Property Type

Foundry Commercial, Miller Construction to Develop Two Industrial Buildings in South Florida Totaling 318,043 SF

by Amy Works October 22, 2018

DORAL, FLA. — Foundry Commercial, with Miller Construction Co. as general contractor, is developing two new Class A industrial buildings totaling 318,043 square feet at Miami Central Commons, a business park located at 2301 N.W. 107th Ave. in Doral. Both buildings are scheduled for completion in mid-2019. The $20.6 million tilt-wall construction project is creating 155,350 square feet of showroom space with Building 1 and 162,693 square feet of industrial distribution space with Building 2. Designed by Boca Raton, Fla.-based RLC Architects, the facilities will feature 32-foot clear heights, 54-foot column spacing and a 60-foot speed bay. Part of the construction process includes the relocation of the main entry and security check-in area, as well as the entire parking area around the existing buildings. Miller Construction is demolishing the park’s original 1980’s administration and security check-in building as the site is being reconfigured to accommodate Building 2.

October 22, 2018

Development Hospitality Mixed-Use North Carolina Office Restaurant Retail Southeast

Spectrum, Invesco to Develop Five-Acre Mixed-Use Project in Charlotte

by Amy Works October 22, 2018

CHARLOTTE, N.C. — The Spectrum Cos., in partnership with Invesco Real Estate, is developing a mixed-use project located on a five-acre tract linking Charlotte’s South End with its Uptown business district. Located on South Tryon Street at Carson Boulevard, the project will include two nine-story, 220,000-square-foot office buildings, an urban plaza with event space, 40,000 square feet of street-level restaurant and retail space and a 200-room boutique hotel atop a parking deck. The office component includes a flared design that offers private terraces on each floor overlooking the urban plaza, street-level retail and Uptown city lights. Located on top of a parking deck, the lifestyle hotel will include a rooftop bar. The project is the first venture between Spectrum and Invesco.

October 22, 2018

Development Midwest Mixed-Use Ohio

Silverman & Co. Begins Development of The District at Deerfield Near Cincinnati

by Kristin Harlow October 22, 2018

DEERFIELD TOWNSHIP, OHIO — Silverman & Co. Inc. has broken ground on Phase I of The District at Deerfield, a $120 million mixed-use project in Deerfield Township near Cincinnati. Phase I includes a 242-unit apartment property known as One Deerfield and a medical office complex to be occupied by Mercy Health. Floor plans at One Deerfield will range from 590 to 1,600 square feet. Community amenities will include a wine and beer garden, fire pit, pool, fitness center, coffee bar, gaming lawn, pet spa and dog parks. Completion is slated for fall 2019. Phase II will encompass a variety of commercial offerings, with an emphasis on premier dining, shopping and entertainment. OnSite Retail Group will oversee the lease-up of the 95,000-square-foot retail and restaurant space. Plans also call for a 150-room hotel and a community park.

October 22, 2018

Development Midwest Multifamily Wisconsin

Korb + Associates, Thornton Tomasetti Unveil Design for Proposed 21-Story Timber Tower in Milwaukee

by Kristin Harlow October 22, 2018

MILWAUKEE — Korb + Associates Architects and structural engineering firm Thornton Tomasetti have unveiled the design for a proposed 21-story timber tower in downtown Milwaukee. New Land Enterprises is the developer for the 410,000-square-foot project known as Ascent. The multifamily building will include street-level retail space. At 238 feet tall, the tower is poised to become the tallest timber structure in the western hemisphere, according to Thornton Tomasetti. Mass timber structures help absorb carbon dioxide and save energy. They performs as well as, or better than, traditional materials in fire, earthquake and wind conditions, according to the project team. Construction is expected to begin in the fall of 2019.

October 22, 2018

Acquisitions Healthcare Illinois Midwest

SVN Brokers $3.5M Sale of Six-Acre Development Site in Kildeer, Illinois

by Kristin Harlow October 22, 2018

KILDEER, ILL. — SVN | Chicago Commercial has brokered the sale of a six-acre development site at 21481 N. Rand Road in Kildeer for $3.5 million. The purchaser plans to develop a 50,000-square-foot medical office building on the site located about 37 miles northwest of Chicago. Al Lindeman of SVN represented the undisclosed seller, while Avison Young represented the buyer.

