Property Type

Pinnacle Contracting to Complete $9M Apartment Conversion in St. Louis

by Kristin Harlow October 26, 2018

ST. LOUIS — Pinnacle Contracting Inc. has been selected by St. Louis-based developer Pier Property Group to complete the $9 million historic renovation and conversion of the Steelcote Manufacturing Co. paint factory in St. Louis. Pinnacle will transform the 42,000-square-foot property into 33 apartment units. The original five-story building will house 31 units. A second adjoining structure will house the leasing office and bike storage. A third building will be home to two additional units. Steelcote, a rubber enamel coating company, opened the building in 1922. The facility has been vacant since 2006. Architect Trivers Associates and structural engineer KPFF Consulting Engineers make up the project team. Completion is slated for spring 2019.

October 26, 2018

Healthcare Illinois Leasing Activity Midwest Retail

Quincy Medical Group to Backfill Former Bergner’s Store at Quincy Mall in Western Illinois

by Kristin Harlow October 26, 2018

QUINCY, ILL. — Quincy Medical Group plans to open a new surgery and cancer treatment center at Quincy Mall in central western Illinois. The healthcare provider will occupy about half of the approximately 105,000 square feet on two floors of the former Bergner’s space. Quincy Medical Group will also have the opportunity for expansion on both first and second floors. Cullinan Properties Ltd. owns and manages the mall. The firm continues to identify new national retail tenants for the mall. Three new restaurants opened at the property within the last year.

October 26, 2018

Development Hospitality Midwest Missouri

Midas Opens Dual-Branded Marriott Hotel in Western Suburb of St. Louis

by Kristin Harlow October 26, 2018

WEST COUNTY, MO. — Midas Hospitality has opened a dual-branded Residence Inn and Courtyard by Marriott in West County near St Louis. Midas will manage both the 101-room Residence Inn and the 110-room Courtyard by Marriott. The four-story, 136,000-square-foot hotel is located at the intersection of Manchester Road and I-270. Developer Commercial Development Co. Inc. will own the property. MC Hotel Construction built the hotel. Amenities include a fitness center, indoor pool, meeting rooms and outdoor gathering space. The Courtyard Bistro features a variety of dining options.

October 26, 2018

Development Illinois Industrial Midwest

Heathrow Scientific to Occupy 186,616 SF Build-to-Suit in Lincolnshire, Illinois

by Kristin Harlow October 26, 2018

LINCOLNSHIRE, ILL. — Heathrow Scientific has signed a build-to-suit agreement with a private developer for a 186,616-square-foot industrial property in Lincolnshire. The building will be situated on 10 acres and will include 25,000 square feet of office space, a clear height of 36 feet and 14 exterior docks. Heathrow Scientific, a manufacturer of lab equipment, is slated to take occupancy in April 2019. Brett Kroner, Keith Puritz and Eric Fischer of Cushman & Wakefield represented Heathrow in the transaction. The team is also marketing the remaining 68,589 square feet for lease.

October 26, 2018

Acquisitions Illinois Industrial Midwest Self-Storage

SkyView Advisors Brokers Sale of 650-Unit Self-Storage Facility in Lynwood, Illinois

by Kristin Harlow October 26, 2018

LYNWOOD, ILL. — SkyView Advisors has brokered the sale of E-Z Self Storage of Lynwood for an undisclosed price. The facility features 650 non-climate-controlled units and 85,825 net rentable square feet. The property is situated on six acres at 19600 Stoney Island Ave. Ryan Clark and Parker Sweet of SkyView represented the seller, a private owner. A private equity-backed buyer purchased the asset.

October 26, 2018

Civic Development Georgia Retail Southeast

State Farm Arena in Downtown Atlanta Opens After $192M Renovation, Rebranding Program

by Amy Works October 26, 2018

ATLANTA — State Farm Arena, located at 1 State Farm Drive in downtown Atlanta, has opened its doors following a $192 million renovation program, the second largest renovation in NBA history. The Atlanta Hawks Basketball Club committed to an 18-year lease extension to remain in downtown Atlanta at the city-owned arena through 2046. The former Philips Arena features the NBA’s third-largest center-hung scoreboard and fan-friendly food pricing. Restaurant and entertainment options include Zac Brown’s Social Club, Topgolf Swing Suites, Killer Mike’s Swag Shop and a baseline bar and club known as Courtside Club. The Atlanta Hawks celebrated the arena with its home opener against the Dallas Mavericks on Wednesday, Oct. 24. With a sold-out crowd, the Hawks beat the Mavericks 111 to 104. The arena hosts approximately 200 events and nearly 2 million guests annually.

