REBusinessOnline

HFF Arranges $278.4M Loan for Colony Square Redevelopment in Atlanta

ATLANTA — HFF has arranged $278.4 million in financing for the redevelopment of Colony Square, an office/retail complex in Midtown Atlanta. The loan will go to Houston-based Lionstone Investments and Cincinnati-based North American Properties for the project, which is already underway. The loan will retire the existing financing and fund future redevelopment plans. Blackstone Mortgage Trust provided the capital. The new Colony Square will feature more 1 million square feet of office and …

VCP City Center Acquires 691,777 SF Office Building in Downtown Birmingham for $31M

BIRMINGHAM, ALA. — VCP City Center, which is managed by Varden Capital Properties and Tellus Multifamily, has acquired City Center, a 691,777-square-foot, vacant office building in downtown Birmingham. Cushman & Wakefield represented the undisclosed seller in the $31 million

Lincoln Property, Crow Holdings Break Ground on 251,466 SF Warehouse in Metro Atlanta

LITHIA SPRINGS, GA. — Lincoln Property Co. Southeast and Crow Holdings Capital Real Estate have broken ground on a 251,466-square-foot speculative warehouse/distribution center called Factory Shoals Distribution Center in Lithia Springs. The site is located on Interstate 20, 15 miles west of downtown Atlanta. The center will feature a 185-foot deep truck court, 40 spaces for excess truck storage, 32-foot clear heights and motion-sensor lighting. The project is slated to be finished in summer …

CPDC Breaks Ground on Adjacent Multifamily Buildings in Richmond’s Jackson Ward

RICHMOND, VA. — Community Preservation and Development Corp. (CPDC) has broken ground on two adjacent apartment buildings in Jackson Ward district of Richmond. One of the apartment buildings will include 82 units, 46 of which will be at market price. The other will be a 72-unit affordable community for seniors moving in from Richmond’s Fay Towers. The Richmond Times-Dispatchreported in July that the project would cost $33 million. Amenities are set to include a fitness center, dog-grooming …

CHOA Leases 114,000 SF of Industrial Space in Stone Mountain, Georgia

STONE MOUNTAIN, GA. — Children’s Healthcare of Atlanta (CHOA) has leased 114,000 square feet within Stone Mountain Industrial Park in Stone Mountain. The landlord, Atlanta-based Ackerman & Co., acquired the 4.1 million-square-foot industrial park in December 2016. Brett Buckner, Jimmy Stevens and Major Martin represented Ackerman internally. Brandon Wallace of Cushman & Wakefield represented CHOA, which has transformed the space to replicate a hospital wing to test systems and …

MRC Provides $67.5M Acquisition Loan for Multifamily Project in New Jersey

HARRISON, N.J. — Madison Realty Capital has provided $67.5 million in acquisition and construction financing for a 205-unit multifamily development project and an adjacent development site in Harrison. The loan allows the borrower, a partnership between Accordia Realty Ventures and Eastone Equities, to acquire both sites and finish construction of the 205-unit first phase of the project, which is currently topped off and approximately 60 percent complete. The development site has been …

NKF Arranges $15.8M Sale of Flex Facility in Clark, New Jersey

CLARK, N.J. — NKF has arranged the $15.8 million sale of a 108,000-square-foot flex facility in Clark. Located at 175-195 Terminal Ave., the property is fully leased as the headquarters of L’Oréal’s North American R&D division. The seven-acre property includes a single-story R&D space that was recently renovated. Steven M. Schultz and Tony D. Georgiev of NKF represented the seller, Denholtz Associates, in the transaction. The buyer was

Marcus & Millichap Brokers $10.5M Sale of Office Building in New Jersey

CLARK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a 76,000-square-foot, five-story office building in Clark. Located at 67 Walnut Ave., the property was 97 percent occupied at the time of sale. Fahri Ozturk, Rick Lechtman, Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller in the transaction, a joint venture between Mountain Development Corp. and Bukiet Building and Management Co. The buyer was a private

PREIT Sells Four-Acre Multifamily Development Site in Metro Philadelphia for $10.3M

EXTON, PA. — The Pennsylvania Real Estate Investment Trust has sold a four-acre development site in Exton for $10.3 million. The site is located adjacent to the Exton Square Mall, which is approximately 33 miles northeast of Philadelphia. The property was acquired by Hanover Co., which plans to build a 300-unit apartment building on the site. PREIT recently revamped the Exton Square Mall with the addition of a Whole Foods location earlier this

Blueprint Negotiates Sale of Two Assisted Living Communities in Philadelphia

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two assisted living and memory care communities on the Philadelphia Main Line. A publicly traded REIT sold the properties to a growing seniors housing investor for an undisclosed price. The existing regional operator will remain in place. Ben Firestone and Michael Segal led the transaction for

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