-square-foot Fairless Hills Shopping Center located at 500 Lincoln Highway in Fairless Hills, Pa., which is located in Bucks County. The property, which was constructed in 1971, is anchored by Pathmark Super Center and Big Lots. It was 100 percent leased at the time of sale. Other tenants include Retro Fitness, Tuesday Morning and Family Dollar. CBRE represented the seller, Earle W. Kazis Associates, a real estate holding company based in New York City. The transaction was led by Brad Nathanson of CBRE. The Klein Group of Florham Park, New Jersey, acquired the property for $9.5million or $50.13 per square foot.