Property Type

Timberland Partners to Develop $63.7M Apartment Project Near Minneapolis

by Kristin Harlow March 5, 2018

EDEN PRAIRIE, MINN. — Timberland Partners is developing Elevate at SouthWest Station Apartments in Eden Prairie, 12 miles southwest of downtown Minneapolis. The firm has closed on the land and financing needed to begin construction on the $63.7 million, 222-unit apartment property. Situated immediately adjacent to the future SouthWest Light Rail Station, Elevate will feature amenities such as a rooftop courtyard, fitness center, yoga studio, co-working lounge, bike storage, dog run and spa. Completion is slated for August 2019. The project team includes Kaas Wilson Architects and contractor Frana Cos. JLL arranged a $49.7 million HUD loan for the project. Hennepin County, the City of Eden Prairie and the Metropolitan Council also provided financing.

March 5, 2018

Illinois Midwest Multifamily

Interra Brokers $13.7M Sale of Condo Deconversion in Chicago

by Kristin Harlow March 5, 2018

CHICAGO — Interra Realty has brokered the $13.7 million sale of 3264-70 N. Clark St. in Chicago’s Lakeview neighborhood. The buyer, North Park Ventures, plans to convert the property’s 30 condominium units into apartments, as well as develop a new 22-unit apartment building on an adjacent surface lot. Located at the intersection of School and Clark streets near Wrigley Field, the existing building includes six ground-floor retail spaces comprising 7,600 square feet. The upper residential floors include a mix of one-, two- and three-bedroom units. Residents also have access to a shared dog run, courtyard, bike room and storage lockers. David Goss, Jon Morgan and Joe Smazal of Interra represented both parties in the sales transaction. The seller was not disclosed.

March 5, 2018

Illinois Industrial Midwest

Ridge Completes 186,000 SF Spec Industrial Building in Bartlett, Illinois

by Kristin Harlow March 5, 2018

BARTLETT, ILL. — Ridge, the industrial arm of Transwestern Development Co., has completed construction of a 186,000-square-foot speculative industrial building within Brewster Creek Business Park. Located at 1365 Brewster Creek Blvd. in Bartlett, Ridge Brewster Creek II features a clear height of 32 feet, 35 loading docks, two drive-in doors and 212 car parking spaces. Darcie Fankhauser of Ridge led the project team, which also included Triumph Construction Services Corp., Harris Architects Inc. and Eriksson Engineering Associates Ltd. Brewster Creek Business Park is a 670-acre, mixed-use business park about 40 miles west of Chicago.

March 5, 2018

Kansas Midwest Retail

NGZ Arranges Sale of 105,000 SF Retail Property Occupied by Kohl’s in Lenexa, Kansas

by Kristin Harlow March 5, 2018

LENEXA, KAN. — Newmark Grubb Zimmer (NGZ) has arranged the sale of a 105,000-square-foot retail property occupied by Kohl’s in Lenexa. The sales price was not disclosed. Originally built in 1994, the property is located at 12381 W. 95th St. near Interstate 35. Michael VanBuskirk and Chris Robertson of NGZ, along with Ferd Niemann Brokerage and Consulting LLC, represented the buyer, Christie Development. Kevin Curtin of Kessinger Hunter and Jeff Dozier of Point Commercial represented the seller, TIC Lenexa LP.

March 5, 2018

Illinois Midwest Retail

Starbucks, Inland Bank Join Tenant Lineup at Wheeling Town Center in Suburban Chicago

by Kristin Harlow March 5, 2018

WHEELING, ILL. — Starbucks Coffee and Inland Bank have signed leases at Wheeling Town Center in the Chicago suburb of Wheeling. The mixed-use property is scheduled to open later this year. Starbucks will include a drive-thru and outdoor patio on a 2,100-square-foot plot. Inland Bank will span 2,000 square feet and also include a drive-thru. Previously unveiled tenants at the property include CMX Cinemas and City Works Eatery & Pour House. The project, a joint venture between WTC LLC and the Lynmark Group, will also include a 300-unit luxury apartment building.

