Property Type

NGZ Arranges Sale of 105,000 SF Retail Property Occupied by Kohl’s in Lenexa, Kansas

by Kristin Harlow March 5, 2018

LENEXA, KAN. — Newmark Grubb Zimmer (NGZ) has arranged the sale of a 105,000-square-foot retail property occupied by Kohl’s in Lenexa. The sales price was not disclosed. Originally built in 1994, the property is located at 12381 W. 95th St. near Interstate 35. Michael VanBuskirk and Chris Robertson of NGZ, along with Ferd Niemann Brokerage and Consulting LLC, represented the buyer, Christie Development. Kevin Curtin of Kessinger Hunter and Jeff Dozier of Point Commercial represented the seller, TIC Lenexa LP.

March 5, 2018

Illinois Midwest Retail

Starbucks, Inland Bank Join Tenant Lineup at Wheeling Town Center in Suburban Chicago

by Kristin Harlow March 5, 2018

WHEELING, ILL. — Starbucks Coffee and Inland Bank have signed leases at Wheeling Town Center in the Chicago suburb of Wheeling. The mixed-use property is scheduled to open later this year. Starbucks will include a drive-thru and outdoor patio on a 2,100-square-foot plot. Inland Bank will span 2,000 square feet and also include a drive-thru. Previously unveiled tenants at the property include CMX Cinemas and City Works Eatery & Pour House. The project, a joint venture between WTC LLC and the Lynmark Group, will also include a 300-unit luxury apartment building.

March 5, 2018

Office Southeast Virginia

Apex Clean Energy Unveils Plans for New Headquarters at 130,000 SF Office Project in Charlottesville

by Camren Skelton March 5, 2018

CHARLOTTESVILLE, VA. — Apex Clean Energy has unveiled plans for its new corporate headquarters at a planned 130,000–square-foot office building in downtown Charlottesville. The move allows the company to consolidate more than 170 employees currently spread across multiple office buildings in the area. Apex Clean Energy, which develops, constructs and operates wind and solar power facilities across North America, will occupy 60,000 square feet of office space and lease the remaining space to other tenants. In addition, the seven-story building — to be located on Garrett Street — will include 10,000 square feet of ground-floor retail. John Pritzlaff of Cushman & Wakefield | Thalhimer arranged the lease on behalf of Apex Clean Energy. Riverbend Development, the project developer, plans to deliver the building 24 months after construction kicks off this summer. Architecture firm William McDonough + Partners is designing the project.

March 5, 2018

Florida Multifamily Southeast

TriBridge, Sefira Capital to Open $49M Apartment Community in Jacksonville

by Camren Skelton March 5, 2018

JACKSONVILLE, FLA. — Atlanta-based TriBridge Residential LLC, in partnership with Miami-based Sefira Capital, will soon deliver The Jaxon, a 287-unit apartment community located at 4450 Tropea Way in Jacksonville. Slated to open this summer, the property is situated across the street from St. Johns Town Center, Jacksonville’s premier outdoor mall and retail corridor. The $49 million apartment community will offer a mix of studio to three-bedroom units with granite countertops, built-in Bluetooth speakers and custom finishes. Community amenities will include a Vegas-style swimming pool with cabanas and rain curtain, a party porch, dog park, dog wash station and a 24-hour package delivery system with refrigerated storage.

March 5, 2018

North Carolina Retail Southeast

Zapolski Acquires 129,851 SF Shopping Center in Asheville from Edens for $33M

by Camren Skelton March 5, 2018

ASHEVILLE, N.C. — Zapolski Real Estate has acquired Asheville Market, a 129,851-square-foot shopping center located at 4 S. Tunnel Road in Asheville, for $33 million. Alex Quarrier of Berkeley Capital Advisors arranged the transaction on behalf of the seller, Edens. David Vinson and Todd Crouse of NorthMarq Capital arranged acquisition financing through Citigroup Global Markets on behalf of Zapolski. The loan amount was not disclosed. Asheville Market was originally constructed in 1980 as a “Big K” Kmart, but Whole Foods Market replaced the store in 2014 as part of the center’s repositioning. Additional tenants include DSW, Guitar Center, HobbyTown, Chicken Salad Chick, Neo Burrito, Duncan & York and Green4Life.

