WASHINGTON, D.C. — Merchants Capital, a Carmel, Ind.-based affordable housing lender, has opened a new office in Washington, D.C., that will be the company’s fifth location nationwide. Located at 505 9th St. NW, Suite 800, the new office serves as a hub for a dozen team members and is part of the company’s strategy to expand its national lending footprint with a concentration on the East Coast. “We are excited to be positioned in downtown Washington, D.C., as it is a natural fit for the firm to be in close proximity to Fannie Mae, Freddie Mac, the Department of Housing and Urban Development (HUD) and other landmark institutions that support affordable multifamily housing across the nation,” says Dwayne George, the executive vice president and national head of production for Merchants Capital. The new office follows the announcement that Merchants Capital was named the No. 4 affordable multifamily lender nationwide in 2020 by the Mortgage Bankers Association. Last year, Merchants Capital closed $2.2 billion in affordable housing loans across 188 transactions, with an average transaction size of $11.8 million.
CHICAGO — North Wells Capital LLC and Skydeck Capital have formed a joint venture to acquire a five-story, 47,000-square-foot building at 720 N. Franklin St. in Chicago’s River North neighborhood. The purchase price was undisclosed. The building was originally constructed in 1925 for industrial use and later renovated into retail and office use. The seller, McCaffery Interests, had owned and managed the property since 1999. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the building.
STAMFORD, CONN. — Encompass Digital Media has signed a 136,366-square-foot office lease at Shippan Landing, a six-building waterfront office campus that is located on a 17-acre site in Stamford. David Block, Steven Greenbush and Joe Coleman of CBRE represented the tenant in the lease negotiations. Trip Hoffman, Adam Klimek and Mike Norris of Cushman & Wakefield represented the owner, a joint venture between developers George Comfort & Sons and Rubenstein Partners LP. Peter Duncan and Dana Pike of George Comfort & Sons also worked on the deal on an internal basis. Encompass Digital Media has occupied space at the campus since 1994, and this transaction extends its commitment term for six more years.
SUMMIT, N.J. — Marcus & Millichap has brokered the $12.5 million sale of a 19,971-square-foot office building in Summit, located about 25 miles west of New York City. Alan Cafiero, Ben Sgambati and David Cafiero of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction. Energy Capital Partners occupies the building.
HANOVER COUNTY, VA. — Wegmans Food Markets Inc., an upscale supermarket chain based in Rochester, N.Y., has purchased nearly 221 acres in Hanover County for $4 million. The grocer plans to build a $175 million distribution facility on the site, which is located along Sliding Hill and Ashcake roads and is accessible by Interstate 95. The 1 million-square-foot center will support Wegmans’ Mid-Atlantic stores and will include 30,000 square feet of office space. Wegmans has a total of 106 stores across seven states, including 13 stores in Virginia. J.R. Burdette and Donny Self with Coldwell Banker Commercial Elite represented Wegmans in the land transaction. The seller was Air Park Associates LP, according to Richmond Biz Sense. The news outlet also reported that the facility will support 700 new jobs.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has brokered the sale of a vacant corporate headquarters facility in Scottsdale for $39 million in an off-market transaction. The new owner, Dansons, will relocate from its current headquarters in central Phoenix to the two-story, 200,000-square-foot office building. Dansons, a privately held company with over 400 employees, is the maker and distributor of grills and smokers, including Pit Boss and Louisiana Grills. The building was formerly occupied by a Fortune 100 insurance company. Located at 8877 N. Gainey Center Drive, the building features multiple two-story lobby entrances, large open floor plates, mature landscaping, an onsite cafeteria and test kitchen, ample surface visitor parking, along with three levels of underground garage parking. The property provides convenient access to the Loop 101 freeway and enjoys an abundance of upscale amenities, retail services and entertainment venues in the Gainey Ranch area. Cushman & Wakefield’s Dave Carder and Scott Boardman represented Dansons in the transaction. Lee & Associates’ Fred Darche and Spencer Nast represented the private seller.
MILWAUKEE — JLL Capital Markets has brokered the sale of the Rexnord Power Transmission Headquarters building in downtown Milwaukee for $72.2 million. The 150,950-square-foot office building traded at a cap rate just under 5 percent. The property was fully renovated in 2020 to serve as Rexnord Power Transmission’s new headquarters. The building includes a seven-story parking garage and is fully leased. Sam DiFrancesca, Brian Shanfeld, Jason DeWitt, Steven Okon, Jeff Bramson, Jaime Fink, Bruce Miller and Pat Shields of JLL represented the seller, Klein Development Inc. An undisclosed third party was the buyer.
PHOENIX — George Oliver, a Phoenix-based developer, has completed the sale of CASA, a Class A office complex in Phoenix for $56.5 million. At $312 per square foot, the sales price sets a new record for the Piestewa Peak submarket. The buyer was Macquarie Asset Management. JLL’s Benjamin Geelan and Brian Ackerman represented George Oliver in the transaction. New office amenities include co-working suites, a dog park, dedicated food truck parking and shaded outdoor dining and lounge areas. A final lease-up initiative this summer brought the building to being fully committed, notably the new Mediacom headquarters relocation from North Carolina and new offices for D.R. Horton and CrossCountry Mortgage. George Oliver purchased CASA, formerly known as Catalina Terraces, in 2018.
Cicada Capital, Eightfold Purchase Clark Tower Office Building, Restaurant Outparcel in East Memphis
MEMPHIS, TENN. — Cicada Capital Partners, in partnership with Eightfold Real Estate Capital LP, has purchased Clark Tower, a 34-story, 653,614-square-foot office tower located at 5100 Poplar Ave. in Memphis. The transaction included an adjacent 5,647-square-foot restaurant outparcel located at 5110 Poplar Ave. The sales price and seller were not disclosed. Built in 1973, Clark Tower is East Memphis’ tallest building, according to the Memphis Business Journal. Cicada Capital plans to make capital investments on the property, including upgrades to the interior and exterior portions of the building and upgraded amenities. The property is located inside the Interstate 240 loop. Avison Young will provide property management and leasing advisory services on behalf of the new ownership. John Lamberson Jr. and Terry Radford of CBRE represented the seller in the transaction.
ANTIOCH, TENN. — Lee & Associates has brokered the sale of a 121,596-square-foot office property in Antioch. The sales price was $27.9 million, but the buyer and seller were not disclosed. William Sisk and Brett Wallach of Lee & Associates represented the buyer in the transaction. Located at 5720 Crossings Blvd. on nearly 12 acres, the property, which is currently being used as a call center, is located 14.6 miles south of Nashville and about 14.4 miles from Nashville International Airport.