LOUISVILLE, KY. — Dermody Properties has commenced construction on LogistiCenter Louisville, a 315,147-square-foot distribution facility in the Renaissance South Business Park near Louisville International Airport. The property will feature 32-foot clear heights, 60 dock doors, four drive-in doors, parking for 336 cars and 73 trailer stalls. Dermody Properties will develop the project in partnership with PCCP LLC. Construction is expected to wrap up in September.
Southeast
SPRING HILL, TENN. — Steadfast Apartment REIT has acquired its first community, the 176-unit Villages at Spring Hill in Spring Hill, for $14.2 million. The apartment community, built in 1994, offers one- and two-bedroom units and three-bedroom townhomes. The units average 916 square feet and the average rental rate is $808. Located 40 minutes south of Nashville, the community offers amenities such as a pool, tennis courts, laundry facilities, a picnic and grill area and a sand volleyball court.
FOREST PARK AND CARTERSVILLE, GA. — Lee & Associates has brokered the sale of two industrial properties in Georgia for a combined purchase price of approximately $7.3 million. The two projects included 13-16 Overmeyer Way in Forest Park, a 242,000-square-foot, four-building industrial complex; and a 55,000-square-foot flex property at 774 GA Highway 320 in Cartersville. Rick Tumlin of Lee & Associates, along with Tom Ellis of Atlanta South Commercial Properties, represented the seller, Charlotte, N.C.-based Columbus Nova, in the Forest Park transaction. Mike Sutter of Lee & Associates represented the buyer, Sealy & Co., which has retained Sutter and Tumlin to market the property. Tumlin and Sutter also represented the buyer of the Cartersville facility, Road Tested Parts. Tom Sims of Ackerman & Co. represented the seller.
CULLODEN, W.VA. — Greystone has arranged a $11.4 million loan to refinance Hidden Brook Apartments in Culloden. The 168-unit apartment community was built in four phases from 2008 to 2013. Andrew Ellis of Greystone’s Rockville, Md., office arranged the 10-year, Fannie Mae DUS loan with a 30-year amortization schedule.
CHARLOTTE, N.C. — Beacon Partners, a Charlotte-based developer, has broken ground on InnerLoop North, two warehouse buildings totaling 415,541 square feet. The speculative industrial buildings will be located on David Cox Road near the intersection of Harris Boulevard and Old Statesville Road in north Charlotte. The site for InnerLoop North is situated 1.5 miles from I-77, two miles from I-485 and less than five miles from I-85. The property features 30- and 32-foot clear heights, on-site trailer parking and an ESFR sprinkler system. The project team includes architect Merriman Schmitt, general contractor InterCon Building Corp. and lender Regions Bank. Beacon Partners expects to deliver InnerLoop North in the fourth quarter.
RALEIGH, N.C. — Phase II of North Carolina State’s (NC State) Talley Student Union in Raleigh is underway. The development includes a 117,000-square-foot renovation and a new 171,000-square-foot addition. Phase II, set for an early 2015 completion, will include a four-story atrium carved from the existing structure, bookstore, additional offices, renovations to the 800-seat Stewart Theater, a video wall facing exterior gathering space Stafford Commons, meeting rooms and lounge areas. The project team, including Cooper Carry and Duda|Paine Architects, is designing the student union to achieve LEED Silver certification. NC State students also took part in the design process.
CHARLOTTE, N.C. — Homewood Suites by Hilton has opened a four-story, 117-suite hotel at 12030 Copper Way in Charlotte’s Ballantyne neighborhood. The hotel, known as Homewood Suites by Hilton Charlotte Ballantyne Area, will be situated near the Ballantyne Corporate Park, Toringdon Circle and Ballantyne Village. Tara of Ballantyne LLC owns the hotel and has tapped Tara Hospitality Group to manage the property.
HARRODSBURG, KY. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has assumed a contract to acquire Harrodsburg Marketplace, a 60,048-square-foot shopping center in Harrodsburg, for $5 million. Kroger anchors the shopping center, which is located about 30 miles southwest of Lexington. The REIT will use a combination of cash and debt to pay for the property and will assume the contract from an affiliate, Wheeler Interests LLC.
TAMPA, FLA. — RMC Ross Realty has brokered the $4.7 million sale of a 104,510-square-foot industrial property located at 333-337 N. Falkenburg Road in Tampa. Brandon Commerce Center LLC purchased the asset. Elliott Ross of RMC Ross Realty represented the seller in the transaction.
CORAL GABLES, FLA. — CBRE has secured an $86.8 million bridge loan for the acquisition of Douglas Entrance, a five-building office complex at 800, 804 and 806 S. Douglas Road in Coral Gables. Blackstone of New York originated the three-year, interest-only loan on behalf of the borrower, a partnership between Banyan Street Capital and Oaktree Capital Management LP. The 467,325-square-foot complex is 81 percent leased to a mix of 43 tenants, including Univision, MetLife, MasTec & AECOM, Travelers, Lexmark and Movado. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the loan.