Property Type

Watermark Residential Divests of 244-Unit Multifamily Asset in Colorado Springs

by Amy Works March 4, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the sale of Watermark on Union, a stabilized, Class A apartment community in Colorado Spring’s Cordera community. Santa Barbara, Calif.-based NALS Apartment Homes acquired the asset, which has been renamed Aliso at Briargate, for undisclosed price. The 244 units feature kitchen islands, tile backsplashes, drop-in sinks, recycled glass countertops, stainless steel appliances, nine- to 12-foot ceilings, garden tubs, private balconies and full-size washers and dryers. On-site amenities include a clubhouse, resort-style pool with cabanas, fire pit, fitness center, detached garages, dog park and courtyards with barbecue grills. Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily represented the seller in the transaction.

March 4, 2020

Acquisitions California Industrial Office Western

Avison Young Negotiates $10.9M Sale of Temecula Corporate Park in California

by Amy Works March 4, 2020

TEMECULA, CALIF. — Avison Young has arranged the sale of Temecula Corporate Park, an office and industrial campus in Temecula. A Los Angeles-based private investor acquired the asset from an Orange County, Calif.-based private investor for $10.9 million, or $125.46 per square foot. Built in 2002 on 6.1 acres, the 86,882-square-foot Temecula Corporate Park consists of a two-story office building and three single-story industrial buildings. The 97 percent-occupied asset is located at 43379, 43385, 43391 and 43397 Business Park Drive. Alan Pekarcik and Chris Smith of Avison Young represented the seller and buyer in the deal.

March 4, 2020

Loans Michigan Midwest Multifamily

SunTrust Provides $18.3M Fannie Mae Loan for Acquisition of Apartment Complex in Suburban Detroit

by Kristin Harlow March 4, 2020

WATERFORD, MICH. — SunTrust Commercial Real Estate, part of Truist’s corporate and institutional group, has provided an $18.3 million Fannie Mae loan for the acquisition of Glengarry Apartments in Waterford, a northern suburb of Detroit. The 300-unit apartment complex, built in 1978, was 94.7 percent occupied at the time of closing. Evan Hom of SunTrust originated the 15-year loan with seven years of interest-only payments followed by a 30-year amortization schedule. The loan-to-value ratio was 80 percent.

March 4, 2020

Loans Midwest Minnesota Multifamily

Max Benjamin Partners Originates $14.3M Loan for Office Conversion Project in St. Paul

by Kristin Harlow March 4, 2020

ST. PAUL, MINN. — Max Benjamin Partners has originated a $14.3 million loan for the acquisition and redevelopment of a vacant, 16-story office building in St. Paul. The undisclosed borrower plans to convert the building into The Nicole, an apartment and retail property. Plans call for a coffee shop and JET Foods supermarket on the first floor. Amenities will include a dog walk, grooming station, bike room, indoor pool and storage units. Jason Moyal and Max Mellman of Max Benjamin Partners secured the loan.

March 4, 2020

Acquisitions Illinois Industrial Midwest

Transwestern Arranges $7.1M Sale of Flex Industrial Property in Schaumburg, Illinois

by Kristin Harlow March 4, 2020

SCHAUMBURG, ILL. — Transwestern Commercial Services has arranged the sale of the Willow Lake Tech Center in Schaumburg for $7.1 million. The 105,007-square-foot flex industrial property is located at 400-444 State Parkway. Built in 1997, the two-story asset offers both warehouse and office space. It is currently 96 percent leased by multiple tenants. Gary Nussbaum and Paige Gunn of Transwestern represented the seller, Ascendance Partners. Gunn and Nussbaum worked with Ryan Morris of Cohen Financial, a division of SunTrust Bank, to secure acquisition financing with LoanCore Capital LLC. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern will market the property for lease on behalf of the new owner, Los Angeles-based Dos Lagos Asset LLC. Zach Kitkowski and Gia Dato of Transwestern will provide property management services.

