MILWAUKEE — Fidelity National Information Services Inc. (FIS) has signed a 124,550-square-foot office lease at Parkland Center in Milwaukee. The financial services technology and outsourcing services company will occupy the second and third floors of the Class A building, which was formerly home to Molina Healthcare of Wisconsin Inc. The building underwent an extensive renovation in late 2016, including a complete update of the lobby and the addition of a fitness center and full-service cafeteria. FIS joins neighboring tenant Global Industrial to bring the 222,704-square-foot building to an occupancy level of 67 percent. Ned Purtell and Patti Stevens of Founders 3 Real Estate Services represented the landlord, Griffin Capital Essential Asset REIT Inc., in the lease transaction. Erik Ozolins of Orion Realty Group and Kate Hanson of Founders 3 represented FIS.
CLEVELAND — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail building occupied by Dollar General in Cleveland for $1.6 million. The property, located at 3040 Fulton Road, spans 7,489 square feet. Jack Farritor of Quantum represented the seller, a national developer based in Alabama. A Los Angeles-based institutional investment firm was the buyer. Dollar General has 15 years remaining on its lease.
NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …
Companies looking to attract and retain talent are now offering top amenities, a modern office space and a healthy work environment with a sense of community. Employees are a company’s most vital asset, and firms are willing to pay a higher rate for office space if it provides a place that employees want to work. One of the trends this year in commercial office space is enhancing the work environment. According to a recent Pew Research Center analysis, millennials have become the largest generation in the U.S. workforce. To attract today’s workers, office users must offer an overabundance of amenities. Companies are now providing gaming lounges that include video games, foosball, air hockey and darts. They are also offering napping rooms, coffee shops with baristas and even onsite bars with wine and craft beer on tap. This type of atmosphere enhances employee interaction and provides the employee a place to relax while at work. Technology allows employees to be more efficient, but it will never replace the connection that happens with face-to-face conversations. Companies are looking to create an atmosphere where employees can collaborate throughout the workday, which in turn has a positive effect on worker productivity. The key to …
MOBILE, ALA. — Cushman & Wakefield has arranged the $134.3 million sale of a five-property multifamily portfolio located in Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield brokered the transaction on behalf of the seller, Massachusetts-based Colony Hills Capital. Post Road Group and Spruce Capital Partners acquired the properties. The portfolio totals more than 2,000 units and includes Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. The assets were constructed between 1951 and 1982. Community amenities across the portfolio include pools, fitness centers, laundry facilities, playgrounds and tennis courts.
TAMPA, FLA. — Investors Management Group (IMG) has acquired Pavillions at Ballast Point, a 276-unit apartment community located at 6306 S. MacDill Ave. in south Tampa, for $40 million. Craig Brown and Will Matthews of Colliers International arranged the transaction on behalf of the seller, Pavillion Management Group. IMG is the first entity to purchase the asset since it was built in 1990. The California-based company plans to implement extensive interior and exterior renovations at the property and rebrand it as Solis at Ballast Point. The community includes 19 buildings with a mix of one- and two-bedroom units. Community amenities include a pool, clubhouse, covered parking and picnic areas.
WASHINGTON, D.C. — HFF has arranged the sale and financing for the Jefferson Building, a 73,168-square-foot office building located in Washington D.C.’s central business district. Jim Meisel, Andrew Weir, Stephen Conley, Matt Nicholson and Dave Baker of HFF brokered the transaction on behalf of the seller, Invesco Real Estate, and procured the buyer, Marcus Partners. In addition, HFF’s Dan McIntrye and Jay Graham arranged acquisition financing through a balance sheet lender on behalf of the buyer. The purchase price and loan amount were not disclosed. The eight-story Jefferson Building, most recently renovated in 2016, is situated within walking distance to four Metrorail stations. The property was 87 percent leased at the time of sale to 12 tenants including SN/SI Networks LLC, International Center for Alcohol Policies, Relman, Dan & Colfax PLLC and London & Mead/Andrew J. Kline LLC. In addition, the Jefferson Building houses The Palm, one of D.C.’s landmark restaurants.
MARIETTA, GA. — CBRE has brokered the sale of The Grandstand, a 680-unit apartment community located at 3500 Windcliff Drive S.E. in Marietta, roughly 20 miles northwest of Atlanta. Shea Campbell of CBRE arranged the transaction on behalf of the seller, Castlegate Property Group. The name of the buyer and purchase price were not disclosed. Constructed in 1986, The Grandstand features a newly renovated leasing office with a business center and coffee lounge, two pools, a fitness center, playground and lighted tennis courts.
REDLANDS, CALIF. — Majestic Realty Co. has broken ground on Summit Apartments, the multifamily component of its 110-acre mixed-use development in Redlands. The property represents the company’s first multifamily project. Located on the northwest quadrant of the Foothill and San Bernardino freeways, the apartment complex will comprise 17 three-story buildings offering a total of 281 garden-style, walk-up apartments. The apartments are available in a mix of one-, two- and three-bedroom layouts, ranging in size from 666 square feet to 1,256 square feet. On-site amenities will include a 4,400-square-foot clubhouse, resort-style swimming pool, gym, dedicated mailroom, dog park and Wi-Fi service throughout the entire 10.5-acre complex. Apartment units are slated for occupancy in July 2019, with the completion of the entire project scheduled for late 2019. Summit Apartments is located within Mountain Grove, Majestic’s 460,000-square-foot retail and entertainment shopping center that opened in 2015, and adjacent to the company’s 520,000-square-foot Citrus Plaza shopping center, which opened in 2005. Combined, the properties offer nearly 1.2 million square feet of retail, restaurant and entertainment, including 24 Hour Fitness, Kohl’s, Banana Republic, Barnes & Noble, Bed Bath & Beyond, buybuy Baby, Chipotle, Cost Plus World Market, Gap, Habit Burger, Harkins, Hobby Lobby, Justice, Petco, …
INDIO, CALIF. — Red Mountain Group has purchased Indio Towne Center, a regional power center located at 42100 Jackson St. in Indio, for an undisclosed price. WinCo Foods, The Home Depot, 24 Hour Fitness, Party City, Petco, CVS/pharmacy, Taco Bell, KFC, Panda Express, Jack in the Box, McDonalds, Subway and Starbucks Coffee are tenants at the 560,000-square-foot center. The property also features a recently vacated 46,827-square-foot Toys R Us storefront and an undeveloped anchor building and shop pads, which will support an additional 141,000 square feet of building area. While in escrow, Red Mountain Group signed leases with Marshalls and Burlington. Bill Bauman and Kyle Miller, formally of Savills Studley, brokered the transaction.