Property Type

HLM Realty Buys Office Complex in Metro Raleigh for $69M

by Amy Works November 2, 2018

CARY, N.C. — New York-based HLM Realty has purchased Crescent Lakeside I and II, an office complex located within The Crescent business park in Cary, a suburb of Raleigh. Crescent Lakeside LLC sold the asset for $69 million. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF, along with Frank Baird of Capital Associates Management, represented the seller in the transaction. Located at 1225 and 1255 Crescent Green Drive, the two-building asset features 254,796 square feet of Class A office space. Completed in 2001 and 2009, respectively, the three-story Crescent Lakeside I and the four-story Crescent Lakeside II were 98.9 percent leased to a variety of tenants at the time of sale, including Hill-Rom and Precision Lender. Capital Associates Management, in partnership with Boddie-Noell Enterprises, developed the office properties. The Crescent is a mixed-use development featuring entertainment, retail, lifestyle amenities, the Koka Booth Amphitheater, walking/jogging trails and the 30-acre Symphony Lake.

November 2, 2018

Acquisitions Healthcare Illinois Midwest

Sterling Bay Purchases 119,415 SF Medical Research Center in Chicago

by Kristin Harlow November 2, 2018

CHICAGO — Sterling Bay has purchased the Stanley Manne Children’s Research Institute in Chicago for an undisclosed price. Ann & Robert H. Lurie Children’s Hospital of Chicago was the seller. The hospital will lease the 119,415-square-foot research center from Sterling Bay until its research operations are fully consolidated at the Simpson Querry Biomedical Research Center in Streeterville in summer 2019. Originally built in 1995, the research center was expanded in 2003. In recent years, Sterling Bay has been one of the most active developers and acquirers within the city. This purchase is the latest of several high-profile recent and pending acquisitions within Sterling Bay’s portfolio of Chicago properties, including Prudential Plaza, Lincoln Yards, the tech campus at 600 W. Chicago, and 875 N. Michigan, formerly known as the John Hancock building.

November 2, 2018

Illinois Loans Midwest Mixed-Use

Alliant Provides $15M Refinancing for 10-Property Portfolio in Chicago

by Kristin Harlow November 2, 2018

CHICAGO — Alliant Credit Union has provided a $15 million loan for the refinancing of a 10-property portfolio in Chicago. Located on the north side of Chicago, the portfolio includes a mix of apartment, retail and office buildings. The properties, which were fully occupied at the time of the loan closing, range in size from a two-unit commercial building to a 48-unit multifamily development. Gershon Friedman of Meridian Capital arranged the 15-year, fixed-rate loan. The borrower was not disclosed.

November 2, 2018

Development Iowa Midwest Retail

Kraus-Anderson Completes 9,500 SF Casino for Ponca Tribe in Carter Lake, Iowa

by Kristin Harlow November 2, 2018

CARTER LAKE, IOWA — Kraus-Anderson Construction has completed the first phase of Prairie Flower Casino on behalf of the Ponca Tribe of Nebraska. The 9,500-square-foot gaming facility is located in Carter Lake, a northwest suburb of Omaha. The property will include 200 slot-style games and a full-service bar. Approximately 100 individuals will be employed at the casino. The Ponca Tribe of Nebraska has nearly 4,300 tribal citizens, with almost half of them residing in the states of Iowa and Nebraska. The name Prairie Flower has a special meaning to the Ponca Tribe of Nebraska. Standing Bear, a former tribe chief circa 1879, had a daughter named Prairie Flower who passed away during the tribe’s forced relocation to Oklahoma.

November 2, 2018

Industrial Leasing Activity Midwest Wisconsin

Zilber Property Group Leases Industrial Building to Paasche Airbrush in Kenosha, Wisconsin

by Kristin Harlow November 2, 2018

KENOSHA, WIS. — Zilber Property Group has leased a 42,235-square-foot industrial building to Paasche Airbrush Co. in Kenosha. Located in the Business Park of Kenosha, the recently constructed facility features a clear height of 28 feet and is located near I-94. Established in 1904, Paasche Airbrush is a family-owned and operated manufacturer of artist airbrushes, industrial spray guns and spray booths. Brett Kroner and Keith Puritz of Cushman & Wakefield represented the tenant in the lease transaction. Michael Kleber, Sergio Chapa and Mike Prost of Newmark Knight Frank represented Zilber Property Group.

