Property Type

Rockefeller Group, Stiles Sell Apartment Tower in Downtown Fort Lauderdale for $133.6M

by John Nelson June 8, 2017

FORT LAUDERDALE, FLA. — A joint venture between Rockefeller Group and Stiles has sold Amaray Las Olas, a newly built, 30-story apartment tower located at 215 S.E. 8th Ave. in downtown Fort Lauderdale. An entity known as Amaray Las Olas by Windsor, which is managed by Boston-based GID Investment Advisers, purchased the asset for $133.6 million, according to the South Florida Business Journal. The outlet also reported that TH Real Estate, the real estate investment arm of TIAA, provided a $65 million loan to the buyer. Rockefeller and Stiles completed the 254-unit tower in 2016, marking the first joint venture project between the two firms. The property comprises studio, one-, two- and three-bedroom residences with balconies and high-quality finishes. Community amenities include an elevated pool surrounded by private cabanas, an entertainment pavilion and deck, fitness center, saunas and massage/treatment room, clubroom, beverage lounge, conference and business center, bike storage, outdoor lanai with fire pit, dog spa and a park. Robert Given, Zach Sackley, Troy Ballard and Neal Victor of Cushman & Wakefield represented the seller in the transaction. Robert Kaplan, Chris Lentz and Mark Rutherford of Cushman & Wakefield placed the debt for the buyer.

June 8, 2017

Florida Industrial Southeast

Amazon to Open Tenth Florida Fulfillment Center in Miami

by John Nelson June 8, 2017

MIAMI — Amazon plans to expand its Florida presence with a new 800,000-square-foot fulfillment center in Miami. Situated within Carrie Meek International Business Park, a speculative industrial development at the Miami-Opa Locka Executive Airport, the project will be Amazon’s 10th facility in Florida. Foundry Commercial and Clarion Partners executed the lease with Amazon, which expects to employ more than 1,000 workers at the new facility. Carrie Meek International Business Park is a public-private partnership between the Carrie Meek Foundation, Foundry Commercial and Miami Mayor Carlos Gimenez’s office. The property will utilize automated processes supported by Amazon Robotics, a Massachusetts-based manufacturer of robotic fulfillment systems. The new fulfillment center will bring Amazon’s workforce in Florida to more than 7,500.

June 8, 2017

Florida Multifamily Southeast

Development Partnership Sells Apartment Community in West Miami for $61M

by John Nelson June 8, 2017

WEST MIAMI, FLA. — A partnership between Estate Investments Group, Fortune Capital Partners and Mattoni Group has sold Soleste Club Prado, a 196-unit apartment community located at 950 Red Road in West Miami. Grand Peaks purchased the property for $61 million. The development partnership recently delivered the asset, which comprises one-, two- and three-bedroom units commanding rental rates from $1,680 to $3,475 per month. Community amenities include a pool with spa, sundeck and private cabanas, outdoor kitchen and bar, resident lounge, kids gaming zone, rooftop serenity garden, fitness studio and a parking garage. Robert Given, Zachary Sackley, Troy Ballard and Neal Victor of Cushman & Wakefield represented the seller in the transaction.

June 8, 2017

Georgia Retail Southeast

Preferred Apartment Communities Buys Kroger-Anchored Center in Metro Atlanta

by John Nelson June 8, 2017

STONE MOUNTAIN, GA. — Preferred Apartment Communities Inc. (PAC) has purchased Rockbridge Village, a 102,432-square-foot retail center in Stone Mountain, a suburb of Atlanta. Situated at the intersection of Rockbridge and Five Forks Trickum roads, the shopping center is anchored by a 68,632-square-foot Kroger store. PAC purchased the asset through its subsidiary New Market Properties LLC for an undisclosed price. PAC financed the purchase using a $14.3 million loan provided by The Prudential Insurance Co. of America. The 10-year loan features a fixed interest rate of 3.75 percent. Rockbridge Village marks PAC’s 33rd grocery-anchored shopping center in its portfolio.

