Property Type

Norris & Stevens Brokers $8.2M Sale of Barclay Square Apartments in Woodburn, Oregon

by Amy Works March 19, 2021

WOODBURN, ORE. — Norris & Stevens has arranged the sale of Barclay Square Apartments, a multifamily property located at 2377 W. Hayes St. in Woodburn. West Coast Real Estate Holdings acquired the asset for $8.2 million. Constructed in 1975, the 53,000-square-foot property features 70 units in a mix of 30 one-bedroom/one-bath and 40 two-bedroom/one-bath layouts spread across nine buildings. The buyer plans to continue upgrading the property, and the acquisition financing obtained included funds for planned upgrades. David Chatfield and Timothy Mitchell of Portland, Ore.-based Norris & Stevens represented the buyer and seller in the deal.

March 19, 2021

Acquisitions Maryland Multifamily Southeast

Excelsa Properties Acquires Multifamily Community in Camp Springs, Maryland for $64M

by Julia Sanders March 19, 2021

CAMP SPRINGS, MD. — Excelsa Properties has acquired Tribeca at Camp Springs, a multifamily property located at 4701 Old Soper Road in Camp Springs, for $64 million. This is the seventh multifamily property acquisition for the Excelsa US Real Estate I LP investment vehicle. The seller was not disclosed. Tribeca features 224 apartments and over 18,000 square feet of retail space. Completed in 2006, Tribeca’s units feature nine-foot ceilings, poured concrete construction and structured parking. The property is located adjacent to the Branch Avenue Metro station. Excelsa and its undisclosed joint venture partner intends to invest more than $2 million in property upgrades at Tribeca, including improvements to unit interiors, common areas and amenities.

March 19, 2021

Acquisitions Georgia Multifamily Single-Family Rental Southeast

J.P. Morgan Purchases New Single-Family Rental Community in Athens, Georgia for $50.8M

by Julia Sanders March 19, 2021

ATHENS, GA. — New York-based J.P. Morgan has purchased The Cottages at Ridge Pointe, a single-family rental community in Athens, for $50.8 million. The seller is Vinings, Ga.-based Jim Chapman Communities, which delivered the 216-unit community property in 2020. Located at 805 Zelkova Ridge, the property comprises single-story rental ranch cottages. Each rental unit includes private patios and front-porch entryways, kitchens with granite countertops and subway tile backsplashes, designer lighting, stainless steel appliances, wide doorways, a zero-step entry into the home, walk-in closets and attached, single-car garages. Community amenities include a resort-style pool, a 4,000-square-foot clubhouse with fitness center, catering kitchen and leasing and management offices. The community also offers onsite management by Atlanta-based RangeWater Real Estate, which includes 24-hour emergency maintenance service.

March 19, 2021

Acquisitions Development Industrial North Carolina Southeast

Trinity Capital Advisors to Develop 274,370 SF Industrial Project in Durham

by Julia Sanders March 19, 2021

DURHAM, N.C. — Trinity Capital Advisors has acquired 20 acres at 923 Ellis Road in Durham to develop a 274,370-square-foot, Class A industrial building known as the 147 Exchange. The site is located near the Durham Freeway and Highway 147 in Raleigh-Durham’s Research Triangle Park (RTP) industrial submarket. The 147 Exchange building will feature 32-foot clear heights, 52-foot column spacing, 56 dock doors and two ground-level drive-in doors. Parking is expected to accommodate 274 cars with an additional 50 trailer parking spots. Trinity Capital has hired CBRE’s industrial team of Ann-Stewart Patterson, Bryan Everett and Austin Nagy to handle leasing of the building. Trinity Capital expects to open the property in the first quarter of 2022. DMA Architecture is in charge of architectural services, and Seamon Whiteside is the lead for civil engineering services. The industrial project is Trinity Capital’s second RTP property in the works. Development has commenced for the firm’s Alexander Commerce Park, a three-building industrial park totaling 441,000 square feet. Trinity Capital’s other projects in the Carolinas include 850,000 square feet in Charleston’s Palmetto Commerce Park and plans for 600,000 square feet in the Charlotte region at Delta Industrial Park. The firm is also currently developing the …

March 19, 2021

Acquisitions Florida Retail Southeast

RK Centers Purchases Shopping Center in Plantation, Florida for $17M

by Julia Sanders March 19, 2021

PLANTATION, FLA. — RK Centers, a privately held family-owned real estate development company, has purchased Veranda Shoppes, a 45,000-square-foot shopping center in Plantation. The property is situated on 4.2 acres at 550 N. Pine Island Road. Adam Feinstein of Cushman & Wakefield represented the seller, Jacksonville-based Regency Centers, in the $17 million transaction. Built in 2007, Veranda Shoppes is home to several neighborhood shopping, dining and service options. The Publix-anchored center is leased to tenants such as Anthony’s Coal Fired Pizza, Pei Wei Asian Diner, Dunkin’, Venetian Nails Spa and the Banfield Pet Hospital.

