Property Type

Arriba Capital Provides $40.7M Construction Loan for Dual-Branded Hotel in Midtown Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Arriba Capital has provided a $40.7 million construction loan for the development of a 194-room, dual-branded Marriott Fairfield Inn & Suites and Towneplace Suites in Midtown Atlanta. The two-year, non-recourse loan features three six-month extension options for the borrower, a privately held hospitality management and development company. The seven-story hotel will be located atop a 220-space, five-story parking deck. Hotel amenities will include a market pantry, meeting space, fitness center and business center. The two hotels will share a common front-of-house area, including registration and a breakfast area. The property is located across the street from Emory University Hospital and within walking distance to attractions including the World of Coca-Cola, Georgia Aquarium, Fox Theatre, College Football Hall of Fame and the Mercedes-Benz Stadium. The project is slated for completion in May 2020.

March 9, 2018

Georgia Office Southeast

LPC Southeast Brokers Sale of 215,000 SF Office Building in Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Lincoln Property Co. (LPC) Southeast has brokered the sale of Park Central, a 215,000-square-foot office building located at 2970 Clairmont Road in Atlanta’s North Druid Hills submarket. Florida-based TerraCap Management LLC acquired the asset for an undisclosed price with plans to invest $3.4 million to upgrade the building systems, common areas and amenities. Park Central features 24-hour security, a fitness center, conference center, on-site management and free covered parking. Michael Howell, Hunter Henritze and Caroline Cole of LPC Southeast will be retained to manage and lease the building. The trio recently completed leases at Park Central with tenants such as First Landmark Bank, Everest Campus Services Cos LLC, Delaplex Software LLC and Mallernee, Branch & Daffner LLP.

March 9, 2018

North Carolina Office Southeast

Fallon Co. Unveils Renovation Plans for 13-Story Office Building in Midtown Charlotte

by Camren Skelton March 9, 2018

CHARLOTTE, N.C. — The Fallon Co. has unveiled the renovation and rebranding plans for its 13-story office property located at 301 S. McDowell St. in Midtown Charlotte. The developer originally acquired the 184,144-square-foot tower in July 2017. The Fallon Co. will rename the building 301 Midtown and will implement interior and exterior enhancements. Plans for the exterior of the building include upgrades to the building’s ground floor and parking level entrances, canopies and expanded outdoor plaza space. The exterior lighting system will also be enhanced. Interior renovations will include a new fitness center with locker rooms, a grab-and-go café and added concierge and security services. The Fallon Co. will also modernize the conference center and add tenant storage space. 301 Midtown is situated within walking distance to public transportation, retailers, restaurants, parks and apartment communities. The Fallon Co. plans to begin renovations this spring and finish in the fall.

March 9, 2018

Indiana Midwest Office

Black Salmon, Redico Acquire 444,644 SF Office Building in Indianapolis for $70M

by Kristin Harlow March 9, 2018

INDIANAPOLIS — In partnership with privately held Redico, Black Salmon has acquired Bank of Montreal (BMO) Plaza in Indianapolis for $70 million. The 444,644-square-foot, Class A office building is located between Monument Circle and Mass Avenue at 135 N. Pennsylvania St. Tenants include BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services. The property underwent a $6 million renovation in 2016 and 2017, but Black Salmon plans to make additional upgrades to the common areas. Black Salmon is a new business line of TSG Group, a real estate development and investment company based in South Florida.

March 9, 2018

Industrial Midwest Missouri

Amazon Unveils Plans for 800,000 SF Fulfillment Center in St. Peters, Missouri

by Kristin Harlow March 9, 2018

ST. PETERS, MO. — Amazon Inc. has unveiled plans for its first Missouri fulfillment center that will be located in St. Peters, a northwestern suburb of St. Louis. The 800,000-square-foot center will create more than 1,500 full-time jobs for picking, packing and shipping small items such as books, electronics and toys. Amazon currently operates a sortation center in Hazelwood, Mo. A timeline for development was not disclosed.

March 9, 2018

Michigan Midwest Student Housing

Core Spaces Breaks Ground on Student Housing Property Near Michigan State University

by Kristin Harlow March 9, 2018

EAST LANSING, MICH. — Core Spaces has broken ground on Hub on Campus East Lansing, a 347-unit student housing property near Michigan State University. The project is located downtown at 918 E. Grand River Ave. The apartments will range from studio to three-bedroom units and will all be fully furnished. Amenities will include a study lounge, clubroom, fitness center and rooftop amenity deck. Retail space will include a 7-Eleven and Georgio’s Pizzeria. A timeline for completion was not disclosed.

