Property Type

Toro Development to Redevelop Office Campus in Metro Atlanta for Mixed-Use Destination

by John Nelson June 23, 2022

JOHNS CREEK, GA. — Toro Development Co. plans to redevelop a former State Farm Insurance corporate campus in the northeast Atlanta suburb of Johns Creek to make way for a mixed-use destination. The project will be part of Johns Creek’s future 192-acre Town Center, which will feature a City Hall, housing, shops, restaurants, offices and parks. The newly launched Toro Development purchased 43 acres of the 54-acre site from a fund sponsored by U.S. Realty Advisors, a New York-based firm that has owned the campus since 2013. Situated at the intersection of Johns Creek Parkway and McGinnis Ferry Road, the site currently houses two mid-rise office buildings that once were leased to State Farm before moving to its regional headquarters in nearby Dunwoody. Toro Development, whose principal and chief vision officer Mark Toro oversaw the development of Avalon in Alpharetta and the redevelopment of Colony Square in Midtown Atlanta during his time with North American Properties, plans to redevelop the site with ground-level stores and restaurants set below housing. The campus will also include a high-end concierge program. In the coming months, Toro Development will meet with the community to learn about the types of experiences they are seeking at …

June 23, 2022

Acquisitions Multifamily North Carolina Southeast

Kirkland Brokers $90.9M Sale of Apartment Community in Charlotte

by John Nelson June 23, 2022

CHARLOTTE, N.C. — The Kirkland Co. has brokered the $90.9 million sale of Amaze @ NoDa, a 298-unit apartment community in Charlotte. Built in 2020, the gated property is situated in Charlotte’s NoDa (north of Davidson Street) district along the Lynx Blue Line rail. Dennis Harris, Austin Haney and Matt Behr of Kirkland represented the seller and developer, Neyland Apartment Associates, in the transaction. Stoneweg U.S. LLC, a multifamily investor and developer based in St. Petersburg, Fla., was the buyer. Amaze @ NoDa features studio, one- and two-bedroom units, as well as a pool, clubhouse, sky lounge with an outdoor bar, business center, bike storage, fitness center, dog park, firepits, courtyard and grills.

June 23, 2022

Acquisitions Georgia Southeast Student Housing

Blue Vista, StepStone Purchase Theory Interlock Student Housing Project in Atlanta

by John Nelson June 23, 2022

ATLANTA — Blue Vista Capital Management and StepStone Real Estate, the real estate arm of investment firm StepStone Group, have purchased Theory Interlock, a 240-unit student housing project underway near Georgia Tech in Atlanta’s West Midtown district. Blue Vista and PeakMade Real Estate are the developers behind the community, which is one of the anchors of the $450 million The Interlock mixed-use destination that SJC Ventures is developing. Theory Interlock, which will feature a unit mix ranging from studios to five-bedroom apartments, is slated to open ahead of the fall 2023 semester. The acquisition of Theory Interlock is the first investment for a $90 million co-investment partnership between Blue Vista and StepStone that is focused on student housing opportunities.

June 23, 2022

Acquisitions Multifamily Southeast Tennessee

Penler Sells 240-Unit Parkstone Apartment Community in Gallatin, Tennessee

by John Nelson June 23, 2022

GALLATIN, TENN. — Penler has sold The Parkstone, a newly developed apartment community located in the Nashville suburb of Gallatin. The Atlanta-based developer sold the 240-unit, townhouse-style property to Weinstein Properties, a Richmond-based investor that has rebranded the property to Bexley Parkstone. The sales price was not disclosed. Penler acquired the 16.5-acre site in summer 2020 and opened The Parkstone in January 2022. The community, which was fully stabilized at the time of sale, features one-, two- and three-bedroom units. Amenities include a 24-hour package room, dog park, detached garages, clubhouse, pool with a sundeck and cabanas, fitness center and a picnic area with grills, according to Apartments.com.

June 23, 2022

Acquisitions Development Georgia Restaurant Retail Southeast

Marcus & Millichap Arranges $2.4M Sale of Chick-fil-A Ground Lease in Metro Savannah

by John Nelson June 23, 2022

POOLER, GA. — Marcus & Millichap has arranged the $2.4 million sale of a Chick-fil-A ground lease located at 2100 Pooler Parkway in Pooler, about 12 miles west of Savannah’s downtown historic district. The 5,181-square-foot restaurant is currently underway on a 1.5-acre site, and Chick-fil-A has 15 years remaining on its lease. An out-of-state, privately held investor purchased the ground lease in an all-cash transaction at a 3.45 percent cap rate. The seller was not disclosed. Don McMinn and Brian Munn of Marcus & Millichap brokered the transaction. “This property was sold pre-construction eight months out from delivery,” says McMinn. “[The transaction] demonstrates the strong demand and aggressive pricing for quality net-lease assets.”

