Property Type

TREO Group to Construct Office Building in South Miami

by John Nelson September 19, 2016

SOUTH MIAMI, FLA. — TREO Group plans to build an eight-story office building at the corner of US 1 and Sunset Drive in South Miami. The Class A, transit-oriented project will connect directly to the Metrorail at the South Miami station. TREO Group has selected Tony Puente and Jose Juncadella of Fairchild Partners to handle leasing the building, known as SoMi Station. Perkins + Will designed the property to feature ground-floor shops and restaurants. TREO Group plans to deliver the office building in the fall of 2018.

September 19, 2016

Florida Loans Multifamily Southeast

Pembrook Capital Management Provides $20.5M Financing for Apartment Complex in Orlando

by John Nelson September 19, 2016

ORLANDO, FLA. — Pembrook Capital Management LLC has closed $20.5 million in acquisition financing for Silver Oak Apartments, a 320-unit apartment community in Orlando. The financing includes a $17 million bridge loan and a $3.5 million preferred equity investment. The unnamed borrower plans to use the financing to purchase the property and renovate 115 units over the next two years. The borrower will also upgrade the community’s exterior, swimming pools, clubhouse and fitness center.

September 19, 2016

Affordable Housing Florida Multifamily Southeast

Berkadia Brokers $13.1M Sale of Affordable Housing Community in Jacksonville

by John Nelson September 19, 2016

JACKSONVILLE, FLA. — Berkadia has arranged the $13.1 million sale of Deer Meadow, a 200-unit affordable housing community located at 8859 Old Kings Road South. Built in 2000, Deer Meadow includes one-, two- and three-bedroom floor plans with walk-in laundry rooms, bonus rooms, solariums and kitchen appliances. Community amenities include lake views, a fitness center, clubhouse and a swimming and wading pool. Cole Whitaker of Berkadia’s Orlando office, Greg Rainey of the firm’s Jacksonville office and Jason Stanton of the firm’s Tampa office brokered the sale. Springfield, Mass.-based Aspen Square Management Inc. purchased the property from Rockville, Md.-based Deer Meadow Associates Ltd.

September 19, 2016

Healthcare Southeast Tennessee

Marcus & Millichap Arranges $12.4M Sale of Medical Office Building in Metro Nashville

by John Nelson September 19, 2016

MURFREESBORO, TENN. — Marcus & Millichap has arranged the $12.4 million sale of the Saint Thomas Health medical office building in Murfreesboro, about 34 miles south of Nashville. The 32,400-square-foot property is under construction and expected to open in December. Located at the intersection of Highway 99 and St. Andrews Drive, the asset will serve as an extension of the Saint Thomas Rutherford Hospital. Justin Sturdivant, S. Regan Holcombe and Kat Butler of Marcus & Millichap represented the seller in the transaction. Georgia Krewson, Wes Tiner, Kelley Deibler and Zach Moore of Marcus & Millichap procured the buyer.

September 19, 2016

North Carolina Office Southeast

Norvell Real Estate Group Brokers $7M Sale of Office Building in Raleigh

by John Nelson September 19, 2016

RALEIGH, N.C. — Norvell Real Estate Group has brokered the $7 million sale of Shannon Oaks Office Building, a 57,000-square-foot property located at 201 Shannon Oaks Circle in Raleigh. Frank Norvell of Norvell Real Estate Group, along with Paul Hartley of NAI Avant, represented the buyer, REVA Kay Shannon Oaks LLC. Avison Young represented the seller, Shannon Oaks Holdings LLC.

