Property Type

Cushman & Wakefield Arranges $63M Sale of 20 North Orange Office Building in Downtown Orlando

by Julia Sanders May 25, 2021

ORLANDO, FLA. — Cushman & Wakefield has arranged the $63 million sale of 20 North Orange Avenue, a 279,780-square-foot office tower located in downtown Orlando’s central business district. Banyan Street Capital, a Miami-based private equity firm, purchased the property in a joint venture with a fund managed by DRA Advisors. The price was disclosed by the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi of Cushman & Wakefield, with support from colleagues Zach Eicholtz, Ryan Jenkins and Brooke Tulley, represented the selling partnership, which comprised funds managed by Apollo Global Management, principals of Square2 Capital and Steelbridge Capital. The new ownership has tapped Robert Kellogg, Todd Davis and Colin Morrison of Cushman & Wakefield to lease the property. Banyan Street Capital will operate the office building in collaboration with Square2 Capital. Built in 1983, the 16-story building was purchased by the sellers in 2014 when it was 73 percent leased. The previous ownership spent approximately $5.3 million in capital improvements, including streetscape enhancements, updating both lobby areas, modernizing elevator and mechanical systems and renovating all of the common areas. As a result of these enhancements, occupancy improved to 90 percent. New tenants have been added such …

May 25, 2021

Acquisitions Healthcare Texas

Alliance Consolidated Acquires Net-Leased Medical Office Portfolio in Texas for $6M

by Taylor Williams May 25, 2021

COLLEGE STATION AND BRENHAM, TEXAS — Alliance Consolidated Group of Cos. has acquired a portfolio of net-leased medical office properties totaling 16,097 square feet in Texas for approximately $6 million. The portfolio consists of a 12,958-square-foot asset at 1730 Birmingham Road in College Station and a 3,139-square-foot property at 539 Medical Parkway in Brenham. Michael Moreno of Matthews Real Estate Investment Services represented the undisclosed seller in the deal. Texas ENT & Allergy is a tenant at both properties.

May 25, 2021

Data Centers Development Industrial Southeast Virginia

Digital Fortress Opens 250,000 SF Data Center Campus in Chesterfield, Virginia

by Julia Sanders May 25, 2021

CHESTERFIELD, VA. — Digital Fortress, a multi-tenant and wholesale data center provider, has opened a 250,000-square-foot data center campus in Chesterfield, about 16 miles south of Richmond. The facility, known as Digital Fortress Richmond, features a raised floor design for its data center space that has 4.1 megawatts of IT load, as well as an additional 200,000 square feet of shell core expansion space supporting up to 25 megawatts of power. The property also features office space that can house up to 120 employees and N+1 redundancy, which offers a fully distributed, uninterrupted power supply for users. The facility is LEED Gold-certified, meaning it takes steps to be environmentally conscious. Located in Meadowville Technology Park, Digital Fortress Richmond provides connectivity with a newly constructed fiber system that links to major connectivity hubs in the market. Digital Fortress operates 10 data center and colocation facilities in Chicago, Denver, Lynwood, Calif., Piscataway, N.J., Portland, Richmond and Seattle.

May 25, 2021

Acquisitions Multifamily North Carolina Southeast

Capstone Brokers $29.1M Sale of Scarlet Point Apartments in West Charlotte

by Julia Sanders May 25, 2021

CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $29.1 million sale of Scarlet Point, a 274-unit apartment community in Charlotte. The approximately 24-acre site is situated on Springmont Lane in west Charlotte, approximately five miles from the Uptown district. Scarlet Point was built in 1974 and was approximately 85 percent occupied at the time of sale. Originally two separate adjacent communities, the property features two swimming pools, two laundry facilities and a dog park. Scarlet Point’s unit mix includes one- and two-bedroom flat- and townhome-style floorplans. Ron Corrao of Capstone represented the seller, TG Real Estate, in the transaction. The buyer, Lucern Capital Partners, plans to continue TG’s renovation program and invest several million dollars into interior upgrades and necessary capital improvements. Select apartment homes were recently upgraded with wood-style vinyl flooring, shaker cabinetry and stainless steel appliances.

