Property Type

Multiply, Orion Genomics Sign Office Leases at City Foundry Development in St. Louis

by Kristin Harlow May 18, 2018

ST. LOUIS — Digital publishing and technology firm Multiply and DNA technology company Orion Genomics have signed office leases at City Foundry in St. Louis. Together, the two companies will occupy 30,000 square feet and add almost 100 employees to the development. Previously announced leases at City Foundry include Alamo Drafthouse Theaters, Punch Bowl Social and Fassler Hall. Construction is expected to begin this summer with completion slated for the second half of 2019. Steve Smith is the developer of the $187 million mixed-use project, which involves the adaptive reuse of the former Century Electric Foundry complex. S.M. Wilson is the construction manager and Lawrence Group is the architect.

May 18, 2018

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $88.4M Sale of Multifamily Portfolio in Florida

by Camren Skelton May 18, 2018

TAMPA, FLA. — Marcus & Millichap has brokered the $88.4 million sale of the Tripointe Value-Add Portfolio, a six-property multifamily portfolio located throughout Central and North Florida. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office arranged the transaction on behalf of the seller, an Ohio-based limited liability company, and procured the buyer, a Tampa-based limited liability company. The properties in the transaction included The Palms at Brandon, a 184-unit community in Brandon, roughly 12 miles east of Tampa; the 154-unit Bradford Place in Orange Park, about 20 miles south of Jacksonville; the 168-unit Mallards of Brandywine in Deland, approximately 40 miles north of Orlando; Marsh Oaks, a 120-unit community in Atlantic Beach, roughly 16 miles east of Jacksonville; the 200-unit San Pablo in Jacksonville; and Shadow Lakes, a 184-unit community in Ormond Beach, located six miles north of Daytona Beach. The communities feature amenities such as swimming pools, car was areas, tennis courts, fitness centers and playgrounds.

May 18, 2018

Acquisitions Florida Retail Southeast

InvenTrust Acquires Grocery-Anchored Center in South Florida for $88M

by Camren Skelton May 18, 2018

PALM BEACH GARDENS, FLA. — InvenTrust Properties Corp. has acquired PGA Plaza, a 120,000-square-foot shopping center in Palm Beach Gardens, for $88 million. Menin Development Inc. sold the center. The Delray Beach-based company invested $14 million to renovate the property in 2015. PGA Plaza was 95 percent leased at the time of sale to tenants such as Trader Joe’s, Marshalls, Ulta Beauty, Verizon Wireless, Orangetheory Fitness and Chase Bank.

May 18, 2018

Acquisitions Civic North Carolina South Carolina Southeast

Stan Johnson Co. Arranges $57M Sale of 21-Property Childcare Portfolio in Carolinas, Colorado

by Camren Skelton May 18, 2018

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has arranged the $57 million sale of a Gateway Academy portfolio located throughout Colorado, North Carolina and South Carolina. The portfolio includes 21 single-tenant assets that are net-leased to the childcare organization. Six of the facilities are located in North Carolina, 10 in South Carolina and five in Colorado. Milo Spector, Chris Lomuto and Matt Lipson of Stan Johnson Co. arranged the transaction on behalf of the seller, which developed the properties and co-founded Gateway Academy. A Texas-based institutional investor acquired the portfolio.

May 18, 2018

Loans Multifamily North Carolina Southeast

Blue Heron Receives Construction Financing for 164-Unit Multifamily Community in Durham

by Camren Skelton May 18, 2018

DURHAM, N.C. — Blue Heron Asset Management has received a construction loan for the development of Foster on the Park, a 164-unit apartment community located at 545 Foster St. in Durham. Roger Edwards, Justin Good and Henry Sisson of HFF arranged the loan through First National Bank, a subsidiary of FNB Corp., on behalf of Blue Heron. Foster on the Park will feature ground-floor retail and restaurant space and will overlook Central Park — the city’s main urban park that hosts a twice-weekly farmers market, food truck rodeos and community and social events. In addition, the community will be located adjacent to Durham Innovation District, a 1.7 million-square-foot, planned mixed-use development, as well as the Historic Durham Athletic Park. In addition to Blue Heron, the project team includes general contractor Resolute Building Co., architect Cline Design Associates and civil engineer Coulter Jewell Thames. Bell Partners will manage the community upon completion in the first quarter of 2020.

