Property Type

WASHINGTON, D.C. — Akridge, in partnership with Stars Investments, has broken ground on 1101 Sixteenth Street, an office redevelopment project that will transform two office buildings in Washington, D.C. Designed by HOK, 1101 Sixteenth will convert the buildings at 1101 and 1111 Sixteenth St. into one freestanding, 100,000-square-foot office building. The two buildings previously housed the American Association of University Women and the American Beverage Association. The redeveloped building will feature a fitness facility, penthouse lounge and a rooftop terrace with views of the White House. EagleBank is financing the project, which is slated to deliver in fall 2018.

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NORFOLK, VA. — S.L. Nusbaum Realty Co. has broken ground on The St. Paul’s Apartments, a 126-unit multifamily community located in downtown Norfolk. The design team includes TS3 Architects, Siska Aurand, The Livas Group, Pace Collaborative, Speight Marshall Francis and Details Interior Design. Hoy Construction Co. will lead construction of the community. The St. Paul’s Apartments will feature a mix of one-, two- and three-bedroom units with walk-in closets and patios or balconies. Community amenities will include a clubhouse, swimming pool, playground, barbeque area, fitness center and a dog park. The project is slated for completion by the first quarter of 2019.

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JACKSON, GA. — Liberty Property Trust has unveiled plans to develop Liberty Commerce Center, an 840,000-square-foot distribution center in Jackson, roughly 35 miles south of Hartsfield-Jackson Atlanta International Airport. The developer purchased the 80-acre site at the corner of Windy Lane and Midway Road in May. Upon completion, the building will feature 40-foot clear-heights, 56- by 51-foot column spacing, 161 dock doors, a 70-foot speed bay, ESFR sprinkler systems, a truck court with 175 spaces and 445 parking spaces. In addition, the building will be designed to meet LEED and Energy Star certification. Future tenants can use the remaining land to either develop a second 240,000-square-foot rear-load building with car parking, build a 266-spot trailer parking area with storage or develop an up to 1,070-space car parking area with storage.

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CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $35.5 million sale of 200 South Tryon, a 215,101-square-foot office building in Charlotte’s Uptown district. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, LNR Partners. The buyer, an entity controlled by Miami based-Jewell Capital LLC, acquired the asset. Constructed in 1962, the 17-story property was renovated in 2001 to include interior and exterior modifications and new building systems, followed by further improvements in 2014. The building is located within walking distance of more than 200 restaurants, Romare Bearden Park and public transit. At the time of sale, 200 South Tryon was 85 percent leased.

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PLYMOUTH, MINN. — IRET (NYSE: IRET) has acquired Park Place Apartments in Plymouth, about 15 miles west of Minneapolis, for $92.3 million. The 500-unit multifamily property consists of four buildings spanning 32 acres. Built in 1985, the property is currently 95 percent occupied. Amenities include a clubhouse, fitness center, business center, playground, swimming pools and tennis courts.

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CHICAGO — Cushman & Wakefield has arranged the sale of a four-building industrial portfolio in West Town’s Kinzie Industrial Corridor in Chicago. The price was not disclosed. A joint venture between Clear Height Properties and Diamond Realty Holdings purchased the portfolio with plans to fully reposition it. Located at 404-434 N. Armour St. and 1514 W. Kinzie St., the properties span 45,568 square feet. By demolishing 1514 W. Kinzie and combining that site with the neighboring building at 1515 W. Hubbard and a vacant 14,000-square-foot site at 401 N. Ashland that the joint venture already owns, the new complex will support 46,000 square feet of space suited for flex/office, last-mile delivery or high-tech manufacturing. Larry Goldwasser, Colin Green, Matt Cowie and Michelle Maguire of Cushman & Wakefield brokered the transaction. The team will also oversee lease-up of the redevelopment.

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LOVES PARK AND ROCKFORD, ILL. — Cypress Equities has acquired two properties occupied by Schnucks grocery store in Loves Park and Rockford, both located in northern Illinois. The purchase price was not disclosed. The Loves Park location spans 15 acres at 1810 Harlem Road, while the Rockford location spans 11 acres at 6410 E. State St. This transaction signals the first closing in Cypress’ new triple-net fund, Cypress NNN Fund I LLC. Through this investment fund, Cypress seeks to purchase properties across the United States including triple-net, build-to-suit opportunities and/or sale-leaseback deals. Dan Elliot and Sean Lutz of SRS Real Estate Partners brokered the sale.

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MENOMONEE FALLS, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 42,590-square-foot industrial building in Menomonee Falls, about 20 miles northwest of Milwaukee. The price was not disclosed. The property is located on Garwin Mace Drive. Keebler Co. sold the property to AJR Properties South LLC. TJ Huenerbein, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. represented the buyer in the transaction.

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LIVONIA, MICH. — MSC Industrial Supply Co. has signed a 14,334-square-foot industrial lease in Livonia, a western suburb of Detroit. The warehouse property is located at 37007 Industrial Road. The building will serve as MSC’s vending machine division beginning in November. Gary Glotzhober of Colliers International represented the tenant in the lease transaction. MSC currently operates five locations in Michigan.

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BEAVERTON, ORE. — A joint venture between Vista Investment Group and Acre Valley Real Estate Capital has purchased Nimbus Oaks, a 171,828-square-foot flex/business park in Beaverton, for an undisclosed sum. The park is located at 9000-9560 S.W. Nimbus Ave. in the 217 Corridor submarket. Notable tenants at Nimbus Oaks include XO Communications, Opus Agency, Kingcom and the Northwest Regional Education Service District. The asset was built between 1984 and 1985. Andrew Kirsh of Sklar Kirsh represented Vista in this transaction. Kidder Matthews will handle leasing and property management.

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