Property Type

IOV Acquires 44-Acre Industrial Lot in Metro Fort Worth

by Taylor Williams December 5, 2017

SAGINAW, TEXAS — Industrial Outdoor Ventures (IOV), a Chicago-based investment firm, has acquired a 44-acre industrial lot in the northern Fort Worth metro of Saginaw. Located at 1353 Jarvis Road near Alliance Business Park, the property features 1,700 spaces for trucks, trailers, containers and chassis, making it the largest managed truck and trailer parking lot in the country, according to IOV. The company will invest in capital improvements to the property’s lighting, security measures and equipment tracking systems, and rebrand it as “Park My Truck.” Norco Trucking Corp. sold the property to IOV for an undisclosed price.

December 5, 2017

Lee & Associates Arranges Sale of 34,101 SF Auto Dealership Space in Dallas

by Taylor Williams December 5, 2017

DALLAS — Lee & Associated has arranged the sale of a 34,101-square-foot auto dealership space located at 13615 N. Central Expressway in Dallas. Nathan Denton of Lee & Associates represented the buyer, Sonic Development, a division of automotive retailer Sonic Automotive. Ryan Johnson of SRS Realty represented the seller, Algonquin Realty LP. Sonic Automotive is a Fortune 500 company that also offers vehicle maintenance, collision repair, insurance and financing services.

December 5, 2017

District of Columbia Industrial Office Southeast

SIOR Names Jim Hirt CEO

by Camren Skelton December 5, 2017

WASHINGTON, D.C. — The Society of Industrial and Office Realtors (SIOR) has hired Jim Hirt as CEO. Hirt comes to SIOR as a Certified Association Executive (CAE) with 22 years of experience managing staff and volunteer leaders representing global organizations in multiple industries. “As the organization continues to grow as an international thought leader and industry expert, we look forward to leveraging Jim’s ability to foster creativity and build successful relationships to promote the success of SIOR and its members,” said Del Markward, SIOR global president, in an official release. Prior to joining SIOR, Hirt served as CEO of the American Society of Appraisers, and has held positions with the American Association of Poison Control Centers, Public Risk Management Association, National Association of Mortgage Brokers and AmeriCorps. In addition, Hirt serves on the California State University — Fuller DC Scholars Advisory Board and is a member of the American Society of Association Executives. “As we continue to look toward the future of this organization, my goal is to further solidify SIOR’s status not only as an industry leader, but also as an active global community by fostering engagement and innovation through every level of our organization,” said Hirt in a release. …

December 5, 2017

Georgia Multifamily Southeast

Federal Capital Partners Acquires Apartment Community in Metro Atlanta for $45M

by Camren Skelton December 5, 2017

MARIETTA, GA. — Federal Capital Partners (FCP) has acquired Stratford Ridge, a 446-unit apartment community in Marietta, roughly 20 miles north of downtown Atlanta, for $45 million. Kevin Geiger of CBRE represented the undisclosed seller in the transaction. Stratford Ridge includes a mix of one- to four-bedroom floor plans and features a clubhouse, fitness center, playground, pet park, sundeck and pool and an after-school care program. In addition, the property is roughly four miles north of SunTrust Park, home of the Atlanta Braves. FCP will invest in capital improvements to the existing site and buildings, including amenity enhancements and interior unit renovations.

December 5, 2017

Office Southeast Virginia

Meridian Group Purchases 209,669 SF Office Building in Tysons Corner

by Camren Skelton December 5, 2017

TYSONS CORNER, VA. — The Meridian Group has acquired 8280 Greensboro Drive, a 209,669-square-foot office building in Tysons Corner. The sales price was not disclosed, but the Washington Business Journal reports the building is valued at approximately $41.5 million. Bill Collins, Drew Flood and Sean Collins of Cushman & Wakefield represented the undisclosed seller in the transaction, and Marshall Scallan of Cushman & Wakefield represented Meridian in securing its senior structured debt. The nine-story building is located within the Boro District, Meridian Group’s 4.2 million-square-foot mixed-use development. Upon completion, the project will feature 10 office buildings spanning 2 million square feet, apartments, condominiums, retail, restaurants and entertainment. The building on Greensboro Drive features a new conference center, new fitness center, on-site eatery, on-site structured parking, outdoor seating and green space. In addition, the property is LEED Gold-certified and located within a five-minute walk to the Greensboro Metro station. At the time of sale, the building was 83 percent leased.

