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AcquisitionsConnecticutNortheastOffice

Colliers Arranges $19.9M Sale of Office Complex in Farmington, Connecticut

by Taylor Williams

FARMINGTON, CONN. — Colliers International has arranged the sale of Pond View Corporate Center, a 236,302-square-foot office complex in Farmington, a western suburb of Hartford. The sales price was approximately $19.9 million. The two-building campus is situated on 34 acres off I-84 and offers amenities such as a fitness center, café, walking trails and a new conference and technology center. Tenants include Comcast, New England Asset Management and KBE Building Corp. John Cafasso, Ian Hunt and Conor LeBlanc of Colliers represented the seller, New Haven-based Fusco Farmington Associates LP, which sold the property to an undisclosed buyer.

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AcquisitionsConnecticutHospitalityNortheast

Emerald Hospitality Buys 139-Room Hilton Garden Inn Near New Haven, Connecticut

by Taylor Williams

WALLINGFORD, CONN. — Emerald Hospitality Associates, an Ohio-based hotel development and management firm, has purchased Hilton Garden Inn Wallingford/Meriden, a 139-room hotel in Wallingford, about 14 miles northeast of New Haven. The property offers a lobby bar and restaurant, as well as a 24-hour fitness center, pool, business center and 4,400 square feet of meeting space. Emerald plans to implement a capital improvement program to enhance the outdoor spaces, lobby and other features. This acquisition was executed in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality and Core Real Estate Capital. The seller was not disclosed.

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DevelopmentIndustrialMidwestMissouri

US Capital Development Breaks Ground on $20M Industrial Build-to-Suit for 1st Phorm in Fenton, Missouri

by Kristin Harlow

FENTON, MO. — US Capital Development has broken ground on a $20 million industrial build-to-suit for 1st Phorm at Fenton Logistics Park in Missouri. The sports nutrition products manufacturer expects to occupy the 182,400-square-foot facility by early next year. Upon completion, the property will house more than 400 employees and feature an auditorium, gym, podcast room, basketball court, kitchen and media rooms in addition to office and warehousing space. With the addition of the new 1st Phorm facility, US Capital Development will have invested more than $111 million in developing Fenton Logistics Park and delivered 50 percent of the industrial space planned within the park. The developer continues to breathe new life into the site of the former Chrysler Plant, which now features 648,411 square feet of completed space, with 88 percent of those buildings occupied. M+H Architects is serving as the architect on the 1st Phorm project, while Stock & Associates is the consulting engineer and Alper Audi Inc. is the structural engineer. CBRE’s Jon Hinds and Katie Haywood represented US Capital Development while Noel Fehr of NAI Desco represented 1st Phorm.

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DevelopmentIndianaIndustrialMidwest

PCCP, Strategic Capital to Develop Two Industrial Buildings Totaling 724,878 SF Adjacent to Indianapolis Airport

by Kristin Harlow

INDIANAPOLIS — PCCP has formed a joint venture with Indianapolis-based Strategic Capital Partners LLC to develop the next phase of Metro Air Business Park in Plainfield on a speculative basis. The 100-acre business park is located along Ronald Reagan Parkway, adjacent to the Indianapolis International Airport. The next phase of development will total 724,878 square feet and will include a 223,480-square-foot Building 8 and a 501,398-square-foot Building 9. Construction is expected to begin in August with completion in the second quarter of 2020. Building 8 will have a clear height of 32 feet while Building 9 will feature a clear height of 36 feet.

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DevelopmentIllinoisMidwestRestaurantRetail

Largest Rooftop Deck Opens Atop Chicago’s Navy Pier

by Kristin Harlow

CHICAGO — Offshore, a 52,300-square-foot rooftop deck, has opened on the third floor of Chicago’s Navy Pier. The Guinness Book of World Records has named the establishment “the world’s largest rooftop deck.” The deck includes a bar, kitchen, terraces, seven fire pits, an entertainment and gaming area and multiple gathering spaces. Culinary direction for Offshore is led by Executive Chef Michael Shrader. Modern American cuisine is served as small, shareable plates. Clay Livingston, formerly of Red Herring Lounge and Kitchen, curates the beverage program seasonally, with house made craft cocktails, wine, champagne and local craft beer.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges $2.8M Sale of Property Net Leased to Thornton’s in Prospect Heights, Illinois

by Kristin Harlow

PROSPECT HEIGHTS, ILL. — Marcus & Millichap has arranged the $2.8 million sale of a 4,400-square-foot gas station and convenience store net leased to Thornton’s in Prospect Heights. The property is located at 1600 N. Rand Road in suburban Chicago. Thornton’s has 20 years remaining on its lease at the newly constructed property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller. The team also represented the private 1031 exchange buyer with assistance from Marcus & Millichap’s Joseph Bono.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Brokers Sale of 10,348 SF Industrial Building in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Lee & Associates has brokered the sale of a 10,348-square-foot industrial building located at 1640 Shanahan Drive in South Elgin. The sales price was not disclosed. Jay Farnam of Lee & Associates represented the buyer, West Bank Holdings. Morken & Associates represented the undisclosed seller.

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DevelopmentGeorgiaHospitalitySoutheast

Columbia Ventures to Convert Municipal Building in Savannah into $19M Boutique Hotel

by Alex Tostado

SAVANNAH, GA. — Columbia Ventures has acquired Broughton Municipal Building from the City of Savannah with plans to convert the property into a 43-room boutique hotel. The developer plans to put a restaurant on the ground floor, a bar on the rooftop and an entertainment space in the basement. Columbia Ventures expects to break ground on the hotel in the first quarter of 2020. Construction, which is expected to cost $19 million, will last one year. The developer will restore key exterior and interior elements during the renovation. The design team is led by Lynch & Associates. The sales price of the building was not disclosed.

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DevelopmentLoansMarylandMultifamilySoutheast

HFF Arranges $65.4M in Construction Debt, JV Equity to Build Multifamily Community in Metro D.C.

by Alex Tostado

NEW CARROLLTON, MD. — HFF has arranged a total of $65.4 million in capital for Urban Atlantic to develop The Stella, a 282-unit multifamily community in New Carrollton. HFF arranged a $46.6 million construction loan through TD Bank and also arranged $18.8 million in joint venture equity from Bridge Investment Group. The Stella will be located at 3950 Garden City Drive, which is situated within an Opportunity Zone about 11 miles northeast of downtown Washington, D.C. The property will offer studio, one-, two- and three-bedroom floor plans, as well as 3,500 square feet of ground-level retail space. Community amenities will include a swimming pool, common outdoor terraces, club room, game room, fitness center, coworking space, private entertaining room and terrace, coffee bar and a dog wash station. Urban Atlantic expects the project to be delivered in late 2020. Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker of HFF arranged both transactions.

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LoansMultifamilySoutheastVirginia

KeyBank Provides $50.2M Refinancing Loan for Multifamily Complex in Fredericksburg, Virginia

by Alex Tostado

FREDERICKSBURG, VA. — KeyBank Real Estate Capital has provided a $50.2 million Fannie Mae refinancing loan for Silver Collection at Celebrate, a 278-unit apartment community in Fredericksburg. The borrower, Meridian Capital Group, is using the refinancing to take out the balance sheet loan that KeyBank provided a year ago, which took out a previous construction loan. The new capital KeyBank provided is to repay the sponsor. Silver Collection at Celebrate comprises 12 three-story buildings and offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, pet spa, dog park, car wash area, spa facilities and an entertainment lounge. John Ward of KeyBank arranged the loan on behalf of the borrower.

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