June 8, 2017

Multifamily South Carolina Southeast

Berkadia Brokers $10.6M Sale of Apartment Community Near Greenville

by John Nelson June 8, 2017

SPARTANBURG, S.C. — Berkadia has arranged the sale of Mayfair Lofts, a 107-unit apartment community located at 100 W. Cleveland St. in Spartanburg, a town in South Carolina’s Upstate region near Greenville. A developer based in Georgia sold the asset to an investment firm based in South Carolina for $10.6 million. The community is an adaptive reuse of Arcadia Mill No. 2, which was built in 1922. Renovated in 2008 and fully occupied at the time of sale, Mayfair Lofts comprises one- and two-bedroom units outfitted with 16- to 18-foot ceilings, floor-to-ceiling windows, stained concrete floors, exposed brick interiors and monochromatic appliances. Community amenities include a pool, fitness center, library, dog park, clubroom with a pool table, enclosed parking garage, grills and a fire pit. Included in the purchase is 50,000 square feet of developable commercial space. Jeremiah Jarmin and Mark Boyce of Berkadia represented both the buyer and seller in the transaction.

June 8, 2017

Midwest Multifamily Nebraska

Lund Co. Arranges $33.3M Sale of Multifamily Portfolio in Omaha, Nebraska

by Kristin Harlow June 8, 2017

OMAHA, NEB. — Cushman & Wakefield/The Lund Co. has arranged the sale of the Omaha Highlands portfolio in Omaha for $33.3 million. The 438-unit portfolio includes The Club at Highland Park Apartments and Terrace Garden Townhomes. Built in 1972, The Club at Highland Park is located at 11402 Evans St. Built in 1974, Terrace Garden is located at 10100 Grand Plaza. New York-based Briar Capital Management purchased the portfolio. Scott Koethe of Cushman & Wakefield/The Lund Co. represented the undisclosed seller in the transaction.

June 8, 2017

Midwest Minnesota Office

CBRE Brokers $18.9M Sale of Office Portfolio in Fridley, Minnesota

by Kristin Harlow June 8, 2017

FRIDLEY, MINN. — CBRE has brokered the sale of River Road Business Center I-IV in Fridley, about 10 miles north of Minneapolis, for $18.9 million. The office portfolio consists of four buildings and 270,000 square feet. The portfolio was 93 percent occupied at the time of sale by manufacturing, services, healthcare, wholesale products and technology tenants. Constructed between 1986 and 1988, the buildings feature 14-foot clear heights, 28 loading docks and 29 drive-in doors to accommodate a wide variety of users. Q.T. Holdings LLC purchased the portfolio. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Hoyt Properties Inc.

June 8, 2017

Illinois Industrial Midwest

Opus Builds Two Headquarters Facilities at Oakview Corporate Park in West Dundee, Illinois

by Kristin Harlow June 8, 2017

WEST DUNDEE, ILL. — The Opus Group has built two warehouse headquarters facilities for Renishaw Inc. and oelheld U.S. Inc. in the Oakview Corporate Park in West Dundee, a western suburb of Chicago. A new 134,000-square-foot facility will serve as the North American headquarters for Renishaw. The two-story building will allow the measurement and motion control company to consolidate and house all of its divisions in one location. The facility consists of approximately 69,000 square feet of office space, 38,000 square feet of warehouse space and 27,000 square feet of space designed for fabrication, demonstrations and trainings. The building also features custom areas for the company’s 3D metal printing. The new 23,400-square-foot headquarters for oelheld U.S., a machine-based lubricants and packaged oil products producer, consists of 7,600 square feet of office space and 15,800 square feet of warehouse space. Unique features of the building include a recessed warehouse floor and drainage barriers designed to contain spilled lubricants during the loading and unloading process in the warehouse. Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record, as well as the interior designer for both projects.

June 8, 2017

Industrial Midwest Ohio

Meridian Completes Construction of 185,210 SF Industrial Building in Strongsville, Ohio

by Kristin Harlow June 8, 2017

STRONGSVILLE, OHIO — Meridian Design Build has completed construction of a 185,210-square-foot industrial building for developer Scannell Properties in Strongsville, a suburb of Cleveland. The property is situated on a 21.8-acre site at 14700 Foltz Parkway. The multi-tenant building features 28 loading docks, two drive-in doors and parking for 164 cars. The design of the building incorporates a thermoplastic polyolefin roof and LED lighting. Precept Design provided architectural services, while Weber Engineering Services completed civil engineering work.

June 8, 2017

Iowa Loans Midwest Multifamily

NorthMarq Arranges $4.4M Loan for Refinancing of Multifamily Property in Cedar Rapids, Iowa

by Kristin Harlow June 8, 2017

CEDAR RAPIDS, IOWA — NorthMarq Capital has arranged a $4.4 million loan for the refinancing of Cypress Pointe Apartments in Cedar Rapids. The 108-unit multifamily property is located at 211 1st Ave. Jason Kinnison of NorthMarq arranged the loan with a life insurance company. The borrower was not disclosed.

June 8, 2017

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