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.
GREENSBORO, N.C. — CBRE|Triad and CBRE|Raleigh have arranged the sale of CentrePort Office Park, a four-building, 264,847-square-foot office park in Greensboro, to Deep River LLC. The sales price was not disclosed, though Triad Business Journal reports the sales price was $23.2 million. The buildings are located at 101, 200 and 202 CentrePort Drive and 7336 McCloud Road, about 12 miles west of downtown Greensboro and about six miles south of Piedmont Triad International Airport. Amenities include a fitness center, conference rooms and rotating food trucks. The CBRE|Triad and CBRE|Raleigh team of Ben Kilgore, Greg Wilson, Dodson Schenck and Matt King represented the seller, Petrus Partners, in the transaction.
TUSCALOOSA, ALA. — Hunt Real Estate Capital has provided a $17.9 million loan to refinance a 12-building student housing portfolio in Tuscaloosa, home of the University of Alabama. The properties include the seven-building Preston Place (240 beds) and the one-building Alexandria (22 beds), Georgian (20 beds), St. Charles (48 beds), St. George (24 beds) and 317 Reed (eight beds). The Freddie Mac loan has a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The borrower is Roar IV LLC, which acquired the properties between 1994 and 1999. The assets were built between 1988 and 1992 and have undergone various renovations under multiple owners.
MONTGOMERY, ALA. — Colliers International has brokered the sale of Barrington Place at Somerset, a 376-unit apartment community in the Eastchase submarket of Montgomery. Amenities include two fitness centers, two swimming pools, a 16-seat movie theater, children’s play room, playground, car care center and a jogging trail. Will Mathews, Carter Brehm and Austin Weathington of Colliers represented both the buyer and seller — Core Pacific Advisors and Barrington Place LLC, respectively — in the transaction. Built in 2002, the value-add property is Core Pacific’s first purchase in Alabama. The sales price was not disclosed.
KING OF PRUSSIA, PA. — Morgan Properties, a Pennsylvania-based investment and management firm, has acquired a portfolio of 10 apartment communities totaling 4,130 units in the metro areas of Philadelphia and Northern Virginia. The sales price was not disclosed, but The Philadelphia Inquirer reports that the portfolio fetched a price of $890.5 million. The Philadelphia assets consist of seven properties totaling 2,346 units, which makes the transaction the largest multifamily acquisition in the city’s history. Two communities, Stonegate at Devon and Villas at Bryn Mawr, account for 947 units. The remaining five properties are located in the suburban submarkets of Conshohocken, West Chester, Downington, Jeffersonville and Bensalem. The portfolio’s Northern Virginia assets comprise three communities and 1,784 units. The bulk of those residences (1,387) are housed within a single property — Mount Vernon Square in Alexandria — while the other two are located in Fairfax and Sterling, both near Dulles International Airport. Morgan Properties, which is based in King of Prussia, Pa., will invest a combined $20 million in renovations and upgrades to the 10 Class B properties. Capital improvement plans will focus on both unit interiors and amenity spaces. “This acquisition is a game-changer for our organization,” says principal Jason …
The Raleigh-Durham industrial/flex market, totaling approximately 135 million square feet, continues to be strong with overall positive absorption. Absorption for industrial totaled 1.6 million square feet and flex was over 3 million square feet for 2018. Vacancy is trending lower, helping make the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any region in North Carolina. Our rental rate for new industrial product is currently in the mid to high $5 per square foot range and trending higher. Some developers and brokers speculate the Triangle may become a $6 per square foot market for institutional-grade warehouse space in 2019. Ground zero for the region’s warehouse market is in the general vicinity of Raleigh-Durham International Airport (RDU). Most distributors that locate here are delivering to the local market and need the central location and access to Interstate 40. The historical barriers to entry near the airport have been high land costs and lack of land not encumbered with wetland or easements. Another barrier to entry that has crept into the picture are some local municipalities desiring a “higher end” product than warehouse and …