Property Type

Sealy & Co. Acquires 1.1 MSF Industrial Portfolio in Dayton, Ohio

by Kristin Harlow September 13, 2022

DAYTON, OHIO — Sealy & Co. has acquired a 1.1 million-square-foot industrial portfolio in Dayton for $53.2 million. Known as the Mid States Industrial Portfolio, the portfolio contains 10 buildings that are home to 22 tenants. The assets are concentrated in two submarkets, Moraine and Airport/Vandalia, both of which are located along I-75. Jason Gandy and Davis Gibbs led the transaction for Sealy on an internal basis. Steve Timmel, Jeff Johnston and Will Roberts of CBRE represented the seller, Culmen Real Estate Services. Sealy maintains corporate offices in Dallas and Shreveport, La.

September 13, 2022

Development Midwest Missouri Multifamily

Milhaus Breaks Ground on $58M Apartment Development in North Kansas City

by Kristin Harlow September 13, 2022

NORTH KANSAS CITY, MO. — Milhaus has broken ground on a $58 million apartment development in North Kansas City. The project is the 10th in the Kansas City market for the Indianapolis-based developer. Plans call for 275 studio, one-, two- and three-bedroom units. Amenities will include a bark park, coffee bar, fitness and yoga centers, grills and fire pits, pool, bike parking and charging ports for electric vehicles. Great Southern Bank provided a construction loan. The project team includes Rosemann & Associates as architect, BASI Collective as interior designer and Renaissance Infrastructure as civil engineer. Completion is slated for October 2024.

September 13, 2022

Build-to-Rent Development Midwest Minnesota

Partnership Underway on 58-Unit Build-to-Rent Community in Maple Grove, Minnesota

by Kristin Harlow September 13, 2022

MAPLE GROVE, MINN. — A partnership between PCCP, Sotarra and The Excelsior Group is underway on the development of Edgewater on Cook Lake in the Minneapolis suburb of Maple Grove. The project will consist of 58 single-family build-to-rent units averaging 2,277 square feet each. Residents will have access to a clubhouse, business center, pool and grilling station. Each of the homes will have an attached two-car garage. Completion is slated for February 2023. Sotarra is a full-service real estate investment firm specializing in the acquisition, development and redevelopment of land, office and residential properties throughout the Midwest. Sotarra will co-develop the project with The Excelsior Group, a Twin Cities-based multifamily developer. PCCP is a real estate finance and investment management firm. RT Residential is the general contractor and Lincoln Property Co. will manage the property.

September 13, 2022

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Provides $45M Loan for Refinancing of Apartment Complex in Fridley, Minnesota

by Kristin Harlow September 13, 2022

FRIDLEY, MINN. — Northmarq has provided a $45 million Freddie Mac loan for the refinancing of Axle Apartments in the Minneapolis suburb of Fridley. The 262-unit apartment complex is located at 6530 University Ave. NE. Andy Finn and Dan Trebil of Northmarq arranged the 10-year, fixed-rate loan, which features seven years of interest-only payments followed by a 30-year amortization schedule. Roers Cos. was the borrower.

September 13, 2022

Acquisitions Midwest Retail Wisconsin

Colliers Brokers $12.9M Sale of Shopping Center in Appleton, Wisconsin

by Kristin Harlow September 13, 2022

APPLETON, WIS. — Colliers Wisconsin has brokered the sale of a 70,414-square-foot shopping center in Appleton for $12.9 million. The fully leased property is situated adjacent to the Fox River Mall near Highway 41. Some of the tenants include JoAnn Fabrics, Dollar Tree, Kirkland’s and Chili’s. Adam Connor, Mark Pucci and Heather Dorfler of Colliers represented the seller, an Appleton-based investor group. Prairie Hill Holdings, a Chicago-based private real estate investment firm, was the buyer.

September 13, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $66M Sale of Topaz Villas Apartments in Jacksonville

by John Nelson September 13, 2022

JACKSONVILLE, FLA. — Berkadia has brokered the $66 million sale of Topaz Villas, a 444-unit multifamily community located at 5327 Timuquana Road in Jacksonville. Greg Rainey of Berkadia’s Jacksonville office led the transaction on behalf of the sellers, Topaz Capital Group and The Lynd Co. Mitch Sinberg, Brad Williamson and Wesley Moczul of Berkadia arranged $53 million in acquisition financing on behalf of the buyer, ROI Capital Group, which plans to rebrand the community. Voya Investment Management provided the three-year, floating-rate loan with extension options and interest-only payments. The loan includes approximately $5.3 million in future funding for capital improvements. Topaz Villas offers one-, two- and three-bedroom apartments that range from 500 to 1,400 square feet in size. Community amenities include two swimming pools, a fitness center, bark park, playground, tennis court and 24-hour emergency maintenance. The property is situated within Ortega Farms, a suburban neighborhood along the Ortega River, and offers convenient access to I-295 and the Naval Air Station Jacksonville.

