Property Type

Colliers Brokers Sale of Historic Office Building in Downtown Indianapolis

by Kristin Harlow June 14, 2021

INDIANAPOLIS — Colliers International has brokered the sale of The Academy Building in downtown Indianapolis for an undisclosed price. The historic office building, located at 429 E. Vermont St., rises four stories and spans 30,436 square feet. Built in 1911 as the girl’s school St. Mary’s Academy, the property is now 87 percent occupied by 21 tenants. Alex Cantu and Alex Davenport of Colliers represented the seller, The Health Foundation of Greater Indianapolis. Indianapolis-based Shook Realty Group LLC was the buyer.

June 14, 2021

Loans Michigan Midwest Multifamily Walker & Dunlop

Walker & Dunlop Provides $12.2M Loan for Refinancing of Townhome Property in Metro Grand Rapids

by Kristin Harlow June 14, 2021

LOWELL, MICH. — Walker & Dunlop Inc. has provided a $12.2 million Fannie Mae loan for the refinancing of Townhomes at Two Rivers in Lowell, located about 17 miles east of Grand Rapids. The 80-unit property features amenities such as a fitness center, enclosed dog park, covered picnic area and access to walking trails. Benjamin Krosin of Walker & Dunlop originated the 10-year loan on behalf of the borrower, Forest Hills Homes. Kari Zapolski of Inner Circle Holdings arranged the loan.

June 14, 2021

Development Illinois Industrial Midwest

Meridian Design Build Completes Industrial Build-to-Suit for XTRA Lease in Joliet, Illinois

by Kristin Harlow June 14, 2021

JOLIET, ILL. — Meridian Design Build has completed an industrial build-to-suit for XTRA Lease on a 15-acre site within Ketone Business Center in Joliet. Located at 3000 Channahon Road near I-80 and I-55, the facility will serve freight haulers in central and northeastern Illinois. The project includes two service bays and 4,191 square feet of office space. Verve Design Studio provided architectural and structural design services. Jacob & Hefner Associates was responsible for the civil engineering design.

June 14, 2021

Company News Midwest Ohio Retail Top Stories

Washington Prime Group Files for Chapter 11 Bankruptcy Amid Pandemic-Related Struggles

by Taylor Williams June 14, 2021

COLUMBUS, OHIO — Washington Prime Group (NYSE: WPG), an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last 16 months as public health mandates and lockdowns decimated foot traffic throughout the brick-and-mortar retail market. The company, which was originally spun off by Simon Property Group in 2014, has negotiated a restructuring support agreement with its primary creditors, led by Connecticut-based private equity firm SVP Global, which hold approximately 73 percent of WPG’s outstanding corporate debt. The agreement also allows WPG to deleverage its balance sheet by nearly $950 million through the equitization of unsecured notes and a $190 million paydown of WPG’s revolving credit and term loan facilities. Lastly, the RSA provides for an effective four-year extension of the remaining credit facility debt. In addition, WPG has secured $100 million in debtor-in-possession financing to fund its daily operations as it …

June 14, 2021

Market Reports Maryland Multifamily Single-Family Rental Southeast Southeast Market Reports

Baltimore’s Stable Apartment Market Attracts New, Returning Buyers

by John Nelson June 14, 2021

Consistent with much of the nation, the Mid-Atlantic region locked down at the onset of the COVID-19 pandemic in March 2020. However, by late August 2020 and throughout the first quarter of 2021, activity in the multifamily asset class picked up considerably. As operations stabilized and investors could better determine valuations, regional transaction volume quickly heated up as investors returned with pent-up demand. Aided in part by the continued government stimulus and rent regulation in the Mid-Atlantic, Baltimore’s durable “meds and eds” employment bases, anchored by the life sciences, medical, higher education and technology sectors, bolstered the region’s stability. The Baltimore multifamily market has performed in-line with comparable metropolitan areas in the Mid-Atlantic, with flat to moderate rent growth. Rents are expected to stagnate or struggle in response to heightened development occurring in Downtown Baltimore, Owings Mills and Towson, and the new supply may surpass demand in the near-term. Despite muted rent growth projections, transaction volume has returned with an expanded pool of multifamily investors, driving cap rates down and valuations up. Shifting east “Charm City” boasts blue-chip Downtown employers such as T. Rowe Price, Pandora, University of Maryland Medical Center, Johns Hopkins Hospital and Under Armour. In theory, this …

June 14, 2021

Development Mixed-Use Top Stories Washington

Hines, Benenson Capital Partners, USAA Plan 1.2 MSF Mixed-Use Development in Metro Seattle

by Julia Sanders June 11, 2021

BELLEVUE, WASH. — Hines, Benenson Capital Partners and USAA Real Estate have unveiled plans for Main Street Place, a 6.8-acre, mixed-use development in downtown Bellevue. Development costs were not disclosed. Main Street Place will feature approximately 1.2 million square feet of newly built high-rise office space on the north side of the site, along with about 400 units of low-rise apartments on the south side of the development. Additionally, there will be about 90,000 square feet of ground-floor retail and amenity spaces, along with public open space and pedestrian-friendly areas. The development will be situated near a planned light rail station, which is slated to open in 2023. This rail station will connect the Main Street Place site to downtown Seattle, Seattle-Tacoma International Airport and Microsoft’s headquarters in Redmond. The mixed-use project is being developed on a long-term ground lease with Benenson Capital Partners. The Benenson family has owned the site for decades, originally acquiring the Albertson’s grocery store at the site, and then developing the retail center that currently exists on the property. “We are excited to bring the shared vision of Hines and Benenson Capital to Main Street Place. We believe this development, with its proximity to the …

