Property Type

Ackerman Retail Brokers Sale of Two Atlanta Buildings for $23M

by Alex Tostado December 5, 2018

ATLANTA — Ackerman Retail, the retail division of Atlanta-based Ackerman & Co., has brokered the sale of two retail buildings in the Atlanta’s Buckhead district. The sold portfolio includes a 27,000-square-foot property fully leased to Maggiano’s Little Italy that sold for $12.7 million and a 3,796-square-foot property fully leased to Wells Fargo Bank that sold for $10.3 million. Level 33 Capital, a private investment company bought both properties. Kevin Hermetz and Jimmy Stevens of Ackerman & Co. represented the undisclosed seller in the Maggiano’s transaction, and Sean Patrick and Stephen Lapierre, also of Ackerman & Co., represented the same undisclosed seller in the Wells Fargo transaction.

December 5, 2018

Development Industrial Maryland Southeast

St. John Properties Breaks Ground on Three Buildings in Maryland Industrial Park

by Alex Tostado December 5, 2018

FREDERICK, MD. — St. John Properties has broken ground on three buildings within Arcadia Business Park in Frederick, about 50 miles west of Baltimore. The buildings will total 200,000 square feet when complete and represent Phase I of construction at the 61-acre industrial campus. Arcadia Business Park will total 600,000 square feet across eight buildings at full buildout. Phase I is expected to deliver in the summer.

December 5, 2018

Georgia Leasing Activity Office Southeast

S.J. Collins Inks WeWork to Anchor Mixed-Use Project in Atlanta’s West Midtown District

by Alex Tostado December 5, 2018

ATLANTA — S.J. Collins Enterprises, developer of The Interlock mixed-use project, has signed WeWork as the newest tenant of the $450 million development. This will be WeWork’s sixth Atlanta location with anticipated occupancy in fall 2020. The office, dubbed WeWork Interlock, will be situated at the corner of Howell Mill Road and 14th Street in West Midtown, spanning three stories and 118,000 square feet. WeWork provides more than 320,000 members around the world with office space, community and services through both physical and digital offerings. When complete, The Interlock will offer 200,000 square feet of loft office space, 105,000 square feet of retail space, 350 apartment units, 70 single-family homes and a 145-key Marriott Tribute Portfolio hotel. Tenants previously announced include Slater Hospitality, St. Germain French Bakery and Georgia Technology Ventures. The Interlock is slated to open summer 2020.

December 5, 2018

Development Multifamily Southeast Tennessee

Middleburg Opens 328-Unit Apartment Community in Nashville’s Cool Springs District

by Alex Tostado December 5, 2018

FRANKLIN, TENN. — Mosby Cool Springs, a 328-unit apartment community in Franklin, is now open. The developer, Middleburg, manages the property. The development team includes architect of record and interior designer Humphreys & Partners, landscape architect Gamble Design Collaborative and civil engineer Kimley-Horn. Situated about 20 miles south of Nashville in the metro’s Cool Springs district, Mosby Cool Springs’ floor plans include studio, one- and two-bedroom options. Amenities include a fitness center; clubhouse with game room, event space, study and conference rooms, and a coffee bar; swimming pool and plunge pool; on-call massage therapist; dog park and spa; car care center; and package acceptance with locker system.

December 5, 2018

Acquisitions Midwest Minnesota Office

Artis REIT Acquires Prime Therapeutics Headquarters in Eagan, Minnesota for $98.5M

by Kristin Harlow December 5, 2018

EAGAN, MINN. — Artis REIT, one of the largest diversified commercial real estate investment trusts in Canada,has acquired the Prime Therapeutics headquarters in Eagan for $98.5 million. The sale includes the first two phases of the facility at 2900 Ames Crossing Road within the Boulder Lake Business Park. A 225,000-square-foot building was completed in September, while a 160,000-square-foot building is slated for completion in 2019. Ryan Watts, Sonja Dusil, Tom Holtz and Judd Welliver of CBRE represented the seller, Eagan Heights LLC, a local partnership with developer United Properties. Prime Therapeutics is a pharmacy benefits manager owned by Blue Cross and Blue Shield.

