Property Type

Cordish Cos., Jacksonville Jaguars to Co-Develop $2.5B Mixed-Use Project Around EverBank Field

by Camren Skelton April 30, 2018

JACKSONVILLE, FLA. — Baltimore-based development firm The Cordish Cos. has been selected to co-develop a $2.5 billion mixed-use village surrounding EverBank Field, home of the National Football League’s Jacksonville Jaguars. The NFL franchise, in conjunction with Iguana Investments, a company controlled by Jaguars owner Shad Khan, will work with Cordish to develop the more than 4 million-square-foot project, located steps from the stadium, Daily’s Place amphitheater, Veterans Memorial Arena and the Baseball Grounds of Jacksonville. Architecture firm Beyer Blinder Belle is designing the development, which will feature dining, entertainment, retail, office, hotels and residential units. A construction timeline was not disclosed. The Cordish Cos. has partnered with leading professional sports franchises and media companies including the St. Louis Cardinals, FOX Sports, Philadelphia Flyers, NBC Sports and the Texas Rangers. The Jacksonville project hinges on approval from environmental regulators, according to local media reports. The brownfield site slated for development was previously used by shipyards and tank farms, and would require a cleanup of petroleum-contaminated soil beneath the pavement.

April 30, 2018

Development Florida Multifamily Seniors Housing Southeast

Big Rock Partners Opens $82M Seniors Housing Community in Central Florida

by Camren Skelton April 30, 2018

CELEBRATION, FLA. — Delray Beach, Fla.-based Big Rock Partners has opened Windsor at Celebration, a 239-unit seniors housing community in Celebration, the Disney-originated master-planned community in Central Florida. Windsor at Celebration features a mix of independent living, assisted living and memory care units. Community amenities include dining venues, a theater, rooftop bar, indoor aquatic center, fitness center, salon, spa and entertainment and leisure programs. Life Care Services, an LCS Company, is managing the community. Balfour Beatty was the project’s general contractor, and Gensler was the architect. Walker & Dunlop arranged a $41 million construction loan through Bank of the Ozarks for the project.

April 30, 2018

Development North Carolina Office Southeast

New South Ventures to Complete $11M Redevelopment of Office Building in Downtown Durham

by Camren Skelton April 30, 2018

DURHAM, N.C. — Durham-based New South Ventures has unveiled plans to redevelop the NC Mutual Building, a 183,000-square-foot office building located at 411 W. Chapel Hill St. in downtown Durham. The 14-story tower — originally constructed in 1965 — will be renamed The Tower at Mutual Plaza. Planned renovations for the building include 16,000 square feet of newly constructed space on the first floor and a new mezzanine; a remodeled and expanded lobby with a glass curtain wall and revolving doors; stone flooring and wrapped columns; LED lighting; grab-and-go coffee and concessions; exterior façade restoration; skylights in the concourse and lower level; and the addition of new conference rooms, a fitness center, tenant storage rentals and indoor bike parking. In addition, New South Ventures plans to add 15,000 square feet of shared office and coworking space and an enhanced plaza that allows for outdoor work and gatherings. Originally constructed for current tenant North Carolina Mutual Life Insurance Co., The Tower at Mutual Plaza is home to companies such as Duke University, GoTriangle and Perkins+Will. The project team includes Avison Young (brokerage); Built Form (architecture); Gilbane Building Co. (construction management); Progressive Design Collaborative (mechanical, electrical and plumbing engineering); McNamara-Salvia (structural engineering); …

April 30, 2018

Leasing Activity Maryland Office Southeast

Cushman & Wakefield Secures Office Lease Expansion, Renewal for Nonprofit Company in Bethesda

by Camren Skelton April 30, 2018

BETHESDA, MD. — Cushman & Wakefield has secured a 168,000-square-foot lease for the Henry M. Jackson Foundation, a nonprofit organization dedicated to the advancement of military medicine, at SkyBridge Towers in Bethesda. The two-building property totals 427,000 square feet and is located at 6720 Rockledge Drive. Ben Powell and Gwen Fraker of Cushman & Wakefield arranged the lease on behalf of the building owner, an affiliate of Bridge Investment Group, which recently acquired the building. The lease represents a 22,000-square-foot expansion for the foundation, which also signed a long-term lease extension. Bridge is renovating SkyBridge Towers with modernized coworking space, conference centers and a 9,000-square-foot tenant amenity center with a lounge, coffee bar, gaming area, indoor/outdoor bar and an entertainment concept.

