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AcquisitionsOfficeSoutheastVirginia

CoStar Group Acquires 31-Story Office Building in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — CoStar Group has purchased Central Place Tower, a 552,000-square-foot office building located at 1201 Wilson Blvd. in Arlington. The seller and sales price were not disclosed, but media outlets report JBG Smith, which developed the 31-story tower in 2018, and joint venture partner PGIM Real Estate sold the tower for $339 million. The office building sits directly above the Rosslyn Metro station. The Richmond-based commercial real estate research giant plans to move 650 Washington, D.C.-area employees to the building as the company’s current lease is set to expire in 2025. CoStar previously acquired an office building at 1331 L St. NW in D.C. in 2011 before executing a sale-leaseback. The company will occupy about 150,000 square feet in the Arlington building and pay about $14 million to Arlington County for sole rights of use of the building’s observation deck, according to Arlington Economic Development. The building was

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AcquisitionsIndustrialSoutheastVirginia

Phoenix Investors Purchases 813,000 SF Industrial Facility in Martinsville, Virginia

by John Nelson

MARTINSVILLE, VA. — An affiliate of Phoenix Investors has purchased an 813,000-square-foot industrial building located at 1 Walker Road in Martinsville, a city in southern Virginia. Resurgence Properties sold the property for an undisclosed price. The facility previously served as a textile plant for Bassett-Walker before shuttering in 2002. Situated on 53 acres, the property is located 10 miles from the Virginia-North Carolina border and less than 12 miles from Blue Ridge Regional Airport. The facility features six dock doors and four grade-level drive-in doors, as well as 200 parking spaces. Grant Bates of Newmark is handling the leasing assignment for 1 Walker Road, which has more than 700,000 square feet of availability at the time of sale.

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Company NewsGeorgiaRetailSoutheast

Matthews Real Estate Investment Services Adds Veteran Retail Specialists to the Firm

by John Nelson

ATLANTA — Matthews Real Estate Investment Services has hired Pierce Mayson and Kyle Stonis as senior vice presidents, Jeff Enck as first vice president and Boris Shilkrot as associate vice president. The veteran retail specialists join the company’s shopping center division from SRS Real Estate Partners where they managed the sales of shopping centers in 17 different states across the Southeast, Midwest and Northeast. Collectively, Mayson, Stonis, Enck and Shilkrot have brokered the sales of $4 billion in career transactions over a combined 50 years. The group will operate from the Matthews’ Atlanta office off Peachtree Road and work with Matthew Wallace, the company’s national director of shopping centers.

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DevelopmentMidwestMinnesotaMultifamily

Kraus-Anderson Completes $34.9M Apartment Conversion Project in Duluth, Minnesota

by Kristin Harlow

DULUTH, MINN. — Kraus-Anderson Duluth has completed Zenith DCHS, a $34.9 million project that converted the Historic Old Central High School in downtown Duluth into 122 apartment units. Designed by AWH Architects and owned by Saturday Properties, the four-story building boasts the city’s landmark clock tower. The building was constructed in 1892 as Duluth Central High School (DCHS) and is listed on the National Register of Historic Places. Amenities for apartment residents include a fitness center, sauna, coworking space, auditorium and workshop.

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IndustrialLeasing ActivityMidwestWisconsin

Rexel USA, Everlight Solar Lease 79,126 SF Industrial Property in Menomonee Falls, Wisconsin

by Kristin Harlow

MENOMONEE FALLS, WIS. — Rexel USA Inc. and Everlight Solar LLC have fully leased a recently completed industrial building in Menomonee Falls. The two tenants are leasing 59,388 square feet and 19,738 square feet, respectively. They will take occupancy in the second quarter following the completion of tenant improvements. Owner Luther Group developed the facility on a speculative basis. Bob Flood, Brian Flood and Derek Yentz of Founders 3 Real Estate Services represented ownership.

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AcquisitionsHealthcareIndianaMidwest

Colliers Brokers Sale of 58,158 SF Medical Office Portfolio in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Colliers has brokered the sale of The Green on Meridian, a two-building medical office portfolio totaling 58,158 square feet in the Indianapolis suburb of Carmel. The sales price was undisclosed. The three-story buildings are 25 percent occupied by 10 tenants. Alex Cantu, Alex Davenport and Bryce Wetzel of Colliers represented the seller, NAYA Investment & Management, an independent real estate firm specializing in the acquisition and management of office and residential properties across Indiana and Florida. A private investor was the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Negotiates Sale of 23,790 SF Industrial Building in Suburban Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 23,790-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. The property at 160 Scott St. was originally marketed for lease but received multiple offers from potential buyers. Candace Scurto of Brown represented the seller, a private investor. Mason Hezner of Brown represented the buyer, GP Glass Co., which has two other locations in Elk Grove Village. The company is a custom shower glass and door installation business.

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IllinoisIndustrialLeasing ActivityMidwest

Illinois Masonry Group Signs 22,000 SF Industrial Lease in Buffalo Grove, Illinois

by Kristin Harlow

BUFFALO GROVE, ILL. — Illinois Masonry Group has signed a 22,000-square-foot industrial lease at 1025 Busch Parkway in the Chicago suburb of Buffalo Grove. The company will relocate from a nearby location. The building features a clear height of 19 feet, one dock, one drive-in doors and 4,000 square feet of office space. Brian Bocci of Entre Commercial Realty represented the tenant, while Michael Whetstone and Brian Silverman of JBS represented the undisclosed landlord.

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AcquisitionsMidwestMultifamilyOhioSeniors HousingTop StoriesWashingtonWestern

Welltower Agrees to Acquire 25-Property Affinity Living Active Adult Portfolio for $969M

by Kristin Harlow

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has agreed to acquire 25 active adult properties from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately located in the Pacific Northwest. Welltower says the acquisition will enable the company to strategically scale the geographic reach of its active adult portfolio into markets with a five-year projected population growth in the 55-plus demographic that is more than 2.5 times higher than the U.S. average. Post-closing, Affinity will continue to manage the portfolio subject to a terminable management contract. Welltower plans to fund the acquisition using cash on hand and the assumption of $523 million of below-market-rate debt with an average interest rate of 3.8 percent and a nine-year weighted average maturity. The purchase price of approximately $249,000 per unit represents a significant discount to replacement cost, according to Welltower. The average property age is eight years. The transaction is expected to close in tranches over the next several months with timing dependent on property-level loan assumption approvals. The deal will expand Welltower’s in-place and under-development active adult …

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Palladium-Houston-Ella
Affordable HousingDevelopmentMultifamilyTexas

Palladium USA to Develop $35M Affordable Housing Project in Northeast Houston

by Taylor Williams

HOUSTON — Dallas-based multifamily developer Palladium USA will develop a $35 million affordable housing project in northeast Houston. Palladium Houston Ella will be a three-story, 146-unit building that will house one-, two- and three-bedroom units. About 78 percent (115) of the units will be reserved for renters earning between 30 and 60 percent of the area median income, and the remainder will be rented at market rates. Amenities will include a pool, fitness center, conference center, dog park, computer lounge, kid’s play area and a clubroom. Palladium USA is developing the project in partnership with the Harris County Housing Finance Corp. HEDK Architects is designing the property, and Brownstone Construction is serving as the general contractor.

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