REBusinessOnline

CIM Group Buys Historic Office Building in Downtown Seattle for $151M

SEATTLE — CIM Group, a real estate owner and operator based in Los Angeles, has purchased the historic Dexter Horton Building in downtown Seattle. The seller and sales price were not disclosed, but the Puget Sound Business Journal is reporting that Great Eagle Holdings Ltd. sold the 15-story office building for $151 million. The 335,000-square-foot Art Deco structure occupies a full city block at 710 2nd Ave. near the historic Pioneer Square area and Elliott Bay. The office building’s …

Allen Morris Co. Sells Apartment Community in Downtown St. Petersburg for $107.6M

ST. PETERSBURG, FLA. — The Allen Morris Co., through an affiliate company named The Hermitage St. Pete LLC, has sold a 348-unit apartment community located at 151 7th St. South in downtown St. Petersburg. Toronto-based Brass Enterprises Inc. purchased the eight-story property, known as The Hermitage Apartment Homes, for $107.6 million. Walker & Dunlop represented The Allen Morris Co. in the transaction. Built in 2016, The Hermitage features a parking garage, rooftop terrace, sky lounge, …

CIM Delivers 43-Story Apartment Tower Within Miami Worldcenter Project

MIAMI — CIM Group has completed construction of CAOBA, a 43-story apartment tower located at 698 N.E. 1st Ave. in downtown Miami. The 444-unit building is the first tower to open at the $2 billion mixed-use Miami Worldcenter development. The City of Miami has approved an adjacent 40-story, 429-unit tower. CIM Group has received a Temporary Certificate of Occupancy for CAOBA, allowing residents to move into their apartments, which range from studios to three-bedroom units. Amenities include a …

CBRE Brokers Sale of Trader Joe’s-Anchored Shopping Center in Midtown Atlanta

ATLANTA — CBRE’s National Retail Partners has brokered the sale of Midtown Promenade, a 110,988-square-foot shopping center located at 931 Monroe Drive in Midtown Atlanta. Charlotte-based Asana Partners, which purchased Krog Street Market in Atlanta’s Inman Park neighborhood last year, bought the shopping center from an affiliate of Atlanta-based Ackerman & Co. for an undisclosed price. Chris Decoufle, Kevin Reavey and Kevin Hurley of CBRE represented the seller, Ackerman-Midtown …

Selig to Bring Food Hall, Brewery to $1B Mixed-Use Project in Atlanta’s Upper Westside

ATLANTA — Selig Enterprises has added two new food and beverage tenants at The Works, a $1 billion mixed-use development underway on 80 acres in Atlanta’s Upper Westside neighborhood. The Atlanta-based developer has announced a new food hall known as Chattahoochee Food Works. Headed by Robert Montwaid of Gansevoort Consulting, the new food hall will occupy 16,000 square feet of space within The Makers Building, which will front a quarter-mile linear park known as The Spur. The food hall …

SRS Arranges Sale of 175,464 SF Shopping Center in Suburban Knoxville

ALCOA, TENN. — SRS Real Estate Partners has arranged the sale of Hamilton Crossing, a 175,464-square-foot shopping center located in the Knoxville suburb of Alcoa. The property was 95 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Ross Dress for Less, Michaels, PetSmart, Old Navy, Shoe Carnival, Buffalo Wild Wings, AT&T and Five Guys. Kyle Stonis, Pierce Mayson and Steve Miskew of SRS represented the undisclosed seller in the transaction. The buyer and terms …

Adaptive Reuse in Core New Orleans Pushes Industrial Activity Westward

When real estate professionals think of the New Orleans industrial market, oil companies, the Port of New Orleans (recently rebranded Port NOLA) and distribution companies come to mind. That thought is currently undergoing an evolution. The historically industrial areas of New Orleans are being absorbed seemingly daily by an insurgence of retail and entertainment-based business. As traditional retail in American shopping and strip malls is on the decline, developers are rushing to buy …

CBRE Arranges Sale of 224-Unit Assisted Living Portfolio in Houston

HOUSTON — CBRE National Senior Housing has arranged the sale and acquisition financing for The Village Portfolio, a two-property, 224-unit assisted living portfolio in Houston. Lisa Widmier of CBRE National Senior Housing represented the institutional seller. Aron Will of CBRE National Senior Housing and Austin Sacco of CBRE National Senior Housing arranged acquisition financing on behalf of a joint venture between Bridgewood Property Co. and an institutional investor. CBRE secured two …

HFF Secures Capital for Construction of 130,000 SF Data Center in Richardson, Texas

RICHARDSON, TEXAS — HFF has arranged construction financing and joint venture equity for a 130,000-square-foot data center in Richardson’s Telecom Corridor. Cullen Aderhold, Jim Curtin and Michael Cosby of HFF closed the capital transactions on behalf of the borrower, KDC Real Estate Development & Investments. Situated at the southeast corner of North Plano Road and East Lookout Drive, the facility will be adjacent to an ONCOR substation and have access to approximately 18 fiber providers …

Adkisson Group Purchases 225 Acres Near Port of Houston for New Industrial Park

BAYTOWN, TEXAS — Adkisson Group Inc. has purchased nearly 225 acres near Baytown and the Port of Houston for the development of a new business park. Parkside Capital sold the land to Adkisson Group for an undisclosed price. The project, Bay 10 Business Park, will be situated on the west side of Grand Parkway south of Interstate 10 East. Adkisson Group will begin permitting and building several 10,000- to 30,000-square-foot freestanding buildings that will offer crane capabilities and acreage …

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