Property Type

Origin Investments Completes Phase II of Mixed-Use Development in Atlanta’s Virginia Highland Neighborhood

by Alex Tostado March 1, 2019

ATLANTA — Origin Investments has completed Phase II of 675 N. Highland, a mixed-use development that features 164 residential units and 28,000 square feet of commercial/retail space in Atlanta. Phase II delivered 39 residential units comprising 15 studio apartments, 21 one-bedroom units and three two-bedroom floor plans. Phase II also included 8,282 square feet of office space. Amenities at 675 N. Highland include a fitness center, clubroom, package concierge service, swimming pool, bocce ball court, fire pits and grilling areas. The multifamily asset is 96 percent occupied and is situated on the corner of North Highland and Ponce de Leon avenues in the city’s Virginia Highland district, about three miles northeast of downtown Atlanta. Retail tenants include CO Sushi, Seed Factory Marketing, Rockwell Oral and Facial Surgery and Gino’s East Pizzeria.

March 1, 2019

Acquisitions Kentucky Office Southeast

Marcus & Millichap Arranges $16.8M Sale of Office Building in Lexington

by Alex Tostado March 1, 2019

LEXINGTON, KY. — Marcus & Millichap has arranged the $16.8 million sale of a 152,000-square-foot office building in Lexington. The building was constructed in 2009 at 1648 McGrathiana Parkway on the University of Kentucky’s 735-acre Coldstream Research Campus. The asset was 90 percent leased at the time of the sale to tenants such as The American Family Board of Medicine, the University of Kentucky, FBI, the Secret Service, Komatsu Mining and A&W Restaurants. Chris Vitori and James McHale of Marcus & Millichap represented the seller, Starwood Capital Group, in the transaction. The buyer was a private family investment office.

March 1, 2019

Loans Midwest Multifamily Nebraska Seniors Housing

CBRE Arranges $11.9M Loan for Refinancing of Seniors Housing Community in Omaha

by Taylor Williams March 1, 2019

OMAHA, NEB. — CBRE has arranged $11.9 million in financing for Esprit Whispering Ridge, a 91-unit assisted living and memory care community in Omaha. The borrower is a joint venture between South Dakota-based real estate firm Hegg Cos. and management/consulting firm Paradigm Senior Living. Situated on 6.9 acres, the community is located less than five miles from the only full-service hospital in West Omaha. Aron Will and Austin Sacco of CBRE originated the 10-year, fixed-rate, Fannie Mae loan with 36 months of interest-only payments. The funds will be used to refinance the original construction loan for the property.

March 1, 2019

Country-Inn-Suites-Fond-du-Lac-Wisconsin

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers Sale of 65-Room Country Inn & Suites Hotel in Fond du Lac, Wisconsin

by Taylor Williams March 1, 2019

FOND DU LAC, WIS. — Marcus & Millichap has brokered the sale of Country Inn & Suites Fond du Lac, a 65-room hotel located about 65 miles north of Milwaukee. The property recently underwent a series of renovations. Jon Ruzicka, Jake Erickson and Jared Plamann of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Minneapolis-based Country Inn & Suites is part of the Carlson Rezidor Hotel Group, a privately owned hotel firm with more than 1,370 properties in operation and under development in more than 110 countries.

March 1, 2019

Healthcare Kansas Leasing Activity Midwest

Eye Specialist Retina Associates Expands Practice, Leases 8,580 SF in Overland Park, Kansas

by Taylor Williams March 1, 2019

OVERLAND PARK, KAN. — Retina Associates, which provides eye care services to the greater Kansas City community, is expanding its practice locally. Beginning in June, the retina specialist will occupy 8,580 square feet on the second floor of 6201 College Boulevard, a seven-story, multi-tenant office building located in Overland Park. Ryan Biery, senior vice president of brokerage at Copaken Brooks, represented 6201 College in the deal, while Mike Sonnenberg from NAI Heartland represented Overland Park-based Retina Associates. One of the major tenants at 6201 College Boulevard is the Polsinelli law firm. Built in 1990 as the headquarters for the National Collegiate Athletic Association (NCAA), the building includes 154,700 square feet of rentable building area. The NCAA moved its headquarters to Indianapolis in 1998, at which point the building was converted to multi-tenant office space.

March 1, 2019

Development Illinois Midwest Restaurant Retail

Original Pancake House to Open 3,800 SF Restaurant in Peoria

by Taylor Williams March 1, 2019

PEORIA, ILL. — Portland, Ore.-based breakfast chain Original Pancake House will open a 3,800-square-foot restaurant within Grand Prairie Developments, a 200-acre mixed-use development by Cullinan Properties Ltd., in Peoria. The landlord will break ground on a new space for the restaurant this spring, with the opening slated for October. Major anchors at Grand Prairie Developments include AMC Theatre, Hy-Vee and Dick’s Sporting Goods in addition to numerous restaurants, retail stores and five hotels. Adjacent to the development is the $18 million Louisville Slugger Sports Complex estimated to draw 450,000 visitors each year.

March 1, 2019

Development Multifamily Texas

Southern Land Tops Off 19-Story Apartment Community in Dallas

by Taylor Williams March 1, 2019

DALLAS — Southern Land Co., a Nashville-based developer, has topped off Novē at Knox, a 19-story luxury apartment community in the Knox-Henderson neighborhood of Dallas. The property, which is expected to open in 2020, will consist of 41 junior units, 159 one-bedroom residences, 90 two-bedroom apartments and 16 penthouses. Amenities will include a pool with cabanas, fitness center, a residents’ lounge, dog park, outdoor grilling areas and a 10,000-square-foot private open space that connects to McKinney Avenue. Local architecture firm GDA Architects designed the project.

March 1, 2019

Acquisitions Multifamily Texas

Fogelman, DRA Advisors Acquire 660-Unit Multifamily Asset in Houston

by Taylor Williams March 1, 2019

HOUSTON — A joint venture between multifamily investment and management firm Fogelman Properties and New York-based DRA Advisors has acquired Artesian on Westheimer, a 660-unit multifamily community in Houston. The property was built in phases between 2006 and 2009 and was 92 percent occupied at the time of sale. Floor plans feature one-, two- and three-bedroom units. The new ownership will upgrade the property’s unit interiors and amenity spaces, including adding a new fitness center. The seller was not disclosed.

March 1, 2019

Civic Development Texas

Avenue Receives $3.4M in Financing to Develop Community Resource Center in Houston

by Taylor Williams March 1, 2019

HOUSTON — Avenue, a local nonprofit affordable housing developer, has received $3.4 million in project financing for the development of a community resource center in Houston. The property, which will be located at 3527 Irvington Blvd. in the city’s Moody Park area, will feature a health clinic and an early childhood education center. The groundbreaking is slated for the second quarter, and completion is scheduled for early 2020.

March 1, 2019

Acquisitions Industrial Texas

Colliers Negotiates Sale of 26,000 SF Warehouse in Houston

by Taylor Williams March 1, 2019

HOUSTON — Colliers International has negotiated the sale of a 26,000-square-foot warehouse situated on 2.2 acres at 4303 South Drive in Houston. The property is located within Southbelt Industrial Park on the city’s south side, just outside the Sam Houston Tollway. Christopher Winters and Walter Menuet of Colliers represented the buyer, Glenmorangie LLC, in the sale. Coy Wheeler of Keller Williams Commercial represented the seller, BL Fielder Investments LLC.

March 1, 2019

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