November 2, 2018

Acquisitions Multifamily North Carolina Southeast

TH Real Estate Sells Apartment Community in Durham for $42.7M

by Amy Works November 2, 2018

DURHAM, N.C. — TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA), has completed the sale of Southpoint Glen, a multifamily property located at 5800 Tattersall Drive in Durham. Washington, D.C.-based StoneBridge Investments acquired the property for $42.7 million. Located within minutes of Research Triangle Park (RTP), the garden-style apartment community features 346 units, a swimming pool and a fitness center. The buyer plans to renovate portions of the property, including adding upgraded cabinets, faux granite countertops, tile backsplashes, two-inch blinds and plank flooring with soundproofing to individual apartments. StoneBridge also plans to expand the swimming pool and fitness center, add an outdoor fitness area and repurpose the existing sand volleyball court. Elliott Throne and Roger Edwards of HFF secured a seven-year fixed-rate acquisition loan through Freddie Mac’s CME Program for Stonebridge.

November 2, 2018

Acquisitions Hospitality Maryland Southeast

Blue Ocean Acquires 171-Room DoubleTree by Hilton Hotel Near Baltimore

by Amy Works November 2, 2018

PIKESVILLE, MD. — Blue Ocean has purchased the DoubleTree by Hilton Hotel and Conference Center located at 1726 Reisterstown Road in Pikesville, for an undisclosed price. Situated on 10 acres in Baltimore County, the hotel features 171 guestrooms, a 50,000-square-foot indoor tennis and fitness facility and office and retail buildings spanning 32,000 square feet. Steven Cornblatt and Gary Olschansky of Trout Daniel & Associates assisted Blue Ocean in the off-market deal. This transaction marks Blue Ocean’s first hotel acquisition. The Baltimore-based firm plans to renovate the asset in the coming years.

November 2, 2018

Loans Retail Southeast Virginia

Cohen Financial Arranges $12.5M Acquisition Loan for Retail Property in Metro D.C. Leased to REI

by Amy Works November 2, 2018

MCLEAN, VA. — Cohen Financial has secured a $12.5 million loan with Reinsurance Group of America for the acquisition of a retail property in McLean, about 10 miles west of Washington, D.C. Thomas Wiedeman of Cohen Financial secured the fixed-rate, non-recourse, 11-year loan with a 20-year amortization schedule and a 65 percent loan-to-value ratio for the borrower, a local commercial real estate investor. REI Tysons occupies the 32,857-square-foot, single-tenant property located at 8209 Watson St. in McLean.

November 2, 2018

Acquisitions Georgia Multifamily Southeast

FCP, Croatan Investments Sell 217-Unit Apartment Community in Metro Atlanta

by Amy Works November 2, 2018

DECATUR, GA. — FCP, along with partner Croatan Investments, has completed the sale of The Clarion, a 217-unit apartment community in Decatur, about six miles northeast of Atlanta. Gamma Real Estate acquired the property for an undisclosed price. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the sellers, which recently completed renovations to individual units along and improvements to the building exteriors, common areas and community amenities. Built in 1990, The Clarion is situated near Emory University, the Centers for Disease Control and Prevention (CDC) and DeKalb Medical Center. Rents range from $1,115 to $2,165, according to Apartments.com. Community amenities include on-site laundry facilities, a clubhouse, tennis court, fitness center and a swimming pool with a sundeck.

November 2, 2018

Arizona Development Mixed-Use Top Stories Western

Nationwide Realty Investors Unveils Plans for 1.8 MSF Mixed-Use Development in Scottsdale, Arizona

by Kristin Harlow November 2, 2018

SCOTTSDALE, ARIZ. — Nationwide Realty Investors has unveiled plans for Cavasson, a 1.8 million-square-foot mixed-use development in Scottsdale, just east of Phoenix. The initial phase of the project will include a 460,000-square-foot regional headquarters for Nationwide Insurance as well as 1,600 apartment units, retail and restaurants, two hotel sites and a six-story parking structure. Groundbreaking for Phase I is slated for next year. The walkable development will include sidewalks, bike paths, green spaces and community gathering places. The project will feature an infrastructure investment of approximately $30 million for new roads, sidewalks and flood mitigation improvements. Cavasson will be located along Loop 101, at the southwest corner of Hayden Road and Legacy Boulevard. “This is the best undeveloped site in the region,” says Brian Ellis, president and COO of Nationwide Realty Investors. “It has tremendous visibility, great connectivity to amenities and services, and outstanding access.” The regional headquarters building for Nationwide Insurance will house approximately 2,200 employees. Nationwide plans to move its team into the new building in late 2020. In September, Nationwide Realty Investors purchased the 134-acre site for the project at a state auction. Proceeds from the purchase went to the Permanent Land Endowment Trust Fund, which is …

November 2, 2018

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