Property Type

Colliers Brokers Sale of Two Office Buildings in Indianapolis

by Kristin Harlow June 28, 2017

INDIANAPOLIS — Colliers International has brokered the sale of Corporate Center North Buildings 4 and 6 in Indianapolis for an undisclosed price. Totaling 101,727 square feet, the two office buildings are located at 6026–6036 Lakeside Blvd. and 5915–5935 Lakeside Blvd. The buildings are 100 percent leased to four tenants, including Stericycle. Alex Cantu of Colliers marketed the property on behalf of the sellers, Building 4 LLC and Building 6 LLC. Tower Investments, an investment manager based out of Woodland, California, purchased the asset.

June 28, 2017

Hospitality Michigan Midwest

CBRE Arranges Sale of 90-Room Courtyard by Marriott in Brighton, Michigan

by Kristin Harlow June 28, 2017

BRIGHTON, MICH. — CBRE Hotels has arranged the sale of the Courtyard by Marriott Detroit Brighton located about 45 miles northwest of Detroit. The sales price was not disclosed. The 90-room hotel, located at 7799 Conference Center Drive, was recently renovated. Nate Sahn and Drew Noecker of CBRE represented the undisclosed seller in the transaction. Bright Lodge Inc. purchased the hotel.

June 28, 2017

Midwest Missouri Mixed-Use

IFS Installs $3.2M Plumbing System for Mixed-Use Development in Kansas City, Missouri

by Kristin Harlow June 28, 2017

KANSAS CITY, MO. — Integrated Facility Services (IFS) has installed a $3.2 million plumbing system for the 51st and Oak mixed-use development in Kansas City. The eight-story, 325,000-square-foot complex includes 170 luxury apartments, a clubhouse and fitness center, student health center, Whole Foods grocery store and parking garage on a nearly three-acre site. IFS participated early in the design process, which featured virtual design and construction planning and building information modeling technology. Van Trust Real Estate is the developer, HOK is the architect and The Weitz Co. is the general contractor for the $40 million project, which is slated for completion in December.

June 28, 2017

District of Columbia Maryland Office Southeast Top Stories

Government Properties Income Trust to Acquire First Potomac Realty Trust for $1.4B

by Nellie Day June 28, 2017

BETHESDA, MD. — Government Properties Income Trust (NASDAQ: GOV) has agreed to purchase all of the outstanding shares of First Potomac Realty Trust (NYSE: FPO) in a deal that is valued at $1.4 billion. The all-cash transaction, which includes the assumption of debt, is expected to close before the end of 2017. First Potomac shareholders will receive $11.15 in cash per share, or about $683 million in aggregate, at the close of the transaction. This represents a premium of about 9.3 percent to First Potomac’s 30-trading day volume weighted average price, based on a period ending April 24, 2017. The remaining transaction value includes the expected repayment of about $418 million of FPO debt and an assumption of about $232 million of FPO mortgage debt, as well as the payment of transaction fees and expenses. FPO has agreed it will not pay any distributions to its shareholders before the transaction closes. GOV’s distributions to its shareholders will not be impacted by the transaction. First Potomac maintains an office and industrial portfolio of properties that are located primarily in the metropolitan Washington, D.C., area. FPO’s portfolio includes 39 properties (74 buildings) with about 6.5 million square feet that was 92.2 percent …

June 28, 2017

Georgia Industrial Southeast

Lidl to Develop $100M Regional Headquarters, Distribution Center in Metro Atlanta

by Camren Skelton June 27, 2017

CARTERSVILLE, GA. — Lidl, a discount German grocery chain, has unveiled plans for a new $100 million regional headquarters and distribution center in Cartersville, roughly 40 miles north of Atlanta. The facility will create 250 jobs over the next five years. Lidl is focusing first on the Southeast and Mid-Atlantic in its U.S. expansion plans, with its first 20 stores set to open this summer in Virginia, North Carolina and South Carolina. To date, Lidl operates more than 10,000 grocery stores in 28 countries.

June 27, 2017

Loans Maryland Multifamily Southeast

Walker & Dunlop Secures $72.6M HUD Construction Loan for Multifamily Asset in Metro Baltimore

by Camren Skelton June 27, 2017

MIDDLE RIVER, MD. — Walker & Dunlop has arranged a $72.6 million construction loan for The Berkleigh, a Class A apartment community in Middle River, roughly 10 miles east of Baltimore. Dee McClure of Walker & Dunlop structured the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing. The financing included a two-year construction loan followed by a 40-year, fully amortizing, permanent fixed-rate loan with a debt service coverage ratio of 1.176x. The Berkleigh is part of the Baltimore @ 95, a master-planned, mixed-use development that will contain office, flex and retail space, as well as hotels, single-family homes, townhouses and apartment communities.

June 27, 2017

California Multifamily Student Housing Western

HKS, Clark Construction Unveil Plans for Mixed-Use Community at University of California San Diego

by Nellie Day June 27, 2017

SAN DIEGO — HKS and Clark Construction have unveiled plans for North Torrey Pines Living and Learning Neighborhood, a mixed-use community located in the center of the University of California San Diego campus. Designed for LEED Platinum certification, the development will house 2,000 students and feature seven mixed-use buildings that offer a combination of living, learning, community and administrative facilities. Additional features will include 1,200 parking spaces and pedestrian- and bike-friendly pathways. HKS is the lead design architect and the architect of record. Other team members include design firm Safdie Rabines Architects and landscape architect OJB. The project is slated for completion in August 2020.

June 27, 2017

Georgia Industrial Southeast

Core5 Industrial Partners Sells Logistics Center in Metro Atlanta for $62M

by Camren Skelton June 27, 2017

FAIRBURN, GA. — Core5 Industrial Partners has sold Core5 Logistics Center at Shugart Farms, an 873,800-square-foot industrial facility located in Fairburn, roughly 20 miles south of Atlanta, for $62 million. Chris Riley, Frank Fallon and Trey Barry of CBRE represented Atlanta-based Core5 in the sale to a private institutional investor. The logistics facility was constructed in early 2017 and was fully leased to The Duracell Co. at the time of sale.

June 27, 2017

California Retail Western

Hanley Investment Group Arranges $8.9M Sale of Retail Building in La Quinta

by Nellie Day June 27, 2017

LA QUINTA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail building occupied by TJ Maxx and ULTA Beauty in La Quinta. The 33,708-square–foot building is within Washington Park Shopping Center, which houses Target, Lowe’s, Trader Joe’s, ALDI, Stein Mart and Century Theatres. Hanley Investment Group’s Bill Asher represented the undisclosed seller in the $8.9 million transaction. Steven Gelber of Gelber Realty Corp. represented the buyer, a private investor from Los Angeles.

June 27, 2017

North Carolina Retail Southeast

Westwood Financial Acquires Trader Joe’s-Anchored Shopping Center in Charlotte for $25.1M

by Camren Skelton June 27, 2017

CHARLOTTE, N.C. — Westwood Financial LLC has acquired The Arbors at Mallard Creek, a 55,323-square-foot, Trader Joe’s-anchored shopping center in Charlotte’s University City neighborhood. CBRE’s Mike Burkard and Casey Rosen represented the buyer, Los Angeles-based Westwood Financial, and the undisclosed seller in the $25.1 million transaction. Located at 2121 E. Arbors Drive, the property sits approximately four miles from University of North Carolina at Charlotte and is home to tenants including Petco, Massage Envy, Hickory Tavern and Zoë’s Kitchen. The center was 98 percent leased at the time of sale.

June 27, 2017

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