Property Type

NKF Provides $49M Freddie Mac Loan for Multifamily Community in Charlotte

by Alex Tostado September 15, 2020

CHARLOTTE, N.C. — Newmark Knight Frank (NKF) has provided $49 million Freddie Mac acquisition loan for Addison Park in Charlotte. The 426-unit community was built in 1999 and renovated in 2015. The property offers one- through three-bedroom floor plans with nine-foot ceilings, fireplaces, hardwood flooring and granite countertops. Communal amenities include a business center, fitness center, two pools, dog park and a playground. The asset is situated at 6265 Hackberry Creek Trail, 10 miles north of downtown Charlotte and two miles from healthcare firm Centene’s planned 1 million-square-foot headquarters campus. Josh Davis and Chris Caison of NKF originated the loan on behalf of the borrower, Dermot Co. The seller was not disclosed.

September 15, 2020

Acquisitions Development Georgia Multifamily Southeast

JLL Negotiates $7.9M Sale of Land in Midtown Atlanta, Buyer Plans 284-Unit Apartment Building

by Alex Tostado September 15, 2020

ATLANTA — JLL has negotiated the $7.9 million sale of a 1.1-acre site in Atlanta’s Midtown district. The purchase price represents the highest price per square foot ($167) in the neighborhood, described as south of North Avenue (SoNo). The buyer, Woodfield Development, plans to build a 284-unit apartment community at the site, located at 505 Courtland St. NE. The property is expected to also include 18,000 square feet of amenity space. The Isle of Palms, S.C.-based developer plans to break ground this month. Scott Cullen and Mark Lindenbaum of JLL represented the seller, Drapac Capital Partners, in the land sale.

September 15, 2020

Leasing Activity Retail Southeast West Virginia

Hibbett Sports Opens 5,600 SF Store at Mall in Morgantown, West Virginia

by Alex Tostado September 15, 2020

MORGANTOWN, W.VA. — Hibbett Sports has opened a 5,600-square-foot store within Morgantown Mall. The Birmingham, Ala.-based sports retailer offers brands such as Nike, Under Armour, Jordan, The North Face and Adidas. The new location implements the company’s new store design, which features an open concept, phone charging stations and other amenities for customers to experience. The mall location also offers online, pick-up in-store and curbside pick-up shopping options. Morgantown Mall is located at 9235 Mall Road, three miles southwest of downtown Morgantown and three miles south of West Virginia University.

September 15, 2020

Acquisitions Industrial Michigan Midwest Office

Bedrock Acquires Former Sakthi Automotive Portfolio in Detroit for $38.5M

by Kristin Harlow September 15, 2020

DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has acquired the former Sakthi Automotive Group USA real estate portfolio in southwest Detroit for $38.5 million. The office and industrial campus was in receivership. Huntington National Bank filed a lawsuit last year against Sakthi after the auto supplier defaulted on its debts. Friedman Real Estate brokered the sale of the 620,000-square-foot portfolio, which spans five buildings and also includes developable land. Kevin George and Jared Friedman of Friedman facilitated the deal in partnership with court-appointed receiver Kevin English of Lark Advisors LLC. Dragich Law Firm served as counsel for the receiver. The facilities primarily served as Sakthi’s manufacturing operations, housing machining equipment, robotics assembly and warehousing space. The campus is currently home to one tenant, MOBIS, which is an automotive parts supplier for Fiat Chrysler Automotive and Hyundai.

September 15, 2020

Development Midwest Minnesota Multifamily Seniors Housing

High Street Residential Completes Development of 168-Unit Active Adult Community in Minnetonka, Minnesota

by Kristin Harlow September 15, 2020

MINNETONKA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has completed the development of Avidor Minnetonka in suburban Minneapolis. The active adult community is home to 168 units for residents ages 55 and older. Allegro Management Co. is the property manager. Amenities at the six-story property include a bistro bar, business center, activity center, pet spa, fitness center, private dining room and pool deck. ESG Architects served as project architect and Stevens Construction was the general contractor. Monthly rents start at $1,890.

