Property Type

Passco Acquires Newly Built Apartment Community in Asheville for $56.6M

by Amy Works October 30, 2018

ASHEVILLE, N.C. — Passco Cos. has purchased Asheville Exchange, a Class A multifamily property located at 105 Exchange Circle in Asheville. Hathaway Development sold the property for $56.6 million. This transaction is Passco’s first multifamily acquisition in Asheville, and its first North Carolina purchase in nearly five years. Completed in 2017, Asheville Exchange features 312 units in a mix of one-, two- and three-bedroom layouts with energy-efficient appliances, granite kitchen countertops and tiled backsplash, wine racks, modern cabinetry and full-sized washers and dryers in select units. Community amenities include bike and kayak storage, a clubhouse with Wi-Fi, controlled-access gates, car care center, dog park and pet care station, fitness center, game room with billiards, bocce ball court, outdoor lounge and grilling area, resident business center, saltwater swimming pool, tanning salon and massage room and valet trash service. Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco.

October 30, 2018

Loans Multifamily South Carolina Southeast

Grandbridge Provides $31.5M Freddie Mac Loan for New Multifamily Community Near Charleston

by Amy Works October 30, 2018

JOHNS ISLAND, S.C. — Grandbridge Real Estate Capital has closed a $31.5 million first-mortgage loan for Crowne at Live Oak Square, a multifamily community located at 3014 Reva Ridge Drive in Johns Island, an island 16 miles southwest of Charleston. The name of the borrower was not released. Funding for the permanent, fixed-rate refinance was originated through Freddie Mac’s Lease-Up loan program, which is designed for refinancing newly constructed properties. The 11-year, non-recourse loan was structured with an initial period of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 282-unit Crowne at Live Oak Square comprises 11 three- and four-story buildings across 18.9 acres. Units feature nine-foot ceilings, crown molding in living and dining areas, stainless steel appliances, European cabinets and granite countertops. Community amenities include a resort-style swimming pool, sun deck, grill area and cabana, interactive health and athletic center, lounge area with multiple TVs, media center, hiking trails and a pet spa and grooming station. The apartment community is situated within PUD, a mixed-use development that features a shopping center.

October 30, 2018

Florida Industrial Loans Office Southeast

NorthMarq Capital Arranges $24M Refinancing for 311,287 SF Flex Property in Melbourne, Florida

by Amy Works October 30, 2018

MELBOURNE, FLA. — NorthMarq Capital has secured the $24 million refinancing of an office and manufacturing property located at 100 N. Babcock St. in Melbourne. Leonardo DRS Inc. occupies the 311,287-square-foot facility. The company is a developer of mission-critical products and services that support military forces, intelligence agencies and prime contractors. Robert Hernandez and Lauren Hanley of NorthMarq’s Tampa office arranged the 11-year loan through an unnamed life insurance company.

October 30, 2018

Acquisitions Georgia Industrial Self-Storage Southeast

Ackerman Sells 105,800 SF Warehouse in Metro Atlanta for $5.3M, Buyer Planning Self-Storage Conversion

by Amy Works October 30, 2018

TUCKER, GA. — Ackerman & Co. has sold an industrial building, located at 2232 Mountain Industrial Blvd. within Stone Mountain Industrial Park in Tucker. Mequity Cos. purchased the property for $5.3 million. The buyer, an Atlanta-based real estate development and investment firm, is redeveloping the 105,800-square-foot warehouse into a build-to-suit project for CubeSmart. The climate-controlled self-storage facility is slated for completion by year’s end. Brett Buckner, Jimmy Stevens and Major Martin of Ackerman & Co. provided in-house representation for the seller. Ackerman & Co. originally acquired the 4.1 million-square-foot Stone Mountain industrial portfolio in 2015.

October 30, 2018

Acquisitions California Industrial Western

IDS Real Estate Group Buys 544,864 SF Industrial Portfolio in San Diego

by Amy Works October 30, 2018

SAN DIEGO — An affiliate of IDS Real Estate Group has purchased a four-building industrial portfolio within Siempre Viva Business Park in San Diego’s Otay Mesa submarket, for an undisclosed price. Situated on 28.1 acres, the 99 percent-leased portfolio is located at 8690 Kerns St., 2660 Sarnen St. and 8863 and 9043 Siempre Viva Road. Totaling 544,864 square feet, the properties feature 24- to 32-foot clear heights, wide truck courts, loading via 98 dock-high and 14 grade-level doors, an above-standard parking ratio, and low office built-out. The properties were originally constructed between 2001 and 2003. Nick Frasco, Nick Psyllos and Andrew Briner of HFF represented the undisclosed seller in the deal.