March 4, 2020

Civic Development Iowa Midwest

Stahl Completes Construction of 55,000 SF Public Library in Ankeny, Iowa

by Kristin Harlow March 4, 2020

ANKENY, IOWA — Stahl has completed the construction of the two-story, 55,000-square-foot Ankeny Kirkendall Public Library. Located at 1250 SW District Drive in the Prairie Trail development, the $14 million library also houses the city council chambers and a multi-function meeting and conference room. Construction started in June 2018 and wrapped up in February. OPN Architects designed the library. A suburb of Des Moines, Ankeny is the 10th-fastest growing city in the United States, according to the U.S. Census Bureau.

March 4, 2020

Acquisitions Illinois Industrial Midwest

Quantum Brokers $2M Sale of Industrial Facility in Itasca, Illinois

by Kristin Harlow March 4, 2020

ITASCA, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 23,400-square-foot industrial building in Itasca for $2 million. Five tenants occupy the property, which is located at 1335-1345 Industrial Drive. Jason Caplan of Quantum brokered the transaction. Both the buyer and seller were Chicago-based private real estate investors.

March 4, 2020

Acquisitions North Carolina Office Southeast Top Stories

JLL Arranges $102M Sale of Three Office Buildings Within Charlotte’s Coliseum Centre

by Kristin Harlow March 4, 2020

CHARLOTTE, N.C. — JLL Capital Markets has arranged the sale of Coliseum Centre III, V and VI in Charlotte for $102 million. The three Class A office buildings total 511,344 square feet and are located immediately adjacent to Billy Graham Parkway in Charlotte’s Airport submarket. Completed between 1996 and 1998, the six-story buildings are 87 percent occupied overall. Amenities include onsite dining options, three fitness centers, boardrooms, training facilities, a conference facility, tenant lounge and collaboration area. Ryan Clutter, Chris Lingerfelt and Zack Drozda of JLL represented the seller, America’s Capital Partners. Travis Anderson and Taylor Allison of JLL arranged a $79.3 million acquisition loan on behalf of the buyer, Charlotte-based South Street Partners. Brookfield provided the four-year, floating-rate loan. “Given the strong employment growth and corresponding leasing demand in Charlotte, opportunities like Coliseum Centre are very attractive to investors,” says Clutter. “Charlotte has become one of the top markets for office investment nationally and is poised to continue to see significant inbound capital flows.” America’s Capital Partners is a private commercial real estate investment firm headquartered in Coral Gables, Fla. South Street Partners is a private equity real estate investment firm that has deployed $640 million of capital across …

March 4, 2020

Development Industrial Texas

Jackson-Shaw Acquires 169 Acres in Fort Worth for 2.2 MSF Industrial Project

by Taylor Williams March 3, 2020

FORT WORTH, TEXAS — Locally based developer Jackson-Shaw has acquired 169 acres at the intersection of Altamesa Boulevard and Campus Drive in Fort Worth for the development of 46 Ranch Logistics Park, an industrial project that will ultimately span about 2.2 million square feet. Jackson-Shaw worked with the City of Fort Worth to rezone the rail-served site, which offers proximity to Interstates 35 and 20, from single-family residential to industrial. The first phase will feature 560,000 square feet of Class A space across three buildings that will be developed on a speculative basis. Construction of Phase I is scheduled to begin in June and to be substantially complete by the first quarter of 2021. Ridgemont Commercial Construction is the general contractor for the project, and GSR Andrade is the architect. Halff Associates is the civil engineer, and Stream Realty Partners is the leasing agency. Liberty Capital Bank provided construction financing.

March 3, 2020

Development Hospitality Texas

Swinerton Completes Renovations of 1,840-Room Sheraton Dallas Hotel

by Taylor Williams March 3, 2020

DALLAS — California-based general contractor Swinerton has completed the final phase of renovations of the Sheraton Dallas Hotel, a 1,840-room hotel in downtown Dallas that originally opened in 1959. Renovations included upgrades to all guestrooms, food and beverage outlets and the hotel’s 230,000 square feet of meeting and event space. Five new restaurant concepts — Open Palette, Moka Pot Coffee Shop, Draft Sports Bar & Lounge, The Parlor and Open Mkt. — are now in place at the hotel. The project team, which included design firms FlickMars and DLR Group, also installed new art and a rooftop garden with murals by local artist Falk Houben.

March 3, 2020

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