Property Type

DRA Advisors Sells Office Portfolio in Metro Orlando to Brookdale Group for $130M

by John Nelson May 18, 2017

LAKE MARY, FLA. — A fund advised by DRA Advisors LLC has sold Colonial Center at TownPark, a four-building, 662,320-square-foot office portfolio located at 100, 200, 300 and 600 Colonial Center Parkway in Lake Mary. An affiliate of Atlanta-based Brookdale Group purchased the metro Orlando complex. The sales price was undisclosed, but the South Florida Business Journal reports the portfolio sold for over $130 million. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller in the transaction. The portfolio was 96.9 percent leased at the time of sale to tenants such as Hartford Fire Insurance Co., Bank of New York, Fiserv, Pershing and IBM.

May 18, 2017

Florida Healthcare Southeast

Cleveland Clinic, Rendina Break Ground on $32M Medical Office Building in Broward County

by John Nelson May 18, 2017

CORAL SPRINGS, FLA. — A joint venture between Cleveland Clinic and Rendina Healthcare Real Estate has broken ground on Family Health Center, a $32 million medical office building located at the intersection of University Drive and Sawgrass Expressway in Coral Springs, a town in South Florida’s Broward County. Situated on 5.3 acres, the three-story property will span 72,000 square feet and feature clinical space, diagnostic imaging and an ambulatory surgery center. Cleveland Clinic will fully occupy Family Health Center, which is expected to open in 2018.

May 18, 2017

North Carolina Retail Southeast

FCA Partners Purchases 125,000 SF Shopping Center in North Raleigh for $19.1M

by John Nelson May 18, 2017

RALEIGH, N.C. — FCA Partners LLC has acquired Celebration at Six Forks, a 125,000-square-foot retail center located at the intersection of Six Forks and Sawmill roads in north Raleigh. The Charlotte-based investment management firm purchased the asset from a high net worth fiduciary based in New Jersey for $19.1 million. Built in 1978, the shopping center was 95 percent leased at the time of sale to tenants such as Fitness Connection, The UPS Store, Dollar General, Domino’s, McDonald’s and BB&T Bank. FCA intends to upgrade Celebration at Six Forks with painting, façade improvements, lighting, landscaping and adding outdoor seating.

May 18, 2017

North Carolina Retail Southeast

Alamo Drafthouse Cinema to Open First N.C. Location in Raleigh

by John Nelson May 18, 2017

RALEIGH, N.C. — Alamo Drafthouse Cinema, an Austin, Texas-based theater chain, plans to open its first North Carolina theater in Raleigh. The Alamo Drafthouse Raleigh will feature 11 screens, 660 reclining seats and a bar and restaurant with 36 local beers on tap. Situated within the Longview Shopping Center on New Bern Avenue and King Charles Road, the theater is expected to open by the end of the year and employ roughly 160 people.

May 18, 2017

Retail Southeast West Virginia

Trout Daniel & Associates Brokers $3.7M Sale of Retail Center in Ranson, West Virginia

by John Nelson May 18, 2017

RANSON, W.VA. — Trout Daniel & Associates has arranged the $3.7 million sale of Ranson Shoppes, a 16,300-square-foot retail center located along WV Route 9 in Ranson. The property was fully leased at the time of sale to Mattress Warehouse, Five Guys Burgers & Fries and Little Caesars. Trout Daniel & Associates represented the undisclosed seller in the transaction.

May 18, 2017

Industrial Midwest Minnesota

Meritex Acquires 299,600 SF Industrial Property in Shakopee, Minnesota

by Kristin Harlow May 18, 2017

SHAKOPEE, MINN. — Meritex has acquired 1080 Park Place, a 299,600-square-foot industrial property in Shakopee, about 25 miles southwest of Minneapolis. The class A property is 100 percent leased to two tenants. The building features 38-foot clear heights, an ESFR sprinkler system and trailer parking with convenient access from Minnesota State Highways 169 and 101. Steve Dorff of Meritex will manage the property. The sales price was not disclosed.

May 18, 2017

Illinois Industrial Midwest

Opus Completes Corporate Headquarters for MC Machinery in Elk Grove Village, Illinois

by Kristin Harlow May 18, 2017

ELK GROVE VILLAGE, ILL. — The Opus Group has completed a new corporate headquarters for MC Machinery Systems Inc. in Elk Grove Village, a northwest suburb of Chicago. The 175,000-square-foot property consists of two buildings located off I-90. The new headquarters features 50,000 square feet of office space, 75,000 square feet of warehouse and storage space and a 50,000-square-foot industrial machinery showroom to showcase the company’s equipment and host customer walkthroughs. MC Machinery Systems, a subsidiary of Mitsubishi Corp., develops, sells and supports seven different types of manufacturing equipment used primarily for metalworking. Opus Design Build was the design-builder, Opus AE Group was the structural engineer of record and Heitman Architects was the architect of record and the design architect.

May 18, 2017

Loans Midwest Office Ohio

NorthMarq Arranges $7.2M Loan for Refinancing of Office Property in Cincinnati

by Kristin Harlow May 18, 2017

CINCINNATI — NorthMarq Capital has arranged a $7.2 million loan for the refinancing of Park 42 office property in Cincinnati. The 396,000-square-foot building is located at 3600 Park 42 Drive. Noah D. Juran of NorthMarq arranged the 10-year loan, which includes a 20-year amortization schedule. First Financial Bank provided the loan. The borrower was a real estate investment and management company.

May 18, 2017

Illinois Industrial Midwest

Midwest Industrial Funds Purchases 71,000 SF Industrial Building in Huntley, Illinois

by Kristin Harlow May 18, 2017

HUNTLEY, ILL. — Midwest Industrial Funds has purchased a 71,000-square-foot industrial building in Huntley, about 50 miles northwest of Chicago. The property is located at 12007 Smith Drive. The building features 22-foot clear heights, eight exterior docks and parking for 60 cars. An additional three acres at the site can be developed separately. The facility is currently fully leased to one tenant that uses the property for warehousing and light manufacturing. Midwest Industrial plans to improve the exterior façade, install new windows, perform landscaping enhancements and eventually perform interior improvements to reposition the property in the marketplace. Dan Tobin of CTK Chicago Partners represented Midwest Industrial in the purchase. Michael Magliano of Cushman & Wakefield represented the seller, a private investor. The purchase price was not disclosed.

May 18, 2017

Midwest Minnesota Retail

Marcus & Millichap Arranges $2.9M Sale of Property Net Leased to KinderCare in Rogers, Minnesota

by Kristin Harlow May 18, 2017

ROGERS, MINN. — Marcus & Millichap has arranged the sale of a retail property net leased to KinderCare in Rogers, about 25 miles northwest of Minneapolis, for $2.9 million. The 9,500-square-foot childcare center is located at 14080 Northdale Blvd. The property was built in 2007 and is located near elementary schools, parks and residential areas. Tammy A. Saia and Joseph Mirante of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Dominic Sulo, also of Marcus & Millichap, secured and represented the buyer, a limited liability company. Craig Patterson assisted in closing the transaction.

May 18, 2017

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