Property Type

Meridian Development Acquires Office Portfolio in Tampa for $16.5M

by Camren Skelton November 29, 2017

TAMPA, FLA. — Meridian Development Group has acquired a two-property office portfolio in Tampa’s Carrollwood submarket for $16.5 million. The portfolio includes Buschwood Park One and Buschwood Park Two and totals 171,166 square feet. Rick Brugge and Mike Davis of Cushman & Wakefield represented the seller, Buschwood One & Buschwood Two LLC, in the transaction. Meridian was represented internally. The firm will invest another $1 million to build a 2,000-square-foot amenity center and café and to upgrade indoor and outdoor common areas. Meridian’s subsidiary company, Meridian Management Group, will manage the property and oversee the improvements. Jim Moler and Deanna Beer of JLL will oversee leasing for the property, which was 82 percent leased at the time of sale. Prior to the sale, Pilgrim Quality Solutions, an IQVIA Co., signed a new 18,000-square-foot lease at Buschwood Park Two.

November 29, 2017

Alabama Multifamily Southeast Student Housing

CBRE Arranges Sale of 900-Bed Student Housing Community Near Auburn University

by Camren Skelton November 29, 2017

AUBURN, ALA. — CBRE has arranged the sale of The Connection at Auburn, a 900-bed, 312-unit student housing community located less than three miles from the Auburn University campus and a half-mile from College Street, one of Auburn’s main thoroughfares. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE, in conjunction with CBRE’s Nashville Multifamily team, arranged the transaction on behalf of the buyer, University Partners. A private real estate fund managed by Crow Holdings Capital sold the asset for an undisclosed price. At the time of sale, The Connection at Auburn was 99.3 percent occupied.

November 29, 2017

Georgia Industrial Southeast

Silverman Group to Break Ground on Second Building at Bright Star Logistics Center in Metro Atlanta

by Camren Skelton November 29, 2017

DOUGLASVILLE, GA. — The Silverman Group has unveiled plans to break ground on the second building at Bright Star Logistics Center, a master-planned industrial campus in Douglasville, roughly 22 miles west of Atlanta. The New Jersey-based company will break ground on the 330,000-square-foot, speculative manufacturing/distribution building in the fourth quarter. Building Two will feature 36-foot clear heights, cross-dock configuration and ample car parking and trailer storage. Completion is slated for summer 2018. Bright Star Logistics Center is expected to attract industrial users including manufacturing, warehouse/distribution and third-party logistics companies. Upon completion, the park will features two modern distribution buildings, one of which is currently under construction and is preleased to Andersen Windows, a window and door manufacturer. Pat Murphy, James Phillpott and Tara Healy of Cushman & Wakefield will handle the project’s leasing assignment on behalf of The Silverman Group.

November 29, 2017

Illinois Midwest Office

Macerich Sells 326,000 SF Office Tower in Chicago for $86.4M

by Kristin Harlow November 29, 2017

CHICAGO — The Macerich Co. (NYSE: MAC) has sold a 326,000-square-foot office tower in Chicago for $86.4 million. The building, located at 500 N. Michigan Ave., is adjacent to the company’s The Shops at North Bridge. The sale aligns with Macerich’s strategy of recycling capital out of non-core assets and into its core portfolio of retail assets, according to the company. The real estate investment trust currently owns 54 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.

November 29, 2017

Illinois Midwest Multifamily

KIG Negotiates Sale of 70-Unit Apartment Building in Itasca, Illinois

by Kristin Harlow November 29, 2017

ITASCA, ILL. — KIG CRE has negotiated the sale of Two Itasca Place in Itasca, approximately 27 miles northwest of Chicago, to Waypoint Residential. The sales price was not disclosed. The five-story, 70-unit apartment building is located at 2 Itsaca Road. One- and two-bedroom floor plans average 1,694 square feet. Community amenities include concierge services, package receiving, a bike room and additional storage. Susan Tjarksen, Todd Stofflet and Jason Stevens of KIG represented the seller, Marquette Cos.

