Property Type

Crescent to Redevelop 200,000 SF Office Property in Uptown Dallas

by Taylor Williams July 12, 2018

DALLAS — Crescent Real Estate LLC will redevelop 2401 Cedar Springs, an office property in Uptown Dallas that was built in 1989. The property will offer 200,000 square feet of Class A office space upon completion of the project, which will upgrade the lobby, amenity spaces and individual office spaces. Following the redevelopment, 2401 Cedar Springs will feature a fitness center with locker rooms and a social lounge, a multipurpose conference room and a golf simulator. Crescent acquired the property earlier this year in a joint venture with Goldman Sachs Asset Management Private Real Estate.

July 12, 2018

Acquisitions Office Texas

Innovatus Capital Acquires 163,923 SF Office Building in Frisco

by Taylor Williams July 12, 2018

FRISCO, TEXAS — New York-based Innovatus Capital Partners LLC has acquired Frisco Bridges Place, a 163,923-square-foot office building located along the $5 Billion Mile in Frisco. The Class A property was 93 percent leased at the time of sale to 23 tenants and features structured parking and direct access to the Dallas North Tollway. Innovatus will implement capital improvements to certain amenities, including the fitness center and café. The seller and sales price were not disclosed.

July 12, 2018

Acquisitions Data Centers Industrial Texas

Romans Properties Arranges $36.6M Sale of Data Center in Metro Dallas

by Taylor Williams July 12, 2018

RICHARDSON, TEXAS — Charlotte, N.C.-based Romans Properties LLC has arranged the sale of a 75,119-square-foot data center located at 1001 E. Campbell Road in Richardson, a northeastern suburb of Dallas. The sales price was approximately $36.6 million. The property is fully leased to Sungard AS, a Pennsylvania-based provider of recovery software for cloud computing and data systems. Chris Orr of Romans Properties represented the buyer, an institutional investor, in the transaction.

July 12, 2018

Acquisitions Illinois Midwest Office

Mansueto Properties Acquires Chicago’s Wrigley Building for $255M

by Kristin Harlow July 12, 2018

CHICAGO — Mansueto Properties LLC has acquired The Wrigley Building, which is located on North Michigan Avenue in Chicago. HFF arranged $150 million in acquisition financing, but the actual purchase price was $255 million, according to local media reports. The iconic Class A office and retail property totals 478,920 square feet. Originally built in 1921 and 1924, the property is listed on the National Register of Historic Places. The two-tower property, which has connecting walkways on the third and 14th floors, was renovated from 2012 to 2014 to create modern office and retail space, to further enhance the historic façade and to provide amenities such as a fitness center, tenant lounge and conference center. The towers are 90 percent leased. Tenants include American Medical Association, Leo Burnett, ABA, Nuveen, Walgreens and Perkins + Will. Stephen Skok of HFF arranged the 30-year, fixed-rate financing through a major life insurance company. The seller was BDT Capital Partners, according to local media.

July 12, 2018

Development Hospitality Midwest Missouri

Cordish, Cardinals Break Ground on $65M Loews Hotel in St. Louis

by Kristin Harlow July 12, 2018

ST. LOUIS — The Cordish Companies, the St. Louis Cardinals and Loews Hotels & Co. have broken ground on the new $65 million Live! by Loews hotel in St. Louis. The hotel will be located inside the second phase of Ballpark Village, a mixed-use development surrounding the Cardinals’ Busch Stadium. The eight-story hotel will feature 216 rooms, including 19 suites. An outdoor terrace will feature a bar called “Gashouse Gang,” a nickname given to the Cardinals baseball team that ultimately won the World Series in 1934. The hotel will also include a wine bar, bourbon bar, second-level terrace bar and open display kitchen. The second level will include 17,000 square feet of meeting and event space. HKS Architects Hospitality Studio designed the hotel. The $260 million second phase of Ballpark Village also features a 29-story apartment tower, a Class A office tower anchored by PricewaterhouseCoopers and a three-story retail pavilion anchored by Onelife Fitness.

July 12, 2018

Acquisitions Iowa Midwest Multifamily

Besyata, Scharf Acquire Apartment Property in Waukee, Iowa for $58M

by Kristin Harlow July 12, 2018

WAUKEE, IOWA — Besyata Investment Group and The Scharf Group have acquired Autumn Ridge Apartments in Waukee for $58 million. The purchase will be completed in two phases, as the second half of the apartment property has yet to be constructed. Jeff Seidenfeld of Eastern Union arranged a $27.5 million, 85 percent loan-to-value bridge loan with Greystone for the first phase of the acquisition, which comprises 236 units. Upon completion, the Class A property will total 434 units. HFF brokered the sale of the property and represented the undisclosed seller. BH Management will handle property management and leasing. Both Besyata and Scharf groups are based in New York.

July 12, 2018

Development Midwest Minnesota Multifamily

Opus Completes 246-Unit Apartment Project in Edina, Minnesota

by Kristin Harlow July 12, 2018

EDINA, MINN. — The Opus Group has completed The Loden, a 246-unit apartment project in Edina. The site was formerly home to a vacant office building. Amenities include an outdoor pool deck and hot tub, fitness center, yoga studio, dog wash, bike storage and work-from-home space. From alcoves to two-bedroom units with dens, the floor plans range from 498 to 1,322 square feet. Opus Development Co. was the developer, Opus Design Build was the builder and Opus AE Group was the interior designer, architect and structural engineer of record. The Excelsior Group will manage the property and oversee leasing efforts.

July 12, 2018

Acquisitions Data Centers Industrial Midwest Ohio

Romans Properties Brokers $5M Sale of Data Center in Lewis Center, Ohio

by Kristin Harlow July 12, 2018

LEWIS CENTER, OHIO — Romans Properties has brokered the $5 million sale of a data center in Lewis Center, about 20 miles north of Columbus. The 57,000-square-foot facility is located at 8180 Green Meadows Drive. The property is fully leased by Cyxtera, which provides data center colocation, cybersecurity and cloud-based services. Chris Orr of Romans represented the buyer, an institutional client. The seller was not disclosed.

July 12, 2018

Acquisitions California Retail Western

Fairbourne Properties Acquires Shopping Center in California for $85.7M

by Amy Works July 12, 2018

BRENTWOOD, CALIF. — Chicago-based Fairbourne Properties has purchased The Streets of Brentwood, a grocery- and theatre-anchored lifestyle center located at 2455 Sand Creek Road in Brentwood. A fund managed by DRA Advisors sold the asset for $85.7 million, according to property records obtained by the San Francisco Business Times. The 358,615-square-foot center includes a 14-screen AMC Theatre, DSW, Ulta Beauty and Sprouts Farmers Market. Nicholas Bicardo and Brandon Rogoff of NKF Capital Markers represented the seller in the transaction.

July 12, 2018

Acquisitions California Multifamily Western

Stepp Commercial Brokers $50.8M Sale of Apartment Community in Southern California

by Amy Works July 12, 2018

LONG BEACH, CALIF. — Stepp Commercial has negotiated the sale of Patio Gardens, an apartment community located at 4874 E. Los Coyotes Diagonal in Long Beach’s Traffic Circle neighborhood. Emeryville, Calif.-based HFH Limited acquired the property from a Long Beach-based private investor for $50.8 million. Built in 1958, the property features 19 two-story buildings with a total of 127 two-bedroom units averaging 1,000 square feet. On-site amenities include landscaped gardens and lawns, laundry facilities, a fitness center and parking garages. Robert Stepp of Stepp Commercial represented the seller and buyer in the deal.

July 12, 2018

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