Property Type

Angelo, Gordon’s Net Lease Group Acquires Office Tower in Memphis for $58.3M

by John Nelson December 13, 2016

MEMPHIS, TENN. — New York-based Angelo, Gordon & Co.’s net lease group (AG Net Lease) has purchased an office tower within International Paper Co.’s global headquarters campus in Memphis for $58.3 million. AG Net Lease’s purchase from Century Park Partners LLC includes the office building and the assumption of International Paper’s existing 10.5-year lease. Situated in the East Memphis business district, Tower III spans 214,060 square feet and is one of four office buildings on International Paper’s campus.

December 13, 2016

North Carolina Office Southeast

Vision Ventures to Develop New Office Building in Charlotte’s South End

by John Nelson December 13, 2016

CHARLOTTE, N.C. — Charlotte-based Vision Ventures plans to develop a four-story, 83,000-square-foot office building located at 2100 S. Tryon St. in Charlotte’s historic South End neighborhood. The property will be situated within walking distance of the East/West Boulevard light rail station, Camden Road and the Rail Trail, a four-mile trail that winds through downtown Charlotte. Vision Ventures has selected Tom Fitzgerald of JLL to market and lease the building, which will feature ground-level retail space. BB+M Architecture is the architect for the project.

December 13, 2016

Office South Carolina Southeast

RealOp Investments Buys Bank of America Plaza in Downtown Greenville for $22.5M

by John Nelson December 13, 2016

GREENVILLE, S.C. — RealOp Investments has purchased Bank of America Plaza, a 15-story, 196,152-square-foot office tower located at 101 N. Main St. in downtown Greenville. Renovated in 2014, the office building is connected to an Aloft Hotel and two parking structures on either side of the building. The property was 80 percent leased at the time of sale to tenants such as Bank of America, IBM, iHeartMedia and Next on Main, a shared office space provider. The building’s ground-floor retail space is leased to Methodical Coffee, TAZ Boutique and the iStore, an Apple reseller. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zach Drozda of HFF represented the seller, Hughes Development Corp., in the sale. Travis Anderson and Brent Bowman of HFF arranged a $17.3 million, floating-rate acquisition loan on behalf of RealOp Investments.

December 13, 2016

Retail Southeast Virginia

KLNB Retail Arranges $15.9M Sale of Retail Center in Virginia

by John Nelson December 13, 2016

WINCHESTER, VA. — KLNB Retail’s investment sales group has brokered the $15.9 million sale of Pleasant Valley Marketplace, a 104,703-square-foot retail center located at 2021-20165 S. Pleasant Valley Road in Winchester. Andy Stape and Vito Lupo of KLNB Retail represented both the seller, Pleasant Valley Marketplace LLC, and the undisclosed 1031 buyer in the transaction. Built in 1995, Pleasant Valley Marketplace was fully leased at the time of sale to tenants such as Hobby Lobby, Staples, Dollar Tree, Jimmy John’s, Cici’s Pizza and Verizon Wireless.

December 13, 2016

Georgia Retail Southeast

Franklin Street Brokers $11M Sale of Publix-Anchored Shopping Center in Georgia

by John Nelson December 13, 2016

GAINESVILLE, GA. — Franklin Street has brokered the $11 million sale of Robson Crossing, a Publix-anchored shopping center located at 3446 Winder Highway in Gainesville, roughly 40 miles northeast of Atlanta and minutes from Lake Lanier. Since opening in 1998, Robson Crossing has maintained an occupancy rate at or above 90 percent. The 99,170-square-foot center’s current tenant roster includes GNC, The UPS Store, Ace Hardware, O’Reilly Automotive, Sonic and Chick-fil-A. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the Gainesville-based seller, Robson Crossing LLC, in the transaction. The buyer, Ontario, Canada-based SUSO 3 Lovingston LP, plans to upgrade the center and extend the lease with Publix.

December 13, 2016

Hospitality Midwest Ohio

CBRE Hotels Brokers Sale of Crowne Plaza in Columbus, Ohio

by Kristin Harlow December 13, 2016

COLUMBUS, OHIO — CBRE Hotels has brokered the sale of the Crowne Plaza in Columbus for an undisclosed amount. The 300-room hotel is located at 6500 Ave. The hotel, which underwent a renovation in 2013, features 20,000 square feet of flexible event space, a full-service restaurant, indoor and outdoor pool, fitness center and business center. Eric Belfrage and Michael Shirey of CBRE represented the seller, VWI Columbus LLC, a joint venture of Varde Partners, Waramaug Hospitality and Interstate Hotels and Resorts. Florida-based TJM Properties Inc. was the buyer.

December 13, 2016

Midwest Missouri Restaurant Retail

The Roasterie Signs 1,538 SF Lease at Corrigan Station in Kansas City, Missouri

by Kristin Harlow December 13, 2016

KANSAS CITY, MO. — The Roasterie has signed a 1,538-square-foot retail lease at Corrigan Station, a mixed-use project under construction in Kansas City. Copaken Brooks and 3D Development are the project’s co-developers. The Roasterie Café, which offers coffee, tea and pastries, will be located on the first floor. Construction of the café is slated for completion in March 2017. This is the second retail tenant announced for the historic building since construction began on the project. Corvino Supper Club and Tasting Room, a new concept by chef Michael Corvino, was announced earlier this summer and will be the only other tenant occupying the first floor. The Corrigan Station project includes the redevelopment of the historic 10-story, 110,000-square-foot Corrigan Building and approximately 40,000 square feet of new office and retail space with an adjacent parking structure. The mixed-use property is located on 19th Street connecting Walnut and Main streets in the heart of the Crossroads, the city’s art district.

December 13, 2016

Michigan Midwest Retail

Mid-America Arranges Sale of 273,254 SF Shopping Center in Benton Harbor, Michigan

by Kristin Harlow December 13, 2016

BENTON HARBOR, MICH. — Mid-America Real Estate Corp. has arranged the sale of Fairplain Plaza in Benton Harbor. The 273,254-square-foot shopping center in Southwest Michigan is located at the southeast corner of Napier Avenue and Scottdale Road. Tenants include Ulta, TJ Maxx, Dollar Tree and more. Ben Wineman and Bran Rosenberg of Mid-America represented the seller, an institutional real estate fund managed by Coventry Real Estate Advisors. Bloomfield Hills, Mich.-based Lormax Stern Development Co. was the buyer.

December 13, 2016

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $14.6M Loan for Construction of Multifamily Property in Victoria, Minnesota

by Kristin Harlow December 13, 2016

VICTORIA, MINN. — Grandbridge Real Estate Capital has arranged a $14.6 million loan for the construction of a multifamily property in Victoria, about 13 miles southwest from Minnetonka. Victoria Flats will include 81 apartment units. Dave Rasmussen of Grandbridge originated the transaction. A regional bank served as the lender. The Beard Group Inc. is the project developer.

December 13, 2016

Illinois Industrial Midwest

Brown Commercial Brokers Sale of 30,500 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow December 13, 2016

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 30,500-square-foot industrial building in Elk Grove Village, about 25 miles northwest of Chicago. The sales price was not disclosed. The buyer, Gorilla Paper, purchased the property as part of an expansion of its distribution capability. The new space is four times the size of the former facility and will serve as the paper roll manufacturer’s new distribution headquarters. The building is located at 1125 Lunt Ave. Mike Antonelli of Brown Commercial completed the transaction.

December 13, 2016

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