March 19, 2021

Alabama Development Multifamily Restaurant Retail Southeast

RCP Breaks Ground on Apartment Building in Huntsville, Alabama

by Julia Sanders March 19, 2021

HUNTSVILLE, ALA. — RCP Cos. has broken ground on Metronome at MidCity, a five-story multifamily building featuring 296 apartment homes with retail and restaurant space on the ground floor. The property is located in Huntsville’s MidCity District, a $1 billion mixed-use project underway at the intersection of University Drive and Research Park Boulevard. Metronome is situated in the heart of MidCity’s 140-acre district. The property’s open tenants include Topgolf, REI Co-op, Dave & Buster’s, High Point Climbing & Fitness, Wahlburgers, Kung Fu Tea and Kamado Ramen, as well as The Camp, an outdoor venue featuring a food truck garden, coffee shop and bar, live music stage and a weekly farmer’s market. Trader Joe’s is scheduled to open later this year. Huntsville Amphitheater, an 8,000-seat venue, is currently under construction with a planned opening of spring 2022. Metronome at MidCity will offer 12 different floor plans including studio, one-, two- and three-bedroom units. Each home will feature smart thermostats, high-speed internet, Wi-Fi, stainless steel appliances, quartz countertops and full-size, in-home laundry. Select units include high ceilings, balconies, offices/dens and kitchen islands. Community amenities will include a 24-hour fitness center, resort-style saltwater pool, outdoor kitchen, pocket parks with a fireplace/firepit, fountain feature, …

March 19, 2021

Development Midwest Mixed-Use Nebraska

Lockwood, Century Development Underway on $553M Redevelopment of Crossroads Mall in Omaha

by Kristin Harlow March 19, 2021

OMAHA, NEB. — Lockwood Development, Century Development and the City of Omaha are redeveloping Crossroads Mall in Omaha. Demolition of the mall is currently underway and is expected to be complete in May. Plans call for a mixed-use project spanning 40 acres with 350,000 square feet of retail and restaurants; 250 apartment units; up to 500,000 square feet of office space and senior living; a 150-room hotel; and 2.5 acres of public space. An existing Target store will remain in place. Project costs are estimated at $553 million. The city anticipates using $12.5 million in redevelopment bonds to pay for infrastructure costs in and around the development, which will be known as The Crossroads. In February, the Omaha City Council approved an $80 million tax-increment financing request for the project. The developers also anticipate applying for an Enhanced Employment Area occupation tax to recoup some of their project’s costs. Completion is slated for late 2024. Crossroads Mall opened in 1960 and closed in 2008.

March 19, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $6.4M Sale of Two Retail Properties in Machesney Park, Illinois

by Kristin Harlow March 19, 2021

MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $6.4 million sale of Willow Creek II and IV in Machesney Park, a suburb of Rockford. The two retail buildings, totaling 23,202 square feet, are separate but located within the same development. Tenants include Buffalo Wild Wings, Verizon, Anytime Fitness, FedEx, Jersey Mikes and Pizza Hut. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a Chicagoland private family. Prodigy Real Estate Group represented the seller, a Rockford-based developer.

March 19, 2021

Acquisitions Data Centers Industrial Kansas Midwest

Verizon Data Center in Overland Park Sells for $5.8M

by Kristin Harlow March 19, 2021

OVERLAND PARK, KAN. — A 51,299-square-foot data center occupied by Verizon in Overland Park has sold for $5.8 million. Chris Orr of Romans Properties represented the buyer, a private institutional investor. Seller information was undisclosed. Charlotte, N.C.-based Romans specializes in the sale and leasing of data centers nationwide.

March 19, 2021

Illinois Leasing Activity Midwest Office

Healthcare Society Signs 30,000 SF Office Lease in Chicago

by Kristin Harlow March 19, 2021

CHICAGO — Healthcare Information and Management Systems Society (HIMSS) has signed a 30,000-square-foot office lease in Chicago. The tenant is moving into sublease space at River Point North, which is located at 350 N. Orleans St. HIMSS is a member-based association offering expertise in health innovation, public policy, workforce development, research and analytics to advise global leaders, stakeholders and influencers on best practices in health information and technology. The association is moving from 33 W. Monroe in Chicago. The new space offers a flexible layout and a rental rate far below the building’s asking rent, according to Avison Young. Chad Bermingham of Avison Young represented HIMSS in the lease transaction. Gartner Research listed the office space for sublease. Christine Bower and Matt Carolan of JLL represented Gartner, which will continue to occupy 44,450 square feet at the building.

March 19, 2021

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