Property Type

Berkadia Secures $25M Acquisition Loan for Office Complex in Jacksonville

by Camren Skelton September 14, 2018

JACKSONVILLE, FLA. — Berkadia has arranged a $25 million loan for the acquisition of Summit at Southpoint, a 260,664-square-foot office complex located at 6410 Southpoint Parkway in Jacksonville. Charles Foschini and Christopher Apone of Berkadia arranged the three-year loan through NXT Capital on behalf of the borrower, Rose & Berg Realty Group. Transwestern arranged the acquisition on behalf of the seller, Blue Rock Real Estate LLC, which sold the complex for $29.6 million. Summit at Southpoint includes four, three-story office buildings constructed between 1988 and 1998. The complex was 82 percent leased at the time of sale to tenants such as U.S. Bank/FSV Payment Systems, Chicago Title Insurance Co., BB&T, Windstream, Occenture and Keiser University.

September 14, 2018

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $14.7M Sale of Office Building in Richmond

by Camren Skelton September 14, 2018

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $14.7 million sale of 206,068-square-foot office building located at 6606 W. Broad St. in Richmond. Thalhimer Realty Partners (TRP), the investment and development subsidiary of Cushman & Wakefield | Thalhimer, acquired the asset from Southern States. TRP will rename the building Brookfield Place. The property, which was 70 percent leased at the time of sale, serves as the headquarters for Southern States Cooperative. Additional tenants include Virginia Urology, Wiley Wilson and Keener Communications. Brookfield Place will continue to serve as the headquarters for Southern States, which has signed a long-term lease with plans to renovate its office space. Evan Magrill and Baker Lynn of Cushman & Wakefield | Thalhimer will handle Brookfield Place’s leasing assignment, and Lindsay Mujacic of Cushman & Wakefield | Thalhimer will manage the property.

September 14, 2018

Acquisitions Florida Retail Southeast

Plaza Advisors Negotiates Sale of 114,071 SF, Walmart-Anchored Shopping Center in Central Florida

by Camren Skelton September 14, 2018

KISSIMMEE, FLA. — Plaza Advisors has arranged the sale of Vine Street Square, a 114,071-square-foot shopping center in Kissimmee, located roughly 30 miles south of Orlando. Jim Michalak and Keith Nurre of Plaza Advisors arranged the transaction on behalf of the seller, Phillips Edison & Co. A private equity group purchased the asset for an undisclosed price. Walmart Neighborhood Market anchors the center, which was 99 percent leased at the time of sale. Additional tenants include Humana, CAC FL Medical Centers, Mattress One, CosmoProf, Domino’s Pizza, H&R Block and MetroPCS.

September 14, 2018

Alabama Development Hospitality Southeast

Marshall Hotels & Resorts Opens 63-Room Hotel Indigo in Birmingham

by Camren Skelton September 14, 2018

BIRMINGHAM, ALA. — Marshall Hotels & Resorts has opened the 63-room Hotel Indigo Birmingham Five Points S-UAB. Located in the Five Points South area, Birmingham’s arts, entertainment and dining district, the hotel is near attractions including the Birmingham Botanical Gardens, McWane Science Center and the Birmingham Civil Rights Museum. In addition, the property is a half-mile from University of Alabama at Birmingham (UAB). The building was originally designed in the 1930s for medical offices and was converted into a hotel in the 1980s. Marshall Hotels completed a $5 million renovation to convert the hotel from the Hotel Highland Downtown to a Hotel Indigo, a chain of boutique hotels under the InterContinental Hotels Group umbrella. The hotel features the Rx lounge, a themed bar and restaurant that captures the building’s medical arts origins.

September 14, 2018

Acquisitions California Retail Western

Sterling Organization Buys 76,797 SF Shopping Center in Metro Los Angeles for $23.7M

by Amy Works September 14, 2018

HUNTINGTON PARK, CALIF. — Sterling Organization, on behalf of Sterling United Properties I LP, has acquired Margarita Plaza. The grocery-anchored shopping center located at the northeast corner of Santa Fe Avenue and East Florence Avenue in Huntington Park, approximately four miles from downtown Los Angeles. Private investors sold the property in an off-market transaction for $23.7 million, or $309 per square foot. A 43,350-square-foot Food 4 Less grocery store anchors the 76,797-square-foot shopping center, which was built in 1989 and renovated in 2014. Additional national retail tenants include Little Caesar’s Pizza and Jackson Hewitt. At the time of sale, the property was 93 percent occupied. Sterling United Properties I LP is Palm Beach, Fla.-based Sterling Organization’s institutional grocery-anchored shopping center core fund.

