Property Type

DCM Acquires 240-Unit Apartment Property in Metro Houston

by Haisten Willis October 26, 2016

BAYTOWN, TEXAS — Drever Capital Management (DCM) has acquired Aria at Rollingbrook, a 240-unit apartment community previously known as Watercolor, in Baytown. DCM purchased the property, located at 1700 Rollingbrook Drive, from The Leyendecker Group of Houston. A renovation program is planned to enhance the community and resident experience. Interior upgrades will include granite kitchen countertops, Energy Star appliances and a washer and dryer in each unit. Clint Duncan of CBRE’s Houston office represented the seller in the transaction. Tom Cabibi of DCM internally represented the buyer.

October 26, 2016

SACA Brokers Sale of Veranda at Landa Apartments in New Braunfels

by Haisten Willis October 26, 2016

NEW BRANFELS, TEXAS — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Veranda at Landa, a 61-unit apartment community located near Landa Park in New Braunfels. The property was built in 1964 and renovated in 2013 and 2015. Veranda at Landa sits on 2.8 acres with eight, two-story buildings. Amenities include a swimming pool and dog park. SACA’s Brandon Lo Porto and Scott Weems arranged the transaction on behalf of the seller.

October 26, 2016

Industrial Iowa Midwest

Hubbell Begins Construction on 110,000 SF Distribution Center in Grimes, Iowa

by Katie Sloan October 26, 2016

GRIMES, IOWA — Hubbell Realty Co. has begun construction on the fourth industrial building at Grimes Distribution Center, located at 1300 SE Little Beaver Drive near Des Moines. The 110,000-square-foot facility will be identical to the three other buildings. Grimes Distribution Center 4, located minutes from I-80/35 via Iowa Highway 141, has the ability to accommodate tenant space requirements in 10,000-square-foot increments, complete with a 24-foot clear ceiling height. The building is scheduled to be ready for occupancy in June 2017. Similar to the first three buildings, Grimes Distribution Center 4 will contain eleven 10,000-square-foot bays that measure 50-by-200 feet. Each bay will feature a 9-by-10 foot dock, and four of the bays will have 16-foot drive-in doors. The building will be fitted with an early suppression fast response (ESFR) fire sprinkler system; a 480-volt, three-phase 2,500 amp electric service; and T-8 fluorescent lighting.

October 26, 2016

Industrial Michigan Midwest

Colliers Arranges 77,500 SF Industrial Lease in Romulus, Michigan

by Katie Sloan October 26, 2016

ROMULUS, MICH. — Colliers International has arranged a 77,500-square-foot industrial lease for third-party logistics provider DB Schenker in Romulus, a western suburb of Detroit. The facility, located at 27501 Hildebrandt St., will serve as a logistics and distribution center for the company. The building was previously home to Nippon Express USA for its logistic services. Christian Hill and Jim Roberts of Colliers represented the landlord, Airport Industry Center LLC, in the transaction.

October 26, 2016

Illinois Industrial Midwest

DFS Signs 62,598 SF Lease at Industrial Complex in Lockport, Illinois

by Katie Sloan October 26, 2016

LOCKPORT, ILL. — DFS Inc., a food and grains supplier, has signed a 62,598-square-foot lease at 355 Corporate Center building No. 2 in Lockport, Ill., about 35 miles southwest of Chicago. The new lease puts Panattoni Development Company’s 228,690-square-foot speculative building at 100 percent occupancy and marks the completion of Phase I, which consisted of two light industrial buildings. UPS leased the first building in its entirety immediately upon completion, and Illinois Industrial Tool took 166,092 square feet in the second building in August. Panattoni recently broke ground on Phase II of the project, a 300,158-square-foot building scheduled for completion in spring 2017. Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni in the lease transaction with DFS.

October 26, 2016

Midwest Missouri Office

McGrath Completes $1.9M Expansion, Renovation of Headquarters for Pi Beta Phi in St. Louis

by Katie Sloan October 26, 2016

ST. LOUIS — McGrath & Associates has completed construction of the $1.9 million expansion and renovation of the Pi Beta Phi Fraternity for Women international headquarters in St. Louis. The 4,200-square-foot, two-story expansion connects to Pi Beta Phi’s international headquarters building on Town and Country Commons Drive in West St. Louis County, which McGrath built in 2002. The expansion includes an enlarged break room, conference room and mailroom on the first floor, and office space and expanded archives on the second floor. HKW was the architect.

October 26, 2016

Mixed-Use Southeast Virginia

Monument, Edison to Develop $44M Mixed-Use Project in Richmond

by John Nelson October 26, 2016

RICHMOND, VA. — DKJ Richmond LLC, a partnership between associates of The Monument Cos. and The Edison Co., plans to develop a $44 million mixed-use project adjacent to Richmond’s Carytown district. Known as Cary Street Station, the project is a redevelopment of a historic bus and trolley barn. Situated at the corner of Cary and Robinson streets, Cary Street Station will feature two commercial buildings totaling 16,000 square feet of ground-floor retail and restaurant space and a 1,000-square-foot patio. The bus and trolley barn will be converted to 285 luxury apartment units, with residents moving in by the end of the year. DKJ Richmond plans to deliver the commercial space by the summer of 2017. The developer has hired The Shopping Center Group and JLL to lease the retail and office portions of Cary Street Station.

October 26, 2016

Georgia Hospitality Loans Southeast

Natixis Provides $43M Loan for Dual-Brand Hotel Complex in Midtown Atlanta

by John Nelson October 26, 2016

ATLANTA — Natixis has provided a $43 million loan to refinance the Crowne Plaza Midtown and Staybridge Suites Atlanta Midtown, a dual-branded hotel development in Midtown Atlanta totaling 462 rooms. The borrower, AWH Partners, is using the floating-rate financing to refinance an existing renovation loan following the property’s multimillion-dollar renovation. The property features 31,000 square feet of meeting and banquet space, an outdoor pool and sundeck, fitness center, locker rooms, business center, on-site dining options and a Thrive coffee bar. Peter Dannemiller of Hodges Ward Elliott arranged the loan.

October 26, 2016

Multifamily Southeast Tennessee

PointOne Holdings Acquires Apartment Complex in Chattanooga for $31M

by John Nelson October 26, 2016

CHATTANOOGA, TENN. — PointOne Holdings has purchased The Springs at Chattanooga, a 260-unit, garden-style apartment community located in Chattanooga. Built in 2015, The Springs will be rebranded as Hunters Point. Community amenities include a resort-style swimming pool, clubhouse with free Wi-Fi, coffee bar, business center, 24-hour fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. Units average 963 square feet and feature garden tubs, washer/dryer connections, patios or balconies, bay windows and walk-in closets. PointOne plans to invest $650,000 in capital improvements to the property.

October 26, 2016

Retail South Carolina Southeast

Continental Realty Purchases Shopping Center in Charleston for $17.3M

by John Nelson October 26, 2016

CHARLESTON, S.C. — Baltimore-based Continental Realty Corp. has purchased West Ashley Shoppes, a 136,242-square-foot shopping center located at 946 Orleans Road in Charleston. Continental Realty bought the asset through its Continental Realty Fund IV LP fund from T West Ashley SC LLC for $17.3 million. Built in 1987 and renovated in 2003, West Ashley Shoppes was 93 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less and Party City. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented the seller in the transaction.

October 26, 2016

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