Property Type

HFF Arranges $160M in Refinancing for Rodeo Drive Retail Property in Beverly Hills

by Amy Works January 14, 2019

BEVERLY HILLS, CALIF. — HFF has secured $160 million, or $5,691 per square foot, in refinancing for a high-street retail property located at 338-346 N. Rodeo Drive in Beverly Hills. Tom Ford, Bally and Balenciaga occupy the two-story, 28,114-square-foot retail property, which is situated on the premier 300 block and across street from the flagship Gucci store. Marc Schillinger led the HFF team that arranged the 10-year, fixed-rate loan through an entity managed by an affiliate of Apollo Global Management for the borrower, a private owner.

January 14, 2019

Arizona Development Industrial Western

Andersen, Opus Break Ground on 550,000 SF Manufacturing Facility in Goodyear, Arizona

by Amy Works January 14, 2019

GOODYEAR, ARIZ. — Minnesota-based Andersen Corp., a window and door manufacturer, along with Opus Development Co., has broken ground on a manufacturing facility within Goodyear Crossing Industrial Park in Goodyear. Situated on 26 acres, the 550,000-square-foot facility will feature 21 truck bays on the east side of the building, four truck bays on the southeast corner, rail service by two lines and a front entrance with two stories of glass windows. As lead developer, designer and constructor, Opus expects the building shell to be completed in October, and Andersen aims to have the facility fully operational by first-quarter 2020. The project team includes Opus Development Co. as developer, Opus Design Build as design-builder and Opus AE Group as architect and structural engineer of record. Cushman & Wakefield represented Andersen, while JLL represented Opus in the lease deal.

January 14, 2019

Acquisitions Colorado Industrial Western

Scott Development Group Sells Industrial Property in Denver for $6M

by Amy Works January 14, 2019

DENVER — Scott Development Group has completed the sale of an industrial facility located on a 4.5-acre site at 10777 E. 45th Ave. in Denver’s Montebello submarket. 3939 Williams Building Corp. acquired the property for $6 million. The property features 57,000 square feet of manufacturing and distribution space. Nick Schill of Pinnacle Real Estate Advisors represented the seller in the transaction.

January 14, 2019

Acquisitions Colorado Office Western

Newmark Knight Frank Directs $4.7M Purchase of Office Building in Colorado Springs

by Amy Works January 14, 2019

COLORADO SPRINGS, COLO. — Newmark Knight Frank (NKF) has arranged the acquisition of an office property located in Colorado Springs. GOG Properties LLC purchased the property from 1555 GOG LLC for $4.7 million. Located at 1555 Garden of the Gods Road, the property features 39,597 square feet of office space. Simon Penner of NKF represented the buyer, while NAI Highland represented the seller in the deal.

January 14, 2019

Acquisitions Florida Multifamily Southeast

Allen Morris Co. Sells Apartment Community in Downtown St. Petersburg for $107.6M

by John Nelson January 14, 2019

ST. PETERSBURG, FLA. — The Allen Morris Co., through an affiliate company named The Hermitage St. Pete LLC, has sold a 348-unit apartment community located at 151 7th St. South in downtown St. Petersburg. Toronto-based Brass Enterprises Inc. purchased the eight-story property, known as The Hermitage Apartment Homes, for $107.6 million. Walker & Dunlop represented The Allen Morris Co. in the transaction. Built in 2016, The Hermitage features a parking garage, rooftop terrace, sky lounge, resort-style swimming pool, fitness center, spa, package lockers, bike storage, business center, conference room, outdoor kitchen and fire pits, coffee bar and a pet grooming station. According to Apartments.com, monthly rental rates range from $1,565 for a studio apartment to $4,040 for a two-bedroom unit.

January 14, 2019

Development Florida Multifamily Southeast

CIM Delivers 43-Story Apartment Tower Within Miami Worldcenter Project

by John Nelson January 14, 2019

MIAMI — CIM Group has completed construction of CAOBA, a 43-story apartment tower located at 698 N.E. 1st Ave. in downtown Miami. The 444-unit building is the first tower to open at the $2 billion mixed-use Miami Worldcenter development. The City of Miami has approved an adjacent 40-story, 429-unit tower. CIM Group has received a Temporary Certificate of Occupancy for CAOBA, allowing residents to move into their apartments, which range from studios to three-bedroom units. Amenities include a resort-style pool deck with downtown and ocean views, fitness center and a clubroom with a chef’s kitchen, as well as pet-focused facilities including a dog-walking lawn and a dog-wash area. CAOBA also includes more than 15,000 square feet of ground-floor retail space for shops and restaurants that will connect to Miami Worldcenter’s retail promenade and plaza currently under construction. The property is situated one block from Miami Central, downtown’s new transportation hub, and Brightline’s high-speed rail Miami terminal.

