Property Type

Kraus-Anderson to Wrap Up $42M Renovation of La Crosse Center in Wisconsin This Month

by Kristin Harlow December 17, 2021

LA CROSSE, WIS. — The Madison office of Kraus-Anderson (KA) is about to complete construction of the $42 million renovation and expansion of La Crosse Center. The civic center is located at 400 La Crosse St. in the western Wisconsin town of La Crosse. The center has remained open during construction, which is scheduled for completion by the end of the year. Designed by ISG Architects, the two-year renovation project expands the sports, entertainment and event center into 120,000 square feet of multipurpose space. There is a new 12,892-square-foot ballroom and 7,226-square-foot atrium along with seven meeting rooms and office space. The project also includes a rooftop terrace and a new lobby with a staircase to the ballroom level. KA renovated the existing arena with new seating; a higher-quality sound system; ADA-compliant platforms and railings; and upgraded and enlarged dressing rooms, locker rooms, restrooms and concession stands. In addition to sporting events and concerts, La Crosse Center will host weddings, conferences and trade shows.

December 17, 2021

Indiana Loans Midwest Multifamily

Berkadia Provides $40.2M Loan for Refinancing of Indianapolis Apartment Complex

by Kristin Harlow December 17, 2021

INDIANAPOLIS — Berkadia has provided a $40.2 million Fannie Mae loan for the refinancing of Pickwick Farms, a 516-unit, garden-style apartment complex in Indianapolis. Located at 1540 Handball Lane, the property features a mix of studio, one-, two- and three-bedroom floorplans. Amenities include a pool, fitness center, dog park, playground, picnic area, basketball court and volleyball court. Jason Brown and Austin Katai of Berkadia Indianapolis originated the 10-year loan, which features an interest rate of 3.7 percent and a 30-year amortization schedule. Indiana-based Zidan Management Group Inc. was the borrower.

December 17, 2021

Connecticut Loans Northeast Retail

Marcus & Millichap Capital Corp. Arranges $3.4M Acquisition Loan for Office, Retail Property in Wilton, Connecticut

by Taylor Williams December 17, 2021

WILTON, CONN. — Marcus & Millichap Capital Corp. has arranged a $3.4 million acquisition loan for Sun Plaza, an office and retail property in Wilton, located in Connecticut’s Fairfield County. The property was built in 2009 and houses a dental practice and a dance conservatory, among other tenants. The loan carried a seven-year term, 25-year amortization schedule and a 70 percent loan-to-value ratio. The borrower was not disclosed.

December 17, 2021

Illinois Loans Midwest Multifamily

American Street Capital Arranges $11.4M Loan for Refinancing of Multifamily Property in Alsip, Illinois

by Kristin Harlow December 17, 2021

ALSIP, ILL. — American Street Capital (ASC) has arranged an $11.4 million loan for the refinancing of a 144-unit multifamily property in Alsip, a southwest suburb of Chicago. Built in 1974, the property consists of 12 buildings across nearly six acres. The complex was 94 percent leased at the time of the loan closing. Igor Zhizhin of ASC arranged the five-year loan, which features a fixed interest rate and a 30-year amortization schedule. A bank provided the loan. The borrower acquired the asset in the first quarter of 2020 and immediately began implementing a value-add strategy. The property received new roofs, common areas, siding, unit flooring and kitchens.

December 17, 2021

Features Georgia Multifamily Southeast Southeast Feature Archive

No Barriers Blocking Atlanta Apartment Market Growth, Say InterFace Panelists

by Jeff Shaw December 17, 2021

ATLANTA — Multifamily investors increasingly view Atlanta as a tier-one market. Speakers on a panel at France Media’s InterFace Multifamily Southeast conference, held in Atlanta on Dec. 2, point to several reasons why the region is the right place, right now, to build, buy and sell all manner of apartment assets. “In Atlanta, you’ve got an incredible diversity and strength of employers,” said Chad DeFoor, senior director of multifamily sales for Franklin Street. Total nonfarm payroll employment in metro Atlanta rose by 134,800 from October 2020 to October 2021, a 5 percent increase, according to the U.S. Bureau of Labor Statistics. DeFoor was joined by Bianca Tabourn, managing director with Stockbridge; Steve Baile, chief development and operating officer with Selig Enterprises; Patrick Chesser, managing director of Mill Creek Residential Trust; Seth Greenberg, CEO of ECI Group; and panel moderator Jason Nettles, managing director with Northmarq. The speakers in the session titled, “Atlanta Market Update: An In-Depth Look at Leasing, Investment and Development,” all remarked that job growth and high-profile employers moving into the area are, in part, helping to curry favor among investors. In the public and private realms, interest is growing in the apartment market in Atlanta and in …