March 9, 2018

Illinois Industrial Midwest

Brown Commercial Brokers $7M Sale of Three Industrial Buildings in Suburban Chicago

by Kristin Harlow March 9, 2018

ELK GROVE VILLAGE AND GILBERTS, ILL. — Brown Commercial Group has brokered the $7 million sale of three industrial buildings in suburban Chicago totaling 136,915 square feet. The properties include 1340-1400 Higgins Road and 1425-1455 Tonne Road in Elk Grove Village, as well as 300-338 Arrowhead Drive in Gilberts. All three buildings are fully leased to multiple tenants. Dan Brown of Brown Commercial brokered the transaction on behalf of the buyer, Gilberts and Groves LLC.

March 9, 2018

Midwest Minnesota Retail

Cushman & Wakefield Negotiates 38,000 SF Lease for T.J. Maxx, HomeGoods Near St. Paul, Minnesota

by Kristin Harlow March 9, 2018

COTTAGE GROVE, MINN. — Cushman & Wakefield has negotiated a 38,000-square-foot lease for a new T.J. Maxx and HomeGoods store at Grove Plaza in Cottage Grove, 10 miles south of St. Paul. The new store is part of an ongoing repositioning of Grove Plaza, which was formerly home to a Home Depot and Rainbow Foods. T.J. Maxx and HomeGoods will sit just east of a 95,700-square-foot Hy-Vee grocery store that opened last year. Completion is slated for this fall. Deb Carlson of Cushman & Wakefield represented the landlord, EBL-S, in the lease transaction.

March 9, 2018

Idaho Office Top Stories Western

City Office REIT Sells Office Campus in Boise for $86.5M

by John Nelson March 9, 2018

BOISE, IDAHO — City Office REIT Inc. (NYSE: CIO) has sold Washington Group Plaza, a four-building office campus situated on 24 acres in Boise. The Vancouver-based REIT sold the property to St. Luke’s, Idaho’s only nonprofit healthcare system, for $86.5 million. City Office REIT recently executed a 148,000-square-foot lease at the complex with St. Luke’s. The company operates 14 hospitals and medical centers in Idaho, four of which are in Boise. Located at 400 Broadway Ave., 701 Morrison Drive and 720 and 800 Park Blvd., Washington Group Plaza is situated within walking distance to Boise State University, Boise River the Ada County Courthouse and Idaho’s only Whole Foods Market. The recently renovated campus spans 557,510 square feet and features 1,050 structured parking spaces and 896 surface spaces. Amenities include an on-site cafeteria, fitness center and a 250-seat auditorium. “The four office buildings that comprise Washington Group Plaza were contributed to City Office as part of the initial public offering in April 2014,” says Greg Tylee, chief operating officer and president of City Office REIT. “Since that time, we have implemented substantial operational improvements and cost savings.” City Office REIT will use proceeds from the sale to repay approximately $32.1 million …

March 9, 2018

Market Reports Office Texas Texas Market Reports

New Breed of Millennials, Adaptive Reuse Drive San Antonio’s Office Market

by Taylor Williams March 9, 2018

Would you believe that San Antonio is the second most sought-after city for millennials? According to local media pundits and reports from Forbes, San Antonio is attracting the greatest number of millennials of any city in Texas, even beating out Austin, the original yuppie capital of the state. San Antonio, which had taken a back seat to Austin in terms of creating tech jobs and drawing millennial workers, has surged ahead in recent years. The metro has begun to appeal to a different breed of people born between 1980 and 1999. We refer to members of this group as the “logical millennials.” While entrepreneurial in spirit, the San Antonio millennial differs from the standard millennial through his or her understanding of the need for affordable housing and a lower cost of living. The influx of this sub-type of millennials has created growth in urban areas, most notably the Pearl District, which is situated adjacent to the downtown area. The popularity of this mixed-use shopping and community destination has spurred the development of a number of new urban lifestyle projects. Frost Tower, Rising Rents Another indicator of San Antonio’s success at attracting a younger demographic is embodied in the most significant …

March 9, 2018

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