Property Type

McCarthy to Construct, Occupy New Office Building in Omaha

by Kristin Harlow May 7, 2019

OMAHA, NEB. — McCarthy Building Cos. Inc. will break ground on Wednesday, May 8 on an office and warehouse building that will serve as the company’s new local office in west Omaha. The 15,000-square-foot development will enable the construction company to expand its services within the healthcare, education, manufacturing, commercial, industrial and entertainment sectors. The office will include conference facilities and flexible gathering spaces. The climate-controlled warehouse will accommodate the delivery and short-term storage of construction materials as well as provide space for pre-assembly of building components. Completion is slated for December. Project partners include developer Tetrad Property Group, architect DLR Group and materials testing company Thiele Geotech. St. Louis-based first established its full-service Omaha office in 2007 and now oversees more than $200 million in construction work throughout Nebraska.

May 7, 2019

Loans Multifamily New York Northeast Student Housing

SunTrust Originates $13.3M Freddie Mac Acquisition Loan for Student Housing Asset in Ithaca, New York

by Taylor Williams May 7, 2019

ITHACA, N.Y. — SunTrust Banks Inc. has originated a $13.3 million acquisition loan for Gun Hill Residences, a 273-bed student housing property located adjacent to Cornell University in Ithaca, a city in upstate New York. The 94-unit property was close to full occupancy at the time of the loan closing. Yuchen Yang and Artin Anvar of SunTrust originated the loan, which featured a fixed interest rate, 10-year term and a 30-year amortization schedule. The borrower was New York-based DMG Investments LLC, a subsidiary of a Chinese development firm. The seller was not disclosed.

May 7, 2019

Acquisitions New York Northeast Office

Goldschmidt & Associates Brokers Sale of 10,000 SF Office Building in Mamaroneck, New York

by Taylor Williams May 7, 2019

MAMARONECK, N.Y. — Scarsdale, New York-based Goldschmidt & Associates has brokered the sale of the former Chase Bank building, a 10,000-square-foot office property in Mamaroneck, a northern suburb of New York City. The sales price was approximately $2 million. Pam Bren Goldschmidt and Adam Bren of Goldschmidt & Associates represented the seller in the transaction. The buyer was an undisclosed religious institution.

May 7, 2019

Acquisitions Georgia Multifamily Southeast Top Stories

RADCO Sells Multifamily Portfolio in Newnan, Georgia for $104.9M

by John Nelson May 7, 2019

NEWNAN, GA. — The RADCO Cos. has sold a three-property apartment portfolio in the southwest Atlanta suburb of Newnan for $104.9 million. Totaling 789 units, the three properties posted an average occupancy rate of 94 percent at the time of sale. Dallas-based McDowell Properties purchased the largest community in the portfolio, the 561-unit Creekside at White Oak. Colorado-based Vukota Capital Management acquired the other two assets — Woodlands at White Oak and Ashford at Brown Ridge, both of which hold 114 units. Shea Campbell, Colleen Hendrix, Ashish Cholia and Kevin Geiger of CBRE represented RADCO in the transaction. “Newnan remains one of Atlanta’s most desired submarkets with nearly 3,000 jobs added in the specialized healthcare field since 2010 and a surging industrial corridor,” says Campbell, senior vice president at CBRE. “This is a great investment in an area with limited supply of new apartments on the horizon.” The buyers have the potential to significantly renovate the portfolio’s unit interiors. RADCO, a multifamily investment firm based in Atlanta, left about two-thirds of the portfolio’s units in “classic condition,” according to CBRE. RADCO purchased Creekside at White Oak in late 2015 from ECI Group for $53 million. A couple months later, the …

May 7, 2019

Acquisitions Georgia Office Southeast

KBS to Acquire Office Campus in Metro Atlanta for $91M

by Alex Tostado May 6, 2019

ALPHARETTA, GA. — KBS Strategic Opportunity REIT Inc. has entered into an agreement to acquire Georgia 400 Center, a three-building, 416,463-square-foot office campus situated on 24.4 acres in Alpharetta, for $91 million. Georgia 400 Center was built between 1998 and 2001 and is currently 85 percent leased to 31 tenants. The property is located at 2300 Lakeview Parkway, 25 miles north of downtown Atlanta. A date for the expected closing and the seller were not disclosed.

