Property Type

City of Atlanta Addressing Stormwater Runoff, Tree Ordinance on Path to ‘Resilience’

by John Nelson October 10, 2017

ATLANTA — While speaking at the Oct. 5 luncheon hosted by the Atlanta chapter of Commercial Real Estate Women (CREW Atlanta), Emory University law professor Mindy Goldstein addressed some of the environmental issues facing Atlanta, namely the City of Atlanta Tree Ordinance and stormwater runoff in the metro area. “Stormwater runoff is a huge problem in Atlanta,” says Goldstein, who serves as director of the Turner Environmental Law Clinic at Emory University School of Law. The clinic provides 4,000 hours of pro bono environmental legal work per year. “When it rains, surging stormwater can overflood our sewer systems and flood properties, which drastically decreases property values in certain neighborhoods,” says Goldstein. Atlanta is one of the 100 cities around the world participating in 100 Resilient Cities (100RC), a global initiative to provide governance and operational infrastructure to 100 cities that prove they are working to improve conditions for their citizens. The campaign was launched in 2013 by The Rockefeller Foundation and after three rounds of applications, the final 100 cities were chosen in May 2016. Member cities within 100RC are working now to become more “resilient” by addressing both the city’s shocks, or one-time events like floods and earthquakes, and …

October 10, 2017

Colorado Mixed-Use Multifamily Top Stories Western

ARA Newmark Brokers $141.5M Sale of 218-Unit Multifamily Community in Denver

by Katie Sloan October 10, 2017

DENVER — ARA Newmark has brokered the $141.5 million sale of Steele Creek, a 218-unit luxury multifamily community located in the Cherry Creek neighborhood of Denver. The community offers studio, one- and two-bedroom units. Shared amenities include a rooftop deck with an infinity pool, spa, fireplace, cabanas, daybeds, high-end grills and dining areas; a clubroom with billiards and a virtual golf/sports simulator; and a business lounge. The property also features ground-floor retail space leased to Matsuhisa Restaurant, AT&T and Drybar. The 12-story development is located across the street from Cherry Creek Shopping Center, home to over 160 retailers including Nordstrom, Neiman Marcus, Macy’s and Restoration Hardware. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, Denver-based real estate investment company BMC Investments, in the transaction. The buyer was not disclosed. — Katie Sloan

October 10, 2017

Industrial Massachusetts Northeast

Campanelli, Clarion Partners Break Ground on 427,500 SF Industrial Project in Bellingham, Massachusetts

by Amy Works October 9, 2017

BELLINGHAM, MASS. — Campanelli and Clarion Partners have broken ground for The Campanelli Business Park of Bellingham, a Class A speculative industrial project located in Bellingham. Situated on 90 acres, the two-building park will feature 427,500 square feet of industrial space. Slated for completion in August 2018, Building I will feature 127,500 square feet and Building II will feature 300,000 square feet. The partnership acquired the land parcel from Welltower, an Ohio-based healthcare REIT. Andrew Sacher of AIS CRE represented the seller in the acquisition. Richard Schuhwerk and Edward Jarosz of JLL have been retained as exclusive leasing agents for the speculative warehouses. Campanelli Construction is building the two warehouses simultaneously.

October 9, 2017

Loans Northeast Office Pennsylvania

JLL Secures $96M in Acquisition Financing for Office Tower in Philadelphia

by Amy Works October 9, 2017

PHILADELPHIA — JLL’s Capital Markets team has secured $96 million in financing for a partnership between Taconic Capital Advisors and Cohen Equities. Provided by Deutsche Bank and Square Mile, the financing package will be used for the acquisition and rehabilitation of 801 Market Street, a 695,130-square-foot office tower in Philadelphia’s Market East submarket. Adam Schwartz, Aaron Appel, Jonathan Schwartz and Chad Orcutt of JLL arranged the financing for the borrowers.

October 9, 2017

Connecticut Mixed-Use Multifamily Northeast Restaurant Retail

RBH Group Acquires Vacant Commercial Building in Hartford, Connecticut, for $20M

by Amy Works October 9, 2017

HARTFORD, CONN. — RBH Group has acquired a long-vacant commercial building, located at 370 Asylum St. in Hartford, for $20 million. RBH Group plans to redevelop the building into Teachers Corner Hartford, a mixed-use space. The development will feature market-rate and affordable residential units, space for educational opportunities and cultural performances, as well as restaurant and retail components. Laurie Grasso and Douglas Hoffmann of Hunton & Williams advised in the acquisition. Teachers Corner Hartford represents the first transaction in RBH Group’s national rollout of its Teachers Village concept following the first Teachers Village project in Newark, N.J., a $150 million, 23-acre mixed-use community. Teachers Corner Hartford is a realization of RBH Group’s continued joint venture with the Goldman Sachs Urban Investment Group and its partnering with Hartford’s Community Solutions and The Prudential Social Investment Group, with funding provided by the City of Hartford and various Connecticut state agencies.

