OCEAN SPRINGS, MISS. — Legacy Realty Group Advisors has arranged the $8.2 million sale of Spring Plaza, a 110,248-square-foot shopping center located in Ocean Springs, a city in the Gulfport-Biloxi MSA. Winn-Dixie anchors the property. Jacob Baruch, Jonah Warshaw and Daniel Baruch of Legacy Realty represented the buyer in the transaction. Dex Shill of NAI Latter & Blum represented the seller. Both parties requested anonymity.
RALEIGH, N.C. — JLL Capital Markets has brokered the sale of 309 Chapanoke Road, an infill, 94,368-square-foot logistics facility in Raleigh. Josh McArdle, Pete Pittroff, Dave Andrews, Michael Scarnato and Michael Lewis of JLL represented the seller, Beacon Properties, in the transaction. NorthBridge Partners acquired the asset for an undisclosed price. The property is fully leased to the State of North Carolina and serves as a mission-critical mail sortation and delivery center.
GREENVILLE, S.C. — PGA Tour Superstore plans to open a new 34,500-square-foot store at 1117 Woodruff Road in Greenville. The new store is set to open to the public on Oct. 26. The landlord was not disclosed. The store will feature three practice and play hitting bays in a social setting, along with four additional golf simulators and a 1,161-square-foot putting green. The experiential retailer also offers club fittings and lessons from certified teaching professionals, as well as onsite club regripping and repairs. Additionally, the store will carry apparel, accessories and equipment for golf enthusiasts, as well as tennis, racquetball and pickleball gear. Golf & Tennis Pro Shop Inc., a subsidiary of AMB Sports + Entertainment, an organization owned by Atlanta Falcons and Atlanta United owner Arthur Blank, operates PGA Tour Superstore retail locations. There are 75 open and soon-to-open PGA Tour Superstore locations throughout the country, according to the property website.
KANSAS CITY, MO. — The Cordish Cos. has opened Midland Lofts in downtown Kansas City’s Power & Light District. The 135-unit apartment building is the adaptive reuse of the former Midland Office Building, which opened in 1927, and is directly connected to the Midland Theatre. The property is more than 80 percent leased, with about half of the residents coming from outside the Kansas City metro area, according to Cordish. Amenities at the 12-story project include a coffee bar, entertainment kitchen, fitness center, coworking spaces, billiards room, club lounge, meditation room, business center, conference rooms and Luxer package locker system. Locally based architecture and design firm Helix partnered with Rosin Preservation to retain historic elements of the building, which is listed on the National Register of Historic Places. RD Jones + Associates completed the interior design of the amenity spaces. Midland Lofts features a curated collection of art that was commissioned to celebrate the artists who performed in the Midland Theatre. Cordish developed the Power & Light District, which spans nine city blocks and has included more than $9.7 billion in public and private investment over the last 15 years. In 2008, Cordish and AMC completed a two-year, multi-million-dollar renovation …
SHAKOPEE, MINN. — GN, a hearing, audio, video and gaming gear solutions company, has unveiled plans to relocate its North American hearing headquarters from Bloomington to Shakopee in 2025. The company will occupy the former Shutterfly Midwest production facility along Highway 169. GN finalized a 12-year lease and has begun planning for renovation and construction to turn the site into a 218,437-square-foot hearing aid manufacturing, repair and shipping facility. The property will also house sales, customer service and marketing support for the company’s lead hearing aid brand, ReSound, as well as professional support services for GN’s other hearing aid brands Jabra Enhance and Beltone. The company currently employs approximately 550 people in Minnesota, more than half in manufacturing jobs. GN, with global headquarters in Copenhagen, has occupied the Bloomington facility at 8001 Bloomington Freeway East since 2001. The new lease represents a 79 percent increase in space from the Bloomington location. Andrew Odney and Andrew Heieie of Colliers represented GN in the lease. Built in 2014, the Shakopee property is situated on more than 22 acres at 5005 Dean Lakes Blvd. The building features 160,000 square feet of production and warehouse space along with approximately 58,000 square feet of office …
KALAMAZOO, MICH. — Standard Communities, in a joint venture with River Caddis Development, will build River’s Edge, a $56 million affordable housing community in Kalamazoo. A public-private partnership for the project includes the Michigan State Housing Development Authority, Kalamazoo County and the City of Kalamazoo. WNC & Associates is the equity partner. River’s Edge will feature 228 units, with 184 designated as affordable for those earning 60 percent or less of the area median income (AMI). The remaining 44 units are for residents with incomes under 120 percent of AMI. Affordability is made possible by Low-Income Housing Tax Credits. Located at 508 Harrison St. and 66 Gull Road, River’s Edge is comprised of two parcels totaling 7.4 acres northeast of downtown Kalamazoo. The project will include two four-story multifamily buildings, a four-unit live/work building and a commercial building with a leasing office and resident amenities such as a fitness center, playground and outdoor terraced patio. The community will have access to pedestrian paths connecting with the 35-mile Kalamazoo River Valley Trail. The project marks Standard’s entry into the Michigan market.