October 26, 2018

Development Florida Multifamily Southeast Student Housing

Capstone Delivers 1,300-Bed Student Housing Project at University of South Florida

by Amy Works October 26, 2018

TAMPA, FLA. — Birmingham, Ala.-based Capstone Development Partners has completed the second phase of the Village, an on-campus student housing development at the University of South Florida in Tampa. The second phase of the 2,171-bed mixed-used community features 1,300 beds in three residential buildings. Community amenities include living-learning and activity spaces, classrooms, study rooms and community kitchens, as well as retail space occupied by Starbucks Coffee and BurgerFi. The Village primarily serves first-year students.

October 26, 2018

Company News Development Georgia Office Southeast

BlackRock to Open Innovation Hub in Atlanta, Creating 1,000 Jobs

by Amy Works October 26, 2018

ATLANTA — BlackRock, an asset management firm and a technology solutions provider, has selected Atlanta for the company’s newest Innovation Hub. The company plans to expand its presence in Fulton County, partner with the Atlanta business community and local universities and create 1,000 career opportunities over the next several years. This expansion will extend BlackRock’s technology capabilities, as well as provide close proximity to Georgia Tech, where BlackRock sponsors the BlackRock Hallac Scholarship for socioeconomically disadvantaged students pursuing degrees in science, technology, engineering and math (STEM). “Atlanta’s culture of collaboration with public and private stakeholders bolsters our region’s economy, creates well-playing jobs and expands economic opportunity,” says Atlanta Mayor Keisha Lance Bottoms. “The opening of BlackRock’s Atlanta Innovation Hub continues this legacy, and we look forward to welcoming and working with them.” According to Dr. Eloisa Klementich, president and CEO of Invest Atlanta, the technology business expansions in Atlanta in 2018 alone are projected to create an economic impact of $500 million, as the companies create thousands of new jobs and millions of dollars of capital investment.

October 26, 2018

Florida Loans Mixed-Use Southeast

Berkadia Arranges $46.5M in Refinancing for Mixed-Use Development in North Miami

by Amy Works October 26, 2018

NORTH MIAMI, FLA. — Berkadia has secured $46.5 million in refinancing for the recapitalization of Causeway Square, a 168,956-square-foot mixed-use development located in North Miami. The borrower is Taubco, a real estate developer and manager based in South Florida. 3650 REIT, a Miami-based real estate lending, investment and services firm, provided the 10-year loan. Charles Foschini, Chris Apone and Robert Iudice of Berkadia arranged the financing. Built in 2009 and 2010, Causeway Square features 86,877 square feet of Class A office space, a 5,000-square-foot TotalBank branch, 4,000-square-foot Vitamin Shoppe and a 43,679-square-foot LA Fitness, as well as a 416-spot parking garage. The property is currently 96 percent leased, according to Berkadia.

October 26, 2018

Development Florida Retail Southeast

West Villages, Sembler Break Ground on Publix-Anchored Shopping Center in Southwest Florida

by Amy Works October 26, 2018

NORTH PORT, FLA. — A joint venture between West Villages and The Sembler Co. has broken ground on West Villages Marketplace, a grocery-anchored neighborhood shopping center at the corner of West Villages Parkway and U.S. 41 in North Port, a city in south Sarasota County. A 47,000-square-foot Publix will anchor the 105,000-square-foot retail plaza, which is slated to open in fall 2019. Additional tenants will include a mix of services and restaurants. The shopping center is the first retail node to be integrated into the West Villages Florida, a master-planned community that features single-family neighborhoods, schools, State College of Florida-Venice, a wastewater treatment plant and the new $125 million spring training facility for the Atlanta Braves.

October 26, 2018

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