CARMEL, CALIF. — The 165-room Carmel Mission Inn has sold to LoganView Capital for an undisclosed sum. The hotel is located at 3665 Rio Road in Carmel on the Monterey Peninsula. The new owner plans to renovate and reposition the property. The seller, a private, regional real estate firm, was represented by CBRE’s Henry Bose and Mark McDermott.
ATLANTA — The Atlanta Braves organization has secured land at the northwest intersection of Interstates 75 and 285 in Cobb County, which will be the future site of its new stadium. The Braves have opted to not renew their lease at Turner Field, the team’s existing stadium. Although the new property has an Atlanta address, it will be located in Cobb County. The new site will feature an integrated mixed-use development, parking and greenspace in addition to the stadium. The Braves will be significant investors, along with Cobb County, in the project. The total estimated cost of the stadium, parking and infrastructure is roughly $672 million, and the Braves will pay all cost overruns for the project. The Braves will develop the remaining parcels surrounding the new stadium. The Cobb-Marietta Coliseum and Exhibit Hall Authority, owner of the Cobb Galleria Centre and Cobb Energy Performing Arts Centre, are planning on owning the new property, according to the Braves organization. During construction, nearly 5,227 jobs will be supported. The new stadium is slated to begin construction in the second half of 2014 and conclude by opening day in 2017.
DUNCAN, S.C. — Atlanta-based Pattillo Industrial Real Estate plans to break ground on a 108,000-square-foot, Class A industrial spec building in Hillside Industrial Park in Duncan. The property will be located on a 30-acre site near Interstate 85 and Highway 20. The property will be expandable up to 232,000 square feet and will be available for sale or lease. Hillside Industrial Park spans 14 buildings and nearly 1.2 million square feet of existing industrial space, which is fully occupied. The new facility will feature at least 30-foot clear ceiling heights, a 150-foot truck court, 19 dock high doors, a drive-in door and a TPO roof system. Pattillo expects to wrap up construction in the second quarter of 2014. NAI Earle Furman will handle leasing the property.
HAMPSTEAD, MD. — The Hampshire Cos., a private real estate investment firm, has sold a 1 million-square-foot distribution center in Hampstead to STAG Industrial Inc. The distribution center sold for approximately $44 million. The facility is located at 630 Hanover Pike, approximately 29 miles from the Port of Baltimore. The property is currently leased to Dart Container. The property features high clear ceiling heights, motion-sensor T-5 lighthing, full-building circulation, 85 loading docks and 77 trailer drops. Cassidy Turley represented The Hampshire Cos. in the transaction.
TALLAHASSEE, FLA. — ARA has arranged the sale of Victoria Grand, a 320-unit apartment community located in Tallahassee’s Northeast submarket. The property, which was constructed in 2008, sold for approximately $42.2 million. The apartment community’s average unit size is more than 1,100 square feet and offers a mix of one-, two- and three-bedroom floor plans. Matt Wilcox, Kevin Judd and Patrick Dufour represented the buyer, Ramsey, N.J.-based Raia Properties Corp., in the transaction.
UNION CITY, GA. — NorthMarq Capital has arranged $12.5 million in acquisition financing for Hidden Lake Apartments, a 320-unit multifamily community located in Union City. Bill Matone of NorthMarq Capital’s Charlotte, N.C., office, arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
CHICAGO — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired 181 W. Madison, a 50-story, Class A, 953,000-square-foot tower in downtown Chicago. Colliers International reported earlier this year that the property was under contract and that CBRE would pay about $300 million, or $319.15 per-square-foot, to GE Capital, the owner. The property, which is 83 percent leased to tenants with limited rollover, is located within three blocks of two major public transportation hubs — Ogilvie Transportation Center and Union Station. Constructed in 1990, the property features a five-story main lobby and Energy Star designation. The new owner plans to start a capital campaign and make enhancements, such as cosmetic improvements to building common areas, elevator modernization, an upgrade to building systems, replacing portions of the roof and obtaining LEED certification. The transaction was sourced off-market through Eastdil, which represented the seller.
DETROIT — Peet’s Coffee & Tea, a specialty coffee and tea company, has announced it will open seven store locations in the Detroit metropolitan area. The announcement comes on the heels of 17 store openings in Ohio and four store openings in Pittsburgh. Through November, stores will open in Shelby Township, Rochester Hills, Commerce, Novi, Royal Oak, Grosse Pointe and Ann Arbor. Peet’s Coffee & Tea partners with local bakeries to provide fresh pastries daily. In Michigan, the company is partnering with Michigan institution Zingerman’s Bakehouse.
CHICAGO — Duke Realty Corp.’s Chicago office has signed leases totaling 212,680 square feet with two tenants, absorbing all of its remaining available space in its existing 10.9 million-square-foot industrial portfolio in the Chicago market. Logistics services provider Metro Air Services signed an 88,060-square-foot lease at O’Hare Distribution Center, located at 11501 W. Irving Park Road in Franklin Park. Hub One Logistics Ltd., a Pittsburgh-based company that provides warehouse and logistics solutions to quick-service and fast-casual restaurant chains, renewed its 124,800-square-foot lease at Crossroads 2 in Romeoville. The 460,800-square-foot building is located at 1255 Schmidt Road. Brian Carroll with Newmark Grubb Knight Frank represented Metro Air Services, and David Bercu, Jonathan Kohn and Tom Rodeno with Colliers International represented Duke Realty. Kris Bjorson with Jones Lang LaSalle represented Hub One Logistics in its lease, and Jason West and Sean Henrick with Cushman & Wakefield represented Duke Realty. Susan Bergdoll, vice president of leasing at Duke Realty, also represented Duke in the three transactions.
LEAWOOD AND SPRING HILL, KAN. — NorthStar Healthcare Income Inc. has acquired two assisted living and memory care facilities in the metro Kansas City area for $15.6 million. The properties include a 70-unit facility in Leawood and a 48-unit property in Spring Hill. An affiliate of Advantage Health Group operates the facilities.