May 25, 2021

Acquisitions Florida Multifamily Southeast

American Commercial Realty Acquires 152-Unit Hampton Forest Apartments in Gainesville, Florida

by Julia Sanders May 25, 2021

GAINESVILLE, FLA. — American Commercial Realty (ACR) has acquired Hampton Forest Apartments, a 152-unit multifamily community in Gainesville. The seller, an entity doing business as Fox Hollow Apartments LLC, sold the property for an undisclosed price. JLL arranged the sale, as well as $14 million in acquisition financing for the buyer. Hampton Forest Apartments has one- and two- bedroom floorplans, with most having private balconies or patios. The community includes 19 two-story concrete block buildings with a leasing office and resident services building, as well as a swimming pool on a nearly 10-acre site. The property was 96 percent occupied at the time of sale. ACR is planning to make a series of improvements at Hampton Forest, including new quartz countertops and cabinets in the kitchens, the addition of modern plank flooring and contemporary fixtures and washers and dryers in many of the units. There will also be new grilling and dining stations, as well as enhancements to the pool area and upgrades to the landscaping. Park Partners, a Boca Raton, Fla.-based renovation management company, is in charge of doing the upgrades to Hampton Forest. Atrium Management will manage the property. Located at 7301 W. University Ave., Hampton Forest is …

May 25, 2021

Development Indiana Midwest Multifamily

Bolt + Tie Apartment Community Opens in Clarksville, Indiana

by Kristin Harlow May 25, 2021

CLARKSVILLE, IND. — A new apartment community known as Bolt + Tie has opened in Clarksville, just north of Louisville. Leasing is currently underway. Located in Water Town Square on Main Street, Bolt + Tie rises four stories with 96 units. The project also includes office suites, retail space and a restaurant on the first floor. Apartment residents have access to amenities such as a clubhouse, rooftop deck, indoor bike storage, coworking space and conference rooms. Monthly rents start at $999. Cornerstone Group was the developer. The name Bolt + Tie pays homage to the history of the area, according to Cornerstone. The land that Bolt + Tie and Water Tower Square occupy was originally a rail car yard. The bolt and tie was what connected the rail cars together.

May 25, 2021

Acquisitions Industrial Midwest Minnesota

JLL Negotiates $11.2M Sale of Minnetonka Corporate Center

by Kristin Harlow May 25, 2021

MINNETONKA, MINN. — JLL Capital Markets has negotiated the $11.2 million sale of Minnetonka Corporate Center in Minnetonka, about 15 miles southwest of Minneapolis. The 94,435-square-foot property features office and warehouse space. Renovated in 2004, Minnetonka Corporate Center is fully leased to six tenants. Located on Clearwater Drive, the property features five dock doors and four drive-in doors. Colin Ryan and David Berglund of JLL represented the seller, Onward Investors LLC. The duo also procured the buyer, WinPark Associates LLC.

May 25, 2021

Loans Midwest Minnesota Retail

NorthMarq Arranges $8M Loan for Refinancing of Grocery Asset in Shorewood, Minnesota

by Kristin Harlow May 25, 2021

SHOREWOOD, MINN. — NorthMarq has arranged an $8 million loan for the refinancing of a Cub Foods-occupied retail property in Shorewood, about 20 miles southwest of Minneapolis. Andy Finn of NorthMarq’s Minneapolis office arranged the 15-year loan at a fixed interest rate below 3 percent. A life insurance company provided the loan for the undisclosed borrower.

May 25, 2021

Affordable Housing Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Construction of $7M Affordable Housing Townhome Project in Minnesota

by Kristin Harlow May 25, 2021

BEMIDJI, MINN. — Kraus-Anderson has completed construction of Conifer Villas, a $7 million affordable housing project in central Minnesota’s Bemidji. The townhome community features 32 units for residents who have been homeless or need special support. The four-building project includes a community meeting space. Headwaters Housing Development Corp. was the developer and Lucachick Architecture was the architect.

May 25, 2021

Acquisitions Illinois Midwest Retail

Hanley Investment Group Brokers $3.9M Sale of Retail Building in Carpentersville, Illinois

by Kristin Harlow May 25, 2021

CARPENTERSVILLE, ILL. — Hanley Investment Group Real Estate Advisors has brokered the $3.9 million sale of Shoppes on Route 31 in Carpentersville, about 40 miles northwest of Chicago. The 11,035-square-foot retail building, constructed in 2007, is fully leased to Panda Express, ATI Physical Therapy, Game Stop, SportClips, T-Mobile and a dental office. The property sits on one acre at 27 S. Western Ave. Brad Dessy of Hanley, in conjunction with ParaSell Inc., represented the seller, an Arizona-based private investor. Chuck Wasker of Colliers International represented the buyer, a San Diego-based private investor.

May 25, 2021

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