Property Type

Portman, Creed Investment Deliver 16-Story Moore Office Building in Nashville’s Music Row District

by John Nelson May 17, 2023

NASHVILLE, TENN. — Atlanta-based Portman and locally based Creed Investment Co. have delivered The Moore Building, a 16-story, Class A office building in Nashville’s Music Row district. Legal advertising firm Whitehardt and Boston-based Albany Road Real Estate Partners are the building’s first announced tenants, both of which are expected to move into the building this summer. J.T. Martin of CBRE handles office leasing on behalf of Portman and Creed Investment. The Moore Building, which comprises 236,000 square feet of office space and 8,500 square feet of ground-floor retail space, is named after Scotty Moore, Elvis Presley’s longtime guitarist. The building is located on the site of the former Music City Recorders studio where Elvis and Moore recorded music. The Moore features a sky lobby on the eighth floor that leads to a 4,000-square-foot amenity deck that offers views of Midtown Nashville and Vanderbilt University. The project team includes general contractor Hoar Construction and Nashville-based architect Greshman Smith. U.S. Bank provided construction financing for the project.

May 17, 2023

Development Florida Loans Multifamily Southeast

Cymbal DLT Obtains $95M Loan for Oasis Pointe Apartments in Dania Beach, Florida

by John Nelson May 17, 2023

DANIA BEACH, FLA. — Cymbal DLT Cos. has obtained a $95 million loan for Oasis Pointe Residences, a newly built, 301-unit apartment community located at 150 S. Bryan Road in South Florida’s Dania Beach. Kookmin Bank and Related Fund Management provided the financing, which allows Cymbal DLT to keep the asset in its portfolio. Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank and the Cymbal DLT team of Asi Cymbal, Hector Torres, Jacob Nunez and Jake Fleischer worked together to close this deal. Cymbal DLT previously paid off its $60.3 million construction loan to 3650 REIT and distributed a 130 percent return to the project’s equity investors. Oasis Pointe spans eight stories on 2.4 acres and was 97 percent occupied at the time of loan closing. The waterfront property features a mix of studios, one-, two- and three-bedroom apartments, as well as an amenity package including a waterfront boardwalk with a 19-slip marina, Zoom lounge with private office suites and workstations, outdoor lap pool, fire pit with outdoor BBQ and picnic areas, open-air fitness facility and yoga studio, indoor lounge and game room and a dog park.

May 17, 2023

Development Loans Seniors Housing Southeast Virginia

JLL Arranges Joint Venture Equity for 142-Unit Seniors Housing Development in Fredericksburg, Virginia

by John Nelson May 17, 2023

FREDERICKSBURG, VA. — JLL Capital Markets has arranged joint venture equity for the development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property will be situated on a 16.2-acre parcel within an established, regional medical hub. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team. Completion is scheduled for 2025.

May 17, 2023

Delaware Development Loans Multifamily Northeast

Dwight Capital Provides $38.3M HUD-Insured Construction Loan for Delaware Multifamily Project

by Taylor Williams May 17, 2023

BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.

May 17, 2023

Development Illinois Midwest Office

Vornado Realty Trust to Debut New Amenities This Summer at THE MART in Chicago

by Kristin Harlow May 17, 2023

CHICAGO — This summer, Vornado Realty Trust will debut new amenities at THE MART office building that it owns in Chicago. Gensler designed the revitalization project. The South Lobby now features new lounge seating with furnishings sourced exclusively from design showrooms at THE MART. An amenity space on the second floor features a 23,000-square-foot health club with state-of-the-art equipment, studios offering a full range of classes and a juice bar. A tenant-exclusive speakeasy lounge overlooks the river and new retail offerings focus on beauty, health and well-being. There is also a 21,000-square-foot conference center and workspace with meeting rooms, lounge areas, flexible programming space and a private café. Additionally, the River Park public space now includes a plaza for pedestrian traffic and gathering as well as a central lawn for community events. The outdoor space features new food and beverage offerings and new landscaping completed by Hoerr Schaudt. Totaling 4.2 million square feet, THE MART is the largest privately held commercial building in the U.S., according to Vornado. The owner also completed a round of improvements in 2016 that included the “Grand Staircase,” as well as dining destination Marshall’s Landing, a food hall and a reception and information desk.

