Property Type

Noddle to Develop $76M Headquarters for Kiewit Corp. in Downtown Omaha

by Kristin Harlow February 28, 2018

OMAHA, NEB. — The Noddle Cos. has been selected to develop the new corporate headquarters for Kiewit Corp. in north downtown Omaha. The office building will range from 165,000 to 185,000 square feet. HDR designed the project, which also includes a parking garage for 650 cars. Construction costs are estimated at $76 million. The new headquarters for the construction and engineering organization will be situated across the street from Kiewit University. Construction is scheduled to begin in October and finish in 2020.

February 28, 2018

Loans Midwest Minnesota Student Housing

University Partners Receives $49M Acquisition Loan for Student Housing Property Near University of Minnesota

by Kristin Harlow February 28, 2018

MINNEAPOLIS — University Partners has received a $49 million loan for the acquisition of Stadium View in Minneapolis near the University of Minnesota. The student housing property consists of 956 beds within 277 units. Located at 2508 Delaware St., the nine-story property features a mix of studio, one-, two-, three- and four-bedroom units that average 1,102 square feet. Amenities include a 24-hour concierge desk, private study rooms, tanning beds, game room, yoga studio and fitness center. Doug Opalka and Jules Sherwood of HFF originated the 10-year Freddie Mac loan.

February 28, 2018

Illinois Midwest Office

American Landmark Properties Completes Lease-Up of Office Park in Skokie, Illinois

by Kristin Harlow February 28, 2018

SKOKIE, ILL. — American Landmark Properties has completed the lease-up of its Illinois Science + Technology Park (ISTP) in Skokie, a northern suburb of Chicago. Vetter Pharma International USA and Charles River Laboratories International recently signed lease expansions. Vetter now occupies a total of 49,000 square feet, and Charles River has expanded to 34,056 square feet. American Landmark acquired the 24-acre research, lab and office campus one year ago when it was 86 percent leased. The real estate investment group plans to redevelop an existing 130,000-square-foot building located within ISTP at 8030 Lamon Ave. Five other build-to-suit sites provide a total development capacity of an additional 1.3 million square feet, according to John Roeser, executive vice president of American Landmark. Scott Brandwein and David Saad of CBRE are the leasing agents for ISTP.

February 28, 2018

Loans Midwest North Dakota Retail South Dakota

Dougherty Provides $25.2M Refinancing of Five-Property Retail Portfolio in the Dakotas

by Kristin Harlow February 28, 2018

FARGO, N.D. — Dougherty Funding LLC has provided a $25.2 million loan for the refinancing of a five-property retail portfolio in both North Dakota and South Dakota. The unnamed properties total 222,945 square feet and are located in Fargo and Grand Forks, N.D., as well as Sioux Falls, S.D. Dougherty’s Minneapolis office served as lead lender and servicer for the loan. The borrower was not disclosed.

February 28, 2018

Midwest Minnesota Office

Marcus & Millichap Arranges $3.3M Sale of Office Property in White Bear Lake, Minnesota

by Kristin Harlow February 28, 2018

WHITE BEAR LAKE, MINN. — Marcus & Millichap has arranged the sale of Oak Ridge Centre in White Bear Lake, 20 miles northeast of Minneapolis, for $3.3 million. The 23,641-square-foot office property is located at 4801 Highway 61 N. Tenants were not disclosed. Michael Ahles of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Ahles also secured the buyer, a local private investment group.

February 28, 2018

District of Columbia Office Southeast

JBG Smith, Canada Pension Plan Form Joint Venture for Equity Stake in $225M D.C. Office Development

by Camren Skelton February 28, 2018

WASHINGTON, D.C. — JBG Smith has formed a joint venture with Canada Pension Plan Investment Board (CPPIB) to develop and own 1900 N Street, a $225 million office development under construction in Washington, D.C.’s central business district. CPPIB will invest approximately $101 million in the 11-story building, giving it a 45 percent stake in the project. JBG Smith will continue to develop, manage and lease the asset. The property was 29.6 percent preleased as of the third quarter of 2017. International law firm Goodwin Procter LLP has preleased 80,329 square feet at the building, according to the Washington Business Journal. JBG Smith’s portfolio comprises more than 20 million square feet of office, multifamily and retail assets in the D.C. area. As of Dec. 31, 2017, the CPP Fund totaled $337.1 billion.

