Property Type

Two Companies Sign Leases at Speculative Industrial Building Developed by Opus in Olathe, Kansas

by Kristin Harlow March 7, 2019

OLATHE, KAN. — The Opus Group has signed two tenants at its recently completed 56 Commerce Center in Olathe. Gateway Classic Cars and Lanter Delivery Systems Inc. now occupy more than 85,000 square feet within the 230,000-square-foot speculative industrial building. Gateway Classic Cars is a seller of collectible and exotic automobiles. The company’s space includes a showroom for vehicles and storage. Lanter uses its space as a regional shipping hub for its local automotive, agricultural and industrial clients. The company provides specialized overnight delivery logistic services, ensuring deliveries reach their intended destinations by the following morning. Features of 56 Commerce Center include a clear height of 32 feet, a front parking lot and rear truck court. Joe Orscheln and Mike Mitchelson of CBRE marketed the property for lease. Mark Long of Newmark Grubb Zimmer represented Gateway Classic Cars while John Stafford of Colliers International represented Lanter.

March 7, 2019

Acquisitions Illinois Midwest Retail

Quantum Brokers $5.4M Sale of Retail Building in Warrenville, Illinois

by Kristin Harlow March 7, 2019

WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Warrenville for $5.4 million. At the time of sale, the 18,000-square-foot property was 93 percent leased to Starbucks, Potbelly Sandwich Works, T-Mobile, Spotted Paw and Jazza Nails. Chad Firsel and Daniel Waszak of Quantum brokered the transaction. A Chicago-based private investor purchased the asset from a Chicago-based investment group.

March 7, 2019

Acquisitions Illinois Midwest Multifamily

SVN Arranges $2.7M Sale of Multifamily Portfolio in Rockford, Illinois

by Kristin Harlow March 7, 2019

ROCKFORD, ILL. — SVN Chicago Commercial has arranged the sale of a two-property multifamily portfolio in Rockford for $2.7 million. The properties, which total 79 units, include the neighboring Orchard Hills and Forest View. Cody Doran and Reid Bennett of SVN brokered the transaction. Buyer and seller information was not disclosed.

March 7, 2019

Acquisitions Multifamily Nevada Top Stories Western

Shopoff Realty Sells Apartment Community in Las Vegas for $100M

by Alex Tostado March 7, 2019

LAS VEGAS — Shopoff Realty Investments has sold Pointe at Centennial, a 624-unit apartment community in Las Vegas, to The Calida Group for $100 million. Pointe at Centennial is situated at 5850 Sky Pointe Drive, about 11 miles northwest of downtown Las Vegas. The community offers one-, two- and three-bedroom floor plans ranging from 740 to 1,121 square feet per unit. Shopoff purchased the property in September 2016 as a value-add acquisition when roughly 25 percent of the units were updated. At the time of the most recent sale, Shopoff said 50 percent of the units are currently updated. “By bringing the percentage of renovated units at the property up to 50 percent, we captured significant rent increases, approximately 20 percent higher than the property’s average rental rate at the outset of the renovation plan,” says Shopoff CEO William Shopoff. Irvine, Calif.-based Shopoff also made investments to community-wide amenities such as adding new entry gates, remodeling the leasing office, upgrading lighting, improving landscaping, and implementing roof repairs, exterior painting and gym upgrades. Other amenities include a swimming pool, basketball court, tennis court, grilling area, playgrounds, covered parking and a clubhouse. Shopoff has invested in value-add properties across the United States for …

March 7, 2019

Indiana Market Reports Midwest Midwest Market Reports Retail

The Resilience and Importance of Retail in Indianapolis

by Kristin Harlow March 7, 2019

While Indiana is well known for the Indianapolis 500, the state’s economy is firing on all cylinders and experiencing noteworthy job growth. Indiana’s marketing campaign, “A State That Works,” has been successful in attracting investment to the state by touting its highly ranked business climate, competitive cost of doing business, pro-business tax climate, low cost of living, extensive logistical infrastructure and access to strong educational systems. In June 2018, Bloomberg ranked the Indiana cities of Elkhart (No. 1), Kokomo (No. 3) and Columbus (No. 13) for having the largest employment gains in the country since the recession. The Indianapolis metro area has created one of the nation’s top burgeoning tech scenes with a 68.1 percent increase in tech job growth from 2006 to 2016, landing No. 5 on Forbes’ list of “Cities Creating the Most Technology Jobs.” The state’s stable economy and encouraging unemployment rate have provided strength to the rapidly evolving retail industry. While national news is filled with retail bankruptcies and store closures, there has been tremendous retail activity backfilling vacancies and spurring new development from the following retail sectors: grocery, home living, health and wellness, beauty, fitness, off-price/discount, and dining and entertainment. Backfilling bankruptcies Following the bankruptcy …

