Property Type

Walker & Dunlop Arranges $43M Financing for Mixed-Use Development in Miami’s Brickell District

by John Nelson January 26, 2021

MIAMI — Walker & Dunlop has arranged $43 million in construction and acquisition financing for 1 Southside Park, a mixed-use development spanning a full city block in Miami’s Brickell district. The borrower is JDS Development Group, a development firm based in New York City. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Michael Ianno, Sean Bastian and Ian Hawk arranged the fixed-rate, interest-only loan through Atalaya Capital. Designed by SHoP Architects, 1 Southside Park will feature a 64-story apartment tower comprising 1,175 units, as well as 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The project will be located near the Miami-Dade Metrorail Brickell Station as well as The Underline, a newly delivered linear park stretching from Brickell to Dadeland. Landscape architect James Corner Field Operations is working with JDS to integrate 1 Southside Park with The Underline, which was formerly a Metrorail line. The new development will feature 90,000 square feet of wellness-centric amenities such as a fitness center and spa to complement The Underline. JDS plans to break ground in the near future, according to founder and CEO Michael Stern.

January 26, 2021

Industrial Leasing Activity Southeast Tennessee

Logistics Firm Unis Signs 474,000 SF Industrial Lease in Memphis

by John Nelson January 26, 2021

MEMPHIS, TENN. — Unis LLC, a third-party logistics provider (3PL), has signed a 474,000-square-foot lease for fulfillment space in the Southeast industrial submarket of Memphis. The California-based firm will occupy space at 4400-4500 Quality Drive within Southpark, a Class A development situated near the BNSF Railway Company Intermodal Facility. Patrick Walton of CBRE represented the landlord, Dawson Logistics Assets LLC, an affiliate of Mapletree Investments, in the lease transaction. Jessican Chen of Kander Pacific Inc. represented the tenant. The new lease will bring Unis Memphis footprint to more than 600,000 square feet.

January 26, 2021

Acquisitions Maryland Multifamily Southeast

Milestone Group Buys 564-Unit Apartment Community in Rockville, Maryland

by John Nelson January 26, 2021

ROCKVILLE, MD. — An affiliate of The Milestone Group has purchased The Villages at Decoverly, a 564-unit garden-style apartment community located in Rockville. Decoverly is located at 9901 Gable Ridge Terrace, approximately 24 miles from Washington, D.C. Decoverly was developed in stages in 1991 and 2006. The community features a variety of one-, two- and three-bedroom floor plans and common area amenities including two pools, two fitness centers, tennis courts, an outdoor grilling and entertainment area and a children’s play area. Steve Collins, Water Coker, and Brian Crivella and Robert Jenkins of JLL Capital Markets represented the seller, an undisclosed foreign investor, in the transaction. The sales price was not disclosed.

January 26, 2021

Acquisitions North Carolina Office Southeast

Big Cypress Capital, LPA Urban Sell Adaptive Reuse Office Property in Charlotte for $17.3M

by John Nelson January 26, 2021

CHARLOTTE, N.C. — Big Cypress Capital and LPA Urban have completed the $17.3 million sale of 2317 Thrift Road, a two-story adaptive reuse office property spanning 38,000 square feet in Charlotte’s FreeMoreWest neighborhood. Big Cypress Capital and LPA Urban purchased the asset in January 2019 and signed local advertising firm Wray Ward to anchor the space in summer 2019. The co-owners redeveloped the existing 19,000-square-foot structure and doubled the footprint with a new addition ahead of its delivery in October 2020. Naples, Fla.-based Big Cypress sold the asset via its Headwaters Strategic Operator platform. It was the first sale in the firm’s 2018 Vintage Year Headwaters Real Estate Opportunities Fund I. The buyer was a joint venture partnership that is backed by an undisclosed institutional investor.