January 14, 2019

Acquisitions Georgia Retail Southeast

CBRE Brokers Sale of Trader Joe’s-Anchored Shopping Center in Midtown Atlanta

by John Nelson January 14, 2019

ATLANTA — CBRE’s National Retail Partners has brokered the sale of Midtown Promenade, a 110,988-square-foot shopping center located at 931 Monroe Drive in Midtown Atlanta. Charlotte-based Asana Partners, which purchased Krog Street Market in Atlanta’s Inman Park neighborhood last year, bought the shopping center from an affiliate of Atlanta-based Ackerman & Co. for an undisclosed price. Chris Decoufle, Kevin Reavey and Kevin Hurley of CBRE represented the seller, Ackerman-Midtown Associates LLC. Anchored by Trader Joe’s, Midtown Promenade was 99 percent leased at the time of sale to tenants including Landmark Theaters Midtown Art Cinema, Starbucks Coffee, Richard’s Variety Store, MetroFresh, Apres Diem, The Highlander, The Independent and F.R.O.G.S. The shopping center sits on the edge of Piedmont Park along the Atlanta BeltLine’s Eastside Trail.

January 14, 2019

Development Georgia Mixed-Use Restaurant Retail Southeast

Selig to Bring Food Hall, Brewery to $1B Mixed-Use Project in Atlanta’s Upper Westside

by John Nelson January 14, 2019

ATLANTA — Selig Enterprises has added two new food and beverage tenants at The Works, a $1 billion mixed-use development underway on 80 acres in Atlanta’s Upper Westside neighborhood. The Atlanta-based developer has announced a new food hall known as Chattahoochee Food Works. Headed by Robert Montwaid of Gansevoort Consulting, the new food hall will occupy 16,000 square feet of space within The Makers Building, which will front a quarter-mile linear park known as The Spur. The food hall will feature vendors, a test kitchen, artisanal market shops, space for events and tables that double as charging stations. Selig will also add a new 9,000-square-foot taproom and macrobrewery for Scofflaw Brewing Co., an Atlanta brewery founded in 2016 by Matt Shirah and Travis Herman. The new location will serve as Scofflaw’s main research and development facility and will feature a programmed outdoor area with games and gathering places. Situated off Chattahoochee Avenue, The Works will span 350,000 square feet of retail and entertainment, 500,000 square feet of office space, 500 residences, 200 hotel rooms and 13 acres of green space. The 27-acre Phase I is currently under construction and scheduled for openings in early 2020.

January 14, 2019

Acquisitions Retail Southeast Tennessee

SRS Arranges Sale of 175,464 SF Shopping Center in Suburban Knoxville

by John Nelson January 14, 2019

ALCOA, TENN. — SRS Real Estate Partners has arranged the sale of Hamilton Crossing, a 175,464-square-foot shopping center located in the Knoxville suburb of Alcoa. The property was 95 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Ross Dress for Less, Michaels, PetSmart, Old Navy, Shoe Carnival, Buffalo Wild Wings, AT&T and Five Guys. Kyle Stonis, Pierce Mayson and Steve Miskew of SRS represented the undisclosed seller in the transaction. The buyer and terms of the sale were also not disclosed.

January 14, 2019

Acquisitions Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $24.5M Financing for Acquisition, Renovation of Affordable Housing Communities

by David Cohen January 14, 2019

NEW YORK CITY — KeyBank Community Development Lending and Investment (CDLI) has provided $24.5 million in financing for the acquisition and renovation of Highbridge Franklin and Twin Parks West, two New York City Housing Authority (NYCHA) properties in the Bronx. Together, the two properties total 647 units of permanent affordable housing. Both properties are part of NYCHA’s plan to finance, renovate and manage 1,700 apartment units across 17 developments under its Permanent Affordability Commitment Together (PACT) program. PACT is New York City’s implementation of the federal Rental Assistance Demonstration (RAD) program. KeyBank provided the financing to borrower Gilbane Development Co. Terms of the financing were not disclosed.

January 14, 2019

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