March 5, 2018

Office Southeast Virginia

Apex Clean Energy Unveils Plans for New Headquarters at 130,000 SF Office Project in Charlottesville

by Camren Skelton March 5, 2018

CHARLOTTESVILLE, VA. — Apex Clean Energy has unveiled plans for its new corporate headquarters at a planned 130,000–square-foot office building in downtown Charlottesville. The move allows the company to consolidate more than 170 employees currently spread across multiple office buildings in the area. Apex Clean Energy, which develops, constructs and operates wind and solar power facilities across North America, will occupy 60,000 square feet of office space and lease the remaining space to other tenants. In addition, the seven-story building — to be located on Garrett Street — will include 10,000 square feet of ground-floor retail. John Pritzlaff of Cushman & Wakefield | Thalhimer arranged the lease on behalf of Apex Clean Energy. Riverbend Development, the project developer, plans to deliver the building 24 months after construction kicks off this summer. Architecture firm William McDonough + Partners is designing the project.

March 5, 2018

Florida Multifamily Southeast

TriBridge, Sefira Capital to Open $49M Apartment Community in Jacksonville

by Camren Skelton March 5, 2018

JACKSONVILLE, FLA. — Atlanta-based TriBridge Residential LLC, in partnership with Miami-based Sefira Capital, will soon deliver The Jaxon, a 287-unit apartment community located at 4450 Tropea Way in Jacksonville. Slated to open this summer, the property is situated across the street from St. Johns Town Center, Jacksonville’s premier outdoor mall and retail corridor. The $49 million apartment community will offer a mix of studio to three-bedroom units with granite countertops, built-in Bluetooth speakers and custom finishes. Community amenities will include a Vegas-style swimming pool with cabanas and rain curtain, a party porch, dog park, dog wash station and a 24-hour package delivery system with refrigerated storage.

March 5, 2018

North Carolina Retail Southeast

Zapolski Acquires 129,851 SF Shopping Center in Asheville from Edens for $33M

by Camren Skelton March 5, 2018

ASHEVILLE, N.C. — Zapolski Real Estate has acquired Asheville Market, a 129,851-square-foot shopping center located at 4 S. Tunnel Road in Asheville, for $33 million. Alex Quarrier of Berkeley Capital Advisors arranged the transaction on behalf of the seller, Edens. David Vinson and Todd Crouse of NorthMarq Capital arranged acquisition financing through Citigroup Global Markets on behalf of Zapolski. The loan amount was not disclosed. Asheville Market was originally constructed in 1980 as a “Big K” Kmart, but Whole Foods Market replaced the store in 2014 as part of the center’s repositioning. Additional tenants include DSW, Guitar Center, HobbyTown, Chicken Salad Chick, Neo Burrito, Duncan & York and Green4Life.

March 5, 2018

Florida Loans Office Southeast

CBRE Brokers $23.6M Sale, $18.3M Acquisition Financing for Office Portfolio Near Orlando

by Camren Skelton March 5, 2018

ORLANDO, FLA. — CBRE has arranged the $23.6 million sale of and $18.3 million acquisition financing for a 283,292-square-foot office portfolio in the metro Orlando area. Ron Rogg and Chip Wooten of CBRE brokered the sale. In addition, CBRE’s Zac Brumbaugh arranged a five-year loan with 18 months of interest-only payments through a bank on behalf of the borrower, Realty Capital Commercial Real Estate Advisors. The name of the seller was not disclosed. The portfolio includes Interlachen Corporate Center in Casselberry, roughly 13 miles north of Orlando, and 2400 Maitland and 500 Winderley in Maitland, roughly eight miles north of Orlando. The portfolio was 75 percent leased at the time of sale to tenants such as RP Funding’s headquarters, Fidelity National Title Co. and Avant Healthcare.

March 5, 2018

Alabama Mixed-Use Retail Southeast

Dave & Buster’s to Open at $350M MidCity Development in Huntsville

by Camren Skelton March 5, 2018

HUNTSVILLE, ALA. — RCP Cos. has signed Dave & Buster’s to its MidCity project, a $350 million mixed-use development under construction in Huntsville. The 140-acre project is a redevelopment of the former Madison Square Mall. Dave & Buster’s joins tenants such as Topgolf, which opened in December; High Point Climbing and Fitness, currently under construction; and Adrenaline Zone, which is expected to break ground this summer. The 26,500-square-foot Dave & Buster’s is expected to open in July 2019 and will be the entertainment retailer’s second location in Alabama. At full build-out, MidCity will include 345,000 square feet of street-level retail and restaurant space, 200,000 square feet of office space, 500 hotel rooms and 900 residences. In addition, the development will include a 38-acre public park.

March 5, 2018

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