June 23, 2022

Development Midwest Missouri Office

McCarthy Tops Out Construction of 1 MSF Office Development in Suburban St. Louis

by Kristin Harlow June 23, 2022

CLAYTON, MO. — McCarthy Building Cos. has topped out construction of Forsyth Pointe, a nearly 1 million-square-foot office development in the St. Louis suburb of Clayton. US Capital Development is developing the two-building project, which will feature street-level retail space and views of the adjacent Shaw Park. Commerce Bank Tower will rise 10 stories and span 265,000 square feet. The other building will rise eight stories and total 210,000 square feet. The development will also feature 20,000 square feet of retail space and a seven-level parking garage accommodating 1,250 cars. Designed to achieve LEED Silver certification, the project will include a 45,000-square-foot garden terrace built over the parking structure. Additional amenities will include a 10,000-square-foot fitness center and a ground-floor arts and entertainment venue. A timeline for completion was not provided.

June 23, 2022

Loans Midwest Minnesota Multifamily

Associated Bank, Old National Bank Provide $65M in Construction Financing for Apartment Complex in Minnesota

by Kristin Harlow June 23, 2022

BLOOMINGTON, MINN. — Associated Bank and Old National Bank have provided $65 million in construction financing for Carbon 31, a 403-unit apartment complex in the Minneapolis suburb of Bloomington. The project will also include a 14,500-square-foot retail space to be occupied by Oxendale’s Market. Of the 403 units, 36 will be designated for renters earning up to 60 percent of the area median income. Completion is slated for January 2024. Each bank provided 50 percent of the total financing. Randy Stille of Associated Bank managed the loan and closing. The borrower was McGough Development.

June 23, 2022

Indiana Industrial Leasing Activity Midwest

Trends International Renews 180,000 SF Industrial Lease in Indianapolis

by Kristin Harlow June 23, 2022

INDIANAPOLIS — Trends International Inc. has renewed its 180,000-square-foot industrial lease at 5110 W. 74th St. within Park 100 Business Park in Indianapolis. The tenant, which produces licensed posters, calendars, stickers and stationery products, renewed its lease for seven years. Sean McHale of Avison Young represented the tenant, while Grant Lindley of Cushman & Wakefield represented the landlord, LINK Industrial. The location serves as Trends International’s corporate headquarters.

June 23, 2022

Development Illinois Industrial Midwest

Seefried Breaks Ground on 80,053 SF Spec Industrial Building in Mount Prospect, Illinois

by Kristin Harlow June 23, 2022

MOUNT PROSPECT, ILL. — Seefried Properties has broken ground on an 80,053-square-foot speculative industrial building in the Chicago suburb of Mount Prospect. The Class A project, located 2.5 miles from the O’Hare airport’s North Cargo Gate, will be designed to accommodate freight-forwarding and air cargo warehousing. World Courier Inc. has leased 34,011 square feet at the development. Mike Feeney and Jay Cook of Cresa represented the tenant, while Mike Sedjo, Jack Brennan, John Hamilton and Ben Dickey of CBRE represented Seefried. CBRE will handle lease-up of the remainder of the building. The project team includes general contractor Principle Constructors, civil engineer Kimley-Horn and architect Harris Architects. The building will feature a clear height of 32 feet, 16 exterior dock doors, ample car parking and 17 trailer stalls. A timeline for completion was not provided.

June 23, 2022

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $7.4M Loan for Refinancing of Multifamily Building in Minneapolis

by Kristin Harlow June 23, 2022

MINNEAPOLIS — Colliers Mortgage has provided a $7.4 million Fannie Mae loan for the refinancing of Apt on Essex, a 58-unit multifamily building in Minneapolis. The property offers micro-units and is located within walking distance of a Fresh Thyme grocery store. The 10-year loan features a 30-year amortization schedule. An entity doing business as J2 Catapult LLC was the borrower.

June 23, 2022

Newer Posts

Older Posts