Property Type

Sterling Bay Receives $64M Refinancing for Ace Hotel Chicago

by Kristin Harlow February 21, 2018

CHICAGO — Developer Sterling Bay has received a $64 million bridge loan to refinance construction financing for the Ace Hotel Chicago. Opened in 2017, the 159-room hotel is located at 311 N. Morgan St. in Chicago’s Fulton Market district. The boutique property features a lobby restaurant and bar, outdoor terrace, rooftop bar, private dining area, fitness center and nearly 4,000 square feet of retail space. Timothy Joyce, Tony Malk, Jeff Bucaro and Nicole Aguiar of HFF arranged the five-year loan through LoanCore Capital and Ohana Real Estate Investors.

February 21, 2018

Indiana Midwest Multifamily

Marcus & Millichap Brokers $1.5M Sale of Apartment Building in Hobart, Indiana

by Kristin Harlow February 21, 2018

HOBART, IND. — Marcus & Millichap has brokered the sale of Lakeview Apartments in Hobart, a city in northwestern Indiana, for $1.5 million. The 28-unit apartment building is located at 136 Main St. in the Lakefront district. The property is within a recently approved redevelopment of approximately 750 feet of shoreline. Plans call for new boat launches for kayaks and canoes. The property features a mix of studio, one- and two-bedroom units. Scott Harris of Marcus & Millichap brokered the sale on behalf of the seller, a partnership. He also secured and represented the buyer, a limited liability company.

February 21, 2018

Industrial Michigan Midwest

Signature Associates Arranges Sale of 29,991 SF Industrial Building in Suburban Detroit

by Kristin Harlow February 21, 2018

MADISON HEIGHTS, MICH. — Signature Associates has arranged the sale of a 29,991-square-foot industrial building in Madison Heights, a northern suburb of Detroit, for an undisclosed price. The property is located at 29370 Stephenson Highway. ZMS Holdings Inc. sold the property to 55 Investments LLC. Paul Hoge of Signature Associates represented the seller.

February 21, 2018

Loans Midwest Multifamily Ohio

Dougherty Provides $1.2M Refinance Loan for Apartment Property in Columbus, Ohio

by Kristin Harlow February 21, 2018

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.

February 21, 2018

Midwest Office Wisconsin

Zenith Tech Signs 5,000 SF Office Lease in Milwaukee

by Kristin Harlow February 21, 2018

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.

February 21, 2018

Georgia Mixed-Use Office Southeast

KDC, Partners to Develop Eight Acres of Office Space at $400M Mixed-Use Project in Metro Atlanta

by Camren Skelton February 21, 2018

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.

February 21, 2018

Loans Multifamily North Carolina Southeast

HFF Arranges $26M Refinancing for Multifamily Community in Downtown Raleigh

by Camren Skelton February 21, 2018

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.

February 21, 2018

Florida Multifamily Southeast Student Housing

Campus First Acquires 661-Bed Student Housing Community Near University of Florida

by Camren Skelton February 21, 2018

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.

February 21, 2018

Georgia Office Southeast

CBRE to Launch $6M Renovation of Three Office Buildings in Atlanta’s Central Perimeter

by Camren Skelton February 21, 2018

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 …

February 21, 2018

Florida Retail Southeast

GBT Unveils Tenant Roster, Plans for Shopping Center Redevelopment in Port Charlotte, Florida

by Camren Skelton February 21, 2018

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.

February 21, 2018

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