October 9, 2017

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Arranges $4.1M in Refinancing for Multifamily Property in New Hampshire

by Amy Works October 9, 2017

HUDSON, N.H. — NorthMarq Capital has arranged $4.1 million in refinancing for a multifamily property located in Hudson. The financing features a 10-year term on a 25-year amortization schedule. Mark Whelan of NorthMarq secured the financing through a regional bank for the undisclosed borrower. The multifamily property features 36 apartment units.

October 9, 2017

Multifamily New York Northeast

Marcus & Millichap Negotiates $12.2M Sale of Multifamily Portfolio in Manhattan

by Amy Works October 9, 2017

NEW YORK CITY — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio located at 128 and 130 First Ave. in Manhattan’s East Village. HUBB NYC acquired the assets from a private investor for $12.2 million. The two five-story walk-up buildings feature 16 one-bedroom apartments and three ground-floor commercial units. John Stewart, James O’Leary, Dylan Torey and David Thurston of Marcus & Millichap represented the seller and secured the buyer in the deal.

October 9, 2017

Maryland Office Southeast

AXA Acquires Majority Stake in Metro D.C. Office Building for $139.8M

by Camren Skelton October 9, 2017

BETHESDA, MD. — AXA Investment Managers – Real Assets has acquired a majority stake in Montgomery Tower, a 367,000-square-foot office building in Bethesda, for $139.8 million. The firm acquired the interest from a joint venture between Rockpoint and MRP Realty, which will retain its ownership interest and continue to manage the property as AXA’s new joint venture partner. The 12-story, LEED Gold-certified building was constructed in 1980 and was recently renovated. Amenities include an updated lobby, breakout areas, conference center, 4,000-square-foot fitness center, modernized elevators, outdoor seating terrace, electric car charging stations and bike storage. Located six miles north of Washington, D.C., the asset is one block from the WMATA Bethesda Metro Station.

October 9, 2017

Florida Industrial North Carolina Southeast

GCP Buys 1.2 MSF Industrial Portfolio in Charlotte, Orlando for $74M

by Camren Skelton October 9, 2017

CHARLOTTE, N.C. AND ORLANDO, FLA. — GCP has acquired a 1.2 million-square-foot industrial portfolio in Charlotte and Orlando for $74 million. The portfolio includes two warehouses within Legacy Park West in Charlotte: a 126,000-square-foot facility fully leased to Elite Logistics and a recently completed, 432,000-square-foot building. Avison Young will handle the new building’s leasing efforts. The portfolio also includes Lake County Distribution Center, a 706,722-square-foot property in Orlando that is fully leased to Samsung SDS America and Niagara Bottling. The facility serves as Samsung’s new Southeast distribution center and as Niagara’s distribution hub that services its bottling facility less than a mile away.

October 9, 2017

Multifamily North Carolina Southeast

ZOM to Break Ground on 203-Unit Apartment Community in Charlotte

by Camren Skelton October 9, 2017

CHARLOTTE, N.C. — ZOM Living has unveiled plans to develop Hazel SouthPark, a 203-unit multifamily community in Charlotte’s SouthPark neighborhood. The Orlando-based multifamily developer will break ground on the six-story community early next year. Located at 4401 Barclay Downs, the site includes a former 38,300-square-foot office building that will be redeveloped. ZOM recently acquired the 2.7-acre site for $13.2 million, and Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, a partnership of private investors. Amenities at Hazel SouthPark will include an attached parking garage and a rooftop pool deck. In addition, the community will feature 6,000 square feet of ground floor restaurant space, 8,000 square feet of ground floor retail and 8,400 square feet of amenity space. Hazel SouthPark is located adjacent to the SouthPark Mall and within walking distance to numerous dining, shopping and offices. ZRS Management LLC will manage the property. TD Bank and Santander Bank provided construction financing for the project. CBG Building Co. is the general contractor, and Cline Design Associates is the project’s architect. Hazel SouthPark is slated to deliver in the fourth quarter of 2019, with preleasing starting in the third quarter of 2019.

October 9, 2017

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