Property Type

Caddis Acquires Urban Medical Office Building Near Atlanta for $27.6M

by Camren Skelton February 15, 2018

BROOKHAVEN, GA. — Caddis has acquired Brookhaven Medical Center, a 48,588-square-foot medical office building located at 3925 Peachtree Road in Brookhaven, a city adjacent to Atlanta’s Buckhead district. The sales price was not disclosed, but CoStar reports the Dallas-based healthcare real estate firm acquired the asset for $27.6 million. Korey Prefontaine, Sonny Molloy, Bob Johnson and Jared Kaye of Marcus & Millichap represented the seller, a joint venture between G.H. Anderson & Co. and The Gipson Co. Built in 2016, Brookhaven Medical Center was fully leased at the time of sale, with Walgreens occupying the ground floor and Piedmont Healthcare occupying the top two floors.

February 15, 2018

Florida Loans Office Retail Southeast

NorthMarq Arranges $15M Loan for Office, Retail Property in Tampa Bay Area

by Camren Skelton February 15, 2018

ST. PETERSBURG, FLA. — NorthMarq Capital has arranged a $15 million loan for Plaza Tower & Courtyard Shops, a 184,000-square-foot office and retail property located at 111 2nd Ave. N.E. and 201 1st St. N.E. in St. Petersburg. Bob Hernandez of NorthMarq arranged the seven-year loan with a 25-year amortization schedule on behalf of the undisclosed borrower. A local community bank provided the funding. The property is home to tenants such as Keller Williams Realty, LIG Marine and Gulfcoast Ultrasound Institute.

February 15, 2018

Florida Hospitality Southeast

Tavistock Launches Hotel Collection, Announces New Resort Within Orlando’s Lake Nona District

by Camren Skelton February 15, 2018

ORLANDO, FLA. — Tavistock Development Co. has launched the Tavistock Hotel Collection, a hospitality portfolio that will include the previously announced Tavistock Town Center Hotel at Lake Nona Town Center and the newly announced Tavistock Lake Nona Resort. Both properties will be located at Lake Nona, the firm’s 7,000-acre master-planned community in Orlando. Tavistock Lake Nona Resort will be situated between the Lake Nona Golf & Country Club and the USTA National Campus. The hotel will feature a manmade crystal lagoon, rooftop lounge and a fitness and spa campus. Miami-based architecture firm Arquitectonica is leading the design of Tavistock Lake Nona Resort. Construction is expected to begin this year, with an anticipated opening date for 2020.

February 15, 2018

Industrial North Carolina Southeast

Dilweg Sells 1.2 MSF Warehouse Complex in Durham

by Camren Skelton February 15, 2018

DURHAM, N.C. — The Dilweg Cos. has sold Regional Commerce Center, a 1.2 million-square-foot industrial complex located at 706 Ellis Road in Durham. The 46-building warehouse complex is situated on 65 acres directly adjacent to NC Highway 147. Constructed in 1929, the property operated as a tobacco drying warehouse until 2005. At the time of sale, Regional Commerce Center was 34 percent leased. Chris Norvell, Justin Good and Patrick Nally of HFF arranged the transaction on behalf of Dilweg. The name of the buyer and the sales price were not disclosed.

February 15, 2018

Office Southeast Virginia

Avison Young Brokers Sale of Vacant 79,880 SF Office Building in Metro D.C.

by Camren Skelton February 15, 2018

MCLEAN, VA. — Avison Young has brokered the sale of a 79,880-square-foot office building located at 1764 Old Meadow Lane in McLean, roughly 14 miles west of Washington, D.C. Rob Walters, Chip Ryan, John Kevill and Jim Kornick of Avison Young arranged the transaction. Young Group Inc. acquired the six-story building for an undisclosed price. The vacant building is situated on 1.9 acres of land. Young Group plans to convert the building into a self-storage facility. Butz-Wilbern is providing design services for the project.