September 13, 2022

Georgia Industrial Leasing Activity Southeast

GCP Signs Dollar General to 712,040 SF Industrial Lease in Metro Atlanta

by John Nelson September 13, 2022

STOCKBRIDGE, GA. — Birmingham, Ala.-based Growth Capital Partners (GCP) has recently signed Dollar General Corp., the Goodlettsville, Tenn.-based national discount retailer, to a full-building industrial lease in metro Atlanta. GCP’s Fund II purchased the recently vacated property, located at 500 Business Center Drive in Stockbridge, in March. The 712,040-square-foot property is situated in the South I-75 Atlanta industrial submarket and features 30-foot clear heights, 74 dock doors and seven rail doors. The center is expected to be fully operational in the fourth quarter and will employ approximately 50 Dollar General employees. Reed Davis, Bob Currie and Brad Pope of JLL represented GCP in the lease negotiations, and Scott Delphy of Food Properties Group represented Dollar General. GCP’s Fund II includes 1.9 million square feet of bulk distribution properties in Georgia and Tennessee and 1.9 million square feet of industrial development projects currently under construction in the Carolinas, Florida, Tennessee and Texas. In addition to the Stockbridge facility, Dollar General recently invested $480 million to expand its distribution network with three new facilities planned in Arkansas, Oregon and Colorado.

September 13, 2022

Acquisitions Florida Retail Southeast

PEBB, Banyan Sell Mainstreet at Boynton Shopping Center in South Florida for $33M

by John Nelson September 13, 2022

BOYNTON BEACH, FLA. — PEBB Enterprises and joint venture partner Banyan Development have sold Mainstreet at Boynton, a grocery-anchored retail center in Boynton Beach that the companies delivered in 2021. The co-developers sold the 52,152-square-foot property to an entity doing business as West Parkway Realty LLC for $33 million. Danny Finkle and Eric Williams of JLL represented PEBB and Banyan in the sale, which does not include other components of the mixed-use Mainstreet development, such as its 158-unit Congregate Living Facility and numerous outparcels occupied by tenants including Wawa, Aspen Dental and Synovus Bank. Located at 6405 W. Boynton Beach Blvd. in South Florida’s Palm Beach County, Mainstreet at Boynton was fully leased at the time of sale to tenants including Sprouts Farmers Market, AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile and GoodVets.

September 13, 2022

Acquisitions Development Multifamily Office Southeast Virginia

AREP Acquires 200,000 SF Office Building in Old Town Alexandria, Plans Multifamily Conversion

by John Nelson September 13, 2022

ALEXANDRIA, VA. — American Real Estate Partners (AREP) has acquired 1101 King Street, a 200,000-square-foot office building in Old Town Alexandria, a historic neighborhood in metro Washington, D.C. The McLean, Va.-based investor purchased the office condominiums within the building simultaneously from seven individual owners for an undisclosed price. AREP plans to convert the property to 200 apartments, with 17,500 square feet of commercial space on the ground floor, as well as amenities including a club room, fitness center and a rooftop terrace. The firm restructured the office leases to allow for the conversion program and is keeping existing retail tenants Orangetheory Fitness and Paris Baguette throughout the redevelopment process. AREP has selected Cooper Carry to lead the project redevelopment design and RD Jones for the interior work. Construction is set to begin in July 2023.

September 13, 2022

Acquisitions Office Southeast Virginia

JLL Arranges Sale of 115,563 SF Office Building in Chantilly, Virginia

by John Nelson September 13, 2022

CHANTILLY, VA. — JLL has arranged the sale of Independence Center II, a 115,563-square-foot office building located at 15040 Conference Center Drive in Chantilly. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL marketed the property on behalf of the seller, Tritower Financial Group. The buyer and sales price were not disclosed. Independence Center II is situated in Northern Virginia’s cyber-intelligence hub of Westfields. Completed in 2006, the property is fully leased to tenants that have invested in high-value infrastructure upgrades, including SCIF (Sensitive Compartmented Information Facility) rooms, data centers and backup generators. The property is proximate to Route 28, I-66, Route 50, Dulles Toll Road and Dulles International Airport.

September 13, 2022

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