Property Type

Impressive Retail Growth Makes Chattanooga More Than Just a Place to Visit

by Taylor Williams August 13, 2019

If you have visited Chattanooga in the past year, it should come as no surprise that you are in fine company. Mayors and Economic Development executives from across the nation have been flocking to the Scenic City. Envious of the Chattanooga success story, they have come to witness firsthand the ongoing transformation that has made Chattanooga one of the most livable, sensational and progressive mid-sized cities in America. The Chattanooga retail market is strong, chiefly due to the overall health and culture of the entire city. River City Co., a longtime successful, private nonprofit led by CEO Kim White, touts itself as the economic development engine for downtown. It reports the cost of living in vibrant downtown Chattanooga is 15.9 percent less than the national average. This has drawn everyone from millennials to retirees to the vibrancy and livability of the city. Tourism in a non-coastal Southern city with fewer than 180,000 residents may seem not even worth pursuing, but Chattanooga hosts more than 3 million annual visitors. Travelers are lured by destinations such as the Tennessee Aquarium, Children’s Discovery Museum and the IMAX. There are also events such as the Ironman; the Head of the Hooch, which is one …

August 13, 2019

Acquisitions Colorado Multifamily New York Northeast Top Stories Western

UDR, MetLife to Swap Stakes in Joint Venture Multifamily Portfolio Valued at $1.8B

by John Nelson August 13, 2019

DENVER AND NEW YORK CITY — UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, has struck an agreement with its joint venture partner MetLife Investment Management to swap their interests in a national multifamily portfolio in a deal valued at nearly $1.8 billion. As part of the agreement, UDR will buy out MetLife’s stake in 10 apartment communities, one property under construction and four development land sites that are collectively valued at $1.1 billion. The 10 properties total 3,321 units and include Strata in San Diego; Crescent Falls Church in Falls Church, Va.; Charles River Landing, Lodge at Ames Pond and Lenox Farms in metro Boston; Towson Promenade in Towson, Md.; and the 1,513-unit, four-property Vitruvian Park campus in Addison, Texas. The assets have an average age of eight years and 95.7 percent occupancy at the time of this announcement. “The acquired communities are primarily located in markets targeted for expansion, are immediately accretive to our earnings, have operational upside and improve the diversification of our portfolio,” says Tom Toomey, chairman and CEO of UDR. Also as part of the agreement, MetLife Investment Management will purchase UDR’s stake in five apartment communities valued at a combined $645 million. …

August 13, 2019

Development Florida Loans Office Southeast

JLL Arranges $300M Construction Loan for Office Tower in Miami

by Alex Tostado August 12, 2019

MIAMI — JLL has arranged a $300 million construction loan for the development of 830 Brickell, a 56-story, 1 million-square-foot office tower in Miami’s Brickell district. MSD Partners provided the four-year loan to the developers, a joint venture between OKO Group and Cain International. Located at 830 SE First Ave., 830 Brickell is slated for completion in early 2022. The property is situated next to a MetroMover station, as well as Brickell City Centre, a $1.5 billion, 506,000-square-foot mixed-use development.

August 12, 2019

Development Mixed-Use North Carolina Southeast

Beacon Partners to Break Ground on Mixed-Use Project in Charlotte

by Alex Tostado August 12, 2019

CHARLOTTE, N.C. — Beacon Partners is set to break ground this month on The Square at South End, which will include a 10-story building that will feature 150,000 square feet of office space and 8,000 square feet of ground-floor retail space. The project will also include a multifamily building that will be connected by an outdoor plaza. Construction is expected to be complete by the end of 2020. Amenities at the office building will include outdoor decks on multiple floors, a 2,400-square-foot coffee bar for tenants and guests, two-story fitness center, outdoor wellness area and a 2,500-square-foot patio overlooking Uptown Charlotte. As part of the project, Beacon will partner with Mecklenburg County Park and Recreation to develop Wilmore Centennial Park, a 1.5-acre park located at the intersection of South Tryon and Kingston streets. Centro Cityworks will develop the multifamily portion of The Square at South End. The design teams for the office portion includes Axion as the architect, Edifice as the general contractor and LandDesign as the civil engineer. Kristy Venning and Erin Shaw of Beacon Partners will handle leasing. Sauceman’s, a local barbecue restaurant, plans to relocate to a new, larger space next to Sugar Creek Brewery.