February 15, 2018

Data Centers Texas Top Stories

Equinix to Purchase Infomart Dallas Data Center Complex from ASB for $800M

by John Nelson February 15, 2018

DALLAS — Equinix Inc. (NASDAQ: EQIX), a data center owner and operator based in Redwood City, Calif., has agreed to purchase Infomart Dallas from ASB Real Estate Investments for $800 million. The 1.6 million-square-foot Infomart Dallas is a highly visible data center facility located at 1950 N. Stemmons Freeway near the intersection of Interstate 35 and Dallas North Tollway. Equinix is the facility’s largest tenant, representing approximately 40 percent of lease revenues. The facility houses four of eight Equinix Dallas International Business Exchange (IBX) data centers. Infomart Dallas is home to 45 tenants, including global companies such as Bank of America and Verizon Wireless. The transaction includes developable land adjacent to the facility that will allow the new ownership to potentially increase the facility’s current capacity of 11MW of power to 40MW. The capital consideration will consist of $31 million in cash and $750 million in debt securities that will be paid out to ASB over a three-year period following closing, which is expected to occur in the second quarter. (The notes will be valued at roughly $769 million when adjusted to current trading value of Equinix’s outstanding bonds.) Washington, D.C.-based ASB, a division of ASB Capital Management LLC, originally …

February 15, 2018

Market Reports Midwest Midwest Market Reports Office Wisconsin

Downtown Milwaukee Is Experiencing Booming Development Across Sectors

by Kristin Harlow February 15, 2018

In 2017, downtown Milwaukee was unrecognizable from its former self — a year that brought additional outside investment, both public and private development and a rethinking of how we utilize office space. Developers broke a decade-long dry spell in 2016, and now nearly 500,000 square feet of office space is under construction downtown. It’s a story of persistence, as an overhaul of available office product has occurred over the past few years. Now, a vast majority of outdated Class B and C office product has been removed from downtown, bolstering rent growth and enticing the outside investment that Milwaukee deeply needed. Outside investors Prior to the close of 2017, one of downtown Milwaukee’s largest office buildings and the third largest multi-tenant office complex in the state, 310 West Wisconsin Avenue, sold to an investment group based in New York. Just as Millbrook Real Estate Co. and Fulcrum Asset Advisors finished renovating, rebranding and reopening the Two-Fifty office building — a downtown tower that struggled for years — Milwaukee’s second largest office tower, 411 East Wisconsin, sold to Middleton Partners. The repositioned property sold for $50 million more than it fetched just three years prior. Both projects are a testament to …

February 15, 2018

Idaho Retail Western

Pine Tree Acquires 527,000 SF Shopping Center Near Boise for $78.7M

by Nellie Day February 14, 2018

MERIDIAN, IDAHO — Pine Tree LLC, in partnership with a U.S. state pension fund, has acquired Meridian Crossroads, a 527,000-square-foot shopping center in Meridian, for $78.7 million. DDR Corp. sold the asset, located 11 miles west of Boise. The center is home to tenants such as PetSmart, Pier 1 Imports, Bed Bath & Beyond and Ross Dress for Less. Pine Tree is also working with Albertsons Cos. as they open Market Street Idaho, a 109,000-square-foot experiential grocery store. The new store is expected to open at Meridian Crossroads later this year.

February 14, 2018

Nevada Retail Western

NKF Capital Markets Arranges Sale of 278,411 SF Retail Center in Nevada

by Nellie Day February 14, 2018

HENDERSON, NEV. — NKF Capital Markets has arranged the sale of Galleria Commons, a 278,411-square-foot shopping center in Henderson. Rob Ippolito of NKF Capital Markets arranged the transaction on behalf of the seller, Brixmor Property Group. 3D Investments acquired the property for an undisclosed price. At the time of sale, Galleria Commons was fully leased to tenants such as T.J. Maxx, Stein Mart, Babies ‘R’ Us, Burlington, Dollar Tree, Tuesday Morning and Kirkland’s.

February 14, 2018

Multifamily Seniors Housing Washington Western

The Wolff Co. Plans 146-Unit Independent Living Community Near Seattle

by Nellie Day February 14, 2018

ISSAQUAH, WASH. — The Wolff Company, an Arizona-based private equity firm and senior living developer, has broken ground on a 146-unit independent living community in the Seattle suburb of Issaquah. The three-story Revel Issaquah is scheduled to open in late 2018. Wolff cited the fast growth of the 75-and-older population in Kings County for its selection of the area. Revel Issaquah is the ninth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

February 14, 2018

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