May 17, 2023

Development Healthcare Midwest Nebraska

Koelbel & Co. Breaks Ground on $65M Healthcare Project at University of Nebraska Medical Center

by Kristin Harlow May 17, 2023

OMAHA, NEB. — Koelbel & Co., in partnership with the University of Nebraska Medical Center (UNMC) and GreenSlate Development, has broken ground on the Innovation Hub at Catalyst, a $65 million project at the historic Omaha Mill site. The project is part of UNMC’s larger Saddle Creek redevelopment in Midtown Omaha that will serve to accelerate innovation in the healthcare industry. The Catalyst building will bring UNMC’s UNeMed and UNeTech branches together to facilitate the growth of research and innovation, and enable entrepreneurs, investors and innovators to collaborate on the former Omaha Steel Castings industrial site, which dates back to 1906. The 170,000-square-foot development will include a food hall and market, event center and collaborative office space. Completion is slated for late 2024. Koelbel previously built a Catalyst project in Denver.

May 17, 2023

Development Illinois Industrial Midwest

Opus Begins Construction on Third Spec Industrial Building at Tollway Corporate Center in North Aurora, Illinois

by Kristin Harlow May 17, 2023

NORTH AURORA, ILL. — The Opus Group has begun construction on the third and final building at Tollway Corporate Center in North Aurora. The 408,195-square-foot speculative project is a joint venture with Principal Asset Management. The building will feature immediate access to I-88 along with a clear height of 36 feet, 55 dock doors, four drive-in doors, 134 auto parking stalls and 94 trailer stalls. Completion is slated for December. Opus is the developer, design-builder, architect and structural engineer. Brian Kling and Reed Adler of Colliers and Dan Leahy and Packy Doyle of NAI Hiffman are marketing the space for lease. Opus completed the first two buildings at Tollway Corporate Center in December 2022. The properties are fully leased to Soligent Distribution, Karat Packaging and Ryder Integrated Logistics.

May 17, 2023

Iowa Leasing Activity Midwest Office

Co-op Solutions Signs 99,700 SF Office Lease in West Des Moines

by Kristin Harlow May 17, 2023

WEST DES MOINES, IOWA — Co-op Solutions, a southern California-based financial services company, has signed a 99,700-square-foot office lease at the Palisade Building in West Des Moines. The new office will become a flagship center for Co-op to serve its credit union clients. R&R Realty Group owns the property, which has received new brick stain and other exterior enhancements. The Palisade Building will also undergo tenant improvements and other renovations.

May 17, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $10.2M Sale of Shops at Glen Pointe in Glenview, Illinois

by Kristin Harlow May 17, 2023

GLENVIEW, ILL. — Marcus & Millichap has brokered the $10.2 million sale of Shops at Glen Pointe in Glenview, about 15 miles northwest of the Chicago Loop. Located at 3700 Willow Road, the retail center consists of three buildings and is home to tenants such as Chipotle, Starbucks, Naf Naf Grill and AT&T. The property serves as an outlot to Mariano’s and LA Fitness. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a limited liability company based in Chicagoland. An Iowa-based investment group was the buyer.

May 17, 2023

Acquisitions New Jersey Northeast Office

JLL Negotiates $12.7M Sale of Princeton Office Building

by Taylor Williams May 17, 2023

PRINCETON, N.J. — JLL has negotiated the $12.7 million sale of a 71,550-square-foot office building in Princeton. Built in 2001, the three-story building sits on 7.6 acres at 150 College Road W and was 69 percent leased at the time of sale. Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Tom Romano and Alexander Alfier of JLL represented the seller, Nessel Development, in the transaction. The buyer was New Jersey-based Strategic Funding Alternatives.

May 17, 2023

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