August 12, 2019

Acquisitions Georgia Industrial Southeast

IDI Logistics Sells 750,000 SF Industrial Building in Central Georgia to Five Below

by Alex Tostado August 12, 2019

FORSYTH, GA. — IDI Logistics has sold a 750,000-square-foot, build-to-suit industrial facility to Five Below in Forsyth. The new building, which IDI delivered in May, features 40-foot clear heights. This was the first building delivered within IDI’s Meridian 75 Logistics Center, a 250-acre industrial park located about 60 miles south of downtown Atlanta. Five Below has occupied the entire distribution facility since it opened. Founded in 2002, Philadelphia-based Five Below is a national retailer that sells products that cost $5 or less. Bob Robers and Pat Murphy of Cushman & Wakefield represented IDI Logistics in the transaction. Mark Sims, Ray Stache and Lisa Pittman of Cushman & Wakefield represented Five Below. The sales price was not disclosed.

August 12, 2019

Acquisitions Kentucky Office Southeast

Cushman & Wakefield, Affiliate Firm Broker $10.9M Sale of Office Building in Louisville

by Alex Tostado August 12, 2019

LOUISVILLE, KY. — Cushman & Wakefield and Cushman & Wakefield | Commercial Kentucky have brokered the $10.9 million sale of Paragon Place, a three-story, 83,153-square-foot office building in Louisville. Paragon Place is situated at 9100 Shelbyville Road, 12 miles east of downtown Louisville. Amenities at the property include a conference center, courtyard with a fountain and tenant storage space. Craig Collins of Cushman & Wakefield | Commercial Kentucky and Samir Idris and Andy Johns of Cushman & Wakefield represented the sellers, Banyan Street Capital and Oaktree Capital, in the transaction. The buyer was not disclosed.

August 12, 2019

Leasing Activity Office South Carolina Southeast

Colliers Negotiates 239,701 SF Office Lease in Greenville

by Alex Tostado August 12, 2019

GREENVILLE, S.C. — Colliers International has negotiated a 239,701-square-foot lease for Greenville County within Axis Office Park. The local government will also have the option to purchase the office park. Details of the option were not disclosed. Axis Office Park comprises two three-story buildings located at 350 and 325 Halton Road, five miles east of downtown Greenville. Tempus Realty Partners acquired the property in 2017 when the buildings were vacant. Brantley Anderson and Taylor Allen of Colliers represented the landlord in the transaction.

August 12, 2019

Arizona Development Multifamily Seniors Housing Western

Life Care Services Underway with $100M Second Phase at Sagewood CCRC in Phoenix

by Amy Works August 12, 2019

PHOENIX — Life Care Services is developing the $100 million second phase at Sagewood in Phoenix. Westminster Capital is the joint venture development partner of the property, which opened in 2010 and currently has 316 units. Situated on 3.5 acres, the 220,000-square-foot second phase will include 101 independent living apartments. Phase II will feature one- and two-bedroom apartment homes; an 18-hole championship golf putting course; new dining facilities, including The Owl’s Nest restaurant and lounge; expansion of the existing Canyon Café; and an expansion of the current Palo Verde Dining Room, which will become an entirely new, separate venue. Additionally, the second phase will include card rooms and new administrative offices. The new phase will offer 13 different apartment home floor plans, ranging from one-bedroom units to two-bedroom plus den layouts. The units will measure between 873 square feet and 2,351 square feet. All residences will also include patios or balconies offering scenic views. Todd & Associates is serving as architect and The Weitz Co. is building the project. Phase II will be the largest addition to Sagewood since opening in 2010. The new phase is slated for completion in late 2020. Sagewood features a fitness center, movie theaters, indoor …

August 12, 2019

Acquisitions California Office Western

Drawbridge Realty Buys 390,600 SF Pacific Center Office Campus in Orange County for $97.5M

by Amy Works August 12, 2019

SANTA ANA, CALIF. — San Francisco-based Drawbridge Realty has purchased Pacific Center, a two-building corporate office campus in Santa Ana, for $97.5 million. The seller was a joint venture between Los Angeles-based PCCP and Costa Mesa, Calif.-based Brookhollow. Located at 1600-1610 E. Saint Andrew Place, Pacific Center features 390,600 square feet of office space and was renovated in 2017. With Drawbridge’s previous acquisition of 1700 E. Saint Andrew Place, the company now owns more than 37 acres of contiguous land and improvements along East Saint Andrew Place. Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank represented the seller in the transaction.

August 12, 2019

Acquisitions California Multifamily Seniors Housing Western

1031 Crowdfunding Acquires 100-Bed Assisted Living, Memory Care Facility in Southern California for $20.1M

by Amy Works August 12, 2019

RANCHO CUCAMONGA, Calif. — 1031 CF Properties, an affiliate of 1031 Crowdfunding, has purchased an assisted living and memory care facility located in Rancho Cucamonga for $20.1 million. Meridian Senior Living operates the 100-bed property. Additional terms of the transaction were not released.

August 12, 2019

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