May 18, 2018

Acquisitions Industrial North Carolina Southeast

Meritex Acquires 100,286 SF Industrial Building Near Charlotte Douglas International Airport

by Camren Skelton May 18, 2018

CHARLOTTE, N.C. — The Meritex Co. has acquired Airpark West V, a 100,286-square-foot industrial property located three miles from Charlotte Douglas International Airport. Justin Smith and Rob Speir of Colliers International arranged the transaction on behalf of Meritex. The name of the seller and sales price were not disclosed. Airpark West V was initially constructed in 2004 and expanded in 2007. Meritex acquired the building completely vacant, and will invest in capital improvements to the property. Planned renovations include the addition of more dock doors, energy-efficient LED lighting, new HVAC systems, exterior enhancements and newly updated office suites. Foundry Commercial will manage the property and handle the building’s leasing assignment.

May 18, 2018

Acquisitions Colorado Office Western

CIM Group Acquires Two-Building Office Campus in Downtown Denver for $189M

by Amy Works May 18, 2018

DENVER — Los Angeles-based CIM Group has purchased LoDo Towers, an office campus located in Lower Downtown (LoDo) Denver. According to the Denver Business Journal, Chicago-based Zeller Realty Group sold the property at 1331 17th St. for $103 million and the building at 1401 17th St. for $86 million, or a combined $189 million. The campus includes a 13-story, 220,000-square-foot building with 17,000-square-foot floorplates, and a 16-story, 190,000-square-foot property with 13,000-square-foot floorplates. This is CIM Group’s first acquisition in Denver.

May 18, 2018

Acquisitions California Healthcare Mixed-Use Office Restaurant Retail Western

NKF Capital Markets Brokers $97.1M Sale of Mixed-Use Property in La Jolla

by Amy Works May 18, 2018

LA JOLLA, CALIF. — NKF Capital Markets has brokered the sale of The Campus on Villa La Jolla, a five-building mixed-use campus located at 8910 and 8980 Villa La Jolla Drive in La Jolla. GPI Cos. acquired the campus from La Jolla Village Professional Center Associates for $97.1 million. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of NKF Capital Markets represented the seller in the deal. The buyer was self-represented. Situated on 6.8 acres, the 198,453-square-foot campus features a three-building professional center with office and medical tenants; a stand-alone medical office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. At the time of sale, the property was 83 percent occupied. More than half of the campus is leased to the Regents of the University of California. The University of California, San Diego’s main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive.

May 18, 2018

California Loans Office Western

CBRE Secures $71.5M in Financing for Office Campus in San Jose

by Amy Works May 18, 2018

SAN JOSE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has secured $71.5 million in refinancing for The Junction at Montague, a four-building office and R&D campus in North San Jose. The borrower is a joint venture between Rockwood Capital and Four Corners Properties. Brad Zampa, Mike Water and Megan Woodring of CBRE’s San Francisco office arranged the five-year, floating-rate bridge financing at a spread over the 30-day LIBOR on behalf of the borrower. A national mortgage REIT focused on investing in larger, West Coast value-add debt opportunities provided the capital. Located at 2520, 2560 and 2580 Junction Ave. and 541 E. Trimble Road, the 16-acre campus features a total of 262,110 square feet of space. Current tenants include Infineon Technologies AG, a semiconductor design/manufacturing firm, and Avnet, a distributor of electronic components and subsystems.

May 18, 2018

Development Loans Multifamily Oregon Western

HFF Arranges $47.4M in Joint Venture Equity for 347-Unit Multifamily Development in Portland

by Amy Works May 18, 2018

PORTLAND, ORE. — HFF has secured $47.4 million in joint venture equity for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Ira Virden, Mark Erland and Matt Benson of HFF, on behalf of developer Alamo Manhattan, arranged the joint venture equity partnership with Diamond Realty Investments. Slated for completion in 2020, the property will feature 347 units in a mix of studio, one- and two-bedroom apartments, averaging 801 square feet. The 20-story development will feature premium interior finishes and community amenities, including a 15,000-square-foot amenity terrace and a 20th-floor rooftop residential lounge, and a 16th-foor terrace. Additionally, the property will feature 15,000 square feet of ground-floor retail space.

May 18, 2018

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