December 17, 2021

Development Office Texas

Billingsley Co. Begins Construction on 250,000 SF Office Building in Plano

by Taylor Williams December 16, 2021

PLANO, TEXAS — Locally based developer Billingsley Co. has begun construction on a 250,000-square-foot office building that will be located within International Business Park, a 300-acre campus in Plano. The project includes the development of a 584-space parking garage. The five-story building will be located adjacent to a 187,100-square-foot office building and a 9,000-square-foot amenity center that houses a fitness room, conference facilities, tenant lounge and a convenience mart. GFF Architects is designing the project, and Adolfson & Peterson Construction is the general contractor. JLL is the leasing agent. Completion is slated for spring 2023.

December 16, 2021

Acquisitions Georgia Industrial Southeast

NAI Brannen Goddard Arranges Sale of 400,000 SF Industrial Property in Savannah

by Julia Sanders December 16, 2021

SAVANNAH, GA. — NAI Brannen Goddard has arranged the sale of 6030 Commerce Blvd., a 400,000-square-foot distribution center in Savannah. Joseph Mullican of NAI Brannen Goddard represented the buyer, New York-based Brookfield Properties. The seller and sales price were not disclosed. The 6030 Commerce Blvd. distribution building is located less than two miles from the Port of Savannah and has access to Interstate 95. The front-load building features 28- to 30-foot clear heights, 31 dock-high doors, 70 extra trailer spaces, 180-foot concrete truck courts, ESFR sprinklers and a recently constructed loading platform.

December 16, 2021

Development Florida Office Southeast

Bansi Properties to Develop 140,000 SF Office Building in Sunrise, Florida

by Julia Sanders December 16, 2021

SUNRISE, FLA. — Bansi Properties has plans to develop a new 140,000-square-foot, four-story office building in Sunrise. The facility is slated for completion by 2023. Located on 22 acres within Sawgrass International Corporate Park, the new office building is part of Bansi’s newly established office campus that currently includes two office facilities available for lease, including 1500 Concord Terrace, a 180,000-square-foot property that Bansi recently acquired. Designed by architectural firm FSMY, the building will feature ample natural light, large floor plates and Energy Star- and LEED-certified materials and designs. The building will be located right off the Sawgrass Expressway, as well as near Sawgrass Mills Mall. Jay Adams of Newmark is managing leasing on behalf of Bansi.

December 16, 2021

Development Multifamily Texas

High Street, Principal Real Estate Break Ground on 363-Unit Multifamily Project in Plano

by Taylor Williams December 16, 2021

PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors has broken ground on Legacy Square, a 363-unit multifamily project in Plano. Units will be available in one-, two- and three-bedroom floor plans with private garages and patios/balconies available in select residences. Amenities will include a pool, courtyard with lounge seating, fitness center, clubroom, business center with conference facilities and four acres of open space. GFF Architects is designing the project, and Andres Construction is the general contractor. The first units are expected to be available for occupancy in late 2022, with full completion slated for June 2023.

December 16, 2021

Acquisitions Georgia Industrial Southeast

Ackerman & Co. Acquires 102,856 SF Industrial Facility in Temple, Georgia

by Julia Sanders December 16, 2021

TEMPLE, GA. — Atlanta-based Ackerman & Co. has acquired a 102,856-square-foot distribution and manufacturing facility located at 134 Janus International Blvd. in Temple, about 40 miles west of downtown Atlanta. The sales price was $6.8 million. Daniel Levison of CRE Holdings represented Ackerman & Co. in the acquisition, and Neal Shiver of King Industrial Realty/CORFAC International represented the undisclosed seller. The 134 Janus International Blvd. facility is fully occupied by Janus International Group, a Temple-based manufacturer of self-storage and commercial industrial doors and storage facility components. Brett Buckner of Ackerman completed a 10-year lease extension with Janus International Group. Built in 2001 on 12 acres, the building features 24-foot clear heights. The property is located next to Janus’ 217,050-square-foot global headquarters. Janus also has other locations in the United States including in Arizona, California, Florida, Indiana, Texas and Washington.

December 16, 2021

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