COLUMBUS, OHIO — Dougherty Mortgage LLC has provided a $1.2 million Fannie Mae loan for the refinancing of Parkview Apartments in Columbus. The apartment property consists of 216 market-rate apartment units. Dougherty’s Minneapolis office originated the eight-year loan, which features a 30-year amortization schedule. Wolfe Diamond Loch LLC was the borrower.
MILWAUKEE — Zenith Tech Inc. has signed a 5,000-square-foot office lease in Milwaukee. The Wisconsin-based concrete contractor will occupy the space at 2202 W. Clybourn St. Sal Strehlow of Colliers International brokered the lease transaction. The landlord was not disclosed.
ALPHARETTA, GA. — KDC, in conjunction with Worthington Hyde Partners and Transwestern, has unveiled plans to develop eight acres of build-to-suit office space at Windward Park, a $400 million mixed-use development in the north Atlanta metro of Alpharetta. The site is zoned for two 250,000-square-foot, Class A office buildings. The 48-acre Windward Park development is located at the corner of Windward Parkway and GA 400 in Atlanta’s North Fulton submarket. Worthington Hyde acquired the site from Prudential Financial Inc. (now PGIM Real Estate) in 2007, and began developing the project in 2015. At completion, Windward Park will feature Class A office space with structured parking; a 249-room Hilton-branded hotel; Caravelle at Windward Park, which will include 200 condominiums and 190 townhomes marketed and developed by Lennar Corp.; a 31,000-square-foot retail village; and a two-acre park. In addition, Windward Park will provide direct access to MARTA’s Windward Park and Ride, which provides a bus service to and from the North Springs MARTA station. The Hilton hotel is scheduled to break ground this summer, and the residential units are currently under construction. A construction timeline was not released for the office portion.
RALEIGH, N.C. — HFF has arranged a $26 million loan for the refinancing of The Lincoln Apartments, a 224-unit multifamily community in downtown Raleigh. The property is located at 408 E. Hargett St., less than a half-mile from the North Carolina State Capitol. Matthew Schoenfeldt, Cory Fowler and Roger Edwards of HFF arranged the floating-rate loan through MetLife Investment Management on behalf of the borrower, Lincoln Apartments LLC, an affiliate of Banner Real Estate Group. Completed in 2015, The Lincoln Apartments features a resident club room with a kitchen, resort-style pool, outdoor fireplace, fitness center with yoga studio, pet spa, coffee bar, enclosed parking garage and an electric car charging station. Individual units average 759 square feet and feature wood-style flooring, granite countertops, stainless steel appliances, balconies, walk-in closets and full-size washers and dryers.
GAINESVILLE, FLA. — Campus First Student Living has acquired The Ridge, a 661-bed student housing community located less than one mile from the University of Florida campus in Gainesville. The property offers two-, four- and five-bedroom, apartment- and townhome-style units. Shared amenities include a three-room fitness center, clubhouse, study lounges, a beach entry pool, hot tub and lazy river. Planned renovations for the community — set for completion this fall — include improvements to the clubhouse and the addition of private study areas, fire pits, outdoor game areas, a yoga studio and a dog park. Ryan Lang of ARA Newmark’s Student Housing Group represented the seller in the transaction.
