PHILADELPHIA — US Storage Centers has acquired a 107,606-square-foot facility in Philadelphia from Philly Self Storage. The 1,545-unit self-storage facility is located at 1910 S. Christopher Columbus Blvd. in Pennsport, directly off Interstate 95. The property is the first US Storage Centers location in Pennsylvania and will be rebranded as a US Storage Centers self-storage facility. Terms of the sale were not disclosed.
ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $37.5 million sale of Emerald Pointe, a 441-unit multifamily community in the Tampa Bay metro of St. Petersburg. Frank Carriera and Michael Regan of IPA arranged the transaction on behalf of the undisclosed seller and buyer. Constructed in 1974, Emerald Pointe includes studio to three-bedroom units and features a fitness center, pool, pet play area, car wash area, a clubhouse and laundry facilities. The new ownership plans to implement a value-add program to increase revenue over the first two years.
ATLANTA — Birmingham, Ala.-based GCP has acquired 6047 and 6049 Fulton Industrial in Atlanta for $17.1 million. The adjacent, rail-served buildings total 411,056 square feet and serve as light manufacturing and distribution warehouses. At the time of sale, the buildings were leased to two national third-party logistics tenants and a furniture distributor. The acquisition increases GCP’s portfolio to more than 7.5 million square feet. The name of the seller was not disclosed.
KNOXVILLE, TENN. — Coastal Ridge Real Estate has acquired Crowne at Campus Pointe, a 718-bed student housing community located less than a mile from the University of Tennessee in Knoxville. The sales price was not disclosed. Ryan Lang and Bo Flurry of ARA Newmark arranged the transaction on behalf of the undisclosed seller. Constructed in 2005, Crowne at Campus Pointe offers one- to three-bedroom units with monthly rents ranging from $870 to $1,935 per unit. Community amenities include a resort-style pool and sundeck, fire pit, outdoor cooking area, 24-hour fitness center, clubhouse, study center and a dog park.
MARIETTA, GA. — Avison Young has arranged a 50,900-square-foot lease for First Data Corp., a leader in commerce-enabling technology and solutions, at 1600 Terrell Mill Road in Marietta. The office building is located less than three miles from the Atlanta Braves’ new home at SunTrust Park and 15 miles north of downtown Atlanta. Jillian Bailey, Rick Nash and Ben Parker of Avison Young arranged the lease on behalf of the landlord, Zamir Equities. The eight-year lease brings the building to full occupancy.
DAVIS, CALIF. — Crown Acquisitions Inc. has acquired College Square, a 486-bed student housing community located near the University of California, Davis, for $50.2 million. The acquisition was financed with a new Freddie Mac loan secured by Peter Benedetto and Aaron Moll of Berkadia. The garden-style property offers shared amenities including three resort-style swimming pools with furnished sundecks, a fitness center, business center, study lounge, outdoor grills, picnic areas and two 24-hour laundry facilities. Planned capital improvements for the community include fully furnished and renovated units; an expanded fitness center with state-of-the-art equipment; the addition of a new study lounge, fire pits and pool amenities; and landscaping improvements. The property is also currently being rebranded.
WAUWATOSA, WIS. — An affiliate of Phoenix Investors has acquired the JCPenney Logistics Warehouse and Furniture Outlet Center for $31.2 million. JCPenney sold the 2 million-square-foot property, which is located at 18000 W. Burleigh St. in Wauwatosa, just west of Milwaukee. The buildings are situated adjacent to Interstate 45 and feature 100 loading docks. The first buildings were constructed in the 1950s. JCPenney has made regular improvements to the buildings and infrastructure over the years. Phoenix plans to renovate the property, both structurally and cosmetically.
DEARBORN, MICH. — Signature Associates has negotiated a 68,305-square-foot office lease renewal and expansion for Jackson Dawson Communications Inc. and its subsidiary Benmar Communications in Dearborn. The creative marketing and branding company, headquartered in Dearborn, occupies the space at 1 Parklane Blvd. Chris Secontine of Signature Associates represented both the tenant and the landlord, Fairlane Venture One LLC, in the lease transaction.
MINNEAPOLIS — CBRE Multifamily has arranged the sale of Minneapolis Grand, a 112-unit apartment community in Minneapolis. The sales price was not disclosed. The property is located at 2401 Chicago Ave. near Abbott Northwestern Hospital. Built in 2005, the community features a mix of studio, one- and two-bedroom units with an average size of 833 square feet. Amenities include a newly renovated clubroom, fitness center, tenant lounge and underground parking. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, CAP/SP Minneapolis Grand Apartments LLC, an entity related to CAPREIT. Trillium Grand Owner LLC, an entity related to Trillium Investments, purchased the asset. Cathy Bronkema of Cohen Financial, a division of SunTrust Bank, arranged a $15.3 million bridge loan for the acquisition. A private real estate investment fund based in New York provided the loan.
CHICAGO — Bluemercury, a luxury beauty retailer, has signed a lease to open an 1,800-square-foot store at 900 West in Chicago’s Fulton Market district. The store is expected to open this summer. Tucker Development Corp. completed 900 West last year. The project included the renovation of 10 historic buildings along West Randolph Street. Together, the buildings comprise 45,000 square feet of street-level retail space and 45,000 square feet of upper-level office space. Bluemercury joins lululemon athletica and Bonci Pizza, both of which opened last year.