June 11, 2021

Development Florida Mixed-Use Multifamily Retail Southeast

CIP Miami Springs, LV Lending Break Ground on 120,225 SF Mixed-Use Project in Metro Miami

by Julia Sanders June 11, 2021

MIAMI SPRINGS, FLA. — CIP Miami Springs and LV Lending have broken ground on Miami Springs Town Center, a 120,225-square-foot mixed-use project located at 1 Curtiss Parkway in Miami Springs, about 10 miles outside of downtown Miami. The project is scheduled to be complete in the second quarter of 2022. Designed by Cabrera Ramos Architects, Miami Springs Town Center will feature a 50,725-square-foot, three-story residential building with 51 apartments, 23,500 square feet of retail space on the ground floor and a parking garage with 124 spaces. Additional on-street parking will be available. Situated on 1.1 acres, Miami Springs Town Center will house two- and three-bedroom units spanning 975 to 1,075 square feet. Rents will start in the $1,850s. Benito Carmona at US Century Bank originated a $14.6 million construction loan for the project. Orlando-based Crossman & Co. is the retail leasing broker for the project. Miami-based LV Lending is a private lender focused on investment purpose loans for acquiring and developing residential, commercial and land projects.

June 11, 2021

District of Columbia Leasing Activity Office Southeast

Meridian Group Signs Two Office Tenants to Anchor 1333 New Hampshire Avenue in D.C.

by Julia Sanders June 11, 2021

WASHINGTON, D.C. — The Meridian Group has signed two new anchor tenants at 1333 New Hampshire Avenue in the center of Dupont Circle in Washington, D.C. The two office tenants, American Bankers Association (ABA) and the Patient-Centered Outcomes Research Institute (PCORI), together will lease more than half of the 350,000-square-foot building, which is in the final stages of a renovation. ABA, which is moving its headquarters to 1333 New Hampshire from its previous location at 1120 Connecticut Ave., will occupy three floors. ABA will lease a total of 87,183 square feet and plans to move in November 2022. PCORI selected 1333 New Hampshire to be its new headquarters as well. Consolidating multiple D.C. office locations into one building, PCORI will lease 96,092 square feet on three-and-a-half floors, including a conference facility. The firm will occupy its space beginning in spring 2022. The building is now 73 percent leased. Available space includes two remaining upper full floors, as well as newly renovated, move-in-ready suites on the fourth floor. Meridian’s renovations of 1333 New Hampshire includes the addition of a rooftop conferencing facility and entertainment space, outdoor terrace, redesigned lobby and fitness center. The renovations also include retail storefronts and secured bicycle …

June 11, 2021

Acquisitions Multifamily Oregon Student Housing Western

Cardinal Group, TPG Real Estate Acquire Four-Property Student Housing Portfolio Near University of Oregon

by Amy Works June 11, 2021

EUGENE, ORE. — A joint venture between Cardinal Group Investments and TPG Real Estate Partners (TREP) has acquired The Element Portfolio, a four-property student housing portfolio serving students attending the University of Oregon in Eugene. The 383-bed portfolio is located within walking distance of campus. The new ownership plans to enhance the portfolio through in-unit renovations, furnishing units at three communities and amenity space enhancements. Unit upgrades will include updated flooring, stainless steel appliances, new faucets and bathroom vanities, and new paint throughout. Cardinal Group Management will manage the properties while Cardinal Group Construction will manage the value-add construction projects. Agency Fifty3 will oversee marketing and branding. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. CBRE advised on debt for the acquisition, which was added to an existing Fannie Mae credit facility formed for Cardinal and TREP’s joint venture. Ben Roelke and Ian Walker of CBRE’s Capital Markets Debt & Structured Finance arranged $26.9 million in acquisition financing for the buyer. The seven-year loan features a 2.6 percent floating rate, full-term interest-only payments and a flexible prepayment structure.

June 11, 2021

Acquisitions Georgia Retail Southeast

JLL Brokers $37.6M Sale of Sprouts-Anchored Shopping Center in Roswell, Georgia

by Julia Sanders June 11, 2021

ROSWELL, GA. — JLL Capital Markets has brokered the $37.6 million sale of Roswell Market Place, a fully leased, 95,522-square-foot shopping center in the metro Atlanta city of Roswell. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the locally based seller, Branch Properties LLC, in the sale. East Coast Acquisitions acquired the property. Roswell Market Place is located at 10800 Alpharetta Highway. Built in 1986 and most recently renovated in 2015 and 2016, the retail property is anchored by Sprouts Farmers Market. The property’s tenant roster also includes Starbucks, Chipotle, Subway, Hollywood Feed, Another Broken Egg Cafe, Bad Daddy’s Burger Bar and Tin Drum. Branch Properties LLC is a private real estate investment firm primarily focused on the acquisition and development of high-quality, grocery anchored shopping centers located in the Southeastern United States. East Coast Acquisitions (ECA) is a Tampa-based real estate investment firm focused on the acquisition of grocery-anchored retail centers in core and robust secondary markets.

June 11, 2021

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