Property Type

Upland Arranges $7.5M Sale of Retail Building in Downtown Minneapolis

by Kristin Harlow January 5, 2018

MINNEAPOLIS — Upland Real Estate Group Inc. has arranged the sale of 700 Hennepin Avenue in downtown Minneapolis for $7.5 million. Seven the Steakhouse and Clear Channel Billboards occupy the 30,977-square-foot, net leased retail building. Both tenants have over nine years remaining on their leases with annual rent increases in place. Seven the Steakhouse has operated at the property since 2007. Nearby attractions include Pantages Theatre, Target Field (home of the Minnesota Twins) and U.S. Bank Stadium (home of the Minnesota Vikings). Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. A private New Jersey-based investor purchased the asset.

January 5, 2018

Industrial Michigan Midwest

Bontaz Centre Signs 40,000 SF Industrial Lease in Troy, Michigan

by Kristin Harlow January 5, 2018

TROY, MICH. — Bontaz Centre has signed a 40,000-square-foot industrial lease for its North American headquarters in Troy. Previously occupied by International Automotive Components, the property is located at 1099 Chicago Road. Founded in 1965, Bontaz Centre is an automotive fluid management company that specializes in subassembly design and production. The company, which has had a small presence in Madison Heights, will begin occupying the new space in March 2018 and expects to expand its lease by an additional 20,000 square feet to increase production processes and accommodate a growing workforce. Peter Kepic and Peter Kepic Jr. of Colliers International represented the landlord, John Secco of Allegra Development, in the lease transaction. Gary Grochowski and Bryan Barnas of Colliers represented the tenant.

January 5, 2018

Office Southeast Virginia

Washington REIT to Acquire Office Tower in Metro D.C. for $250M

by Camren Skelton January 5, 2018

ROSSLYN, VA. — Washington REIT plans to acquire Arlington Tower, a 398,000-square-foot office tower in Rossyln, less than three miles southwest of Washington, D.C., for $250 million. The name of the seller was not disclosed. Washington REIT is expected to close on the 19-story tower in the first quarter. Located at 1300 N. 17th St., Arlington Tower is situated two blocks from the Rosslyn Metrorail station, offering access to Ronald Reagan Washington National Airport, the Pentagon and the national capital area. Over the past five years, the building underwent $16 million in renovations, including the addition of a private rooftop deck, fitness center, updated onsite retail amenities, a landscaped outdoor plaza, updated lobby and improved five-level underground parking. Washington REIT plans to further enhance the building with pre-built spec suite options, allowing small and mid-size tenants the option to move in quickly. At the time of sale Arlington Tower was leased to tenants including B. Riley FBR, Raytheon/BBR Technologies, Promontory Interfinancial Network, Pepco, the National Electrical Manufacturers Association and Graham Holdings Co. Carol Weld King and David Reina of Morris, Manning & Martin LLP represented Washington REIT in the acquisition.

January 5, 2018

Florida Loans Retail Southeast

Fifth Third Bank Provides $43M Construction Loan for Retail Portion, Parking Garage at Miami Worldcenter

by Camren Skelton January 5, 2018

MIAMI — Fifth Third Bank has provided a $43 million construction loan for the construction of 53,000 square feet of retail space and a 1,100-space parking garage at Miami Worldcenter, a 27-acre mixed-use project in downtown Miami. Miami Worldcenter Associates and CIM GROUP are developing the project, which at full build-out will feature 360,000 square feet of retail space, apartments buildings, a 600,000-square-foot office building, 1,700-room Marriott Marquis hotel and 350,000 square feet of convention space. The loan brings the total amount of financing secured to date to approximately $500 million.

January 5, 2018

Georgia Industrial Southeast

JLL Income Property Trust Buys New Industrial Building in Metro Atlanta for $31M

by Camren Skelton January 5, 2018

BUFORD, GA. — JLL Income Property Trust has acquired Mason Mill Distribution Center, a 340,000-square-foot industrial property in Buford, roughly 38 miles northeast of Atlanta, for $31 million. The newly constructed building is fully leased to a publicly traded global pharmaceutical distribution company through 2027. Mason Mill Distribution Center features 32-foot ceiling heights, an ESFR sprinkler system, LED lighting, a cross-dock design and 376 parking spaces. In addition, the facility is fully air-conditioned.