February 28, 2018

Industrial North Carolina Southeast

Greycor Completes 324,480 SF Warehouse Expansion Near Charlotte for Food Packaging Company

by Camren Skelton February 28, 2018

HUNTERSVILLE, N.C. — Greycor Construction Co. Inc. has completed the 324,480-square-foot expansion of a manufacturing and distribution facility in Huntersville leased to Pactiv LLC, a food packaging company. Prairie Brookwood LLC owns the facility, which is located at 14201 Meacham Farm Drive, roughly 15 miles north of Charlotte. The facility remained fully operational during the expansion, which more than doubled the size of the building. The $14 million expansion included eight concrete placements of roughly 40,000 square feet each, 70 concrete tilt-up walls, structural steel, metal decking, TPO roofing and 35 new loading docks. In addition, the build-out created new jobs in the area. The original facility was constructed more than 10 years ago and was the first building within Commerce Station Park, a public-private partnership between Prairie Brookwood and the towns of Cornelius, Davidson and Huntersville.

February 28, 2018

Florida Hospitality Loans Mixed-Use Multifamily Southeast

Madison Realty Capital Provides $26M Construction Loan for Mixed-Use Project in Miami

by Camren Skelton February 28, 2018

MIAMI — Madison Realty Capital has provided a $26 million first mortgage loan for the development of Triton Center, a new mixed-use project in Miami. The loan is collateralized by two development sites located at 7880 and 8540 Biscayne Blvd. The 7880 Biscayne Blvd. site currently houses a vacant 11-story office building that was previously home to the U.S. Immigration and Naturalization Service (INS). The undisclosed borrower acquired the site in 2013 and has since demolished the interior of the building, with plans to convert it into a 139-room Hilton Garden Inn hotel. Triton Center will also include two apartment buildings totaling 324 units, 585 parking spaces and 25,000 square feet of retail space. Stantec will design the development. The 8540 Biscayne Blvd. site comprises six sub-parcels. The developer plans to construct an additional large-scale multifamily community at the site. A timeline for the projects was not disclosed.

February 28, 2018

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $13.4M Sale of Affordable Housing Community in Southwest Florida

by Camren Skelton February 28, 2018

CAPE CORAL, FLA. — Marcus & Millichap has brokered the $13.4 million sale of Crossings at Cape Coral, a 168-unit affordable housing community located at 1150 Hancock Creek S. Blvd. in Cape Coral. Evan Kristol of Marcus & Millichap arranged the transaction on behalf of the seller, a limited liability company, and the buyer, a private investor. Crossings at Cape Coral features a fitness center, pool, playground, laundry facilities, car wash area, business center and a volleyball court. All of the units at the property are reserved for residents earning 60 percent or less of the area median income.

February 28, 2018

Georgia Hospitality Southeast

Waramaug Acquires 97-Room Candlewood Suites Hotel in Athens, Georgia

by Camren Skelton February 28, 2018

ATHENS, GA. — Waramaug LS Hotels LLC has acquired a 97-room Candlewood Suites in Athens, located roughly six miles west of the University of Georgia campus. The name of the seller and sales price were not disclosed. Waramaug plans to renovate the property, which was constructed in 2009, with updated guest rooms, public spaces and exterior. Interstate Hotels & Resorts will manage the property. The hotel features free Wi-Fi, a fitness center, business center, on-site laundry service, outdoor gazebo, grill and picnic tables.

February 28, 2018

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