September 14, 2018

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $30.9M in Financing to Build Two Affordable Housing Projects in Seattle

by Amy Works September 14, 2018

SEATTLE — KeyBank Community Development Lending & Investment (CDLI) has provided $30.9 million in financing to Community House Mental Health Agency for the construction of two affordable housing properties located at the corner of 23rd and Jackson streets in Seattle. KeyBank funded a $13.6 million construction loan for the development of Judkins Junction, a 74-unit multifamily property. Additional funding was provided by the City of Seattle and King County. The tax credit investor is the National Development Council. KeyBank will also provide the borrower with a $5.6 million private placement permanent loan. Additionally, KeyBank provided a $11.7 million construction loan for the development of Patricia A. Apartments. The property will offer 52 units of permanent supportive housing for individuals with mental illnesses. The City of Seattle, King County and Washington State Housing Trust Fund provided additional funding. Victoria Quinn of KeyBank’s CDLI group arranged the financing for both properties.

September 14, 2018

Industrial Kansas Leasing Activity Midwest

Overstock.com to Open 517,000 SF Distribution Center in Kansas City, Kansas

by Kristin Harlow September 14, 2018

KANSAS CITY, KAN. — Overstock.com, an online home goods and furniture retailer, has leased 517,000 square feet at a new distribution center in Kansas City. The building, owned by Los Angeles-based BH Properties, is located at 5300 Kansas Ave. Luke Burbank and Kyle Roberts of Newmark Grubb Acres led the national site search for Overstock.com. Mark Long and John Hassler of Newmark Grubb Zimmer worked with Burbank and Roberts to provide assistance with lease negotiations in the Kansas City region. Chris Guiterez with Kansas City Smartport assisted in the coordination of all state and local economic development experts that assisted in this project, including the State of Kansas Department of Commerce and the Wyandotte Economic Development Council. Overstock.com will begin operations at the facility in October and will employ up to 200 people. The Kansas city location enables Overstock.com to offer two-day shipping options for 99 percent of its U.S. customers, according to Carroll Morale, vice president of supply chain at Overstock.com.

September 14, 2018

Development Illinois Midwest Retail

EQ Office Unveils Plans for Dining, Retail Destination at Willis Tower in Chicago

by Kristin Harlow September 14, 2018

CHICAGO — Blackstone’s Equity Office, a large U.S. owner of office space, has unveiled plans for “Catalog,” a five-story dining, retail and entertainment destination located at the base of Willis Tower in downtown Chicago. Food hall operator Urbanspace will anchor Catalog’s food and beverage offerings, occupying more than 14,000 square feet and making the company one of the largest retailers in the building. The name Catalog is a nod to the Sears Roebuck Co., which originally developed and opened Willis Tower in 1973. Architecture firm Gensler is designing the space, which is scheduled to open in mid-2020. Willis Tower is undergoing $500 million in renovations, plans for which include more than 300,000 square feet of new retail, dining and entertainment space. Pre-leased tenants include Shake Shack, Sweetgreen, Luke’s Lobster and Taylor Gourmet.

September 14, 2018

Acquisitions California Retail Western

Hanley Investment Group Brokers $23M Sale of Retail Building in Pasadena

by Amy Works September 14, 2018

PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $23 million sale of a 39,290-square-foot retail building in Pasadena. Carlos Lopez and Lee Csenar of Hanley Investment Group arranged the transaction on behalf of the seller, AEGON USA Realty Advisors. John Repstad of Realty Advisory Group Inc. represented the buyer, a private investor based in Beverly Hills. The first and second floor of the freestanding building — totaling 27,025 square feet — are triple-net-leased to Walgreens until 2027. Walgreens subleased the 14,057-square-foot second floor to Sit ‘n Sleep. The building’s 12,265-square-foot basement space is leased to Premier Dental Care Group. The sale also included a portion of the parking lot behind the property and the use of the adjacent reciprocal parking managed by the City of Pasadena.

September 14, 2018

Acquisitions Indiana Michigan Midwest Retail

NAI Wisinski Brokers Sale of Four Shopping Centers in Michigan, Indiana for $28.5M

by Kristin Harlow September 14, 2018

MICHIGAN AND INDIANA — NAI Wisinski of West Michigan has brokered the sale of four shopping centers anchored by Kroger in Michigan and Indiana for $28.5 million. The properties in Michigan include Owosso East Shopping Center in Owosso and Sturgis Plaza in Sturgis. The Indiana properties include Plymouth Plaza in Plymouth and Auburn Plaza in Auburn. Cameron Timmer and Russ Bono of NAI Wisinski brokered the sale with assistance from NAI Farbman. Neither the buyer nor the seller was disclosed.

September 14, 2018

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