October 22, 2018

Acquisitions Hospitality Midwest Ohio Wisconsin

HREC Arranges Sales of Red Roof Inn Hotels in Ohio, Wisconsin

by Kristin Harlow October 22, 2018

POLAND, OHIO AND MADISON, WIS. — HREC Investment Advisors has arranged the sale of the 117-room Red Roof Inn in Poland, Ohio, and the 108-room Red Roof Inn in Madison, Wis. The properties were sold separately to different investors for undisclosed prices. Each hotel will undergo renovations. Herb Warmbrodt, Zane Varvel, Lewis Thompson, Tom Sommer and Jim Merkel of HREC represented the seller.

October 22, 2018

Leasing Activity Michigan Midwest Retail

Metro Commercial Negotiates Two New Locations for EDGE Fitness in Metro Detroit

by Kristin Harlow October 22, 2018

DETROIT — Metro Commercial Real Estate has negotiated two new locations for The EDGE Fitness Club in metro Detroit. The fitness club will occupy 37,000 square feet in Farmington Hills in a space formerly occupied by Kohl’s. The opening is scheduled for the fourth quarter of 2019. In Sterling Heights, EDGE will occupy 36,676 square feet in a space formerly occupied by Kroger. The opening is also slated for the fourth quarter of 2019. Brandon Anapol of Metro led the leasing team. EDGE facilities are accessible at all hours. Fitness classes, training, nutrition and weight loss support are available.

October 22, 2018

Acquisitions District of Columbia Hospitality Southeast Top Stories

Queensgate Investments Acquires Marriott in Washington, D.C. for $54.1M, Plans Rebrand

by Taylor Williams October 22, 2018

WASHINGTON, D.C. — London-based investment firm Queensgate Investments (QI) has acquired the 148-room Courtyard by Marriott Washington D.C. for $54.1 million. QI purchased the property from affiliates of local builders Quadrangle Development Corp. and Capstone Development. The new ownership will rebrand the hotel as a Generator hotel, a line of hospitality properties featured in major European cities like Dublin, Paris, Barcelona and Amsterdam. Generator opened its first U.S. property in Miami in September. The hotel is located near Dupont Circle and offers amenities such as an outdoor pool, rooftop terrace and an onsite restaurant. Crestline will continue to manage the asset through 2019 as the rebranding effort unfolds. “The acquisition of the Washington D.C. asset marks the next step in Queensgate’s U.S. ambitions as we look to acquire both additional hotel assets to expand Generator as well as work on the acquisition of new standalone real estate platforms of significant scale,” says Jonathan Millet, head of acquisitions of QI. Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator in the transaction. — Taylor Williams

October 22, 2018

Industrial Market Reports Southeast Southeast Market Reports Virginia

Industrial Buyers, Developers Attracted to Richmond as Users Expand Locally

by John Nelson October 22, 2018

While there has been a strong demand for investment properties in Richmond, there remains a limited availability of both freestanding facilities and portfolio deals. In recent investment activity, the Byrd Corporate Park in eastern Henrico County sold to a joint venture between Dreyfuss Investments and Wells Holding Group for $31.3 million after previously transferring in 2011 for $26.3 million. The 10-building flex complex spans 475,783 square feet and was 80 percent leased at the time for sale. The three-building Interport Business Center, also located in eastern Henrico, sold at the end of 2017 to MDH Partners, adding to its Richmond International Airport area holdings. Containing 620,296 square feet total, the complex sold for $29 million and is now fully leased. Leasing Buoys Occupancy Local expansion has remained strong, a trend consistent with the Richmond market, and regional and national companies with an existing presence in the area have also announced expansions. The metro area has also seen the introduction of new manufacturers with large industrial footprints, further evidencing the benefits of the area’s location and infrastructure. At the mid-year mark, the Richmond area’s industrial market has continued to strengthen, closing with an overall occupancy rate of 94 percent in the …

October 22, 2018

Development Loans Mixed-Use New York Northeast

Madison Realty Capital Originates $36.1M Construction Loan for Mixed-Use Development in Upper West Side

by David Cohen October 19, 2018

NEW YORK CITY — Madison Realty Capital has provided a $36.1 million construction loan for a mixed-use development in the Upper West Side neighborhood of Manhattan. Located at 214 W. 72nd St., a vacant, five-story building currently occupies the property. The borrower, a partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers, is planning to construct a 21-story, 38,000-square-foot mixed-use project on the site that will include both residential and retail uses.

October 19, 2018

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