FAIRLAWN, OHIO — BWE has arranged a $31.8 million loan for the refinancing of Market Square at Montrose, a Home Depot-anchored shopping center in Fairlawn near Akron. Built in the 1990s and located at 4020 Medina Road, the 506,870-square-foot property is currently 88 percent leased. Tenants include Dick’s Sporting Goods, Staples, Cost Plus, Steak N Shake and Golf Galaxy. A new lease with Tesla has recently been executed. Brian Bruening of BWE arranged the floating-rate loan with no interest rate caps on behalf of the undisclosed borrower. The lender was also undisclosed.
TAYLOR, MICH. — Bayview PACE has provided $4.3 million in C-PACE financing for the 81-unit Hampton Manor-Taylor seniors housing community in Taylor near Detroit. The project sponsor is Florida-based Build Senior Living, the development arm of Hampton Manor. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory care units. The $4.3 million in C-PACE funds are part of a refinancing on the already-completed Taylor project, which is substantially leased. C-PACE, or Commercial Property Assessed Clean Energy, can be used in a variety of applications including new construction and renovations. It can be utilized to recapitalize projects completed within three years in many jurisdictions.
PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on Ophelia and The Meridian, a multifamily and retail project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit multifamily project by Greystar; The Meridian, a 44,000-square-foot retail development spearheaded by ECHO Realty; and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom configurations, 35 of which will be subject to income restrictions under the city’s affordable housing program. Shared amenities will include a fitness center with an outdoor workout area, coworking space, a pool, grilling and lawn area and a clubroom with billiards and a bar. The development is set for completion in early 2026 with preleasing planned to begin in late 2025. The Meridian will include a 36,000-square-foot Market District grocery store alongside inline retail space, which has been preleased to tenants including Shake Shack and Barnes & Noble. The retail portion of the larger project is set to begin opening in 2025. “Pittsburgh has a lot to offer with several of the country’s best universities — Pitt, Carnegie Mellon and Duquesne — and significant growth in the tech industry,” …
The Louisville industrial market has simmered at a slow and steady pace during 2024. Continued uncertainty with debt markets, inflation and the upcoming elections have placed developers on the sidelines, and occupiers in a holding pattern. Despite how the market feels today, Louisville remains poised for a comeback. A brief overview shows how and why the Louisville market is in the position it is today, and what to expect beyond 2024. The past five years reveal a compelling story, one that developers, occupiers and investors alike have come to understand as they seek to develop, lease or own real estate in the Derby City. Driving much of this development and occupier activity in Louisville is the presence of the UPS Worldport, two Ford manufacturing plants, Haier’s GE Appliance Park and other manufacturers that keep suppliers, third-party logistics firms and e-commerce companies jockeying for space. Louisville’s central location on the I-65 corridor and proximity to two-thirds of the U.S. population are also key reasons the market continues to grow as a hub for logistics, e-commerce and manufacturing. The market saw tremendous growth over the past five years, assisted by the space grab during COVID. Since 2019 bulk inventory experienced growth of …