September 19, 2016

Multifamily New Jersey Northeast Top Stories

NJPAC, Dranoff Properties Start Construction of $116M High Rise in Newark

by Nellie Day September 19, 2016

NEWARK, N.J. — The New Jersey Performing Arts Center (NJPAC) and developer Dranoff Properties have started construction of One Theater Square, a $116 million high-rise multifamily complex in Newark. One Theater Square will be the first new ground-up, upscale residential high rise in the city since 1960, according to the developers. The 22-story project will be situated on 1.2 acres across from NJPAC and Military Park. It will contain 245 units, most of which will be one- and two-bedroom apartments that will range in size from 585 to 1,700 square feet. The project includes 24 affordable housing units that will be marketed as artist residences, though they will be available to anyone who meets the financial criteria. The ground floor will include 12,000 square feet of retail space. One Theater Square will have a 24-hour concierge, rooftop community gathering space, fitness facility and multiple club rooms. Developers plan to complete the project in the summer of 2018. The public-private partnership includes contributions from the City of Newark; the State of New Jersey; Prudential Financial; Fifth Third Bank; Dranoff; and NJPAC. Philadelphia-based Dranoff Properties develops, builds, finances and/or manages multifamily developments in and around the Northeast. Carl E. Dranoff founded the …

September 19, 2016

Industrial Market Reports North Carolina Southeast Southeast Market Reports

New Industrial Construction is Easing the Supply Squeeze in Charlotte

by John Nelson September 19, 2016

In recent years, the fundamentals in Charlotte’s industrial real estate market have continued to improve. Overall, the market can be characterized by an increase in tenant activity and the emergence of new submarkets more active on the development front than in the past. Tenant growth can be attributed to organic growth from users expanding, velocity of new deals, as well as emerging submarkets within the market. Charlotte’s central location near the transportation arteries of I-77 and I-85 continues to make the city’s industrial space very attractive to logistics and distribution companies. Charlotte is growing by approximately 20,000 residents per year, according to U.S. Census Bureau data. The population growth, coupled with the trend of brick-and-mortar retailers transitioning portions of their business to e-commerce, makes for a positive outlook on Charlotte’s industrial fundamentals. The strongest tenant activity is in the 25,000- to 75,000-square-foot range, with tenants looking to upgrade the quality and functionality of their space. Beginning in fourth-quarter 2015 and continuing into first-quarter 2016, there was noticeable activity among tenants relocating from owner-occupied facilities to leased spaces. This trend has been driven by a limited supply of options for purchase, historically high construction prices and a steady economy. Furthermore, the …

September 19, 2016

Healthcare Illinois Midwest

University of Chicago Medicine Breaks Ground on $43M Emergency Department

by John Nelson September 16, 2016

CHICAGO — The University of Chicago Medicine has broken ground on a $43 million emergency department on Chicago’s South Side. Expected to open in early 2018, the new department will house four trauma bays, according to the Chicago Tribune. The Illinois Health Facilities and Services Review Board unanimously approved UChicago Medicine’s plans for the project in May. The new emergency department is part of a $269 million program to provide the South Side with access to emergency, adult trauma and specialty care. The expansion will add 188 inpatient beds and create more than 1,000 permanent jobs.

September 16, 2016

Midwest Office Ohio

Forest City Realty Trust Sells Terminal Tower in Downtown Cleveland for $38.5M

by John Nelson September 16, 2016

CLEVELAND — Forest City Realty Trust Inc. has closed on the sale of Terminal Tower, a nearly 600,000-square-foot office building in downtown Cleveland. After owning the building for more than 30 years, Forest City sold the asset to an affiliate of K&D Group for $38.5 million. Cleveland-based Forest City has housed its corporate offices at Terminal Tower since 1997, and the company is currently undergoing site selection for its new headquarters. Opened in 1930 as the Cleveland Union Terminal, the tower was the tallest building outside of New York until 1964. The office tower is now the centerpiece of the Tower City Center mixed-use development. Rico Pietro of Cushman & Wakefield | CRESCO Real Estate represented the buyer in the transaction.

September 16, 2016

Indiana Industrial Midwest

Inland Private Capital Divests FedEx Ground Facility in Metro Indianapolis for $37.1M

by John Nelson September 16, 2016

ZIONSVILLE, IND. — Inland Private Capital Corp. (IPCC) has sold a FedEx Ground facility located at 10301 Bennett Parkway in Zionsville, a suburban town located approximately 17 miles northwest of downtown Indianapolis, for $37.1 million. Situated on two land parcels totaling more than 49 acres, the approximately 303,000-square-foot building solely serves as the FedEx distribution center. IPCC purchased the asset in September 2014, a few months after completion. IPCC sold the property on behalf of one of its 1031 investment programs through its subsidiary, which serves as asset manager.

September 16, 2016

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