December 5, 2017

Florida Loans Multifamily Southeast

Greystone Arranges $44.6M Fannie Mae Loan for Multifamily Community in South Florida

by Camren Skelton December 5, 2017

ESTERO, FLA. — Greystone has arranged a $44.6 million Fannie Mae loan for Estero Oaks, a 280-unit apartment community in Estero, roughly 15 miles south of Fort Myers. Nicholas Diamond of Greystone arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the developer and borrower, Royal Palm Cos. Constructed at the end of 2016, Estero Oaks features a business center, clubhouse, playground, dog park, fitness center, yoga studio, outdoor spa and a resort-style swimming pool. Rosemount Management manages the property.

December 5, 2017

North Carolina Office Southeast

HFF Brokers $22M Sale of Office Asset in Research Triangle Park

by Camren Skelton December 5, 2017

DURHAM, N.C. — HFF has arranged the $22 million sale of Nottingham Hall, a 105,601-square-foot office property in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, CapRidge Properties LLC, and procured the buyer, Senior Housing Properties Trust, a seniors housing and healthcare REIT that also invests in office buildings leased to medical tenants. Nottingham Hall is located at 4505 Emperor Blvd., within Imperial Center, a business park in Durham’s Research Triangle Park submarket. Constructed in 2001, the four-story building was fully leased at the time of sale to 13 tenants including its largest, Social and Scientific Systems, a company dedicated to improving public health worldwide. The RMR Group manages the property.

December 5, 2017

Michigan Midwest Multifamily

Karp, Prater Complete $30M Conversion of Historic Building in Detroit

by Kristin Harlow December 5, 2017

DETROIT — Developers Karp and Associates and Prater Development have completed a $30 million conversion of a former retail and office building into Capitol Park Lofts, a 63-unit apartment property in Detroit’s Capitol Park neighborhood. Floor plans range from studios to two-bedroom units with monthly rents starting at $998. The 80,800-square-foot building was originally constructed in 1912. The property, located at 1145 Griswold St., also features second-floor office space and Prime + Proper restaurant. The project team included architecture and design firm Kraemer Design Group and construction manager Buildtech.

December 5, 2017

Indiana Industrial Midwest

Cawley Chicago Brokers $16.9M Sale of Two Industrial Buildings in Indianapolis

by Kristin Harlow December 5, 2017

INDIANAPOLIS — Cawley Chicago has brokered the sale of two industrial buildings in Indianapolis for $16.9 million. The buildings, totaling 607,231 square feet, are located within the Shadeland I-70 Business Park near I-70 and I-495. The properties were 94 percent occupied by five tenants at the time of sale. The largest tenants, Pratt Visual Solutions and MicroMetl, occupy a combined 89 percent. David Conroy and Timothy Gallagher of Cawley Chicago brokered the transaction. Plymouth Industrial REIT purchased the buildings from First Highland Management & Development Corp. Inc. In completing the transaction and expanding its portfolio, Plymouth structured the acquisition as an UPREIT (umbrella partnership real estate investment trust), a vehicle that enables a company seeking to sell appreciated real estate to defer or completely avoid capital gains tax liability.

December 5, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Arranges $14.7M HUD Acquisition Loan for Affordable Housing Project in St. Paul, Minnesota

by Kristin Harlow December 5, 2017

ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $14.7 million HUD 221 (d)(4) loan for the acquisition of an office building in St. Paul. The borrower, Pioneer Apartments LLLP, plans to convert the existing building into a 144-unit affordable housing property called Pioneer Apartments. All units will be restricted to residents earning 60 percent or less of the area median income. The property was originally constructed in 1954 and most recently served as the headquarters for the St. Paul Pioneer Press. In addition to the HUD-insured first mortgage, the borrower will receive equity from the sale of low-income housing tax credits, federal historic tax credits, state historic tax credits funded in the form of a loan from Preservation Alliance Minnesota and funds from the Metropolitan Council. The project also involved tax-exempt bonds underwritten by Dougherty & Co. LLC, an affiliate of Dougherty Mortgage. Completion of the project is slated for early 2019.

December 5, 2017

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