Property Type

Merritt Properties Buys 142 Acres Near Raleigh, Plans to Build Industrial Park

by Julia Sanders March 17, 2022

CARY, N.C. — Merritt Properties has bought 142 acres in Cary for $9 million with plans to build Merritt RDU Business Park, a 738,750-square-foot industrial park. The transaction includes three parcels. Construction is expected to begin early 2023. The seller of the land was not disclosed. Merritt RDU Business Park will span up to 13 single-story buildings ranging from 8,400 to 108,225 square feet. The industrial park will offer clear heights from 18 to 32 feet, leasable bays starting at 1,500 square feet, traditional rear-loaded docks and drive-in capabilities and free surface parking. The first phase of the project will include three buildings on the western side of the site, near the corner of Nelson and Pleasant Grove Church roads. The park will be located three miles from RDU International Airport, and will be close to Interstates 540 and 40, as well as US Highway 70. The project will be Merritt’s’ sixth speculative industrial project in the state, as well as the company’s largest North Carolina project since 2020. Merritt has nearly 2 million square feet of leasable space that is developed, proposed or under construction across five other projects in the Triangle area.

March 17, 2022

Florida Hospitality Loans Southeast

Hall Structured Finance Provides $29.4M Refinancing for Serena Hotel in Aventura, Florida

by Julia Sanders March 17, 2022

AVENTURA, FLA. — Dallas-based Hall Structured Finance (HSF) has provided a $29.4 million loan for the refinancing of Serena Hotel, a Tapestry Collection Hotel by Hilton in Aventura. Locally-based Rieber Developments is the owner and developer of the hotel, and Driftwood Hospitality Management is the property manager. Dmitry Levkov and Jeffrey Donnelly of Colliers sourced the financing for the project. Built in 2021, Serena Hotel is a 100-room hotel that features 12-foot ceilings, luxury interior finishes and 34 extended stay guestrooms. Onsite amenities include a restaurant and lounge with a Michelin-rated chef, rooftop bar, outdoor pool and bar, meeting spaces, fitness center and lobby workstations. Additionally, the property is LEED Gold certified. Located at 2820 NE 214th St., the hotel is situated 13.7 miles from Fort Lauderdale, 8.8 miles from Fort Lauderdale-Hollywood International Airport and 21.9 miles from Miami Beach. The property is also located in the Aventura medical district within a mixed-use development including medical offices, ground-level retail and structured parking. HSF’s bridge loan financing program targets existing hotel properties and serves to complement its hotel and multifamily construction loan programs. HSF expects to close over $600 million in new loans in 2022, through a combination of new hotel …

March 17, 2022

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 57,790 SF Office Property in Metro Miami

by Julia Sanders March 17, 2022

CORAL GABLES, FLA. — CBRE has arranged the sale of 2990 Ponce, a 57,790-square-foot office building in Coral Gables, about six miles from Miami. Black Diamond Equities LLC, an affiliate of Mexico-based BEA Equities, purchased the property for an undisclosed price. Christian Lee, Amy Julian and Tom Rappa of CBRE Capital Markets represented the undisclosed sellers. 2990 Ponce is a six-story building with 6,617 square feet of ground-floor retail space. Built in 2012, the property features contemporary finishes, a floor-to-ceiling curved glass curtain wall and a rooftop lounge offering views of Coral Gables and downtown Miami. The property’s tenants include Zubi Advertising, FirstBank Puerto Rico, Hunt Mortgage Group, Mas Group, Altermark and Collection Hair Studio. Located at 2990 Ponce De Leon Blvd., the property is situated 13 miles from Miami Beach, 2.5 miles from the University of Miami and 5.5 miles from Miami International Airport.

March 17, 2022

Loans Midwest Minnesota Multifamily

JLL Provides $67M Loan for Refinancing of Luxury Apartment Community in Edina, Minnesota

by Kristin Harlow March 17, 2022

EDINA, MINN. — JLL Real Estate Capital LLC has provided a $67 million Fannie Mae loan for the refinancing of Nolan Mains, a 100-unit luxury apartment community in the Minneapolis suburb of Edina. A partnership between Buhl Investors and Saturday Properties was the borrower. The developers built the property in 2019 as a public-private partnership with the City of Edina. The development is also home to 16 retailers and two levels of underground parking. Amenities include a rooftop bar, spa, fitness center, sunroom, dog run, clubroom, and golf simulator. Scott Loving and Will Hintz of JLL represented the borrower in securing the long-term, nonrecourse debt.