ATLANTA — CBRE Global Investors has unveiled plans for its $6 million renovation of three office buildings at Concourse Corporate Center in Atlanta’s Central Perimeter office submarket. CBRE Global Investors, the investment management arm of CBRE Inc., acquired Concourse Buildings I, II and IV from BLT in December for $145 million, according to the Atlanta Business Chronicle. The three buildings under CBRE’s ownership total 751,093 square feet. As part of the renovation, CBRE will rename the center “The Collective at Concourse,” and will add the buildings to its’ “5-Star Worldwide” program. Full lobby renovations are planned for Buildings II and IV, along with 5-star conference centers, a new speculative suite program and front-of-house enhancements. The renovated, atrium-style lobbies will feature biophilic design elements including natural light, indoor water features and plant life. In addition, a new outdoor greenspace will be added for community events. Available floor plates range from 37,000 to 41,000 square feet and will include loft suites with open floor plans. The buildings are 87 percent leased to tenants such as SecureWorks, T-Mobile, Elavon and Amtrak. In addition to Concourse Buildings I, II and IV, the center is home to Atlanta’s iconic “King and Queen” towers that are separately …
PORT CHARLOTTE, FLA. — GBT Realty Corp. has unveiled the tenant lineup and renovation plans for Port Charlotte Marketplace, a shopping center redevelopment project in Port Charlotte, roughly 40 miles south of Sarasota. Located at Tamiami Trail/US Highway 41 and Cochran Boulevard, the nine-acre site formerly housed a vacant 108,500-square-foot Kmart. Brentwood, Tenn.-based GBT acquired the 75-year ground lease last fall. Redevelopment plans include a complete renovation of the former Kmart building with an updated façade, the addition of two small shop buildings and new signage, paving and landscape. Signed tenants include a 40,000-square-foot Burlington, a 20,000-square-foot HomeGoods and a 7,500 square foot national shoe store. The center is approximately 76 percent leased, with 15,000 square feet available. Tenants are expected to open at the development this fall. The second phase of the project will include an additional 62,000 square feet of retail and restaurant space on the parcel’s five acres.
BOISE, IDAHO — Boise-based grocery chain Albertsons Cos. has agreed to acquire Rite Aid Corp. (NYSE: RAD), one of the nation’s largest drugstore chains, for an undisclosed sum. The integrated company will operate about 4,900 locations, 4,350 pharmacy counters, and 320 clinics across 38 states and Washington, D.C., serving 40 more than million customers per week. The majority of Albertsons’ pharmacies will be rebranded as Rite Aid. The company will continue to operate Rite Aid standalone pharmacies. The Rite Aid merger will allow Albertsons to go public. Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders can receive either one share of Albertsons common stock plus about $1.83 in cash, or 1.079 shares of Albertsons stock. Depending upon the results of cash elections, upon closing of the merger, shareholders of Rite Aid will own a 28 percent to 29.6 percent stake in the combined company, while current Albertsons shareholders will own a 70.4 percent to 72.0 percent stake in the combined company on a fully diluted basis. The combined company plans to seek expanded opportunities in Albertsons’ many brands, including O Organics and Lucerne, along with its manufacturing and …
In Delaware’s largest city, Wilmington, it is a tenant’s market when it comes to office leasing. There is much activity and redevelopment to attract new tenants downtown. Rental rates hover around $18 to $21 per square foot for Class B office space and $23-plus for Class A office space. Vacancy for Wilmington and its suburbs combined has decreased to around 13 percent. In the past year, nearly vacant office buildings have garnered activity from new investors looking to purchase at lower price points, freeing up excess capital for renovations or redevelopment. Some office buildings are being redeveloped into residential apartments due to the demand of millennials and professionals who desire a “live-work-play” lifestyle in downtown Wilmington, and who wish to reside near the city’s Amtrak station to take advantage of the easy access to larger cities like Philadelphia, New York, and Baltimore. The Buccini/Pollin Group has been putting hundreds of millions into the construction or redevelopment of residential, office, and hotel, as well as sports and entertainment properties on Market Street and in the Riverfront area. The company recently acquired a 13-story building comprising the former DuPont headquarters and the Hotel DuPont, which will be converted into a mixed-use complex …
DALLAS — Cypress Real Estate Advisors Inc. will develop a 294-unit apartment community at 4600 Ross Ave. in the Uptown district of Dallas. Oden Hughes Taylor Construction is serving as general contractor for the project and JHP Architects is designing the community, which is expected to break ground this quarter. The target completion date is early 2020. Steve Williamson of Transwestern brokered the sale of the 3.8-ace land parcel, which previously housed the headquarters of the Dallas Teacher Credit Union and Credit Union of Texas.
