DEERFIELD BEACH, FLA. — Grover Corlew, a real estate investment management group, has purchased Hillsboro Center, a five-building, 216,101-square-foot office park in Deerfield Beach for $32.5 million. Hillsboro Center includes a six-story, 116,250-square-foot office building and four two-story office buildings totaling 99,851 square feet. The asset is situated at 600 and 700 Hillsboro Blvd. in South Florida’s Broward County. Hillsboro Center was 90 percent leased at the time of the sale to tenants such as Dart Container Corp., Humana and Old Republic National Title Co. Amenities include onsite management and security teams, landscaped walkways, courtyard sitting areas, a tranquil pond, waterfalls and an on-site café. Cushman & Wakefield represented the undisclosed seller in the transaction.
MT. JULIET, TENN. — Fortress Investment Group LLC and Sansone Group have acquired a 709,651-square-foot industrial building in Mt. Juliet for $23.6 million. The property is located along Interstate 840 at 245 Couchville Industrial Blvd., about 32 miles east of downtown Nashville. The buyers also finalized a five-year, more than 237,000-square-foot lease with Superior 3rd Party Logistics Inc. The asset underwent a multimillion-dollar capital improvement project completed in 2018. Terry Smith and Max Smith of Colliers International will handle leasing efforts for the new ownership.
CUMMING, GA. — Retail Planning Corp. (RPC) will break ground on The Publix at Matt shopping center in Cumming. Publix will anchor the 82,000-square-foot center, with other signed leases including Great Clips, AT&T, J. Christopher’s and Nail Talk & Tan. The property will be situated at the corner of Bannister Road and Matt Highway, about 48 miles north of downtown Atlanta. RPC expects to deliver the shopping center in summer 2020.
ARLINGTON, VA. — The five elected members of the Arlington County Board unanimously approved the incentive and investment packages negotiated between the Commonwealth of Virginia and Amazon for the e-commerce giant to locate its second headquarters in Arlington’s National Landing. Through the incentives agreement, Amazon will receive up to $23 million if it creates 25,000 jobs with an average salary of $150,000 by 2025 and occupies 6 million square feet of office space in Arlington County by 2035. The money will be paid through allocating a portion of the anticipated increase in hotel tax revenues. According to the Arlington Economic Development Commission, the county will realize a $14 return for every $1 that Amazon earns in performance-based incentives. The additional tax revenues generated by Amazon’s headquarters will be used to invest in improvements to the county’s schools, affordable housing, parks and transportation network. Combined with Saturday’s Arlington Board vote, approval has now been secured for all of the government’s pledged support as part of a November 2018 Memorandum of Understanding with Amazon. In February, Amazon announced it was pulling out of its HQ2 deal with New York City, leaving Arlington as the only headquarters for Amazon outside of Seattle. Chevy …
KENNESAW, GA. — ESJ Capital Partners LLC has acquired Barrett Business Center, a four-building, 187,373-square-foot office park located at 2015 Vaughn Road in Kennesaw, for $24.3 million. The Miami-based firm plans to invest more than $1 million in capital improvements, focusing mainly on updating the park’s common areas and business systems. The seller, Pope & Land Real Estate, which originally developed the asset between 1999 and 2008, has been retained by ESJ to continue property management and leasing. The property was 92 percent leased at the time of the sale to tenants including Airgas and CarMax. MetLife provided acquisition financing. Justin Parsonnet and Ryan Reethof of CBRE represented the seller in the transaction.
SAVANNAH, GA. — Duke Realty is developing a 194,120-square-foot build-to-suit facility for Schilli Distribution Services, a logistics services provider, in Savannah. Schilli has entered into a long-term lease for the facility, which will sit on 12.1 acres at 276 Jimmy Deloach Parkway, about four miles west of Port of Savannah. Delivery is expected by this summer. Accessible via a CSX rail spur, the facility will include 32-foot clear heights, 43 nine-by-10-foot dock doors and two 12-by14-foot drive-in doors. Bob Luttrell and Ken Boyd with Newmark Frank Knight represented Schilli in the lease transaction while Duke Realty was represented internally by Brian Sutton.
ROCKVILLE, MD. — Law firm Stein Sperling Bennett de Jong Driscoll has signed a 42,206-square-feet lease at the Tower Building, situated at 1101 Wootton Parkway in Rockville. The firm currently occupies space across five offices throughout the Mid-Atlantic region. The firm expects to occupy Tower Building by the third quarter of 2020, a move that is expected to raise occupancy of the 12-story, 290,000-square-foot office building to 86 percent. The law firm employs more than 130 workers, most of whom are expected to relocate to Rockville. Marc Balamaci and Scott Mendelson of Edge Commercial Real Estate represented the tenant, and Kevin McGloon and Peter Rosan of Cushman & Wakefield represented the landlord, The Tower Cos., in the lease transaction.
JONESBORO, ARK. — Arbor Realty Trust Inc. has provided a $9.4 million Fannie Mae loan for a multifamily portfolio in Jonesboro. Fox Run Apartments, a 76-unit property, was purchased for $5.2 million while Hidden Pointe Apartments, a 60-unit property, was bought for $4.2 million. The 12-year loan was underwritten with a fixed interest rate, an unspecified period of interest-only payments and a 30-year amortization schedule. Fox Run Apartments is a gated community that was built in 2011 and offers covered parking and in-unit washers and dryers. Hidden Pointe Apartments is also a gated community that was built in 2012. Jonathan Chaim of Arbor originated the loan. The borrower was not disclosed.
GREENSBORO, N.C. — Cushman & Wakefield has negotiated the sale of a 1.5 million-square-foot industrial building fully leased to Kmart Inc. in Greensboro. NFI Industries, a third-party logistics provider, subleases the asset. The facility is situated at 300 Penry Road, about four miles east of downtown Greensboro. Rob Cochran, Jared Londry, Nolan Ashton, Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, Greensboro Lease Management LLC, in the transaction. The buyer was a joint venture between Pacer Partners and Drake Real Estate Partners. The sales price was not disclosed.
NEW BERN, N.C. — Columbia Development has signed leases with HomeGoods and Rack Room Shoes to anchor Phase II of New Bern Marketplace in New Bern, a town situated along the Neuse River near the Atlantic Ocean. HomeGoods will occupy 22,000 square feet of space while Rack Room Shoes will occupy 6,139 square feet. Phase II is underway with both stores expected to open in early 2020. Columbia Development is developing the 330,000-square-foot neighborhood center and recently opened the nation’s largest Harris Teeter, as well as other tenants including Academy Sports + Outdoors, Hobby Lobby, Ross Dress for Less and Ulta Beauty. Located at the intersection of Dr. Martin Luther King Jr. Boulevard and South Glenburnie Road, New Bern Marketplace is 90 percent leased. The Shopping Center Group represented the landlord in the lease transactions.