March 17, 2022

Development Midwest Missouri Office

Franklin Partners Unveils Renovation Plans for The Plaza Office Building in Clayton, Missouri

by Kristin Harlow March 17, 2022

CLAYTON, MO. — Franklin Partners has unveiled plans to renovate The Plaza in Clayton, a western suburb of St. Louis. The firm acquired the 340,529-square-foot office building in October 2017. The property was completed in 2001. Franklin Partners expects to bring approximately 160,000 square feet of renovated space to market in April 2023. There will also be a new amenity space named The Plaza Six. Offerings will include flexible spaces, private meeting rooms, two lounges, a game room, golf simulator, fitness center, rooftop deck and a tenant experience app. Mark Palmer and Artie Kerckhoff of CBRE are the leasing agents for the property. Wright Heerema Architects is the project architect.

March 17, 2022

Acquisitions Midwest Missouri Multifamily

Curry Real Estate Services Acquires Four Apartment Complexes in Missouri

by Kristin Harlow March 17, 2022

BLUE SPRINGS AND INDEPENDENCE, MO. — Curry Real Estate Services has acquired four apartment complexes in Missouri for an undisclosed price. The acquisition includes the 69-unit Blue Springs Apartments and the 28-unit Millwood Apartments in Blue Springs, as well as Chrysler Garden and Chrysler Garden II Apartments in Independence that total 120 units. Hawley Realty was the seller. Some of the properties had been managed by Curry since 2006.

March 17, 2022

Acquisitions Michigan Midwest Multifamily

GREA Brokers Sale of 101-Unit Multifamily Property in Marquette, Michigan

by Kristin Harlow March 17, 2022

MARQUETTE, MICH. — Global Real Estate Advisors (GREA) has brokered the sale of Olympia Apartments in Marquette, a city in Michigan’s Upper Peninsula. Included in the sale of the 101-unit multifamily property was a custom-built home that sits along Lake Superior. The buyer, Cape Sierra Capital, intends to convert the residence into a vacation rental property. Cary Belovicz of GREA brokered the sale. The seller and sales price were not provided.

March 17, 2022

Acquisitions Midwest Retail Wisconsin

Colliers Arranges $4.3M Sale of Retail Center in Metro Milwaukee

by Kristin Harlow March 17, 2022

WEST ALLIS, WIS. — Colliers has arranged the $4.3 million sale of a 14,079-square-foot retail center in the Milwaukee suburb of West Allis. The recently built property sits at the corner of South 108th Street and West Oklahoma Avenue. Some of the tenants at the fully leased center include HuHot, Tropical Smoothie, Elements Massage and AT&T. Adam Connor, Josh Minkin and Heather Dorfler of the Colliers Wisconsin investment services team represented the seller, a Milwaukee-based private developer. The private buyer is also based in Wisconsin.

March 17, 2022

Illinois Market Reports Midwest Midwest Market Reports Office

Success in 2022 Chicago Office Landscape May Boil Down to Who’s Minding the Store

by Kristin Harlow March 17, 2022

When it comes to which office properties will succeed in the coming years, success may boil down in part to who is minding the store. Like most big cities, Chicago’s office market has been tested by the pandemic, and office property owners face a far more competitive environment. Year-end 2021 office vacancy rates were nearly 18 percent in the central business district (CBD) and over 25 percent in the suburbs, or 44 percent and 35 percent higher, respectively, than two years prior, according to NAI Hiffman research. Hybrid work is here to stay, and some employers are shrinking or shifting their office footprints. When the pandemic is finally in the rearview mirror, office demand is not going to be the same as it was a couple of years ago, although we are still figuring out just what it will be. Which office properties survive and thrive in post-pandemic Chicago and nationwide will depend on many factors, including the property’s age or condition, its location and, increasingly, how well the property is programmed and run. That includes satisfying tenants in terms of everything from air quality to event assistance; meeting lenders’ environmental, social and governance (ESG) requirements and other new demands; …

March 17, 2022

Acquisitions Florida Office Southeast Top Stories

CP Group, Related Fund Acquire Las Olas Square Office, Retail Complex in Fort Lauderdale for $144.5M

by Taylor Williams March 17, 2022

FORT LAUDERDALE, FLA. — A partnership between locally based office owner-operator CP Group and New York City-based investment manager Related Fund Management has acquired Las Olas Square, an office and retail complex in Fort Lauderdale. The sales price was $144.5 million, according to The South Florida Business Journal. The local news outlet also reports that the seller was a partnership between Steelbridge Capital, Square2 Capital and Apollo Global Management. Las Olas Square consists of a 17-story office building and a three-story office and retail building. Combined, the two buildings total 267,000 square feet. The larger office building features structured parking, meeting and conference facilities, and newly created outdoor amenity spaces. The previous owner recently completed a multimillion-dollar renovation of the lobby, common areas and restrooms. Suites are equipped with motion-activated lighting systems and floor-to-ceiling windows. Retail tenants at Las Olas Square include restaurant Del Frisco’s Grille, Truist Bank and Spaces, a coworking concept. Part of the appeal of Las Olas Square is the strong pipeline of multifamily developments that are underway in the area, as well as the location at a “main and main” intersection within the city’s urban core, according to Brett Reese, senior vice president at CP Group. …

March 17, 2022

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