Property Type

Farpoint, Greco/DeRosa Investments to Redevelop 135,000 SF Loft Office Building in Rosemont, Illinois

by Kristin Harlow December 22, 2017

ROSEMONT, ILL. — Farpoint Development and Greco/DeRosa Investments have unveiled plans to redevelop a 135,000-square-foot loft office building located at 6300 North River Road in Rosemont. The $6 million core/shell renovation of the seven-story building is expected to begin immediately and be completed by mid-2018. The redevelopment of the property will include a fully renovated lobby, replacement of all exterior windows and staining of the exterior brick. The Class A office building will include a new fitness center, yoga room, conference facilities, tenant lounge and food market with outdoor seating. Jason Simon and Jonathon Connor of Colliers International will market the property for lease.

December 22, 2017

Midwest Minnesota Mixed-Use

CBRE Arranges Sale of Two Mixed-Use Properties Totaling 95,895 SF in Minneapolis

by Kristin Harlow December 22, 2017

MINNEAPOLIS — CBRE has arranged the sale of The Broadway and Icehouse Plaza in Minneapolis for an undisclosed price. Together, the mixed-use properties total 95,895 square feet and are 98 percent leased. The Broadway, located at 945 Broadway St. NE, is a 56,156-square-foot, two-story building, which was originally constructed in 1922 and renovated in 2013. Major tenants include Spyhouse Coffee, 612Brew and CorePower Yoga. Icehouse Plaza includes two office and retail buildings totaling 39,739 rentable square feet with 13 multifamily units and an outdoor plaza. Renovated in 2011, the properties are located at 2550 and 2548 Nicollet Ave. South. Tenants include Icehouse, Eat Street Social, Black Sheep Pizza and Vertical Endeavors. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE arranged the sale on behalf of the seller, Minneapolis-based developer First & First. Northpond Partners purchased the assets.

December 22, 2017

Industrial Midwest Wisconsin

Tribe 9 Foods Signs 50,814 SF Industrial Lease in Madison, Wisconsin

by Kristin Harlow December 22, 2017

MADISON, WIS. — Tribe 9 Foods LLC has signed a 50,814-square-foot industrial lease in Madison. The manufacturer of grain-free foods, gluten-free foods, nut butters and pastas will occupy the space at 2901 Progress Road. Andy Hess of Founders 3 represented the tenant in the lease transaction. Scott Revolinski of Founders 3 represented the landlord, LCM Funds 40 Madison LLC.

December 22, 2017

Multifamily Texas

JPI Sells 362-Unit Apartment Community in Austin

by Taylor Williams December 22, 2017

AUSTIN, TEXAS — Irving-based development firm JPI has sold Sur512, a 362-unit multifamily community situated on 8.9 acres at 5010 S. Congress Ave. in Austin. The Class A property offers a mix of one-, two- and three-bedroom units and amenities such as two pools, two fitness centers, grilling and picnic areas, a business center and an internet café and lounge. The buyer and sales price were not disclosed.

December 22, 2017

Office Texas

HFF Brokers Sale of 124,543 SF Office Building in Houston

by Taylor Williams December 22, 2017

HOUSTON — HFF has brokered the sale of 2400 Augusta Place, a 124,543-square-foot office building located in the West Loop/Galleria area of Houston. The four-story property was 85 percent leased at the time of sale to tenants in the engineering, legal, healthcare and communications industries. Marty Hogan of HFF represented the seller, Houston-based investment firm Interra Capital Group, in the sale. The buyer and sales price were not disclosed.

