Property Type

Gebroe-Hammer Negotiates $3.4M Sale of Multifamily Community in Cranford, New Jersey

by Amy Works March 9, 2018

CRANFORD, N.J. – Gebroe-Hammer has arranged the sale of The Hamlet at Cranford, a multifamily community located at 2-20 McKinley St. in Cranford. An undisclosed buyer purchased the property for $3.4 million. The property features 10 two-bedroom, two-and-a-half bath townhome-style units with hardwood and tile flooring, separate dining rooms, central air conditioning, granite countertops, stainless steel appliances, vaulted ceilings and in-unit washers and dryers. Adam Zweibel and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller and procured the buyer in the deal.

March 9, 2018

Georgia Industrial Southeast

Capital Development to Build $125M, 2.3 MSF Logistics Center Near Port of Savannah

by Camren Skelton March 9, 2018

POOLER, GA. — Capital Development Partners Inc. plans to develop the Savannah Port Logistics Center, a 2.3 million-square-foot industrial project situated on 197 acres in Pooler, less than 10 miles from the Port of Savannah. The $125 million development will be built in two phases and will offer space for lease with modern specifications, transload capabilities, cross-dock, high cube and trailer storage facilities. Capital Development will break ground on Phase I of the project, totaling 537,000 square feet, in April. The facility will be on the GWRR rail line servicing the port and will be ready for occupancy in April 2019. The second phase will include a 1.3 million-square-foot build-to-suit facility, which will also be on the rail line. Construction is expected to begin on Phase II this year. Savannah Port Logistics Center will offer direct connection onsite to dual Class I railroads via CSX and Norfolk Southern, as well as easy access to the 1,200-acre Georgia Ports Authority Garden City Terminal, the largest and busiest single-container site in North America. Colliers International’s Savannah office and Atlanta-based NAI Brannen Goddard will handle the facility’s leasing assignment, which will offer spaces ranging from 300,000 square feet to 2.3 million square feet.

March 9, 2018

District of Columbia Multifamily Southeast

HFF Arranges $96M in Joint Venture Equity for Apartment Development in D.C.

by Camren Skelton March 9, 2018

WASHINGTON, D.C. — HFF has arranged $96 million in joint venture equity for the development of a 176-unit apartment community in northwest Washington, D.C. Walter Coker, Brian Crivella and Stephen Conley of HFF worked on behalf of the developer, EastBanc Inc., to arrange a joint venture partnership with Mitsui Fudosan America Inc., the U.S. subsidiary of Japanese real estate company Mitsui Fudosan Co. Inc. Overall project costs will total approximately $110 million. The property will be constructed on a former surface parking lot next to the Scottish Rite Center at 2800 16th St. N.W. The Grimshaw Partners-designed building will feature an open-air courtyard, resort-style rooftop pool, fitness center and a residents-only café. The joint venture expects to break ground on the project in early 2019.

March 9, 2018

Georgia Hospitality Loans Southeast

Arriba Capital Provides $40.7M Construction Loan for Dual-Branded Hotel in Midtown Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Arriba Capital has provided a $40.7 million construction loan for the development of a 194-room, dual-branded Marriott Fairfield Inn & Suites and Towneplace Suites in Midtown Atlanta. The two-year, non-recourse loan features three six-month extension options for the borrower, a privately held hospitality management and development company. The seven-story hotel will be located atop a 220-space, five-story parking deck. Hotel amenities will include a market pantry, meeting space, fitness center and business center. The two hotels will share a common front-of-house area, including registration and a breakfast area. The property is located across the street from Emory University Hospital and within walking distance to attractions including the World of Coca-Cola, Georgia Aquarium, Fox Theatre, College Football Hall of Fame and the Mercedes-Benz Stadium. The project is slated for completion in May 2020.