May 6, 2019

Acquisitions Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Negotiates $80M Sale of Apartment Complex in Sarasota, Florida

by Alex Tostado May 6, 2019

SARASOTA, FLA. — Walker & Dunlop has arranged the $80 million sale of The DeSota, a 180-unit apartment complex in Sarasota. The property includes 15,000 square feet of retail space, as well as amenities such as a swimming pool, outdoor kitchen, clubroom, bike storage, amenity deck, health center and a fitness center. The seller was Atlanta-based Carter, which also developed the property. Brian Moulder of Walker & Dunlop arranged the transaction on behalf of the buyer, Bluerock Residential, and seller.

May 6, 2019

Development Louisiana Multifamily Southeast

Audubon Completes $20M Restoration of Vacant Multifamily Property in Baton Rouge

by Alex Tostado May 6, 2019

BATON ROUGE, LA. — Audubon Communities has completed the restoration of St. Jean Apartments, a vacant 624-unit multifamily property in Baton Rouge. In 2016, Louisiana experienced flooding that left 312 ground-level units at St. Jean with serious water damage and the property was abandoned. In 2017, Atlanta-based Audubon purchased the community for $33.3 million and launched a $20 million restoration and renovation effort. Audubon has since rebranded the 50-acre property as The Reserve at White Oak and is now leasing the community, which is 30 percent occupied.

May 6, 2019

Acquisitions Maryland Multifamily Southeast

HFF Brokers Sale of 366-Unit Apartment Community Near D.C.

by Alex Tostado May 6, 2019

ROCKVILLE, MD. — HFF has arranged the sale of Hanover Shady Grove, a 366-unit apartment complex in Rockville. The five-story building was completed in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 970 square feet. Community amenities include a swimming pool, outdoor grilling areas, 24-hour fitness center, private media room, conference room and a catering kitchen. The property was 95 percent occupied at the time of sale. The property is situated at 9305 Corporate Blvd., 24 miles north of downtown Washington, D.C. Walter Coker and Brian Crivella of HFF and Stephen Conley, a private real estate agent based in Maryland, represented both the sellers, Hanover Co. and Berkshire Residential Investments, and the buyer, Equity Residential. The sales price was not disclosed.

May 6, 2019

Georgia Healthcare Leasing Activity Southeast

Cushman & Wakefield Arranges 16,000 SF Medical Office Lease in Atlanta

by Alex Tostado May 6, 2019

ATLANTA — Cushman & Wakefield has arranged a 16,000-square-foot lease for Piedmont Internal Medicine P.C., a private healthcare practice based in Atlanta, to join Northwest Medical Center in Atlanta’s Buckhead district. Harrison Street and HealthAmerica Realty Group began renovations on Northwest Medical Center, which is situated at 3280 Howell Mill Road, in 2015. Piedmont Internal Medicine is expected to move into the space this September. The first-floor space will include access to wheelchair ramps, patient drop-off and covered pathways from the parking garage. George Olmstead and Brandon Wallace of Cushman & Wakefield represented the tenant in the lease negotiations. Tommy Tift III, James McClintock and Wheeler Briggs of HealthAmerica Realty represented the landlord internally.

May 6, 2019

Leasing Activity New York Northeast Office

CBRE Negotiates 241,657 SF Office Lease Restructuring for Colgate-Palmolive in Manhattan

by Taylor Williams May 6, 2019

NEW YORK CITY — CBRE has negotiated a 241,657-square-foot office lease restructuring for global household products provider Colgate-Palmolive Co. at 300 Park Avenue in Midtown Manhattan. Colgate-Palmolive serves as the anchor tenant at the Class A office tower, which is owned by local investment firm Tishman Speyer. The company will consolidate its current footprint to six floors at the 26-story building. Mary Ann Tighe, Mike Geoghegan, Ken Meyerson and Ariel Ball of CBRE represented Colgate-Palmolive in the lease negotiations. Tishman Speyer was represented internally.

May 6, 2019

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