Property Type

Black Salmon Buys Office Tower in Downtown Orlando for $68M

by Alex Tostado December 19, 2019

ORLANDO FLA. — Miami-based investment firm Black Salmon has acquired a 245,201-square-foot office building located at 111 N. Orange Ave. in Orlando for $68 million. The 21-story building is 94 percent leased to tenants including Regions Bank, UBS, Geico and coworking space provider Regus. Located at the corner of North Orange Avenue and East Washington Street, 111 North Orange is near the LYNX Central and Church Street SunRail stations. The building’s amenities include access to the free LYMMO shuttle service, building security, a common conference center, Nature’s Table Cafe in the building and a fitness center. Ron Rogg of CBRE represented the undisclosed seller in the transaction.

December 19, 2019

Development Florida Industrial Southeast

Miller Construction Completes Two Industrial Buildings Totaling 318,043 SF in Miami Central Commons

by Alex Tostado December 19, 2019

DORAL, FLA. – Miller Construction Co. has completed two buildings for Orlando-based Foundry Commercial, creating 318,043 square feet of industrial space within the Miami Central Commons business park. Located at 2301 NW 107th Ave. in Doral, 11 miles northwest of Miami, Building 1 contains showroom space and Building 2 contains industrial space. Foundry Commercial purchased the business park in 2017 and began the major demolition, renovation and expansion in fall 2018. Designed by RLC Architects, Buildings 1 and 2 provide 32-foot clear heights, 54-foot column spacing and a 60-foot speed bay. Puga & Associates served as mechanical, electrical and plumbing engineers, and Kimley-Horn served as civil engineer. Coral Gables, Fla.-based Fairchild Partners is the property’s exclusive leasing agent.

December 19, 2019

Acquisitions Mississippi Multifamily Southeast

Berkadia Arranges Sale of 288-Unit The Met Apartments in Hattiesburg, Mississippi

by Alex Tostado December 19, 2019

HATTIESBURG, MISS. — Berkadia has arranged the sale of The Met Apartments, a 288-unit multifamily property in Hattiesburg, approximately 70 miles north of the Mississippi Gulf Coast. David Oakley, David Wilson, Jay Briley and Gregg Cordaro of Berkadia completed the sale on behalf of the seller, Texas-based NNI Development. Mississippi-based Heritage Properties Inc. bought the property for an undisclosed amount. Located at 27 Lake Forgetful, The Met Apartments was completed in 2018. The complex has convenient access to U.S. Route 98, Shadow Ridge Golf Club and Turtle Creek Mall. The property features one-, two- and three-bedroom floor plans with a fitness center, pool, pet park, entertainment lounge, office space and elevator access in each building.

December 19, 2019

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Brokers $9.5M Sale of Emerald Place Shopping Center in Greenwood, South Carolina

by Alex Tostado December 19, 2019

GREENWOOD, S.C. — Marcus & Millichap has brokered the $9.5 million sale of the Emerald Place shopping center in Greenwood, approximately 25 miles from the Georgia-South Carolina state line. Kohl’s, Ross Dress for Less and Rack Room Shoes anchor Emerald Place, which is located at 259 Hospitality Blvd. Private investor George Snelling purchased the 107,616 –square-foot property from Cole MT Greenwood SC LLC. Marcus & Millichap’s Zach Taylor, Brian Munn and Don McMinn brokered the sale on behalf of both the seller and the buyer. The buyer, who typically invests in self-storage assets, purchased Emerald Place as it provided a more attractive yield than other self-storage options, according to Taylor.

December 19, 2019

Development Midwest Minnesota Office

DRA Advisors, Wildamere Capital to Renovate, Rename Office Towers in Downtown Minneapolis

by Kristin Harlow December 19, 2019

MINNEAPOLIS — Owners DRA Advisors and Wildamere Capital Management plan to renovate and rename the office towers located at 900 and 920 S. Second Ave. in downtown Minneapolis. Previously known as Oracle and International Centre, the new name for the 622,173-square-foot property will be Forum. Plans call for an overhaul of the multi-story atrium and construction of a new skyway lounge with conference facilities and spec suites. Construction is expected to begin before the end of the year and be completed in 2020. Katie Tufford, Peter Fitzgerald, Tom Tracy and Courtney Rosoff of Cushman & Wakefield are the leasing agents. DRA Advisors and Wildamere purchased the towers in March.

