Property Type

Banyan Street Capital Unveils Plans for Peachtree Center in Downtown Atlanta

by Camren Skelton October 3, 2017

ATLANTA — Banyan Street Capital has unveiled plans to revitalize Peachtree Center, a mixed-use development in downtown Atlanta, with new restaurants, retail and entertainment tenants. The project will transform Peachtree Center’s three-story retail center and outdoor courtyard, rebranding the new space as “The Hub.” Atlanta-based developer and architect John Portman Jr. originally designed Peachtree Center, which comprises six buildings centrally located over the MARTA Peachtree Center Station. The development is home to 6,000 office tenants and connected to 4,000 hotel rooms via sidewalks and sky bridges. The Beck Group, an Atlanta-based construction firm, will modernize the 1960s-era development by redesigning the courtyard to better accommodate pedestrian foot traffic, upgrading all finishes and furnishings, updating lighting to brighten the space and modernizing entrances with backlit glass panels and steel canopies. Along with the renovations, The Hub will feature a new lineup of restaurants, shops, entertainment experiences and boutique services such as fitness and grocery. Amy Fingerhut of CBRE is overseeing the project’s retail leasing assignment. The project is slated for completion in spring 2019.

October 3, 2017

Florida Multifamily Southeast

Northland Investment Buys Two Adjacent Multifamily Assets in South Florida for $56M

by Camren Skelton October 3, 2017

JUPITER, FLA. — Northland Investment Corp. has purchased two adjacent multifamily communities in Jupiter for a combined $56 million. Preston Giuliano Capital Partners sold the two assets — Mallards Cove and Shell Trace — that together total 359 units. Matt Mitchell, Jaret Turkell, Maurice Habif, Zach Nolan and Simon Banke of HFF arranged the transaction on behalf of the seller. Upon purchasing, Northland Investment combined the two properties and rebranded the community as Jupiter Isle. The property, located at 6705 Mallard Cove, comprises 46 two-story buildings and offers one- and two-bedroom units averaging 818 square feet. Apartment units feature walk-in closets, in-unit washers and dryers and balconies or patios. Community amenities include a pool, fitness center, clubhouse and onsite maintenance and management. Jupiter Isle was 97 percent occupied at the time of sale.

October 3, 2017

Georgia Industrial Southeast

PNK Group to Build 3 MSF Industrial Development South of Atlanta

by Camren Skelton October 3, 2017

MCDONOUGH, GA. — PNK Group, an international industrial real estate developer, has unveiled plans to develop Southern Gateway at Lambert Farms, a 3 million-square-foot speculative industrial development in the south Atlanta suburb of McDonough. Pat Murphy, Ray Stache, Lisa Pittman and Tara Healy of Cushman & Wakefield will handle the project’s leasing assignment. PNK Group has 22 logistics and industrial parks in Europe, Russia and the U.S., including its second U.S. development under construction in Savannah, Ga.

October 3, 2017

Georgia Loans Multifamily Southeast

PAC Receives $20.1M Acquisition Loan for Multifamily Community in Metro Atlanta

by Camren Skelton October 3, 2017

CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has received a $20.1 million loan from Mid First Bank for the acquisition of Reserve at Summit Crossing, a 172-unit apartment community in the Atlanta suburb of Cumming. The loan features a 30-year amortization schedule and a fixed interest rate of 3.87 percent. PAC acquired the community through a wholly owned subsidiary. The seller and sales price were not disclosed. Reserve at Summit Crossing features a fitness center, yoga studio, clubhouse, saltwater pool and a fire pit with outdoor seating.

October 3, 2017

Industrial Midwest Ohio

Monmouth Acquires 219,765 SF Industrial Building in Stow, Ohio for $19.5M

by Kristin Harlow October 3, 2017

STOW, OHIO — Monmouth Real Estate Investment Corp. (NYSE: MNR) has acquired a 219,765-square-foot industrial building in Stow, about eight miles north of Akron, for $19.5 million. The property is located at 4651 Prosper Drive. The building is situated on 15.4 acres and is expandable by 50,000 square feet. The property is net leased to Mickey Thompson Performance Tires and Wheels for 10 years. The seller was not disclosed.

