Property Type

CBRE Arranges $367.7M Sale of Medical Office Portfolio in Metro Twin Cities

by Kristin Harlow January 8, 2018

MINNEAPOLIS — CBRE has arranged the sale of 25 medical office buildings owned by IRET (NYSE: IRET) to Harrison Street Real Estate Capital LLC for $367.7 million. Most of the properties are located in the Twin Cities metro area, with additional facilities in central Minnesota, Montana, North Dakota, Nebraska and Wisconsin. Chris Bodnar and Lee Asher of CBRE partnered with BMO Capital Markets to serve as advisors on the sale. The transaction follows a November announcement by IRET that the company had entered into a purchase and sale agreement to sell its entire healthcare portfolio, which totals 29 properties. The Minot, North Dakota-based company plans to complete the sale of its remaining healthcare-related properties over the next six months as part of its transition to a multifamily-focused company, according to IRET.

January 8, 2018

Georgia Multifamily Southeast Student Housing

Peak Campus, Blue Vista to Deliver 525-Bed Student Housing Asset Near Georgia Tech in Atlanta

by Camren Skelton January 8, 2018

ATLANTA — Peak Campus and investment partner Blue Vista Capital Management LLC have broken ground on Theory West Midtown, a 525-bed student housing community located near the Georgia Institute of Technology in Midtown Atlanta. The project will feature studio, one-, two-, three-, four- and five-bedroom, fully furnished units. Shared amenities will include a resort-style pool, rooftop amenity deck, fitness center, business center, study/conference areas, a package locker system and parking and bike storage. Theory West Midtown will also feature 10,500 square feet of ground level retail space along Marietta Street. The development is scheduled to open in fall 2019.

January 8, 2018

Alabama Multifamily Southeast

Cushman & Wakefield Brokers $37M Sale of Apartment Community in Northern Alabama

by Camren Skelton January 8, 2018

MADISON, ALA. — Cushman & Wakefield has arranged the $37 million sale of Madison Park, a 308-unit apartment community in Madison, a city in northern Alabama. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, WCDM Development, in the transaction. Hayden Properties acquired the property. Constructed in 2008, Madison Park includes one- to three-bedroom units, and features a fitness center, on-site storage units, picnic area, pool, business center, package service and private garages.

January 8, 2018

Industrial Southeast Tennessee

Equus Capital Partners Acquires 1.3 MSF Industrial Portfolio North of Nashville

by Camren Skelton January 8, 2018

PORTLAND, TENN. — Equus Capital Partners Ltd. has acquired a four-building, 1.3 million-square-foot industrial portfolio in Portland, a city roughly 40 miles north of Nashville, for an undisclosed price. The acquisition was made on behalf of Equus Investment Partnership X LP, a $361 million discretionary equity fund managed by Equus. The portfolio includes three Class A assets located at 1115 and 1125 Vaughn Drive and 1042 Fred White Blvd., all constructed between 2002 and 2007. The properties feature 32-foot clear heights, ESFR sprinkler systems, ample loading, 125- to 175-foot truck courts and efficient column spacing. The two larger buildings include cross-dock configurations. In addition, the portfolio includes one Class B building located at 104 Challenger Drive. Constructed in 1996, the building was renovated in 2007 to include T-5 lighting and an ESFR sprinkler system. Cushman & Wakefield arranged the sale of the portfolio, which was approximately 90 percent leased at the time of sale.

January 8, 2018

Multifamily North Carolina Southeast Student Housing

Joint Venture Buys Student Housing Community Near East Carolina University for $17.8M

by Camren Skelton January 8, 2018

GREENVILLE, N.C. — A joint venture between FM Capital, Gottlieb Family Partners and AMAC Holdings has acquired Captain’s Quarters, a 1,692-bed student housing community located near East Carolina University in Greenville, for $17.7 million. Howard Jenkins of CBRE | Raleigh, along with the CBRE Southeast Multifamily Carolinas Group and CBRE | Student Housing, arranged the transaction on behalf of the seller, LNR. The property is set to undergo renovations and rebranding. The community will be renamed Paramount 3800. The property spans 38 buildings and features three resort-style pools with outdoor lounging and dining areas, two clubhouses, a full-court basketball gymnasium, double sand volleyball courts, a dog park, fitness center, theater room, computer lab and multiple private and group study rooms. The Preiss Co. will manage the property.

