Property Type

East West Partners to Develop Mixed-Use Crabtree Terrace Project in Raleigh

by John Nelson December 2, 2016

RALEIGH, N.C. — East West Partners plans to develop Crabtree Terrace, a proposed mixed-use development located at 4509 Creedmoor Road in Raleigh. The developer has tapped CBRE | Raleigh to lease both the office and retail components of the project. Situated adjacent to Crabtree Valley Mall and a future hotel and conference center, Crabtree Terrace will be a six-story building with 38,000 square feet of ground-floor retail space, 140,000 square feet of Class A office space, a six-story parking deck and surface parking. Charlie Coyne and Reagan Crabtree of CBRE | Raleigh’s retail services group will be handling the retail leasing efforts for the project, and Brian Carr and John Brewer of CBRE | Raleigh’s investor leasing group will be handling the office leasing efforts. East West plans to deliver Crabtree Terrace in the fourth quarter of 2018.

December 2, 2016

Florida Hospitality Loans Southeast

HKS Capital Partners Arranges $45M Refinancing of Sagamore Hotel in South Beach

by John Nelson December 2, 2016

MIAMI BEACH, FLA. — New York-based HKS Capital Partners has arranged the $45 million refinancing of the Sagamore Hotel, a 94-suite upscale hotel situated at the crossroads of the Lincoln Road Mall and Collins Avenue in South Beach’s historic Art Deco District. The borrower, The Ben Josef Group, will use the loan to partially recapture $35 million of equity and put $10 million toward renovations. John Harrington of HKS Capital arranged the five-year loan with 30 months of interest-only payments during the renovation period through Bank Hapoalim B.M., one of Israel’s largest banks. The Ben Josef Group and the Insite Group, a South Florida-based development firm, paid $63 million in cash for the five-story hotel in March 2016. The new owners plan to renovate and reposition a portion of the floor plan to yield an additional 48 guest rooms, which will result in 142 guest suites, including oceanfront penthouses and two-story oceanfront bungalows.

December 2, 2016

Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $37.9M Sale of Apartment Community in Wilmington

by John Nelson December 2, 2016

WILMINGTON, N.C. — Cushman & Wakefield has brokered the $37.9 million sale of One Midtown, a 223-unit apartment community located at 2945 Midtown Way in Wilmington. Built in 2015 by Wilmington-based Cape Fear Commercial Real Estate, the asset is situated between downtown Wilmington and the coast. The Wilkinson Group of Atlanta purchased the apartment community, which was 92 percent occupied at the time of sale. Jordan McCarley, Marc Robinson, Watson Bryant and Paul Marley of Cushman & Wakefield’s Charlotte office represented Cape Fear in the transaction.

December 2, 2016

Florida Retail Southeast

Morgan Wiseman Arranges $9.5M Sale of 268,000 SF Shopping Center in Orlando

by John Nelson December 2, 2016

ORLANDO, FLA. — Morgan Wiseman CRE, an Orlando-based retail broker, has arranged the $9.5 million sale of Pine Hills Marketplace, a 268,000-square-foot shopping center located on West Colonial Drive in Orlando. Built in 1965, the property was 70 percent leased at the time of sale and includes three outparcels, which are ground leased. The buyer, a private investment group based in Asia, purchased the property from AIG Investments in an off-market transaction. Florida Bank of Commerce provided acquisition financing in the deal. Morgan Wiseman represented the buyer, and AIG Investments was self-represented in the transaction.

December 2, 2016

Illinois Midwest Mixed-Use

Thor Equities Acquires Two Chicago Properties for $36.1M

by Kristin Harlow December 2, 2016

CHICAGO — Thor Equities has acquired two properties in Chicago’s Fulton Market district for $36.1 million. The properties, 816-820 West Fulton Market and 216-226 North Peoria Street, together total more than 106,000 square feet. Thor plans to convert the historical buildings into prime retail and office properties. Once dominated by cold storage facilities and wholesale meat companies, Fulton Market is filled with restaurants, boutique hotels, residential buildings, art galleries and architectural and creative firms, along with major companies such as Google and Uber. The vacant warehouses on Peoria Street will be combined and expanded to accommodate a five-story mixed-use structure. The West Fulton Market properties will be renovated and repositioned.

December 2, 2016

Midwest Minnesota Mixed-Use

Marcus & Millichap Arranges $18M Sale of 42,104 SF Mixed-Use Building in Minneapolis

by Kristin Harlow December 2, 2016

MINNEAPOLIS — Marcus & Millichap has arranged the sale of The Pinehurst Building in Minneapolis for $18 million. The 42,104-square-foot mixed-use building is located at 4999 France Ave. South. Matthew Hazelton, Cory Villaume, Sean Doyle and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the undisclosed seller. Sean Doyle, Cory Villaume, Matthew Hazelton, Adam “AJ” Prins, Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap represented the buyer, a limited liability company.

December 2, 2016

Midwest Ohio Retail

Cooper Arranges $15.8M Sale of Shopping Center in Kent, Ohio

by Kristin Harlow December 2, 2016

KENT, OHIO — The Cooper Commercial Investment Group has arranged the sale of Corners and Village at The Cascades of Brimfield in Kent, northwest of Akron, for $15.8 million. The center is anchored by Walmart Supercenter, Kohl’s and Lowe’s, and includes other tenants such as Dollar Tree, Marshalls and Petco. Dan Cooper represented the seller, a private investment group based in Ohio. A New-York-based investment group was the buyer.

December 2, 2016

Illinois Industrial Midwest

Aryzta Opens New 193,000 Distribution Center in Romeoville, Illinois

by Kristin Harlow December 2, 2016

ROMEOVILLE, ILL. — Aryzta has opened a new 193,000-square-foot distribution center in Romeoville, about 25 miles southwest of Chicago. The facility specializes in cold storage and will store foods that are made at the global baking company’s Chicagoland area bakeries. The company also has a bakery location in Romeoville. Meridian Design Build was the general contractor and WBS Equities LLC was the development manager. Ware Malcomb provided architectural and structural design services, while Jacob & Hefner Associates completed civil engineering work.

December 2, 2016

Michigan Midwest Restaurant Retail

Colliers Negotiates Two New Leases for Naf Naf Grill in Sterling Heights and Troy, Michigan

by Kristin Harlow December 2, 2016

STERLING HEIGHTS AND TROY, MICH. — Colliers International has negotiated the leases for two new locations for Naf Naf Grill, a Middle Eastern-style restaurant, in Sterling Heights and Troy. The 2,481-square-foot building in Sterling Heights is located at 14796 Hall Road. The 2,388-square-foot building in Troy is located at 624 W. Big Beaver Road. The Chicago-based chain plans to continue expanding in the Midwest with locations in West Bloomfield, Southfield and other cities throughout metro Detroit. Brian Whitfield and Lou Frango of Colliers International Detroit arranged the leases on behalf of Naf Naf Grill.

December 2, 2016

Multifamily Texas

Castle Lanterra Properties Acquires 284-Unit Apartment Property in Corpus Christi

by Amy Works December 2, 2016

CORPUS CHRISTI, TEXAS — Castle Lanterra Properties has acquired Springs at Corpus Christi, a newly built multifamily property located at 5701 Timbergate Drive in Corpus Christi’s South Side region, for an undisclosed sum. Constructed in 2014, the 284-unit property features 17 different studio, one-, two- and three-bedroom floor plans, a resort-style swimming pool, 24-hour fitness center, dog park and complimentary car care area. This property is Castle Lanterra’s second acquisition in the city and its sixth in the state. The name of the seller was not released.

December 2, 2016

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