March 7, 2019

Loans Multifamily New York Northeast

HKS Secures $105M Refinancing for Apartment Building on Upper West Side

by David Cohen March 6, 2019

NEW YORK CITY — HKS Real Estate Advisors has secured a $105 million loan to refinance a pre-war apartment building on the Upper West Side of Manhattan. Located at 393 West End Ave., the 114-unit property was built in 1927. HKS secured the financing on behalf of the building ownership, a partnership between Simon Baron Development and Ascend Real Estate. The lender was undisclosed. The new loan refinances the existing debt of $70 million.

March 6, 2019

Development Georgia Mixed-Use Southeast

Sanctuary, Varden to Co-Develop $280M Mixed-Use Project in Metro Atlanta

by Alex Tostado March 6, 2019

KENNESAW, GA. — Sanctuary Cos. and Varden Properties will co-develop Eastpark Village, a $280 million mixed-use project that will comprise 850 residential units and about 300,000 square feet of office, retail and commercial space and a village green. The project is situated on about 57 acres just south of historic downtown Kennesaw, and about 28 miles northwest of downtown Atlanta. The Meridian Real Estate Group and Keller Williams Realty Signature Partners represented the developers in acquiring 65 parcels for Eastpark Village, the largest assemblage of land in Kennesaw’s history. Miller Architecture designed the project. The developers expect to break ground this month, and completion is expected in three years.

March 6, 2019

Development Georgia Mixed-Use Southeast

TIER REIT Joins Development Team for $400M Mixed-Use Project in Atlanta’s Buckhead District

by Alex Tostado March 6, 2019

ATLANTA — Dallas-based TIER REIT has joined lead developer Regent Partners and Batson-Cook Development Co. (BCDC) in the $400 million development of 3354 Peachtree Road, the last undeveloped parcel in Atlanta’s Buckhead district. The proposed project sits on three acres and will comprise 560,000 square feet of office space, 60 condominiums and a 300-unit multifamily building. The project is expected to break ground in the fourth quarter of this year and be delivered in 2022.

March 6, 2019

Florida Hospitality Loans Southeast

PCCP Provides $53.5M Recapitalization Loan for Hotel in Tampa

by Alex Tostado March 6, 2019

TAMPA, FLA. — PCCP LLC has provided a $53.5 million senior loan for the recapitalization of The Westshore Grand, a 325-room hotel in Tampa’s Westshore Business district. The borrower, a joint venture between Crescent Real Estate and affiliates of the Arden Group, has been conducting capital improvements to the hotel since 2015 and will use the loan to pay off existing debt. Built in 1984, The Westshore Grand is located at 4860 W. Kennedy Blvd. and is part of the Urban Centre mixed-use project, which offers 550,000 square feet of office space that Starwood owns. Hotel amenities include 14,321 square feet of meeting and event space, Shula’s Steakhouse, a lounge, lobby bar, Illy Café, fitness and business centers, attached parking garage and a rooftop swimming pool.

March 6, 2019

Acquisitions Industrial North Carolina Southeast

CBRE Arranges $9M Sale of Industrial Facility Near Asheville Leased to FedEx Ground

by Alex Tostado March 6, 2019

MILLS RIVER, N.C. — CBRE has arranged the $9 million sale of FedEx Ground Terminal, an 89,828-square-foot industrial property leased to FedEx Ground Package System Inc., in Mills River. The asset is situated within Broadpointe Business Park, less than a mile from Asheville Regional Airport and about 11 miles south of downtown Asheville. FedEx Ground has occupied the space since the building was delivered in 2006. West Palm Properties Inc. acquired the property. Patrick Gildea, Matt Smith, Randy Getz and Grayson Hawkins of CBRE represented the sellers, Rose Canyon Business Park LP and JMWM LP, in the transaction.

March 6, 2019

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