October 30, 2018

Acquisitions Midwest Office Ohio

Zamir Equities Acquires 559,299 SF Office Tower in Cleveland

by Kristin Harlow October 30, 2018

CLEVELAND — Zamir Equities LLC has acquired 1111 Superior Avenue, a 559,299-square-foot office tower in downtown Cleveland. While the purchase price is not available, The Plain Dealer reports that Zamir took out a $46 million mortgage on the property. The property is positioned along the city’s main thoroughfare and overlooks Lake Erie. The 28-story tower was renovated in 2014. Amenities include a conference facility, fitness facility, yoga room and David’s Deli. Anchored by the Cleveland Metropolitan School District, the property is 83.4 percent leased to tenants such as Asurint and MetLife Services & Solutions. Jaime Fink, Jeffrey Bramson, John Merrill, Bryan Rosenberg and Patrick Shields of HFF represented the seller, American Landmark Properties Corp. The team also procured the buyer.

October 30, 2018

Acquisitions Office Utah Western

Terracom Acquires 120,000 SF Office Campus in Provo, Utah

by Amy Works October 30, 2018

PROVO, UTAH — Terracom has purchased The Park at Riverwoods, an office campus situated on 9.2 acres in Provo. Brentwood Provo sold the property for an undisclosed price. The two-building, 120,000-square-foot property formerly served as headquarters for Ancestry.com. Brandon Fugal, Josh Smith and James Bullington of Colliers International represented both parties in the transaction.

October 30, 2018

Development Montana Multifamily Seniors Housing Western

Immanuel Lutheran Communities Finishes Independent Living Addition to CCRC in Montana

by Amy Works October 30, 2018

KALISPELL, MONT. — Immanuel Lutheran Communities has completed a 58,000-square-foot independent living expansion at its continuing care retirement community in Kalispell, which it claims as the only continuing care retirement community (CCRC) in Northwest Montana. Known as The Villas at Buffalo Hill, the project added 36 units to the larger community. A grand opening will be held Saturday, Nov. 3. “We have been expanding and renovating in phases over the last few years, including the goal to significantly grow the number of our independent living residences to meet the evolving senior demographic,” said Jason Cronk, the company’s CEO. The new community also features the Wooden Nickel Bistro and Lounge with coffee bar and outdoor café dining, the Claremont Restaurant, and a variety of other services and amenities. Swank Enterprises built the expansion, which MMW and CJMW Architects designed. Sales and marketing services are provided by Solutions Advisors. Sawgrass Partners provided development advisory and financial planning services.

October 30, 2018

Development Indiana Industrial Midwest

CT Realty Buys 95-Acre Land Site Near Indianapolis for Development of 1 MSF Industrial Building

by Kristin Harlow October 30, 2018

WHITESTOWN, IND. — CT Realty has purchased a 95-acre land site in Whitestown, about 20 miles northwest of Indianapolis. The purchase price was not disclosed. The developer plans to build a 1 million-square-foot building. Project costs are estimated at $50 million. CT acquired the land from GDI Cos., which is the master planner for the surrounding Crossroads Logistics Center. The project will be situated within a one-day drive of 57 percent of the U.S. population, according to CT. Completion is slated for late 2019. Terry Busch of CBRE represented GDI, which will serve as general contractor via its subsidiary GDI Construction. Busch is also handling lease-up of the building.

October 30, 2018

Acquisitions California Office Western

Gemdale USA, Lincoln Property Co. Sell 56,179 SF Office Building in Downtown San Francisco

by Amy Works October 30, 2018

SAN FRANCISCO — Gemdale USA Corp. and Lincoln Property Co. have completed the sale of 500 Pine, an office building in downtown San Francisco. Heitman acquired the property on behalf of an affiliate for an undisclosed price. Michael Leggett, Gerry Rohm, Ben Bullock, David Dokko and Thomas Foley of HFF represented the seller and procured the buyer. Completed in 2017, the 56,179-square-foot building is LEED-Gold certified and features open floor plans, floor-to-ceiling window lines, a rooftop balcony and on-site parking with a bike room and showers. CVS/pharmacy and Blend fully lease the five-story building.

October 30, 2018

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