Property Type

Rubenstein, Monarch Acquire Transit-Oriented Mixed-Use Development in Atlanta for $187M

by Alex Tostado September 30, 2019

ATLANTA — Rubenstein Partners and Monarch Alternative Capital have acquired Lindbergh Center, a 1 million-square-foot mixed-use development in Atlanta’s Buckhead district, for $187 million. The property comprises twin 14-story office buildings above the MARTA Lindbergh Station and a 47-acre development that includes residential and retail space. Retailers include LongHorn Steakhouse, Taco Mac, Jimmy Johns, Willie’s and Five Guys. Residential communities include eon at Lindbergh and Alexan Buckhead Village. Lindbergh Center’s office towers are fully leased to AT&T until Dec. 31, 2020. The buyers plan to implement upgrades that will include improving the overall amenities at the property. Stewart Calhoun, David Meline, Samir Idris and Adam Spies of Cushman & Wakefield represented the seller, Columbia Property Trust, in the transaction. Mack Real Estate Credit Strategies (MRECS) provided first mortgage debt financing for the transaction. Columbia Property Trust purchased the development in 2008.

September 30, 2019

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of 400-Unit Multifamily Community in Orlando

by Alex Tostado September 30, 2019

ORLANDO, FLA. — CBRE has arranged the sale of Mirabella Waterford Lakes, a 400-unit multifamily community in Orlando. Built in 2000, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, fitness center, clubhouse, swimming pool, tennis court, volleyball court and a playground. The asset is located at 12101 Fountainbrook Blvd., 11 miles east of downtown Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Lantower Residential. Los Angeles-based PRG Investment & Management acquired the property, which was 95 percent occupied at the time of sale, for an undisclosed price.

September 30, 2019

Acquisitions District of Columbia Retail Southeast

Pebblebrook Sells Hotel Madera in D.C. for $23.3M

by Alex Tostado September 30, 2019

WASHINGTON, D.C. — Pebblebrook Hotel Trust has sold Kimpton Hotel Madera, an 82-room hotel in Washington, D.C., for $23.3 million. The property is located at 1310 New Hampshire Ave NW, three blocks south of Dupont Circle and one mile north of The White House. Amenities include free Wi-Fi, complimentary coffee and tea service, electric car charging stations and a yoga mat in each room. The buyer was not disclosed.

September 30, 2019

Acquisitions Development Industrial North Carolina Southeast

Beacon Partners Purchases 47,000 SF Warehouse in Charlotte, Plans to Convert into Office Space

by Alex Tostado September 30, 2019

CHARLOTTE, N.C. — Beacon Partners has purchased a 47,000-square-foot warehouse located at 2226 N. Davidson St. in Charlotte’s NoDa (North of Davison) submarket. The buyer will convert the one-story brick building into office and retail space for tenants seeking 4,000 to 7,000 square feet. The building, which was constructed in 1962, will be branded as the North Davidson Co-Operative, or NoDa Co-Op. Erin Shaw and Kristy Venning of Beacon will handle office leasing. Charles Thrift, also with Beacon, will handle retail leasing. Marty McLaughlin of Park Commercial Real Estate represented the undisclosed seller in the sale. NoDa Co-Op is expected to be complete in mid-2020.

September 30, 2019

Acquisitions Georgia Retail Southeast

Coro Realty Buys Two Parking Garages Connected to Underground Atlanta

by Alex Tostado September 30, 2019

ATLANTA — Coro Realty has bought two parking garages connected to Underground Atlanta. The decks, MLK 75 and MLK 95, are located on Martin Luther King Jr. Drive across the street from numerous government office buildings, including the Fulton County courthouse and the Georgia State Capitol complex. Coro intends to invest roughly $1 million in the garages, making improvements to the stairs, elevators, lighting, signage and parking equipment. With direct access to Underground Atlanta, MLK 75 and MLK 95 were built in 1980 and cover about 1.6 acres. The decks contain 1,254 parking spaces between the two buildings. When complete, Underground Atlanta will have more than 400,000 square feet of retail, restaurant, entertainment, office, residential space and a 351-room Yotel hotel. Brandon Rogoff, Nicholas Ricardo and Steven Morgan of NKF Capital Markets brokered the transaction. John Hancock Life Insurance Co. provided acquisition financing. The sales price was not disclosed.