January 5, 2018

Florida Industrial Loans Maryland Mixed-Use Southeast

Ready Capital Arranges $20.4M in Loans for Industrial, Mixed-Use Properties in Maryland, Florida

by Camren Skelton January 5, 2018

HALETHORPE, MD. AND MIAMI — Ready Capital Structured Finance has arranged two loans totaling $20.4 million for an industrial property in Halethorpe and a mixed-use property in Miami. Ready Capital arranged a $14 million, three-year loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property in Halethorpe, a city roughly seven miles south of Baltimore. The borrower plans to upgrade the property with full interior unit renovations, exterior renovations and infrastructure upgrades, followed by re-tenanting the property. In Miami, Ready Capital arranged a $6.4 million, three-year loan for the acquisition, renovation and stabilization of a 19,600-square-foot mixed-use property. The borrower plans to fully renovate unit interiors, build out new retail space and re-tenant the property. Both loans feature floating interest rates, two extension options and flexible pre-payment structures. The names of the borrowers were not disclosed.

January 5, 2018

Retail Southeast Tennessee

Cobalt Buys 134,818 SF Retail Center in Nashville for $16.3M

by Camren Skelton January 5, 2018

NASHVILLE, TENN. — Cobalt Real Estate Solutions LLC has acquired Jackson Downs, a 134,818-square-foot shopping center in Nashville, for $16.3 million. Viking Partners sold the asset, and Integrated Realty Advisors arranged acquisition financing through ORIX RE Holdings LLC. Marshalls and OfficeMax anchor the property, and Target and Kohl’s are shadow-anchors. At the time of sale, Jackson Downs was fully occupied. Divaris Real Estate and Divaris Property Management Corp. have been retained to oversee leasing and management of the property, with support from Colliers International.

January 5, 2018

Illinois Midwest Ohio Retail Top Stories

Sears, Kmart, Macy’s Unveil List of Store Closures for Early 2018

by Kristin Harlow January 5, 2018

HOFFMAN ESTATES, ILL. AND CINCINNATI — Sears Holdings Corp. has announced that 64 Kmart stores and 39 Sears stores will close nationwide between March and early April of this year. Sears had previously unveiled an effort to close unprofitable stores and “right size” store footprints. Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores. Liquidation sales will begin as early as Jan. 12 at the stores set to close. The company is closing three Kmart stores and three Sears stores in its home state of Illinois. For a full list of store closings, click here. Meanwhile, Cincinnati-based Macy’s has also announced the planned closure of 11 stores, four of which were previously disclosed. With these closures, the retailer will have completed 81 of the approximately 100 planned store closures announced in August 2016. The company intends to close approximately 19 additional stores as leases or operating covenants expire or sales transactions are completed. Including the newly announced stores, Macy’s has closed 124 stores since 2015. A majority of the Macy’s stores closing in early 2018 are located in California and Florida. A full list is available here. …

January 5, 2018

Data Centers Industrial Market Reports Texas Texas Market Reports

Data Centers Double Down on Size

by Taylor Williams January 5, 2018

Demand for data center space stems from a variety of sources. The vast majority of companies across most industries have some sort of web presence, and their customer and employee records and information are stored electronically. At the same time on the consumer side, smartphones and tablet devices are all but ubiquitous, their owners constantly upping their usage of apps and social media platforms. Nonprofit communications firm CTIA tracks aggregate wireless data usage across the country on an annual basis. The Washington, D.C.-based company found that in 2013, Americans used approximately 3.2 trillion megabytes of data. By 2015, a year in which there were about 228 million smartphones and 41 million tablet devices in circulation, that figure had increased threefold to 9.6 trillion megabytes. By 2016, a year in which there were more than 261 million smartphones in circulation, wireless data usage had exceeded 13.7 trillion megabytes. That total represents more than 35 times the volume of data traffic recorded in 2010, according to CTIA’s website. Web presences, records storage and electronic communications — not to mention the ever-expanding role of e-commerce in retail today — each contribute marginally to the growing demand for data center space. However, when combined …

January 5, 2018

Arizona Multifamily Western

Avesta Communities Acquires 320-Unit Coronado Crossings Apartments in Arizona

by Nellie Day January 4, 2018

CHANDLER, ARIZ. — Avesta Communities has purchased the 320-unit Coronado Crossings in Chandler for an undisclosed sum. The community is located at 700 N. Coronado St. in the Price Corridor. Avesta plans to fully renovate the property, upgrading all interior units and community amenities. Intel announced plans last year to invest $7 billion in a new facility in Chandler, which would create 3,000 jobs. Avesta deployed more than $119 million of equity into eight communities across four states in 2017. The company now operates in Arizona, Colorado, Florida and Texas.

January 4, 2018

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