COVINGTON, GA. — Nisshinbo Automotive Manufacturing Inc. (NAMI), a manufacturer and supplier of brake pads, will invest $72 million to expand its facility in Covington, Georgia Gov. Nathan Deal announced on Tuesday, Sept. 4. The expansion will create 100 production and administration jobs at the facility, which is located roughly 35 miles southeast of Atlanta. NAMI, a subsidiary of Japan-based Nisshinbo Group, has maintained a presence in Covington for 20 years. The Covington facility produces friction materials for automotive manufacturers and develops environmentally friendly, copper-free brake pads. According to the governor’s office, Japanese-affiliated companies currently operate more than 500 facilities in Georgia, employing approximately 30,000 people.
NASHVILLE, TENN. — CBRE has arranged the $54 million sale of Public Square Garage, a 12-story, 1,069-space parking garage located at 350 Deaderick St. in downtown Nashville. Douglass Johnson, Morgan Hillenmeyer and Nicole Filkins of CBRE arranged the transaction on behalf of the seller, a joint venture between RBN Equities and a fund managed by Jadian Capital. Nashville Garage LP, an affiliate of Stolz Real Estate Partners, acquired the property. In addition to parking, Public Square Garage features 37,000 square feet of retail and office space on the lower two floors.
ORLANDO, FLA. — Cushman & Wakefield has brokered the sale of Millenia Lakes I, II and III, a 414,472-square-foot office park in Orlando. The portfolio is part of a 450-acre master-planned development that includes office, apartments, a hotel and retail space. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, Barings Real Estate, an affiliate of Barings LLC. An affiliate of Starwood Capital Group acquired the assets for an undisclosed price. The three buildings in the park were built in phases between 2001 and 2007. On-site amenities include a fitness center, café and a walking/jogging path surrounding a lake. The buildings are located adjacent to the Mall at Millenia, a regional shopping mall. The Millenia Lakes portfolio was 91.2 percent leased at the time of sale to tenants such as Prudential and AXA Equitable Life Insurance.
HOUMA, LA. — HFF has secured the $27.2 million sale of Houma Shopping Center, a 204,879-square-foot shopping center in the southern Louisiana community of Houma, approximately 57 miles southwest of New Orleans. Jim Hamilton, Barry Brown, Andrew Levy, Ryan Shore, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, Viking Partners LLC. Gregg Shapiro of HFF arranged a five-year, $16.2 million acquisition loan through Goldman Sachs on behalf of the undisclosed buyer. Houma Shopping Center was fully leased at the time of sale to tenants such as Marshalls, HomeGoods, Planet Fitness, Office Depot, Petco, Pro Nails, Burger King, Outback Steakhouse and Chili’s Bar & Grill. Walmart Supercenter shadow-anchors the center.
FREDERICKSBURG, VA. — Calkain Cos. LLC has arranged the $15.6 million sale of a property net leased to Publix in Fredericksburg, a town in northern Virginia. The 49,098-square-foot store, located at 9601 Jefferson Davis Highway, opened in July. The store is located within Cosner’s Corner shopping center, which is home to tenants such as Super Target and Kohl’s. Jonathan Hipp of Calkain arranged the transaction on behalf of the seller, Silver Cos. Publix Super Markets acquired the asset, exercising its Right of First Refusal. The property is net-leased to Publix for 20 years and is the furthest north store for the Lakeland, Fla.-based grocer.
ST. PETERSBURG, FLA. — RLJ Lodging Trust has sold the 362-room Vinoy Renaissance St. Petersburg Resort & Golf Club for $188.5 million, or approximately $521,000 per room. The Marriott-branded hotel is located at 501 5th Ave. N.E. on the Tampa Bay waterfront In St. Petersburg. The sales price represents the contractural sales price of $185 million, and the release of $3.5 million in member deposits. The Vinoy features an on-site spa, swimming pool, fitness center, meeting rooms, 18-hole golf course and on-site dining. The hotel is located in downtown St. Petersburg near Tropicana Field, the Dali Museum, Florida Aquarium, North Straub Park, Vinoy Park and Spa Beach.
RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of WestChase Office Park, a three-building, 312,544-square-foot office park in the Triangle’s West Raleigh submarket. The sales price was not disclosed, but the Triangle Business Journal reports the property sold for $56.3 million. Ben Kilgore, Brad Corsmeier, John Brewer, Chandler Hawkins and Leslie Holmes of CBRE | Raleigh arranged the transaction on behalf of the seller, Real Estate Alternatives Portfolio 4 MR LLC. The Brookdale Group acquired the buildings. The assets are located at 4000, 4011 and 4020 WestChase Blvd. The office park is home to tenants such as Hazen & Sawyer, Howard Green & Moye, Northwestern Mutual, Quanta Technology LLC and Qualys.
WASHINGTON, D.C. — Federal Capital Partners (FCP) and Level 2 Development have sold Takoma Central, a 150-unit apartment community in Washington, D.C., for $50.6 million. The partnership completed construction on the community in 2015. Located at 235 Carroll St. N.W. in the city’s historic Takoma neighborhood, Takoma Central includes a mix of one- and two-bedroom units and is situated adjacent to the Takoma Metrorail station. Community amenities include a business center, clubhouse, fitness center, storage lockers, barbecue area and a resident lounge. In addition, the community includes 9,000 square feet of ground-floor retail currently leased to tenants such as Busboys & Poets, Yoga Heights and S&A Beads. Dave Nachison and Brenden Flood of Eastdil Secured represented FCP and Level 2 in the transaction. The name of the buyer was not disclosed. The Bozzuto Group has been retained to manage the community.
SURFSIDE, FLA. — Pointe Development Co., in partnership with Monceau Realty Group, has submitted a bid to develop a new town hall and civic center in Surfside, a town in Miami-Dade County. The proposed $33.5 million development would be located at 9293 Harding Ave. and 269 93rd St., which are the sites of the current town hall and a municipal parking lot, respectively. Plans for the project include a new town hall, community rooftop park and sports area overlooking the Atlantic Ocean, a police station, 60,996 square feet of office space, 10,882 square feet of retail and restaurant space and a 431-space parking garage. An approval timeline for the project was not disclosed.
RIDGELAND, MISS. — Balfour Beatty Communities, through a joint venture with ApexOne Investment Partners, has acquired Lexington Apartments in Ridgeland for an undisclosed price. The 220-unit community, constructed in 2000, is located roughly 12 miles north of Jackson. The new ownership will rename the community Ridgeland Place and implement a series of capital improvements including upgrades to unit interiors and enhancements to the amenity package. The property includes a mix of one- to three bedroom units and features private outdoor areas, a swimming pool, fitness center and a playground.