January 26, 2021

Alabama Leasing Activity Mixed-Use Restaurant Retail Southeast

Bayer Properties Signs Cheesecake Factory, Main Event to Anchor Mixed-Use Development in Huntsville

by John Nelson January 26, 2021

HUNTSVILLE, ALA. — Bayer Properties has signed leases with The Cheesecake Factory and Main Event Entertainment at Bridge Street Town Centre, a mixed-use development in Huntsville. Cheesecake Factory is expected to open this winter, while Main Event will be open by 2022. The Cheesecake Factory has 209 full-service restaurants, and the new Bridge Street Town Centre location will mark the company’s first in the Huntsville market and the second in Alabama. The restaurant will be located on the south end of the property in a 7,350-square-foot space, next to Barnes & Noble and across from P.F. Chang’s. Main Event at Bridge Street Town Centre will be the company’s first location in the state of Alabama, and its location at Bridge Street Town Centre will open near the Panera Bread. Bridge Street Town Centre features a mix of more than 50 unique-to-market brands and specialty stores, as well as a variety of market-exclusive restaurants. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno luxury apartment complex and a recently opened 131-room Hyatt Place Hotel. Bayer Properties …

January 26, 2021

Acquisitions Indiana Midwest Office

Square Deal Investment Management Acquires Salesforce Tower in Indianapolis

by Kristin Harlow January 26, 2021

INDIANAPOLIS — Square Deal Investment Management has acquired Salesforce Tower and the Circle Building, two Class A office towers in Indianapolis. The purchase price was $192.5 million, according to The Indianapolis Star, which also reports that the seller was California-based Hertz Investment Group. The adjacent buildings are located at 27 E. Ohio St. and 111 Monument Circle in the heart of the central business district. Salesforce maintains its regional headquarters in the 48-story Salesforce Tower. Ken Martin, Brian Carlton and Nelson Almond of JLL Capital Markets arranged an undisclosed amount of acquisition financing on behalf of the buyer, which is the asset management and investment allocation branch of Oklahoma City-based Square Deal Capital Inc.

January 26, 2021

Midwest Ohio Retail

Huntington Bank to Close 198 Branches as Part of TCF Acquisition

by Kristin Harlow January 26, 2021

COLUMBUS, OHIO — As a result of its $22 billion acquisition of TCF Financial, Huntington Bank plans to close 198 branches, including all 97 locations in Meijer grocery stores, according to Crain’s Detroit Business. The branch closures are expected to occur in Michigan, Ohio and Illinois after the locations have been vetted for customer traffic, transaction trends and proximity to other locations. Columbus-based Huntington’s acquisition of Detroit-based TCF, previously announced in December, is expected to take place in the second quarter. The merger will create a top 10 U.S. regional bank with dual headquarters in Columbus and Detroit.

January 26, 2021

Acquisitions Illinois Midwest Multifamily

JVM Realty Sells 464-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow January 26, 2021

AURORA, ILL. — JVM Realty Corp. has sold The Aventine at Oakhurst North in Aurora for an undisclosed price. The 464-unit apartment community was built in 1999. The property recently received a big facelift, including an update to the clubhouse and amenity spaces, repairs to major building systems and a full renovation of approximately 40 percent of the unit interiors. The property’s 29 buildings sit on 28.5 acres. Dan Cohen, John Jaeger, Justin Puppi and Nisha Mishra of CBRE’s Chicago multifamily team represented JVM in the sale. Hayman Co. was the buyer.

January 26, 2021

Development Industrial Midwest Wisconsin

Ashley Capital Completes Development of Third Spec Industrial Building at Wisconsin’s Enterprise Business Park

by Kristin Harlow January 26, 2021

STURTEVANT, WIS. — Ashley Capital has completed the development of the third speculative industrial building at Enterprise Business Park in Sturtevant, about 30 miles south of Milwaukee. Located at 11101 Enterprise Way, the building spans 397,000 square feet and is known as Enterprise III. The Class A facility offers LED lighting, an ESFR sprinkler system, a clear height of 36 feet, cross-dock loading and build-to-suit office space. John Sharpe and Tom Boyle of Lee & Associates, along with Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke, will market the property for lease. Existing tenants at Enterprise Business Park include Amazon, Fresenius USA Manufacturing, Andis Co. and Brown West Logistics.

January 26, 2021

Industrial Loans Michigan Midwest

Kennedy Funding Provides $1.8M Refinancing for Land Site in Bloomfield Hills, Michigan

by Kristin Harlow January 26, 2021

BLOOMFIELD HILLS, MICH. — Kennedy Funding has provided a $1.8 million loan for the refinancing of 31.3 acres of land in Bloomfield Hills. Proceeds from the loan will be used to pay off the existing first mortgage. Remaining proceeds will be used as working capital. The property is zoned as a research park district and is currently listed for sale for $4.9 million. Bloomfield Technology Park LLC was the borrower. New Jersey-based Kennedy Funding is a direct private lender specializing in bridge loans for commercial property and land acquisition, developments, workouts, bankruptcies and foreclosures.

January 26, 2021

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