December 19, 2019

Development Midwest Office Ohio

M+A Architects Completes Design of New 80,000 SF Office for White Castle in Columbus

by Kristin Harlow December 19, 2019

COLUMBUS, OHIO — M+A Architects has completed the interior design work of the new 80,000-square-foot home office for White Castle in Columbus. The office design incorporates shared workspaces and tributes to the hamburger chain’s history. Located at 555 W. Goodale St., it features a library, café, indoor fitness area, mother’s nursing suite and a spiral slide connecting the second floor to the first floor. The project team also included Architectural Alliance, POD Design and Elford.

December 19, 2019

Development Midwest Ohio Retail

Topgolf Opens 65,000 SF Venue in Metro Cleveland

by Kristin Harlow December 19, 2019

INDEPENDENCE, OHIO — Topgolf Entertainment Group has opened its newest Ohio location in the Cleveland area. The three-level, 65,000-square-foot venue will feature popular Topgolf games and technology as well as private event spaces. In addition to golf, guests will enjoy a chef-driven menu, drinks, big screen TVs and music. The Cleveland location is situated at 5820 Rockside Woods Blvd. More than 500 full- and part-time associates were hired in advance of the property’s opening. Topgolf also has locations in Columbus and Cincinnati.

December 19, 2019

Loans Midwest Missouri Retail

NorthMarq Arranges $12M Refinancing for Retail Center in Chesterfield, Missouri

by Kristin Harlow December 19, 2019

CHESTERFIELD, MO. — NorthMarq has arranged a $12 million loan for the refinancing of Hilltown Village Center in Chesterfield, a western suburb of St. Louis. Anchored by Schnucks grocery store, the 141,889-square-foot retail center is located at 101 Hilltown Village Center. Jeff Chaney of NorthMarq arranged the 15-year, fixed-rate loan on behalf of the borrower, RIJO Inc. A life insurance company provided the loan, which is amortized over 25 years.

December 19, 2019

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers Sale of 128-Unit Apartment Property in Aurora, Illinois

by Kristin Harlow December 19, 2019

AURORA, ILL. — Kiser Group has brokered the sale of 2000 Illinois, a 128-unit apartment property in Aurora. The sales price was undisclosed, but the cap rate was 5.64 percent. Constructed in 1973, the property includes parking and an outdoor pool. In 2014, the seller entered into a land use restriction agreement with the Illinois Housing Development Authority that stipulated 25 percent of the units be income-restricted to 60 percent of the area median income for a 10-year period. Matt Halper and Danny Mantis of Kiser represented the undisclosed buyer and seller.

December 19, 2019

Development Multifamily Texas

Fein to Develop 332-Unit Apartment Community at Springwoods Village in Metro Houston

by Taylor Williams December 19, 2019

SPRING, TEXAS — Locally based developer Fein has acquired 17.4 acres in the northern Houston suburb of Spring for the development of The Canopy at Springwoods Village, a 332-unit apartment community. The property will be located within the 2,000-acre Springwoods Village mixed-use development, which is situated at the confluence of Interstate 45, Hardy Toll Road and the Grand Parkway. Designed by Steinberg Dickey Collaborative, the community will offer one-, two- and three-bedroom units ranging in size from 552 to 1,705 square feet. Unit interiors will feature stone countertops, tile backsplashes, custom cabinetry, stainless steel appliances and full-sized washers and dryers. Amenities will include a clubroom with a golf simulator and billiard and ping pong tables, a fitness center with yoga and spin studios, pool with tanning ledges and cabanas and a 1.5-acre lake with surrounding walking trails. The groundbreaking is scheduled for January 2020, and completion is slated for the fourth quarter of 2021.

December 19, 2019

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