September 15, 2020

Acquisitions Midwest Minnesota Multifamily

Everwood Co. Sells 150-Unit Apartment Complex in Minneapolis

by Kristin Harlow September 15, 2020

MINNEAPOLIS — Everwood Co. has sold Grain Belt Apartments in Minneapolis for an undisclosed price. The 150-unit apartment complex was constructed in 2015 on the site of a historic brewery. Spanning 135,806 square feet, the property consists of studio, one- and two-bedroom floor plans. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller. Grain Belt Apartments LLC was the buyer.

September 15, 2020

Illinois Industrial Leasing Activity Midwest

Second City Prints Signs 86,251 SF Industrial Lease in Batavia, Illinois

by Kristin Harlow September 15, 2020

BATAVIA, ILL. — Second City Prints has signed an 86,251-square-foot industrial lease at 1020 Olympic Drive in Batavia. Midwest Industrial Funds purchased the 121,321-square-foot building in 2019 and renovated it to create more efficient space for multiple tenants. There is currently 35,000 square feet of space available for lease. Tom Curtis, John Moysey and Fort Richardson of Avison Young represented Midwest Industrial Funds in the lease transaction with Second City Prints. Brendan Sheahan of Darwin Realty represented the tenant. Second City Prints, which is moving from another Batavia facility, provides merchandise printing, webstore management and tour merchandise fulfillment services for the music industry. The company produced concert merchandise prior to COVID-19 but now supports the concert, entertainment and gaming industries through e-commerce.

September 15, 2020

Acquisitions Illinois Midwest Retail

Hanley Investment Group Brokers Sale of Amazon Locker Property in Chicago

by Kristin Harlow September 15, 2020

CHICAGO — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant Amazon Hub Locker+ in Chicago for an undisclosed price. The 2,800-square-foot Amazon package pickup space is situated directly across from DePaul University. It is located on the ground floor of a four-story condominium building, which was constructed in 2010. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Los Angeles-based Westwood Financial. John Oks of Banco Santander International represented the buyer, a Mexico-based private investor. Amazon has locker locations in over 900 cities.

September 15, 2020

Acquisitions California Healthcare Office Western

Meridian, Harrison Street Acquire 110,400 SF Building for Medical Office Conversion in Irvine, California

by Amy Works September 15, 2020

IRVINE, CALIF. — A joint venture between Meridian and Harrison Street has purchased a Class A office building located at 114 Pacifica Court in Irvine. The joint venture plans to invest additional capital in building improvements to convert the property into medical office space. Situated on 4.8 acres, the property features 110,400 square feet. At the time of sale, the property was 60 percent occupied. Constructed in 1999, the building is currently named Pacifica Court, but will be renamed to Pacifica Medical Plaza once conversion is complete. Anthony DeLorenzo and Todd Tydlaska of CBRE represented the seller, an institutional owner, while the joint venture represented itself in the deal. John Wadsworth and Aaron Phillips of Colliers International will handle leasing for the property following the medical office conversion.

September 15, 2020

California Development Multifamily Western

Sudberry Properties Opens 434-Unit Purl at Civita Apartment Complex in San Diego

by Amy Works September 15, 2020

SAN DIEGO — San Diego-based Sudberry Properties has completed the development of Purl at Civita, the third apartment property within the sustainable, transit-oriented Civita community in San Diego’s Mission Valley submarket. Located at 7901 Civita Blvd., the property features two mid-rise, podium-style buildings offering a total of 434 apartments and 18,000 square feet of ground-floor retail space. The 434-unit property features two saltwater pools with hot tubs; a day-spa area with adjoining sauna; a Sky Terrace roof deck with outdoor media center and barbecues; game room with golf simulator; club room with demonstration kitchen; karaoke stage; and a “makers studio” for do-it-yourself projects. Additionally, Purl offers co-working offices, conference rooms, secure parcel lockers, electric car charging stations and a smoke-free environment. Apartments at Purl range from 530-square-foot junior, one-bedroom units to 1,347-square-foot three-bedroom layouts. Interior amenities include in-home washers/dryers, gourmet kitchens with farmhouse-style sinks, quartz countertops, stainless steel appliances, hardwood-style flooring in the main areas, carpeting in all bedrooms and LED lighting. Monthly lease rates range from approximately $2,155 to $3,620 per month. Purl is the third apartment community in Civita developed by Sudberry Propertires. All three — Circa 37, West Park and Purl — are situated in a campus …

September 15, 2020

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