December 5, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $87M for Revitalization of Two Affordable Housing Developments in Cincinnati

by Kristin Harlow December 5, 2018

CINCINNATI — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $87 million for the acquisition and revitalization of two affordable housing developments in Cincinnati. Avondale Properties is a Section 8 development that includes Burton Apartments, Entowne Manor, Founders Home and Georgia Morris, containing a total of 209 units that are scattered along a main thoroughfare in the Avondale neighborhood. Alms Hill Apartments is a single building that contains 200 affordable units. Both properties are more than 40 years old.The borrower, Related Cos., plans to keep all 409 units as affordable for families earning up to 60 percent of the area median income. Between the two developments KeyBank provided $21 million in low-income housing tax credit equity, $38 million in construction financing and $28 million in Fannie Mae financing. The Ohio Housing Finance Agency issued the tax-exempt bonds. KeyBanc Capital Markets underwrote the publicly offered tax-exempt bonds. Victoria O’Brien, Kyle Kolesar, Dirk Falardeau and Sam Adams of KeyBanc Capital Markets arranged the financing.

December 5, 2018

Acquisitions Illinois Industrial Midwest

High Street Realty, Angelo Gordon Purchase 713,555 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow December 5, 2018

CHICAGO — A joint venture between High Street Realty Co. and Angelo Gordon has purchased a four-property, 713,555-square-foot industrial portfolio in metro Chicago for an undisclosed price. The multi-tenant properties include: 1010-050 Sesame St. in Bensenville; 11241 Melrose Ave. in Franklin Park; 11939 S. Central Ave. in Alsip; and 6748-6750 S. Sayre Ave. in Bedford Park. Robin Stolberg, Kurt Sarbaugh and Sam Berry of HFF represented the seller, Hackman Capital Partners.

December 5, 2018

Indiana Loans Midwest Multifamily

Greystone Provides $32M HUD Loan for Refinancing of Multifamily Property in Plainfield, Indiana

by Kristin Harlow December 5, 2018

PLAINFIELD, IND. — Greystone has provided a $32 million HUD-insured loan for the refinancing of Central Park Metropolis, a 304-unit multifamily property in Plainfield. Built in 2006, the property features a mix of one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, café and private movie screening room. Eric Rosenstock of Greystone originated the 35-year loan on behalf of the borrower, Becovic Management Group. The nonrecourse loan features a fixed rate and qualifies for HUD’s green mortgage insurance premium rate reduction program.

December 5, 2018

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $16M Sale of Regional Power Center in Ohio

by Kristin Harlow December 5, 2018

WADSWORTH, OHIO — Marcus & Millichap has brokered the $16 million sale of Wadsworth Crossings, a 118,145-square-foot regional power center in Wadsworth, about 40 miles south of Cleveland. The property, located at 1183 Williams Reserve Blvd., includes tenants such as Planet Fitness, OfficeMax, Petco, Beef O’Brady’s, Kay Jewelers, Fresenius Kidney Care and Huntington Bank. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, Brixmor, a publicly traded REIT. The team also represented the private Texas-based buyer. Not included in the sale was anchor tenants Target, Lowe’s and Kohl’s.

December 5, 2018

Development New York Northeast Office

SL Green to Redevelop One Madison Avenue Office Tower in Manhattan

by David Cohen December 5, 2018

NEW YORK CITY — SL Green Realty Corp. has announced plans to redevelop One Madison Avenue, a Class A office tower in the Midtown South neighborhood of Manhattan. The adaptive-reuse project will involve reducing the existing building to its ninth floor and building 18 additional stories above. When completed, the building will span nearly 1.5 million square feet. The addition will feature modern office space and tenant specialty floors as well as more than an acre of outdoor terraces. Demolition and construction are expected to start in 2020 following the expiration of existing tenant leases. A design and development team of Kohn Pedersen Fox, Hines and Gensler has been selected for the project.

December 5, 2018

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