Property Type

Berkadia Arranges Sale of 380-Unit Multifamily Property in Kansas City

by Kristin Harlow September 20, 2018

KANSAS CITY, MO. — Berkadia has arranged the sale of Plaza East, a garden- and townhome-style apartment community in Kansas City. Located at 1500 E. 46th St., Plaza East is convenient to The Country Club Plaza, Nelson Atkins Museum of Art and The University of Missouri-Kansas City. The 380-unit property was originally constructed in 1950 and has been partially upgraded over the last three years. Brett Meinzer and Michael Sullivan of Berkadia arranged the sale on behalf of a local private partnership. Time Equities Inc. purchased the asset for an undisclosed price.

September 20, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $4.8M Sale of Retail Property in New Jersey

by David Cohen September 20, 2018

RIVERVALE, N.J. — Marcus & Millichap has negotiated the $4.8 million sale of a 14,900-square-foot retail property in Rivervale also known as the Rudd O’Connor Building. Located at 184 Rivervale Road, the property is fully occupied by a mix of tenants. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a limited liability company.

September 20, 2018

Civic Development Midwest Minnesota

Kraus-Anderson Completes Construction of $50M Middle School in Cottage Grove, Minnesota

by Kristin Harlow September 20, 2018

COTTAGE GROVE, MINN. — Kraus-Anderson has completed the construction of Oltman Middle School in Cottage Grove. The $50 million school opened to students this month and replaces the former school in St. Paul Park. The facility can currently accommodate as many as 1,100 students in grades 6-8 with future expansion capabilities for as many as 1,450 students. Each grade level is housed in its own two-story section of the building. Designed by architects Rego + Youngquist, the 188,000-square-foot building includes new classrooms, a media center, state-of-the-art auditorium and performing arts center, pool, music suite, gym, fitness center, locker rooms, cafeteria, kitchen and administrative space.

September 20, 2018

Industrial Leasing Activity Midwest Wisconsin

Independence Corrugated Renews 120,000 SF Industrial Lease in Oak Creek, Wisconsin

by Kristin Harlow September 20, 2018

OAK CREEK, WIS. — Independence Corrugated LLC has renewed its 120,000-square-foot industrial lease in Oak Creek, about 12 miles south of Milwaukee. The facility is located at 7475 S. 6th St. Steve Sewart of Colliers International brokered the lease transaction. The landlord was not disclosed. Independence Corrugated is a producer of corrugated paper packaging.

September 20, 2018

California Loans Retail Western

Quantum Capital Arranges $16M Loan for New Retail Center in Downtown Los Angeles

by Amy Works September 20, 2018

LOS ANGELES — Quantum Capital Partners has secured $16 million in long-term first mortgage financing for the recapitalization of a retail center in downtown Los Angeles’ Arts District. Third Art Holdings, a local investment group, is the sponsor. Located at 833 E. Third St., the 27,000-square-foot retail center is the $5 million adaptive reuse of a 1930s-era bowstring truss warehouse building. Completed in 2017, the property is currently 100 percent leased to a variety of tenants, including Over the Influence, H. Lorenzo, Shinola, Salt and Straw, Salt Bae and Inko Nito. Proceeds from the 10-year CMBS loan originated by Deutsche Bank were used to take out the construction loan and return equity to the sponsor. Jonathan Hakakha and Mike Yim of Quantum Capital Partners arranged the financing for the borrower.

September 20, 2018

Development Office Texas

VanTrust to Develop 210,000 SF Spec Office Project in Frisco

by Taylor Williams September 20, 2018

FRISCO, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop The Offices Two at Frisco Station, a 210,000-square-foot speculative office project in Frisco. Construction of the six-story building, which will be located adjacent to The Star, will begin later this month with completion slated for September 2019. Amenities will include structured parking, a fitness center, conference center and tenant lounge. HKS Inc. is serving as project architect, Manhattan Construction is the design-build contractor and Kimley Horn & Associates is the civil engineer. Cushman & Wakefield will handle marketing and leasing of the property.

September 20, 2018

Development Florida Office Southeast

Bromley Cos. Unveils Plans for First Office Building Within $500M Midtown Tampa Project

by Camren Skelton September 20, 2018

TAMPA, FLA. — Bromley Cos. has unveiled plans for the first office building within the $500 million Midtown Tampa project in Tampa. The 140,000-square-foot, seven-story office building — dubbed Midtown One — will be the first of three office projects within the development. Midtown One will feature valet service, a full-service concierge and a pedestrian sky bridge connecting the building to Midtown Tampa’s retail and residential components. At full build-out, Midtown Tampa will include 1.8 million square feet of retail, residential, office, entertainment and hospitality space. Whole Foods Market will anchor the retail portion of the project. Cushman & Wakefield is overseeing the office leasing for the development. Bromley will break ground on Midtown One in early 2019, with completion scheduled for late 2020.

September 20, 2018

Georgia Loans Office Southeast

Square Mile Capital Provides $60M Loan for Refinancing of Office Building in Midtown Atlanta

by Camren Skelton September 20, 2018

ATLANTA — Square Mile Capital LLC has provided a $60 million loan for the refinancing of 1355 Peachtree, a 20-story office building in Atlanta’s Midtown district. Chris Campbell and Daniel Allman of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Oaktree Capital Management LP and Banyan Street Capital LLC affiliates. The 345,254-square-foot building is located within walking distance to the Arts Center MARTA station, Colony Square and other retail and cultural destinations. On-site amenities include a conference facility, concierge services, fitness center and an underground parking facility.

September 20, 2018

Acquisitions Multifamily Texas

American Landmark Acquires 208-Unit Apartment Community in Metro Houston

by Taylor Williams September 20, 2018

CONROE, TEXAS — Multifamily owner/operator American Landmark has acquired Hilltops Apartments, a 208-unit multifamily community in Conroe, located about 40 miles north of Houston. Built in 2017, the property offers one- and two-bedroom units averaging 881 square feet. Amenities include a pool, business center, game room, a fitness center and onsite laundry facilities. American Landmark plans to invest about $800,000 in capital improvements to the property, which was 92 percent occupied at the time of sale. The seller was not disclosed.

September 20, 2018

Georgia Loans Multifamily Southeast

NorthMarq Arranges $23.5M Acquisition Loan for Multifamily Community in Metro Atlanta

by Camren Skelton September 20, 2018

SANDY SPRINGS, GA. — NorthMarq Capital has arranged a $23.5 million loan for the acquisition of The Celebration at Sandy Springs, a 250-unit apartment community located at 7000 Roswell Road in Sandy Springs, roughly 16 miles north of downtown Atlanta. Brett Hood and Jeff Frankel of NorthMarq arranged the 10-year, floating-rate loan with five years of interest-only payments and a 30-year amortization schedule. A Chicago-based multifamily operator acquired the property. The Celebration at Sandy Springs features a fitness center, swimming pool, dog park, laundry facilities, business center, clubhouse and a playground.

September 20, 2018

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