INDIANAPOLIS — Marcus & Millichap has brokered the sale of a PNC Bank ground lease in Indianapolis for $1.6 million. The 4,935-square-foot building sits on 1.6 acres at 4030 S. East St. Jordan Klink and Ben Sullivan of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, a Michigan-based limited liability company. Agents from Marcus & Millichap’s Phoenix office represented the out-of-state, 1031 exchange buyer.
ORLANDO, FLA. — A partnership between Landmark Properties and W5 Group LLC has broken ground on The Retreat East, a 602-bed student housing community that will serve student at the University of Central Florida (UCF) in Orlando. The cottage-style community will comprise 138 units that are expected to open in August 2021. Communal amenities will include a pool, poolside jumbotron, golf simulator, clubhouse, study lounge and a fitness center. Athens, Ga.-based Landmark will manage the property upon completion. The Retreat at Orlando will be situated at 12151 E. Colonial Drive, two miles south of UCF’s campus and 13 miles east of downtown Orlando. Miami Beach, Fla.-based W5 Group entered into the partnership through its new student housing investment initiative.
DOUGLASVILLE, GA. — Cushman & Wakefield has arranged $46.9 million in construction financing for Sweetwater Vista, a planned 300-unit multifamily complex in Douglasville. The borrower, Vista Realty Partners, is developing the property to include nine three- and four-story buildings. The asset will be situated on Riverside Parkway, 15 miles west of downtown Atlanta. Communal amenities will include a fitness center, pool, clubhouse, grilling area and a resident lounge. Michael Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged preferred equity through Nationwide Insurance Co. and senior financing through Synovus Bank. Flournoy Construction is the general contractor, and Niles Bolton Associates is the architect. Vista Realty Partners expects to open the community in late 2021.
WASHINGTON, D.C. — CommonGrounds Workplace has opened two new coworking spaces in Washington, D.C., totaling 73,692 square feet. The first office location spans 29,509 square feet and occupies the entire second floor of 1500 K St. NW. The office building is one block north of The White House and less than one block from McPherson Station. The other location spans 44,183 square feet within a newly built, 11-story office building at 99 M St. E. CommonGrounds occupies the entirety of the eighth and ninth floors of the asset, which is located in D.C.’s Navy Yards district. The property is located four miles southeast of downtown D.C. and less than one mile from Nationals Park, home of MLB’s Washington Nationals. BBGM was the architect for both locations.
PLANO, TEXAS — Brookfield Property Group and Simon Property Group have agreed to acquire the retail and operating assets of J.C. Penney Co. for $1.75 billion at a bankruptcy auction. As part of the sale agreement, the three companies will form a property holding company (PropCos), which will include 161 of the J.C. Penney real estate assets and all of its owned distribution centers. The Plano-based retailer’s Ad Hoc Group of First Lien Lenders will own PropCos. J.C. Penney filed for Chapter 11 bankruptcy in mid-May and restructured 90 percent of its debt with its lenders. Brookfield and Simon enter into the bankruptcy auction as the stalking-horse bidders. The Plano-based retailer expects the auction to close before the 2020 holiday season. “As we continue to move through the sale process, our focus will remain on serving our customers and working seamlessly with our vendor partners,” says Jill Soltau, CEO of J.C. Penney. “We have been a trusted partner to all of our stakeholders since 1902, and we expect to continue that track record for decades to come under the J.C. Penney banner.” The auction is being held through the U.S. Bankruptcy Court for the Southern District of Texas. During its …
By Taylor Williams The sudden merging of a healthy pipeline of multifamily product in Texas with a global pandemic that has caused a drastic increase in working from home is forcing apartment builders and designers to get exceedingly creative with all facets of their projects. Unit interiors and common areas of apartment buildings must now provide makeshift workspaces for adults across a wide range of industries, as well as for the preexisting members of the gig economy and for children who have been forced to engage in virtual learning. Working from home is just one of many lifestyle changes that COVID-19 has brought about in the last six months. Multifamily developers and architects are tasked with trying to judge the staying power of these changes and to find balances between implementing features that promote safety and wellness without busting their budgets. “We know we have to adapt to COVID-19 and be proactive,” says Yewande Fapohunda, senior vice president at High Street Residential, the residential subsidiary of Trammell Crow Co. “Lifestyles and behaviors are rapidly changing, and though we don’t know how long they’ll last, we have to think short- and long-term with our reactions.” It’s a tricky process to say …
By Marty Dougherty, City of Sioux City Downtown Sioux City, Iowa is currently experiencing growth and transformation on an unprecedented scale. This emerging and vibrant place is not only celebrating its rich and colorful history with multiple historic property renovations, but has made strides to re-invent itself and take the downtown to new levels. These efforts include the growth of new residential options, an increasing number of cultural attractions and quality-of-life amenities, new entry corridors and a commitment to an extraordinary and ever-evolving riverfront park. This energy and economic activity offers a range of development opportunities, including residential, office, retail and entertainment. While COVID-19 has had some minor impacts, all of the ongoing downtown construction projects have been able to stay on track and are being completed on schedule, as of the writing of this article. Reinvestment district Over $150 million in public and private capital is currently being invested in a 25-acre downtown reinvestment district. This entertainment, cultural and residential district has been designed to extend from the downtown’s entryway directly into the heart of downtown. The district features four signature projects, with a total of 10 public or private buildings that will be fully completed in 2020. These …
SHEBOYGAN, WIS. — George Smith Partners has secured a $31.5 million loan for the construction of The Oscar, a 240-unit workforce housing project in Sheboygan. Green Street Real Estate Ventures was the borrower. Kyle Howerton of George Smith Partners sourced the debt through Colliers Funding. BMO Harris is the equity partner for the project. Construction is slated for completion in the third quarter of 2021.
KANSAS CITY, MO. — Zovest Capital has acquired Chapel Hill Apartments in Kansas City for an undisclosed price. The 56-unit apartment community features floor plans that average 1,067 square feet. The value-add property was 96 percent occupied at the time of sale. Max Helgeson, Michael Spero and Jeff Stingley of CBRE represented the private seller. Ben Weddington of CBRE arranged acquisition financing on behalf of the buyer through Freddie Mac.
LEE’S SUMMIT, MO. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of two retail buildings in Lee’s Summit within metro Kansas City. Taco Bell and Scooter’s Coffee occupy the newly constructed properties. Taco Bell occupies 2,160 square feet while Scooter’s leases 600 square feet. Both buildings feature drive-thrus. Jeff Lefko, Bill Asher and Beau Velten of Hanley, along with Jeff Christian of First Street Brokerage, represented the seller, a San Francisco-based private investment company. Deborah Ewing of Fuller Group CRE represented the buyer, a Washington-based private investor. The sales price represents a cap rate of 5.3 percent.
