Property Type

CBRE Brokers $28.3M Sale of Mixed-Use Development in Historic Asheville

by John Nelson June 7, 2017

ASHEVILLE, N.C. — CBRE has arranged the $28.3 million sale of Pack Square, a 137,592-square-foot mixed-use development located in Asheville’s historic district. Wicker Park Capital Management purchased the five-building project from Southeastern Development. Pack Square was 82.4 percent leased at the time of sale to tenants such as Rhubarb, Posana Café, Bomba!, Novus Architects, French Broad Chocolate Lounge and Edgewater Media Group Inc. Patrick Gildea, Mike Burkard, Steve Shields and Matt Smith of CBRE represented Southeastern Development in the sale.

June 7, 2017

Illinois Midwest Office

CA Ventures to Redevelop State Street Office Buildings in Chicago

by Kristin Harlow June 7, 2017

CHICAGO — CA Ventures has agreed to buy two State Street office buildings in Chicago and redevelop the properties into apartment units as part of a $141 million residential and retail project. Located at 202 and 220 S. State St. and currently owned by the federal government, the vacant buildings were made available through a request for proposals process. The plan calls for the 22-story Consumers Building, designed by Jenny, Mundie & Jensen and completed in 1913, to be rehabilitated as 270 micro-apartments. The 16-story Century Building, designed by Holabird & Roche and completed in 1915, would be rehabilitated and expanded as 159 studio and one-bedroom apartments. The current building at 212 S. State St. would be demolished, and a 15-story structure built in its place. CA Ventures’ proposal to acquire the buildings for $10.4 million involves a simultaneous, three-way transaction involving the General Services Administration (GSA) and the City of Chicago. The offer price and sale terms, expected to be finalized this summer, require review and approval by the GSA and Chicago City Council.

June 7, 2017

Indiana Midwest Office

CBRE Arranges Sale of 243,271 SF Office Property in Carmel, Indiana

by Kristin Harlow June 7, 2017

CARMEL, IND. — CBRE has arranged the sale of One & Two Penn Mark office buildings in Carmel, about 20 miles north of Indianapolis. The sales price was not disclosed. Together, the two office buildings combine for 13 floors and 243,271 square feet of Class A office space. Amenities include an exercise facility, tenant lounge, conference center and an outdoor amenity area with shaded seating. Dan Richardson of CBRE represented the seller, TNHYIF REIV Sierra LLC. Omaha-based Metonic Real Estate Solutions was the buyer.

June 7, 2017

Hospitality Midwest Minnesota

Midas Hospitality Breaks Ground on Dual-Branded Hotel Development in Brooklyn Park, Minnesota

by Kristin Harlow June 7, 2017

BROOKLYN PARK, MINN. — Midas Hospitality has broken ground on two Hilton hotels in Brooklyn Park, about 12 miles north of Minneapolis. The $28 million development is slated to open in summer 2018. A 100-room Hampton Inn will be located at 9470 W. Broadway Ave. The 63,301-square-foot hotel will feature an indoor pool, meeting room and fitness center. A 107-room Home2 Suites will be located at 9490 W. Broadway Ave. The 57,977-square-foot hotel will feature a fitness center, indoor pool and laundry facilities. Midas Hospitality will develop and manage the hotels, while sister company MC Hotel Construction will serve as general contractor. Gray Design Group is providing architectural services. CFSB is financing the construction of Hampton Inn, while Flagship Bank is financing Home2 Suites.

June 7, 2017

Industrial Midwest Wisconsin

Dickman Brokers Sale of 40,427 SF Industrial Building in Brookfield, Wisconsin

by Kristin Harlow June 7, 2017

BROOKFIELD, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 40,427-square-foot industrial building in Brookfield. The property is located at 12745 W. Townsend St. Ryan Opportunity Investments LLC purchased the building from Favorite Son LLC for an undisclosed price. Samuel M. Dickman Jr., Samuel D. Dickman and TJ Huenerbein of Dickman brokered the transaction.

June 7, 2017

The-Crossings-Jefferson-Park-Whippany-NJ

New Jersey Northeast Office

Barclays Capital Acquires 525,000 SF Office Property in Whippany, New Jersey

by Amy Works June 7, 2017

WHIPPANY, N.J. — Barclays Capital, an anchor tenant, has acquired The Crossings at Jefferson Park, an 525,000-square-foot office property located at 115 S. Jefferson Road in Whippany. Vision Real Estate Partners and Rubenstein Partners sold the office campus for $69 million. The seller recently completed a revitalization and rebranding of the 65-acre campus, with the redesign focused on promoting health, wellness and sustainability. The campus features gourmet food services with indoor and open-air seating, a multi-function business lounge with casual seating and WiFi, and a 2,300-square-foot health and wellness center with state-of-the-art equipment, free weights and locker rooms with showers. Arthur J. Gallagher, PSKW, WithumSmith+Brown, JP Morgan Chase and Lord Abbett are tenants at the three-building campus.

June 7, 2017

Healthcare Midwest Minnesota

Minnesota Gastroenterology Signs 18,000 SF Medical Office Lease at CityPlace in Woodbury, Minnesota

by Kristin Harlow June 7, 2017

WOODBURY, MINN. — Minnesota Gastroenterology has signed an 18,000-square-foot medical office lease at CityPlace in Woodbury, a suburb of St. Paul. The clinic and endoscopy center will occupy space within the planned 50,000-square-foot medical office building. The building will join the 75,000-square-foot Tria Orthopaedic Center, which is currently under construction and slated to open this summer. Minnesota Gastroenterology specializes in the diagnosis and treatment of adults and children with GI disorders, and will open its ninth location in CityPlace in the first quarter of 2018. CityPlace is a 100-acre master-planned development located off Radio Drive and I-94.

June 7, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Woda Group to Develop 45-Unit Seniors Housing Property in Erie, Pennsylvania

by Amy Works June 7, 2017

ERIE, PA. — The Woda Group Inc. is developing Willow Commons, a $9.5 million seniors housing property located at 2064 Willow St. in Erie. A combination of new construction and the adaptive reuse of The Wesleyville Public School, Willow Commons will feature 29 one-bedroom and 16 two-bedroom affordable apartments for seniors age 62 or older, with income levels below 60 percent of area median income. Slated for completion this fall, the property will feature a community room with kitchen, common laundry, a library/craft room, an exercise room, an outdoor space with a community garden and seating area.

June 7, 2017

New York Northeast Retail

RKF Arranges $17.5M Sale of Retail Building in the Bronx

by Amy Works June 7, 2017

NEW YORK CITY — RKF has facilitated the sale of a retail building located at 344-352 E. 149th St. in the South Bronx. An affiliate of ABCAPSTONE acquired the 50,000-square-foot building from 149th Street Realty Corp. for $17.5 million. The buyer plans to redevelop the building, which has the potential for up to 100,000 square feet of retail space. The building is currently occupied by The Salvation Army Family Store and Donation Center. Zach Mishaan of RKF represented the seller and buyer in the transaction.

June 7, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Closes $3.6M Loan for Mixed-Use Asset in Tribeca

by Amy Works June 7, 2017

NEW YORK CITY — Ready Capital Structured Finance has closed on a $3.6 million loan for a mixed-use property located at One White St. in Tribeca. The undisclosed borrower plans to use the loan to renovate the interior and exterior of the 3,680-square-foot property, which features a three-story residential triplex with roof-top patio and ground-floor retail space. The non-recourse, interest-only loan features a 24-month term, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing commissions and interest and carry reserves.

June 7, 2017

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