Property Type

Pollack Shores Sells 274-Unit Apartment Community in Tampa for $58.1M

by Camren Skelton January 11, 2018

TAMPA, FLA. — Pollack Shores Real Estate Group LLC has sold Havana Square, a 274-unit apartment community located at 400 N. Rome Ave. in Tampa, for $58.1 million. Matt Mitchell and Zac Nolan of HFF arranged the transaction on behalf of Pollack Shores, which completed the property in 2017. Nashville-based Nicol Investment Co., a private investment firm, acquired the asset. Located in Tampa’s North Hyde Park neighborhood, Havana Square is roughly one mile west of Tampa’s central business district. The four-story building includes one-, two- and three-bedroom units averaging 804 square feet. Community amenities include a swimming pool, outdoor kitchen, bocce ball court, fire pits, grilling areas, fitness center, clubroom with game tables, kitchen and a bar.

January 11, 2018

Mixed-Use Retail South Carolina Southeast

Lifescapes to Design Redevelopment of Two Entertainment Destinations in Myrtle Beach

by Camren Skelton January 11, 2018

MYRTLE BEACH, S.C. — Landscape architectural firm Lifescapes International has been selected to design the landscapes for the redevelopment of two entertainment centers in Myrtle Beach — Barefoot Landing and Broadway at the Beach. Burroughs & Chapin is leading the multi-year redevelopment of the two destinations. At Barefoot Landing, the redevelopment will include 45,000 square feet of new retail space, a new restaurant district known as Dockside Village, the addition of an amphitheater and a new boardwalk on the south end of the property. Lifescapes will design the landscape for the entire redevelopment, and plans to incorporate a water entertainment feature and show, as well as increase patio space along the waterfront. The firm will use blue stone and brick pavers throughout the center to mimic the look of Charleston. In addition, Lifescapes will add a programmable lawn that will host activities including concerts and an ice skating rink during the holiday season. At Broadway at the Beach, Lifescapes will design the landscape for the entire redevelopment, including The Avenue, the property’s entertainment and nightlife section. The Avenue recently underwent a renovation that included façade upgrades, the relocation of Hard Rock Café, opening of Dave & Buster’s and a new architectural style …

January 11, 2018

Florida Loans Retail Southeast

Aztec Group Secures $24.5M Acquisition Loan for Publix-Anchored Center in Miami

by Camren Skelton January 11, 2018

MIAMI — Aztec Group Inc. has arranged a $24.5 million loan for the acquisition of Old Cutler Town Center, a 106,500-square-foot shopping center located at 20405 Old Cutler Road in Miami. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan through Florida Community Bank on behalf of the undisclosed borrower, which acquired the property for $31.5 million. A 42,000-square-foot Publix anchors Old Cutler Town Center, whose other tenants include GNC, Ace Hardware, Florida Oncology, La Colonial Medical Center and Subway.

January 11, 2018

Florida Hospitality Southeast

BPG Acquires 238-Room Hilton-Branded Hotel in Melbourne, Florida

by Camren Skelton January 11, 2018

MELBOURNE, FLA. — The Buccini/Pollin Group (BPG) has acquired Hilton Melbourne Rialto Place, a newly renovated, 238-room hotel in Melbourne. Jordan Roeschlaub, Dustin Stolly, Bob Tonnessen and Jason Deck of NKF Capital Markets arranged a $26.6 million acquisition loan through Ladder Capital on behalf of BPG. The hotel, located one mile from Melbourne International Airport, recently underwent a $5 million upgrade. Hilton Melbourne Rialto Place features more than 12,000 square feet of function space, a business center, meeting rooms, fitness center, pool, tennis court and a basketball court. Washington, D.C.-based PM Hotel Group will operate the hotel.

January 11, 2018

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges 54,000 SF Lease for Debt Collection Company in Roanoke

by Camren Skelton January 11, 2018

ROANOKE, VA. — Cushman & Wakefield | Thalhimer has secured a 54,000-square-foot lease for Atlantic Credit & Finance (ACF), a subsidiary of Encore Capital Group, at Franklin Plaza in downtown Roanoke. Located at 111 Franklin Road, the five-story office building is now 88 percent leased. Barry Ward and Price Gutshall of Cushman & Wakefield | Thalhimer’s Roanoke office represented the building owner, Times Equities Inc., in the lease transaction. ACF, a servicer of unsecured, consumer-distressed assets, will occupy two floors at Franklin Plaza. The lease is part of ACF’s plan to invest more than $4 million to expand its operations in Roanoke, relocating from its current location on Orange Avenue. The expansion will create more than 115 new jobs, increasing ACF’s employee base in Roanoke to 359 staffers.

