Property Type

J. Jeffers & Co. Breaks Ground on $60M Office Building in Milwaukee

by Kristin Harlow May 10, 2019

MILWAUKEE — J. Jeffers & Co. has broken ground on the Huron Building, an 11-story, Class A office development in Milwaukee. Located in the downtown’s Third Ward, the project will span 163,000 square feet. Law firm Husch Blackwell has pre-leased 48 percent of the property. Completion is slated for December 2020. J. Jeffers & Co. received a $39 million construction loan from Associated Bank and a $21 million equity investment, including $14 million raised on crowdfunding platform CrowdStreet. The developer will also own and operate the property. Madison, Wis.-based Stevens Construction is the general contractor.

May 10, 2019

Development Iowa Midwest Retail

Hy-Vee to Open at Business Park Development in Urbandale, Iowa

by Kristin Harlow May 10, 2019

URBANDALE, IOWA — Hy-Vee Inc. will open a “Fast & Fresh” store at Prairie Tower Business Park in Urbandale. The West Des Moines-based supermarket chain will also open an accompanying gas station and drive-up coffee shop. Prairie Tower Business Park is the latest of R&R Realty Group’s developments within the area. The 74-acre project will include retail and office buildings along Meredith Drive.

May 10, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Brokers $3.9M Sale of Apartment Building in Detroit

by Kristin Harlow May 10, 2019

DETROIT — Greystone Bel has brokered the sale of Wayne Court Apartments in Detroit for $3.9 million. The 45-unit apartment building is located along Cass Avenue near Little Caesars Arena. The property, built in 1925, also includes two retail spaces. Buyer and seller information was not disclosed.

May 10, 2019

Iowa Loans Midwest Multifamily

Marcus & Millichap Arranges $3.6M Refinancing for Apartment Property in Iowa

by Kristin Harlow May 10, 2019

WAVERLY, IOWA — Marcus & Millichap Capital Corp. has arranged a $3.6 million non-recourse loan for the refinancing of Legacy Apartments in Waverly in northeastern Iowa. The 34-unit apartment property was newly constructed. The loan features a 15-year term, 30-year amortization schedule and a fixed rate of 4.52 percent. The borrower was a development group.

May 10, 2019

International Spy Museum, Washington, D.C.

Civic Development District of Columbia Southeast Top Stories

JBG Smith, Malrite Complete $162M International Spy Museum in Washington, D.C.

by Jeff Shaw May 10, 2019

WASHINGTON, D.C. — JBG Smith Properties and Malrite Co. have completed the development of a new and expanded International Spy Museum at L’Enfant Plaza in Washington, D.C. When the project was announced in 2015, The Washington Post reported that the estimated costs were $162 million. The building officially opens to the public on Sunday, May 12. The development more than doubles the size of the museum to 140,000 square feet and moves it from F Street to just two blocks south of the National Mall and two blocks north of The Wharf. L’Enfant Plaza has its own stop on the Metro rail line. The museum showcases the world’s largest collection of international espionage-related artifacts and features an interactive exhibition highlighting the villains in the James Bond movies. In addition to larger exhibition space, the new building also includes dedicated temporary exhibition space; a learning center with workshop spaces; a theater for lectures, films and panel discussions; and adaptable spaces for programs. The rooftop provides nearly 360-degree views of the city, including the Capitol Building and Washington Monument. Indoor event space is encased in floor-to-ceiling windows for private events and public programs. London-based architect Rogers Stirk Harbour + Partners designed the building, …

May 10, 2019

Industrial Market Reports Texas Texas Market Reports

Industrial Balance Prevails Near Port Houston

by Taylor Williams May 10, 2019

Businesses and industries whose supply chains are tied to Port Houston are dealing with tariffs on select imports, volatile energy markets and a one-two punch of rising rents and construction costs for any industrial space they want to lease or have developed for them. But based on the performance of Houston’s nearby Southeast industrial submarket, these larger geopolitical and economic forces are wreaking minimal havoc. An increasingly diverse mix of industrial users has landed in Houston over the past five or so years. These tenants include national retailers and third-party logistics (3PL) firms that see Houston as an emerging regional distribution hub, as well as suppliers of durable consumer goods and companies that service the petrochemicals industry. The port submarket is seeing heightened activity from all of the above. At the same time, the infrastructure within Port Houston has expanded. Ship channels are in the process of being deepened and widened. Special equipment has been introduced that allows overweight containers to safely and legally leave the port and hit the roadways. Demand for rail-served properties is growing, particularly on the north side of the Houston Ship Channel, leading to more of those projects. And Harris County has begun work on …

May 10, 2019

Development Mixed-Use North Carolina Southeast

Joint Venture to Break Ground on 2.5 MSF Mixed-Use Project in Raleigh-Durham, Announces First Wave of Tenants

by Alex Tostado May 9, 2019

CARY, N.C. — A joint venture between Hines, Columbia Development Group LLC and USAA Real Estate will break ground on Phase I of Fenton, a 69-acre, 2.5 million-square-foot mixed-use development in Cary, this summer. The first phase will include a 99,000-square-foot Wegmans grocery store; 263,000 square feet of specialty retail, including a movie theater and food hall; a 146,000-square-foot office loft; 350 apartment units; and a 175-room hotel. Additionally, the first retail tenants have been announced. These include Crawford Brothers Steakhouse, a new concept from five-time James Beard Award semifinalist Scott Crawford; Superica Tex-Mex by nationally renowned restaurateur Ford Fry; and Honeysuckle Gelato. Fenton will be situated along Cary Towne Boulevard near Interstate 40, adjacent to WakeMed Soccer Park and eight miles southwest of downtown Raleigh. Phase I is expected to open in fall 2021.

May 9, 2019

Development Florida Multifamily Seniors Housing Southeast

Solutions Advisors Group to Open $27.5M Seniors Housing Community in Tampa

by Alex Tostado May 9, 2019

TAMPA, FLA. — Solutions Advisors Group (SAG) has planned a May 16 grand opening for Tessera of Westchase, a seniors housing community in Tampa. The $27.5 million, 122,000-square-foot property features 64 assisted living apartments and 38 memory care apartments. Solvere Living, a division of SAG, will operate the community upon opening. Tampa-based Lindell Investments Inc. is the developer of the project, and the architectural firm is St. Petersburg-based Bessolo Design Group Inc.

May 9, 2019

Acquisitions Florida Retail Southeast

Sleiman Enterprises Acquires 200,000 SF Shopping Center in Jacksonville

by Alex Tostado May 9, 2019

JACKSONVILLE, FLA. — Sleiman Enterprises has acquired Lakewood Promenade, a 200,000-square-foot shopping center in Jacksonville’s Lakewood neighborhood. The property was 82 percent leased at the time of the sale to 47 retailers and food providers, including anchors Stein Mart, Tijuana Flats, Winn-Dixie and Starbucks Coffee. The seller and sales price were not disclosed, but the Jacksonville Daily Record reports the seller was Kite Realty Group Trust.

May 9, 2019

Florida Loans Office Southeast

Dockerty Romer Arranges $20M Refinance Loan for Office Building in Boca Raton

by Alex Tostado May 9, 2019

BOCA RATON, FLA. — Dockerty Romer & Co. has arranged a $20 million refinancing loan for 1900 Midtown, a 116,140-square-foot office building in Boca Raton. The borrower, Butters Acquisitions LLC, an affiliate of Butters Construction & Development, acquired the asset two years ago and recently renovated the property, which is now 90 percent leased to a variety of tenants including GardaWorld, a private security firm, and law and financial services firms. Citigroup provided the 10-year, fixed-rate loan.

May 9, 2019

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