December 22, 2017

Multifamily Southeast Virginia

Donaldson Group, Angelo, Gordon Acquire Multifamily Community in Metro D.C. for $111M

by Camren Skelton December 22, 2017

ALEXANDRIA, VA. — The Donaldson Group, in partnership with Angelo, Gordon & Co., has purchased Cityside at Huntington Metro, a 569-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C., for $111 million. Bill Roohan, Bob Dean, Jonathan Greenberg, Tom Leachman and Yalda Ghamarian of CBRE arranged the all-cash transaction on behalf of the seller, an affiliate of The Carlyle Group. The community was constructed in 1968 and 1974 and features a mix of studio to three-bedroom floor plans. Community amenities include a rooftop fitness center, rooftop lounge, pool and sundeck, outdoor patio and grill area, playgrounds and a dog park. In addition, the community is located within walking distance to the Huntington Metro Station. The new ownership plans to renovate the property with a modernized leasing center, enhanced signage, new windows, common area and entryway improvements, exterior façade renovations and interior unit upgrades.

December 22, 2017

Industrial Texas

Colliers Negotiates 28,219 SF Industrial Lease in Houston

by Taylor Williams December 22, 2017

HOUSTON — Colliers International has negotiated a 28,219 SF industrial lease within Northway Park II in Houston on behalf of Campbell Fittings Inc., a manufacturer of fittings and sleeves for industrial hoses. Walter Menuet and Judd Harrison of Colliers International represented the tenant in the lease negotiations. Kelly Landwermeyer of Holt Lunsford Commercial represented the landlord, CenterPoint Houston UCET LLC.

December 22, 2017

Georgia Office Southeast

BLT Sells Three Office Buildings Within Atlanta’s Concourse Corporate Center

by Camren Skelton December 22, 2017

ATLANTA — Building and Land Technology (BLT) has sold Concourse Buildings I, II and IV within Concourse Corporate Center, a 63-acre office development located in Atlanta’s Central Perimeter submarket. CBRE Global Investors acquired the two eight-story buildings and one four-story building, which encompass nearly half of the 2.2 million-square-foot development. Stamford, Conn.-based BLT originally acquired Concourse Corporate Center in 2015 for nearly $500 million, according to the Atlanta Business Chronicle, and was seeking offers on the project for as much as $580 million. The final sales price was not disclosed. BLT invested in capital improvements to the buildings including lobby and elevator renovations, new conference facilities and added outdoor amenity areas. BLT will retain ownership of the iconic “King and Queen” towers located within Concourse Corporate Center, with plans to implement additional enhancements. BLT has retained Atlanta-based Regent Partners to lease and manage the Concourse buildings on behalf of BLT.

December 22, 2017

Industrial Texas

NAI Partners Secures 22,000 SF Industrial Lease in Metro Houston

by Taylor Williams December 22, 2017

PASADENA, TEXAS — NAI Partners has secured a 22,000-square-foot industrial lease at 2915 Pasadena Boulevard in the southeastern Houston metro of Pasadena. The property, which is situated on 1.5 acres, was built on a speculative basis. Clay Pritchett of NAI Partners represented the landlord, Houston Industrial Development One LP, in the lease negotiations. Sarah Hoffman, also of NAI Partners, represented the tenant, machinery manufacturer Stacey Supply Corp.

December 22, 2017

Florida Loans Multifamily Southeast

JV Receives $46.4M Construction Loan, Breaks Ground on Apartment Asset in Miami

by Camren Skelton December 22, 2017

MIAMI — Pinnacle Housing Group and Ascend Properties have received a $46.4 million construction loan for the development of Oasis at Blue Lagoon, a 272-unit apartment development located at 6650 N.W. 7th St. near Miami International Airport. IBERIABANK arranged the loan. In addition, the companies received a preferred equity investment from Arbor Realty Trust Inc. Oasis at Blue Lagoon will rise adjacent to the master-planned Blue Lagoon commercial park, home to more than 100 corporate office users including FedEx, Sony, Pepsi, Marriott Hotels & Resorts, Novartis, ConAgra Foods and Toyota. The community will include one-, two- and three-bedroom units and feature a two-story clubhouse, fitness center and an infinity pool overlooking Lake Mahar. PHG Builders LLC is the general contractor for the project, and Behar Font & Partners is the architect. The community is expected to open in mid-2019.

December 22, 2017

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