March 9, 2018

Georgia Office Southeast

LPC Southeast Brokers Sale of 215,000 SF Office Building in Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Lincoln Property Co. (LPC) Southeast has brokered the sale of Park Central, a 215,000-square-foot office building located at 2970 Clairmont Road in Atlanta’s North Druid Hills submarket. Florida-based TerraCap Management LLC acquired the asset for an undisclosed price with plans to invest $3.4 million to upgrade the building systems, common areas and amenities. Park Central features 24-hour security, a fitness center, conference center, on-site management and free covered parking. Michael Howell, Hunter Henritze and Caroline Cole of LPC Southeast will be retained to manage and lease the building. The trio recently completed leases at Park Central with tenants such as First Landmark Bank, Everest Campus Services Cos LLC, Delaplex Software LLC and Mallernee, Branch & Daffner LLP.

March 9, 2018

North Carolina Office Southeast

Fallon Co. Unveils Renovation Plans for 13-Story Office Building in Midtown Charlotte

by Camren Skelton March 9, 2018

CHARLOTTE, N.C. — The Fallon Co. has unveiled the renovation and rebranding plans for its 13-story office property located at 301 S. McDowell St. in Midtown Charlotte. The developer originally acquired the 184,144-square-foot tower in July 2017. The Fallon Co. will rename the building 301 Midtown and will implement interior and exterior enhancements. Plans for the exterior of the building include upgrades to the building’s ground floor and parking level entrances, canopies and expanded outdoor plaza space. The exterior lighting system will also be enhanced. Interior renovations will include a new fitness center with locker rooms, a grab-and-go café and added concierge and security services. The Fallon Co. will also modernize the conference center and add tenant storage space. 301 Midtown is situated within walking distance to public transportation, retailers, restaurants, parks and apartment communities. The Fallon Co. plans to begin renovations this spring and finish in the fall.

March 9, 2018

Indiana Midwest Office

Black Salmon, Redico Acquire 444,644 SF Office Building in Indianapolis for $70M

by Kristin Harlow March 9, 2018

INDIANAPOLIS — In partnership with privately held Redico, Black Salmon has acquired Bank of Montreal (BMO) Plaza in Indianapolis for $70 million. The 444,644-square-foot, Class A office building is located between Monument Circle and Mass Avenue at 135 N. Pennsylvania St. Tenants include BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services. The property underwent a $6 million renovation in 2016 and 2017, but Black Salmon plans to make additional upgrades to the common areas. Black Salmon is a new business line of TSG Group, a real estate development and investment company based in South Florida.

March 9, 2018

Industrial Midwest Missouri

Amazon Unveils Plans for 800,000 SF Fulfillment Center in St. Peters, Missouri

by Kristin Harlow March 9, 2018

ST. PETERS, MO. — Amazon Inc. has unveiled plans for its first Missouri fulfillment center that will be located in St. Peters, a northwestern suburb of St. Louis. The 800,000-square-foot center will create more than 1,500 full-time jobs for picking, packing and shipping small items such as books, electronics and toys. Amazon currently operates a sortation center in Hazelwood, Mo. A timeline for development was not disclosed.

March 9, 2018

Michigan Midwest Student Housing

Core Spaces Breaks Ground on Student Housing Property Near Michigan State University

by Kristin Harlow March 9, 2018

EAST LANSING, MICH. — Core Spaces has broken ground on Hub on Campus East Lansing, a 347-unit student housing property near Michigan State University. The project is located downtown at 918 E. Grand River Ave. The apartments will range from studio to three-bedroom units and will all be fully furnished. Amenities will include a study lounge, clubroom, fitness center and rooftop amenity deck. Retail space will include a 7-Eleven and Georgio’s Pizzeria. A timeline for completion was not disclosed.

March 9, 2018

Illinois Industrial Midwest

Brown Commercial Brokers $7M Sale of Three Industrial Buildings in Suburban Chicago

by Kristin Harlow March 9, 2018

ELK GROVE VILLAGE AND GILBERTS, ILL. — Brown Commercial Group has brokered the $7 million sale of three industrial buildings in suburban Chicago totaling 136,915 square feet. The properties include 1340-1400 Higgins Road and 1425-1455 Tonne Road in Elk Grove Village, as well as 300-338 Arrowhead Drive in Gilberts. All three buildings are fully leased to multiple tenants. Dan Brown of Brown Commercial brokered the transaction on behalf of the buyer, Gilberts and Groves LLC.

March 9, 2018

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