April 30, 2018

Acquisitions Mississippi Office Southeast

Concord Capital Acquires 73,000 SF Office Building in Metro Jackson

by Camren Skelton April 30, 2018

RIDGELAND, MISS. — Concord Capital LLC has acquired the 600 Concourse Building, a 73,000-square-foot, Class A office building located at 1076 Highland Colony Parkway in Ridgeland, roughly 11 miles north of Jackson. Constructed in 2007, the building is home to tenants such as law firm Copeland Cook Taylor & Bush, Feild Cooperative Association, First Commercial Bank and Carroll Bufkin Law Firm. Duckworth Realty Inc. — which is operated by Concord Capital principals — will manage the property and handle the building’s leasing assignment. Robert Hutchinson of Butler Snow LLP arranged the transaction on behalf of Concord, and Copeland Cook Taylor & Bush advised the undisclosed seller. The sales price was not disclosed. Origin Bank provided acquisition financing for the transaction.

April 30, 2018

Acquisitions Indiana Midwest Retail

Rainier, CIL2 Acquire 204,800 SF Power Center in Noblesville, Indiana

by Kristin Harlow April 30, 2018

NOBLESVILLE, IND. — Rainier Realty Investments LP, in a joint venture with institutional investor CIL2 REIT LLC, has acquired Stony Creek Marketplace, a 204,800-square-foot shopping center in Noblesville, about 25 miles north of Indianapolis. The purchase price was not disclosed. CIL2 has institutional support from publicly traded South African REIT Emira Property Fund, and is managed by Continuum Investments LLC. Stony Creek Marketplace was 99 percent leased at the time of sale to tenants such as Best Buy, T.J. Maxx, HomeGoods, Barnes & Noble, PetSmart, Party City and Pier 1 Imports. Metropolitan Capital Advisors arranged acquisition financing for the asset. Neither the name of the seller nor the sales price was disclosed.

April 30, 2018

Leasing Activity Michigan Midwest Office

LinkedIn Signs 74,500 SF Office Lease in Detroit

by Kristin Harlow April 30, 2018

DETROIT — LinkedIn has signed a 74,500-square-foot office lease at the historic Sanders building in Detroit. The property, owned by Bedrock, is located at 1523 Woodward Ave. and dates back to the early 1900s. Renovations are underway and the job networking site plans to move into the new space within the next year. LinkedIn currently has 40 employees at its Detroit office.

April 30, 2018

Acquisitions Illinois Midwest Net Lease Retail

The Boulder Group Arranges $12.7M Sale of Property Net Leased to Jewel-Osco in Orland Park, Illinois

by Kristin Harlow April 30, 2018

ORLAND PARK, ILL. — The Boulder Group has arranged the sale of a 63,400-square-foot property occupied by Jewel-Osco on a net-lease basis in Orland Park for $12.7 million. The property is located at 17930 Wolf Road. Renovated in 2009, the asset features a drive-thru pharmacy. Jewel-Osco has 20 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate investment company based in the Southwest. A West Coast-based investor was the buyer.

April 30, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers $7.2M Sale of Two Apartment Properties in Crystal Lake, Illinois

by Kristin Harlow April 30, 2018

CRYSTAL LAKE, ILL. — Essex Realty Group Inc. has brokered the $7.2 million sale of two apartment properties in Crystal Lake, about 45 miles northwest of Chicago. One of the properties, located at 431-455 Brandy Drive, is an 18-unit townhome property that consists of six buildings. The asset sold for $2.4 million. The other, located at 223-265 Uteg St., is a 48-unit garden-style complex comprised of six buildings. The property sold for $4.8 million. Doug Fisher and Brian Kochendorfer of Essex brokered the transaction. Neither the buyers nor the sellers were disclosed.

April 30, 2018

Acquisitions Illinois Midwest Multifamily

29th Street Capital Purchases 32-Unit Apartment Property in Westmont, Illinois

by Kristin Harlow April 30, 2018

WESTMONT, ILL. — 29th Street Capital (29SC) has purchased Warwick Apartments in Westmont, a western suburb of Chicago, for an undisclosed price. The company plans to make approximately $500,000 in capital improvements to the 32-unit apartment property. Planned interior upgrades include stainless steel appliances, new paint, countertops and cabinets. Exterior improvements will include roof repairs, window replacement, paint and new lighting. The seller was not disclosed.

April 30, 2018

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