November 29, 2017

Hospitality Kansas Midwest

Midas Hospitality Breaks Ground on 123-Room Hotel in Overland Park, Kansas

by Kristin Harlow November 29, 2017

OVERLAND PARK, KAN. — Developer and manager Midas Hospitality Group has broken ground on a 123-room Home2 Suites by Hilton in Overland Park. The 65,000-square-foot extended-stay hotel will be located at 7121 W. 135th St. Completion of the $16.5 million project is slated for late 2018. Home2 Suites will offer fully equipped kitchens, a fitness center, business center, indoor pool, outdoor living area and pet-friendly environment. Thomas Construction is the general contractor, while Gray Design is the architect.

November 29, 2017

Affordable Housing Iowa Midwest Multifamily

SVN Brokers $5M Sale of Affordable Housing Property in Dubuque, Iowa

by Kristin Harlow November 29, 2017

DUBUQUE, IOWA — SVN has brokered the sale of Hillcrest Apartments in Dubuque for $5 million. The 108-unit affordable housing property is located at 3290 Hillcrest Road in eastern Iowa. Reid Bennett and Cody Doran of SVN | Chicago Commercial represented the undisclosed seller in the transaction. The buyer was an affordable housing developer and owner.

November 29, 2017

Illinois Industrial Midwest

PREMIER Completes 40,750 SF Speculative Distribution Facility in Chicago

by Kristin Harlow November 29, 2017

CHICAGO — PREMIER Design + Build Group LLC has completed the construction of a 40,750-square-foot speculative distribution facility in Chicago’s Portage Park neighborhood. PREMIER built the property, located at 4150 N. Knox Ave., on behalf of Dayton Street Partners and WBS Equities. Situated on a 1.6-acre lot, the warehouse features 30-foot clear heights, two parking lots, four covered dock positions, two drive-in doors and two entrances. The adaptable warehouse space can accommodate multiple tenants. Chris Kiziak and Scott Lebak led the project team on behalf of PREMIER. Kimley-Horn provided engineering services, while Cornerstone Architects Ltd. provided architectural services. Mike Senner and Steve Kohn of Colliers are marketing the building for lease.

November 29, 2017

California Mixed-Use Western

SteelWave, Invesco Buy LA Times’ Printing Press, Offices for Mixed-Use Conversion

by Nellie Day November 29, 2017

COSTA MESA, CALIF. — A joint venture between SteelWave and Invesco Real Estate has purchased The Press, a 249,075-square-foot printing press warehouse in Costa Mesa, for an undisclosed sum. The acquisition also includes an attached 112,408-square-foot office building and an adjacent four-acre parcel of land. The asset formerly served as the printing facility for the Los Angeles Times, while the office building served as the Times’ Orange County press room. The JV plans to develop about 420,000 square feet of creative office and retail space. The site is entitled for up to 650,000 square feet, leaving 230,000 square feet of remaining entitlements for future development. The project is directly adjacent to SteelWave’s Hive project, a 180,000-square-foot creative office development that serves as the headquarters and training facility for the Los Angeles Chargers. HFF’s John Rose, Todd Sugimoto, Patrick Burger and Olga Walsh arranged acquisition financing for the development.

November 29, 2017

California Industrial Western

Lineage Logistics Acquires Eight Cold Storage Warehouses in LA

by Nellie Day November 29, 2017

LOS ANGELES — Lineage Logistics has purchased eight temperature-controlled warehouses in the Los Angeles area for an undisclosed sum. The eight locations encompass more than 12 million cubic feet of capacity in the Los Angeles area. The properties are accessible to Southern California’s major freeways, rail facilities and ocean container terminals, including the 250,000-square-foot transload facility Lineage operates in the Port of Long Beach’s overweight corridor. The seller was U.S. Growers Cold Storage.

November 29, 2017

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