January 8, 2018

Industrial Midwest Minnesota

PCCP, Capital Partners Acquire 1.2 MSF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow January 8, 2018

MINNEAPOLIS — PCCP and Capital Partners LLP have formed a joint venture to acquire a 1.2 million-square-foot industrial portfolio in metro Minneapolis. The purchase price was not disclosed. Artis, a Canada-based REIT, sold the seven-property portfolio, which is 82 percent leased. The assets feature a mix of bulk warehouse, light industrial and flex product types. The properties include France Avenue Business Park (Brooklyn Center), Northpoint Industrial Center (Fridley), Eagan Industrial Warehouse (Eagan), Corporate Square (Eagan), Braemar Business Center (Bloomington), Burnsville Business Center (Burnsville) and Round Lake Business Center (Arden Hills).

January 8, 2018

Illinois Midwest Retail

Inland Completes Purchase of Four Properties Occupied by Jewel-Osco in Suburban Chicago

by Kristin Harlow January 8, 2018

CHICAGO — Inland Real Estate Acquisitions LLC has closed on the purchase of four retail properties occupied by Jewel-Osco in suburban Chicago. The properties total a combined 248,622 square feet and feature new 20-year leases. The assets include: 1860 S. Arlington Heights Road in Arlington Heights; 1340 Patriot Blvd. in Glenview; 1759 W. Odgen Ave. in Naperville; and 7122 W. 40th St. in Stickney. Joe Cosenza of Inland and Gina LaMantia, managing counsel for Charles J. Benvenuto PC, completed the transaction on behalf of an Inland affiliate. The seller was not disclosed.

January 8, 2018

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $15.6M Sale of Apartment Property in Saint Louis Park, Minnesota

by Kristin Harlow January 8, 2018

SAINT LOUIS PARK, MINN. — Marcus & Millichap has arranged the sale of Tamarind Apartments in Saint Louis Park near Minneapolis for $15.6 million. The 102-unit apartment property is located at 2300 Ridge Drive. Built in 1986, the property features one- and two-bedroom units. The community was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap represented the seller, a local partnership. The team also secured the undisclosed buyer.

January 8, 2018

Illinois Midwest Retail

CBL Begins Redevelopment of Mall Property in Bloomington, Illinois

by Kristin Harlow January 8, 2018

BLOOMINGTON, ILL. — CBL Properties has launched redevelopment of Eastland Mall in Bloomington. H&M and Planet Fitness will occupy the space formerly home to J.C. Penney. Outback Steakhouse is also slated to join the lineup of tenants. Construction of H&M, Planet Fitness and Outback Steakhouse is currently underway. Tenants are expected to open prior to the 2018 holiday season. The mall, originally built in 1967, has a gross leasable area of 760,833 square feet.

January 8, 2018

Industrial Texas

McCarthy to Build Hangar Facility for Southwest Airlines at Houston’s Hobby Airport

by John Nelson January 8, 2018

HOUSTON — McCarthy Building Cos. Inc. has been awarded the contract to build the Southwest Airlines Tech Ops MX Hangar project at William P. Hobby Airport in Houston. The two-bay hangar maintenance facility will be able to house up to six 737 aircraft and will include paved aircraft parking areas, aircraft wash facilities, taxiway connections, parking and loading docks. The construction includes demolition of existing facilities and utility relocation. Totaling 240,000 square feet, the hangar will also feature offices, parts storage and other support areas. McCarthy Building’s previous projects for Southwest Airlines include its new office building and Leadership Education and Aircrew Development center in Dallas. The contractor’s other aviation work includes projects at Hartsfield-Jackson Atlanta International Airport, Dallas/Fort Worth International Airport and Phoenix Sky Harbor International Airport.

January 8, 2018

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