January 11, 2018

Midwest Net Lease Office Ohio

Mohr Capital Acquires 460,000 SF Net Leased Office Building in Suburban Cleveland, Ohio for $52M

by Kristin Harlow January 11, 2018

MAYFIELD HEIGHTS, OHIO — Mohr Capital has acquired a 460,000-square-foot net leased office building in Mayfield Heights, a suburb of Cleveland, for $52 million. Rockwell Automation Inc., a provider of industrial automation and information products, fully occupies the property on a triple net lease. The location serves as the second largest employment center for Rockwell, with close to 2,000 employees involved in the company’s architecture and software operating branch. The building was constructed as a build-to-suit for Rockwell in 1995. Rodrigo Godoi of Mohr Capital represented the Dallas-based real estate investment company in the transaction. Normal Rockwell Ohio LLC was the seller.

January 11, 2018

Illinois Midwest Mixed-Use

R2 Cos. to Redevelop Morton Salt Site into Mixed-Use Development in Chicago

by Kristin Harlow January 11, 2018

CHICAGO — R2 Cos. has purchased Morton Salt Inc.’s iconic property on Elston Avenue with plans to redevelop the former packaging and warehousing operation into a mixed-use development. R2 purchased the 4.2-acre site for $15 million, according to local media reports. As part of the agreement, Morton Salt will retain its branded rooftop and relocate the company’s research and development center to the site from its current location in Elgin, Ill. The center will anchor the office portion of the development with 20,000 square feet. Morton Salt selected R2 in 2016 to re-imagine the riverfront site from heavy industrial use to commercial and retail use. Morton Salt is headquartered in Chicago.

January 11, 2018

Illinois Midwest Office

Podolsky Circle Arranges $20.9M Sale of Office Building in Northbrook, Illinois

by Kristin Harlow January 11, 2018

NORTHBROOK, ILL. — Podolsky Circle CORFAC International has arranged the sale of 400 Skokie Boulevard in Northbrook, a northern suburb of Chicago, for $20.9 million. Built in 1984 and renovated in 2012, the 195,326-square-foot office building features a café, fitness center, conference center, on-site storage and two balconies. The property is currently 77 percent leased to multiple tenants. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Syndicated Equities. Ameritus Real Estate Investment purchased the asset. Podolsky Circle managed 400 Skokie Boulevard prior to the sale and has been retained by the new owner to continue property management.

January 11, 2018

Loans Michigan Midwest Multifamily

Pillar Provides $7.5M Refinancing for Apartment Property in Lansing, Michigan

by Kristin Harlow January 11, 2018

LANSING, MICH. — Pillar Financial, a division of SunTrust Bank, has provided a $7.5 million Fannie Mae loan for the refinancing of The Outfield Apartments in Lansing. The 84-unit apartment property overlooks the Cooley Law School Stadium, home of the Lansing Lugnuts, a Class A minor league baseball team affiliated with the Toronto Blue Jays. Residents can view baseball games from their living rooms and balconies. The fully leased property is a combined development agreement between Gillespie Group, the city of Lansing and Michigan Economic Development Corp. David Wilkins and Charles Krisfalusi of Pillar originated the 30-year loan, which will refinance Gillespie Group’s construction loan.

January 11, 2018

Midwest Restaurant Wisconsin

Grassroots Salad Co. to Open Eatery at Chase Tower in Milwaukee

by Kristin Harlow January 11, 2018

MILWAUKEE — Grassroots Salad Co. has signed a 2,841-square-foot lease at Chase Tower in Milwaukee. The restaurant provides made-to-order salads, wraps and freshly pressed juices for people on the go. Slated to open in spring 2018, this will be the company’s second location. In addition to in-store dining for approximately 50 people, Grassroots will offer catering and delivery. Dedicated to offering locally grown ingredients including antibiotic- and hormone-free proteins, the company is a sustainable business, serving compostable bowls and biodegradable utensils. Chase Tower, owned by Southfield, Mich.-based Farbman Group, is located on the corner of East Wisconsin Avenue and North Water Street. The 22-story, 480,000-square-foot office building recently underwent renovations, including new lighting and painting of the parking garage, new carpet and fresh paint throughout the common areas and the addition of an amenity room.

January 11, 2018

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