REBusinessOnline

CBRE Arranges $99.5M Sale of One Town Center Office Tower in Boca Raton

BOCA RATON, FLA. — CBRE has arranged the $99.5 million sale of One Town Center, a 191,294-square-foot office tower located in Boca Raton. Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Royce Rose of CBRE represented the seller, a joint venture between CP Group (formerly Crocker Partners) and Siguler Guff & Co. Michael Erickson from Tower Commercial Real Estate is the leasing broker for the property.The buyer is Singapore-based Prime US REIT. KBS serves as the U.S.-based …

Marcus & Millichap Brokers $54.6M Sale of National Dollar General Store Portfolio

ATLANTA — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the $54.6 million sale of a portfolio of 35 Dollar General-leased stores across 12 states. Don McMinn of Taylor McMinn represented the seller, CMK Properties, a privately held real estate investor and syndicator based in Brentwood, Tenn., in the sales transaction. The buyer was Realty Income, a net lease REIT based in San Diego.All the Dollar General leases were triple net lease and had around 10 years …

Joint Venture to Develop Hilton Hotel in D.C. as Part of 830,000 SF Mixed-Use Project

WASHINGTON, D.C. — Trammell Crow Co., High Street Residential and MetLife Investment Management have plans to develop a 203-room hotel in Washington, D.C., called The Morrow at Central Armature Works. The joint venture plans to partner with Hilton Worldwide Holdings Inc. on the hotel, which will be part of the Central Armature Works development, a 830,000-square-foot mixed-use development that broke ground in 2019.The Morrow at Central Armature Works is slated for completion during the …

SRS Negotiates $20.3M Sale of Industrial Building in Asheville

ASHEVILLE, N.C. — SRS Real Estate Partners has negotiated the $20.3 million sale of a 388,540-square-foot industrial building located at 12 Gerber Road in Asheville. Jack Cornell and Max Finn of SRS represented the seller, a North Carolina-based private investor, and the buyer, a Florida-based private investor.Built in 1959, the property was originally the headquarters for Gerber Baby Food and was most recently renovated in 2014. The industrial building is fully occupied by several …

Knighthead Funding Provides $12.1M Refinancing for Two Marriott Hotels Near Memphis

SOUTHAVEN, MISS. — Knighthead Funding LLC has provided a $12.1 million first mortgage loan to refinance two adjacent Marriott-branded hotels in the Memphis submarket of Southaven. The undisclosed borrower will use proceeds from the three-year, non-recourse loan to take out a maturing CMBS loan. The properties include a 78-room Residence Inn by Marriott located at 7165 Sleepy Hollow Drive and an 85-room Courtyard by Marriott located at 7225 Sleepy Hollow Drive.Located along Interstate 55, …

Trammell Crow Co. to Develop 755,928 SF Industrial Facility Near Charlotte

KANNAPOLIS, N.C. — Trammell Crow Co. (TCC) has plans to develop Metro63, a new 755,928-square-foot, speculative industrial facility near Charlotte. Construction is expected to begin this month, with delivery slated for August 2022.Located at 5700 Royce St. in Kannapolis, Metro63 is situated on a 94-acre site. The property will feature 40-foot clear heights, an 8-inch reinforced floor slab, 580-foot building depth with 65-foot speed bays, ESFR fire protection, 172 trailer drops, 490 auto …

Rockefeller Group Sells 222,618 SF Distribution Center in Braselton, Georgia

BRASELTON, GA. — Rockefeller Group has sold a 222,618-square-foot distribution center in Braselton to Cabot Properties for an undisclosed price. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the transaction.Since March 2021, the building, known as Braselton 85, has been fully leased to Duckyang America Inc., a Korean automotive equipment supplier that is using the property for warehousing and light manufacturing. The company manufactures and …

Former North American Properties Executive Mark Toro Launches Toro Development Co.

ATLANTA — Mark Toro, who formerly led North American Properties’ (NAP) Atlanta division, is launching Toro Development Co. This company will be aimed at acquiring outdated sites such as dead malls and transforming them into better mixed-use properties. The firm is not just focused on enclosed malls, but also suburban office parks, shopping centers and industrial sites.John Kelley, Richard Munger and Vicky Boyce are joining Toro’s development team as partners. The trio all played a …

Forrest Street Partners Purchases Manufactured Housing and RV Park in Covington, Georgia

COVINGTON, GA. — Forrest Street Partners has purchased Riverside Estates, a 307-site manufactured housing and RV park in Covington. The seller and sales price were not disclosed.Riverside Estates is the third RV park and first manufactured housing park that Forrest Street Partners has purchased in the Atlanta area. The park has 170 RV sites and 135 manufactured home sites, as well as a clubhouse, pool and playground.Forrest Street plans to renovate the property by adding asphalt to …

NorthMarq Arranges $7.8M Loan for Main2323 Apartments in Richmond

RICHMOND, VA. — NorthMarq has arranged a $7.8 million loan for Main2323, a 71-unit multifamily property in the historic Shockoe Bottom neighborhood in downtown Richmond. Mike Lowry of NorthMarq arranged the Freddie Mac loan, which was structured with a 10-year term and a 30-year amortization schedule. The undisclosed borrower is using the fixed-rate loan as a cash-out refinance.Renovated in 2016, Main2323 is a two-building property that was originally built in 1917. The property was 98 …

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