March 5, 2018

Florida Loans Office Southeast

CBRE Brokers $23.6M Sale, $18.3M Acquisition Financing for Office Portfolio Near Orlando

by Camren Skelton March 5, 2018

ORLANDO, FLA. — CBRE has arranged the $23.6 million sale of and $18.3 million acquisition financing for a 283,292-square-foot office portfolio in the metro Orlando area. Ron Rogg and Chip Wooten of CBRE brokered the sale. In addition, CBRE’s Zac Brumbaugh arranged a five-year loan with 18 months of interest-only payments through a bank on behalf of the borrower, Realty Capital Commercial Real Estate Advisors. The name of the seller was not disclosed. The portfolio includes Interlachen Corporate Center in Casselberry, roughly 13 miles north of Orlando, and 2400 Maitland and 500 Winderley in Maitland, roughly eight miles north of Orlando. The portfolio was 75 percent leased at the time of sale to tenants such as RP Funding’s headquarters, Fidelity National Title Co. and Avant Healthcare.

March 5, 2018

Alabama Mixed-Use Retail Southeast

Dave & Buster’s to Open at $350M MidCity Development in Huntsville

by Camren Skelton March 5, 2018

HUNTSVILLE, ALA. — RCP Cos. has signed Dave & Buster’s to its MidCity project, a $350 million mixed-use development under construction in Huntsville. The 140-acre project is a redevelopment of the former Madison Square Mall. Dave & Buster’s joins tenants such as Topgolf, which opened in December; High Point Climbing and Fitness, currently under construction; and Adrenaline Zone, which is expected to break ground this summer. The 26,500-square-foot Dave & Buster’s is expected to open in July 2019 and will be the entertainment retailer’s second location in Alabama. At full build-out, MidCity will include 345,000 square feet of street-level retail and restaurant space, 200,000 square feet of office space, 500 hotel rooms and 900 residences. In addition, the development will include a 38-acre public park.

March 5, 2018

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville’s Growing Industrial Pipeline Limits Available Sites, Labor

by John Nelson March 5, 2018

Everyone is familiar with the expression “Rome wasn’t built in a day.” However, what most people do not know is that the second half of that phrase is, “but they were laying bricks every hour.” Bricklayers in Nashville are busy people these days, accommodating the demand for new commercial development. That’s not just a metaphor for the developers of record — the utility contractors, dirt movers, pavers, framers and roofers are all busy trying to keep up with the constant stream of construction. With record levels of construction comes the high demand for a skilled workforce to complete the necessary work. We constantly hear that approximately 30,000 people are moving to Nashville per year. However, a large amount of this new workforce via this in-migration are millennials looking to work in the IT or healthcare fields rather than skilled labor. If you were to ask any “bricklayer” what concerns them the most, almost assuredly the recruitment and retention of qualified labor will be at the forefront of the conversation. With the younger generation less likely to enter the blue collar workforce, why in 2017 did we see 6 million square feet of industrial warehouse space delivered? Make no mistake, that …

March 5, 2018

Company News Multifamily Seniors Housing Top Stories

Seniors Housing Operator HCR ManorCare to File for Bankruptcy Following $385M Rent Delinquency

by Taylor Williams March 5, 2018

BETHESDA, MD. — HCR ManorCare, an Ohio-based seniors housing operator, will file for Chapter 11 bankruptcy protection and transfer its management operations to its landlord, Quality Care Properties (NYSE: QCP). HCR ManorCare, which currently manages about 320 seniors housing properties, is the second-largest skilled nursing operator in the country. The company’s management contracts also span the assisted living, hospice and home care sectors. The move follows HCR’s declaration of approximately $385 million in delinquent rent payments. Reuters reports that the company’s total debt is roughly $7.1 billion and that QCP will put its own management teams in place at properties previously managed by HCR. Under the terms of the agreement, HCR’s operating subsidiaries will not file for Chapter 11 bankruptcy protection. The parent company’s name and brand will also remain in place, but as a wholly owned subsidiary of QCP. QCP itself is a spin-off of healthcare REIT HCP (NYSE: HCP), which created the company specifically to remove HCR ManorCare’s 320 properties from its portfolio. QCP and HCR have been in negotiations for months regarding hundreds of millions in unpaid rent. In addition, QCP will give up its REIT designation, as it will now both own and operate its properties. “This …

March 5, 2018

New York Northeast Office

JPMorgan Chase to Occupy 436,905 SF in Madison Avenue Office Tower

by Amy Works March 2, 2018

NEW YORK CITY — JPMorgan Chase has signed a 10-year lease to occupy 436,905 square feet of space at 390 Madison Ave., a 32-story office building slated to open this summer. L&L Holding Co. is undertaking the redevelopment of the 850,000-square-foot property in conjunction with New York-based Clarion Partners, acting on behalf of the New York State Common Retirement Fund. The lease includes 16 full office floors and two street-level retail spaces. JP Morgan’s office space will include a conference center, multiple outdoor terraces and several double-height amenity areas. The firm will also open a Chase bank branch on the ground floor. David Levinson, David Berkey, Andrew Wiener and Jim Traynor of L&L Holding represented the landlord and tenant in the deal.

March 2, 2018

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