MOBILE, ALA. — Marcus & Millichap has arranged the $18.4 million sale of a 200,084-square-foot Walmart Supercenter, located at 685 Schillinger Road S. in Mobile. The store was constructed in 1997 on a 6.7-acre parcel. Walmart recently extended its lease at the property through July 2028. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented both the seller, H&R Mobile LLC, and the buyer, Wells Ventures LLC. Eddie Greenhalgh of Marcus & Millichap’s Birmingham, Ala., office served as the Alabama broker of record in the transaction.
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CHAMBLEE, GA. — Construction is underway for a new four-story, 124-room Value Place hotel in Chamblee, about 14 miles north of downtown Atlanta. The hotel will be located at 2877 Dresden Drive, near the intersection of I-85 and Chamblee Tucker Road. EMJ Hospitality will manage the hotel upon completion, which is slated for February 2015.
CHARLOTTE, N.C. — Banner Essex Strategic Apartment Fund II has purchased the 274-unit Ansley Falls Apartments, an apartment property built in 2010 in Charlotte’s Pineville submarket. The investment fund purchased the Class A asset in a joint venture with an affiliate of The Hartford. The seller was an affiliate of Sherman Residential. Dean Smith and John Heimburger of ARA brokered the transaction.
CHARLOTTE, N.C. — Morgan Property Group LLC (MPG) has acquired two sites in Charlotte for the development of new freestanding 7-Eleven stores. One site is located at the northwest corner of North Tryon Street and West Craighead Road and the other is located at the northwest corner of Freedom Drive and Thrift Road. MPG purchased the first site through its affiliate SDC X Tryon LLC from Dream Properties Co. 7-Eleven Inc. signed a 2,490-square-foot lease at the site for a 15-year term. MPG purchased the second site through SDC IX Freedom LLC from E.C. Griffith Co. 7-Eleven will occupy a 2,630-square-foot store upon completion. Construction for both stores is expected to begin in the second quarter and wrap up in the fourth quarter of this year.
HAMPTON, VA. — A10 Capital has provided a $5.2 million acquisition loan for a Class B suburban office building in Hampton, located in the Virginia Beach-Norfolk metro area. Chuck Taylor of A10 Capital structured and closed the loan on behalf of the borrower, which will use the loan to both acquire the property and fund future capital expenditures and tenant improvement costs. The office building was 35.5 percent leased at the time of closing. Vincent Hughes of iCap Realty Advisors/Q10 arranged the loan.
BOLINGBROOK, ILL. — Iris Construction Services has completed the build-out of a new distribution center for the Chicago Tribune. The 20,000 square foot facility is located at 1000 Crossroads in Bolingbrook. The facility will house core services and inserting services for the Tribune’s existing network. Iris Construction Services completed work on a fully finished office, drive-in-door, lighting and power for the facility. The build was completed ahead of the 60-day project deadline. Midwest Industrial Funds owns the building.Chris Porter of Cushman & Wakefield represented the Chicago Tribune in the transaction. Jeff Galante of Lee & Associates worked on behalf of Midwest Industrial Funds. MRSA Architects provided architectural services for the project.
SCHAUMBURG, ILL. — The Missner Group has acquired two single-story office properties totaling 75,000 square feet in Schaumburg, a northwest suburb of Chicago. The buildings are located at 1 E. Commerce Drive and 55 E. Commerce Drive and are situated on seven contiguous acres. Omron Global, an automation company, placed the properties on the market in 2013 upon announcing its planned consolidation and relocation to Hoffman Estates.The buildings, which measure 52,000 square feet and 23,000 square feet, recently underwent interior and exterior improvements. Each building offers a parking ratio of four stalls per 1,000 square feet. Edward Adler led the acquisition of the properties on behalf of The Missner Group and was represented by Jason Simon of Colliers International. Andrea Van Gelder and Sean Reynolds of JLL represented Omron in the disposition.
CHICAGO — Englewood Construction has completed work on Harry Caray’s 7th Inning Stretch restaurant and the Chicago Sports Museum in Chicago’s Water Tower Place building. Harry Caray’s Restaurant Group hired Englewood to build a new complex to pay tribute to Harry Caray, the late legendary baseball broadcaster renowned for his seventh-inning rendition of “Take Me Out to the Ball Game” at Chicago Cubs games at Wrigley Field. The 22,928-square-foot complex, which opened April 2, is on the seventh floor of Water Tower Place located at 835 N. Michigan Ave. The 250-seat restaurant and bar serves American cuisine and the 8,000-square-foot museum features five exhibits, ranging from unraveled sports mysteries to hall of legends. Chicago-based firms Barker/Nestor Architecture + Design and Ingrassia Design designed the project.
WARREN, MICH. — Colliers International has arranged the $900,000 sale of a 151,953-square-foot warehouse in Warren, which is approximately 19 miles north of downtown Detroit. The property is located at 21001 & 21033 Groesbeck Highway. The warehouse was the former headquarters for Gardner White Furniture. Raffi Derbabian of Colliers represented the buyer, Safa Dabish, who will use the building for a food business.
MALVERN, PA. — Saint-Gobain has selected a 65-acre site at 20 Moores Road in Malvern as the site of its new North American headquarters. The site will be completely redeveloped as a LEED-certified facility for Saint-Gobain and its North American construction materials subsidiary, CertainTeed Corp. Binswanger represented Saint-Gobain in the site search and negotiation of a long-term lease for the property. Binswanger also brokered the sale of the two organizations’ current headquarters in Valley Forge, Pa. In total, the relocation will bring approximately 120 additional employees to Chester County and will raise the company’s total employee count at the new headquarters to more than 800. The redevelopment of the campus, formerly occupied by Aegon Group, will be executed by E. Kahn Development Corp., which will also acquire the current headquarters site in Valley Forge. Completion is slated for fall 2015. Binswanger’s Project Management Group will represent Saint-Gobain as its advisor and project coordinator through the construction and redevelopment of the site.