October 3, 2017

Hospitality Illinois Midwest

CBRE Arranges Sale of 117-Room Hotel in Tinley Park, Illinois

by Kristin Harlow October 3, 2017

TINLEY PARK, ILL. — CBRE Hotels has arranged the sale of the Hilton Garden Inn Chicago South in Tinley Park, a southern suburb of Chicago. The sales price was not disclosed. The 117-room hotel is located at 18335 S. LaGrange Road. The property is located near the Tinley Park Convention Center and Hollywood Casino Amphitheater. Nate Sahn and Douglas Johnson of CBRE represented the sellers, Tinley Inn LLC and Tinley Gardens LLC.

October 3, 2017

Michigan Midwest Office

Farbman Group Undertakes Renovation of 500,000 SF Office Property in Bingham Farms, Michigan

by Kristin Harlow October 3, 2017

BINGHAM FARMS, MICH. — Farbman Group is renovating its Bingham Office Center in Bingham Farms, about 20 miles northwest of Detroit. Farbman Group owns and manages the 500,000-square-foot property, which is located at 30600, 30700 and 30800 Telegraph Road. Renovations include new lobbies with new floors, furniture, lighting and an updated lounge area. Additional updates throughout the property will include freshly painted corridors, upgraded Wi-Fi and an updated seating area. The renovation project is slated for completion in December.

October 3, 2017

Illinois Industrial Midwest

Brown Commercial Brokers 32,000 SF Sale-Leaseback of Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow October 3, 2017

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale-leaseback of a 32,000-square-foot industrial building in Elk Grove Village. The sales price was not disclosed. The property is located at 1200 Pratt Blvd. Dan Brown of Brown Commercial represented the seller, Andrews Paperboard Inc. Jim Pietrarosso, also of Brown Commercial, represented the buyer, a private investor. Brown Commercial negotiated a 10-year lease.

October 3, 2017

Midwest Multifamily Ohio

Marcus & Millichap Arranges $1.3M Sale of Apartment Property in Bellevue, Ohio

by Kristin Harlow October 3, 2017

BELLEVUE, OHIO — Marcus & Millichap has arranged the sale of Shadow Hill in Bellevue, located in central northern Ohio, for $1.3 million. The 40-unit apartment property is located at 300 Derby Lane. The property, comprised of five buildings on 3.7 acres, features a mix of two- and three-bedroom units. The Barron, Burkons & Wintermute group of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state limited liability company. The team also procured the buyer, a regional limited liability company.

October 3, 2017

California Office Top Stories Western

CBRE Global Investors Acquires 940,564 SF Office Campus in Silicon Valley on Behalf of JV

by Katie Sloan October 3, 2017

SANTA CLARA, CALIF. — CBRE Global Investors has acquired The Campus @ 3333 – Phase III, a 940,564-square-foot, four-building office campus located at 3333 Scott Blvd. in Santa Clara. Situated within the prestigious Silicon Valley district, the property was acquired on behalf of a joint venture between Korea Post and another undisclosed client. The sales price and seller were undisclosed, but media outlets are reporting that Menlo Equities and Beacon Capital Partners, co-developers of The Campus, sold Phase III for $610 million. The newly constructed LEED Silver-certified campus is fully leased to Palo Alto Networks, a cybersecurity firm, and serves as its headquarters. The property features a dedicated 30,485-square-foot amenity building with a full-service cafeteria, conference center, outdoor amphitheater, dedicated open space, outdoor dining and collaborative meeting space, 200 electric vehicle charging stations, bicycle storage, a grass picnic area and access to a fitness center. “The San Jose market has experienced broad-based growth primarily driven by the rapid and sustained technology boom in Silicon Valley,” says Gardner Ellner, senior director of Commercial Acquisitions-Americas at CBRE. “As a result, vacancy rates have dramatically declined to the lowest levels since 2000, and tenants are actively moving to submarkets such as Santa Clara …

October 3, 2017

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