ITASCA, ILL. — Jewel-Osco has renewed its 69,000-square-foot office lease for 10 years at Hamilton Lakes Business Park in Itasca. The grocery and drug retailer has maintained its corporate headquarters at the property, located at 150 Pierce Road, for the past 10 years. Hamilton Partners Inc. is the property landlord. Jewel-Osco has 187 locations across Illinois, Indiana and Iowa, and employs 31,000 associates.
ATLANTA — Five new eateries have inked leases at The Hub, the retail portion of downtown Atlanta’s Peachtree Center. The new restaurants are part of a project from Banyan Street Capital to renovate and modernize the mixed-use destination’s retail center. Amy Fingerhut of CBRE arranged leases with the new tenants, which will open on a rolling schedule beginning later this year and into early 2018. The new tenants include Salata, a build-your-own salad chain that will open its third location in Atlanta; Bep Eatery, a first-to-market Vietnamese concept; Beni’s Cubano, a Cuban eatery from the Southern Proper Hospitality team behind Tin Lizzy’s Cantina; Taste of India, which will offer a mix of northern and southern Indian cuisine; and Southern Candy Co., which will expand from a pop-up location in The Hub into a permanent space. All five new restaurants will open on the Gallery Level of The Hub, located directly under the courtyard and at the center of the renovation project, joining restaurants including Aviva By Kameel, Panbury’s, Chick-fil-A and Yami Yami. Construction on The Hub is slated for completion in spring 2019.
CARY, N.C. — CBRE | Raleigh has arranged the sale of Regency Office Park, a 387,987-square-foot office campus in Cary, roughly 12 miles west of Raleigh. Ben Kilgore, Jim McMillan, Leslie Holmes, Elliott Brewer, Brad Corsmeier and Brian Carr of CBRE | Raleigh represented the seller, Regency Park Corp., in the transaction. Michigan-based Alidade Capital acquired the asset for an undisclosed price. Regency Office Park includes 2000, 3300, 3333, 3700 and 8000 Regency Parkway. At the time of sale, the property was leased to tenants including CBC Americas Corp., Michael Baker Engineering, Zurn, Siemens and Erie Insurance.
TAMPA, FLA. — Meridian Development Group has sold Meridian East, a three-building, 200,000-square-foot industrial center in Tampa, for $8.3 million. Boston-based High Street Realty Co. acquired the asset. During ownership, Meridian invested $600,000 in the property to improve the appearance of the exteriors, construct additional parking and renovate the vacant interiors. At the time of sale, Meridian East was fully leased to tenants including Bailey Industries, which occupies 45,000 square feet.
CLARKSVILLE, TENN. — Nassimi Realty has acquired Two Rivers Center, a 245,000-square-foot retail property in Clarksville, roughly 50 miles northwest of Nashville. The sales price and seller were not disclosed. The property is located less than one mile from Clarkesville’s central business district and 10 miles southeast of Fort Campbell, a U.S. Army installation. At the time of sale, Two Rivers Center was home to tenants including Harbor Freight Tools, Bargain Hunt, Citi Trends and Hooters.
TEMPE, ARIZ. — AllState has purchased Tempe Logistics Center, a 175,314-square-foot industrial building in Tempe, for an undisclosed sum. The building is located at 1524 W. 14th St. The asset serves as a “last-mile” warehouse with 18- to 24-foot clear heights, automatic fire suppression, 23 dock loading doors, six grade-level doors, an over-standard parking ratio and 130-foot truck courts. Recent tenant improvements include the installation of full air conditioning in the office and warehouse space, a new office and kitchen buildout, and an upgraded power supply. The asset is fully leased to investment-grade tenants. CBRE Global Investors acquired the property on behalf of AllState. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, LBA Realty, in this transaction.
NORTH BERGEN, N.J. — Philadelphia-based Post Brothers has purchased The Duchess, a 320-unit multifamily high-rise development located at 7601 River Road in North Bergen. The developer, LWH Urban Renewal LLC sold the property for $166 million. Comprised of three interconnected 12-story buildings, The Duchess features a mix of studio, one-, two- and three-bedroom layouts, ranging from 600 square feet to a three-bedroom/three-bath, 2,600-square-foot penthouse. On-site amenities include a water terrace with a heated outdoor pool, private cabana beds and sun chaises and a veranda with yoga decks, a sandbox, co-working space and child-friendly spaces. Joseph Brecher, David Oropeza, Eli Rosen and Nicholas Nicolaou of Gebroe-Hammer represented the seller and buyer in the transaction.
ATLANTA — Cushman & Wakefield has arranged the $29.8 million sale of a land site located at the corner of Memorial Drive and Bill Kennedy Way in Atlanta’s Reynoldstown submarket. The site was formerly occupied by manufacturer Leggett & Platt. Matt Hawkins, Pierce Owings and Ron Willingham of Cushman & Wakefield represented the undisclosed seller in the transaction. Atlanta-based Fuqua Development acquired the 17-acre property, with plans to develop a $250 million mixed-use development dubbed Madison Yards. The project will include 160,000 square feet of retail space — including anchor tenants Publix and AMC Theatres — 80,000 square feet of loft office space, 550 apartment units and townhomes. Madison Yards is expected to open as early as 2019.
GAITHERSBURG, MD. — Urban Investment Partners (UIP) has acquired Walker House, a 212-unit apartment community located along the Interstate 270 corridor in Gaithersburg, roughly 23 miles northwest of Washington, D.C. CBRE represented the seller, Washington REIT, in the $31.8 million transaction. Capital One provided acquisition financing for the asset. Walker House includes 196 apartment units constructed in 1971, plus 16 garden apartments constructed in 2003. UIP will renovate the property with updated cabinets, counters, appliances, lighting and flooring. UIP will also update the existing fitness center, lounge and other amenity spaces. Walker House was fully occupied at the time of sale.
CELEBRATION, FLA. — Stan Johnson Co. has arranged the $29.5 million sale of the Shoppes at Celebration Place, a 44,095-square-foot retail center located at 6200-6296 W. Irlo Bronson Memorial Highway in Celebration, roughly 3 miles south of Walt Disney World. Joey Odom, Mike Sladich, K.B. Yabuku and Maggie Holmes of Stan Johnson Co. represented both the seller, South Florida-based Flagler Realty & Development, and the buyer, New York-based Ben Hur Investments. At the time of sale, the Shoppes at Celebration Place was fully leased to tenants including Walgreens, Applebee’s, Arby’s, Dunkin’ Donuts, Chipotle Mexican Grill and Five Guys Burgers & Fries.