September 30, 2019

Loans Mixed-Use New York Northeast

JLL Arranges $386M Loan for Refinancing of Mixed-Use Tower in Manhattan

by Alex Patton September 30, 2019

NEW YORK CITY — JLL has arranged $386 million loan for the refinancing of 70 Pine Street, a 1 million-square-foot mixed-use development in Manhattan’s Financial District. Goldman Sachs provided a five-year, floating-rate loan to refinance the original construction and redevelopment loan for the property. The tower comprises 612 rental apartments, a 132-room Lyric Hotel and approximately 30,500 square feet of retail space. Tenants include Black Fox Coffee, Blue Park Kitchen, City Acres grocery store and two restaurant concepts. Christopher Peck, Geoff Goldstein and Kristen Knapp of JLL arranged the loan for the borrower, a joint venture between DTH Capital and Rose Associates. A legal team from Hunton Andrews Kurth LLP advised the joint venture in the refinancing.

September 30, 2019

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 115,000 SF Office Building in Parsippany, New Jersey

by Alex Patton September 30, 2019

PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of 1 Gatehall Drive, a 115,000-square-foot office building in Parsippany, located approximately 25 miles west of New York City. At the time of sale, the building was 86 percent leased to more than 20 tenants. Gary Gabriel, David Bernhaut, Andy Merin, Frank DiTommaso, Andy Schwartz, William O’Keefe and Kelsey Nakamura of Cushman & Wakefield represented the seller, a joint venture between Lincoln Property Co, and Development Ventures Group. An affiliate of Lakewood Equities purchased the asset for an undisclosed price.

September 30, 2019

Acquisitions Northeast Pennsylvania Retail

Oak Street Health Signs 8,000 SF Retail Lease in Philadelphia

by Alex Patton September 30, 2019

PHILADELPHIA — Primary care provider Oak Street Health has signed an 8,000-square-foot retail lease in Philadelphia. The property is located within Strawberry Square Shopping Center, which also includes a Rite Aid, Dollar Plus and Save-a-Lot. Scott Benson of Metro Commercial represented Oak Street in the transaction. Richard Soloff of Soloff Realty & Development represented the landlord.

September 30, 2019

Development Illinois Midwest Multifamily

Summit Begins Adaptive Reuse Project at Former Historic Sears Store in Chicago

by Kristin Harlow September 30, 2019

CHICAGO — Summit Design + Build has begun the redevelopment of 1900 W. Lawrence Ave. in Chicago’s Ravenswood neighborhood. The building was formerly home to a Sears department store, which opened in 1925 and was shuttered in 2016. The adaptive reuse project involves the conversion of the commercial building into residential space, including 59 apartment units ranging from one- to three-bedroom floor plans. The 105,000-square-foot, three-story building spans the length of an entire city block along Lawrence Avenue. Summit plans to add a fourth floor as well as two elevators and three staircases. Since the building does not have many windows, extensive work will be required to create new openings for the apartments. The project will also feature 30,000 square feet of retail space, of which DeVry University will occupy approximately 15,000 square feet. The third Chicago campus for the university will include 11 classrooms, technology labs, interview rooms, staff offices and an auxiliary lounge. Newmark Knight Frank represented DeVry in its lease. CA Ventures and Springbank Capital Advisors are the developers. Gillespie Design Group is the project architect. Completion is slated for fall 2020.

September 30, 2019

Acquisitions Illinois Midwest Retail

NewMark Merrill Acquires 159,785 SF Shopping Center in Chicago for $17.3M

by Kristin Harlow September 30, 2019

CHICAGO — NewMark Merrill Cos. Inc. has acquired Stony Island Plaza in Chicago for $17.3 million. The 159,785-square-foot shopping center is located in the South Deering neighborhood at the intersection of 95th Street and Stony Island Avenue. Jewel-Osco and DD’s Discounts anchor the center, built in 1999. It is currently 93 percent leased to several local and national brands, including Circle K, KFC, H&R Block, Foot Locker, GNC, Happy Nails and Seashell Restaurant. NewMark Merrill plans to improve signage, parking areas and landscaping. Rick Drogosz of Mid-America Real Estate Corp. represented the institutional seller. Sandy Sigal and Jim Patton of NewMark Merrill negotiated the purchase on behalf of NewMark Merrill. Kostas Kavayiotidis of Pacific Southwest Realty arranged acquisition financing with John Hancock Life Insurance. Jeffery Packard, Tom Treacy and Chris Bingham of John Hancock originated the financing.

September 30, 2019

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