Property Type

McPherson Contractors Breaks Ground on $30M Headquarters for Federal Home Loan Bank in Topeka

by Christina Cannon July 29, 2016

TOPEKA, KAN. — McPherson Contractors Inc. has broken ground on a $30 million, 96,000-square-foot headquarters building for Federal Home Loan Bank in Topeka. The three-story building will feature 265 parking spaces, walking trails, outdoor terraces, a café and 3,400 square feet of amenity space. The LEED Gold design is expected to reduce energy use by 65 percent compared with a conventional design. HOK and Schwerdt Design Group are the architects of record. Construction is slated for completion in December 2017.

July 29, 2016

Healthcare Illinois Loans Midwest

Capital One Provides $33.6M Loan for Acquisition of Four Medical Office Properties Near Chicago

by Christina Cannon July 29, 2016

CHICAGO — Capital One has provided a $33.6 million loan for the acquisition of four medical office buildings near Chicago. A joint venture between Harrison Street Real Estate Capital and MedProperties Group purchased the assets. The seller in the transaction was undisclosed. The portfolio of properties includes the 51,632-square-foot Lockport Crossing in Lockport; the 22,467-square-foot Dryer Medical Clinic in Batavia; the 62,808-square-foot Arlington Heights Medical Center in Arlington Heights; and the 17,374-square-foot Batavia Medical Campus II in Batavia.

July 29, 2016

Illinois Midwest Office

Cushman & Wakefield Arranges 18,044 SF Office Lease in Metro Chicago

by Christina Cannon July 29, 2016

OAKBROOK TERRACE, ILL. — Cushman & Wakefield has arranged an 18,044-square-foot office lease in Oakbrook Terrace, approximately 20 miles west of Chicago. Hyundai Motor America is relocating the office portion of its central regional offices to the top floor of TransAm Plaza Two. Hyundai’s service training center and parts distribution subsidiary, Mobis, will remain at an industrial facility located at 1705 Sequoia Ave. in Aurora, Ill. JBS Commercial represented the landlord, American Landmark Properties, in the transaction.

July 29, 2016

Illinois Industrial Midwest

Transwestern Investment Group Acquires Five-Property Industrial Portfolio in Chicagoland

by Christina Cannon July 29, 2016

CHICAGO —TSP Value and Income Fund, a subset of Transwestern Investment Group, has purchased a five-property, industrial portfolio in the Chicago area for an undisclosed price. The portfolio, which is fully occupied, totals 1.4 million square feet. The properties include 3800 Sunset Ave. in Waukegan; 301-363 N. Third Ave. in Des Plaines; 5300 Proviso Drive in Melrose Park; 7400 Richards Road in Bridgeview; and 5100 W. 123rd St. in Alsip. The properties have clear heights ranging from 21 feet to 30 feet and all have some percentage of office finish. The portfolio features eight tenants including Dulin Metals Co., Permasteelisa North America, Midland Paper Co., Keystone Automotive Industries and Cornfields Inc. Christopher Carroll and Brian Carlton of HFF placed a five-year, fixed-rate acquisition loan for the portfolio with a life company.

July 29, 2016

Georgia Healthcare Southeast

Brand Properties to Build 12-Story Northside Midtown Medical Facility in Atlanta

by John Nelson July 29, 2016

ATLANTA — Brand Properties plans to develop Northside Midtown Medical, a 12-story, 170,000-square-foot medical office building in Midtown Atlanta. Located at 1130 W. Peachtree St. near 13th Street, the Class A building will be anchored by Northside Hospital, which will operate the Northside Imaging Center, primary care offices, cardiology services and an urgent care outfit at the property. Brand Properties plans to deliver Northside Midtown Medical in mid-2018. Northside is a healthcare delivery system with three not-for-profit hospitals in Atlanta, Cherokee County and Forsyth County and more than 150 outpatient services across Georgia.

July 29, 2016

Florida Multifamily Southeast

Continental Realty Purchases Apartment Community in Florida for $38M

by John Nelson July 29, 2016

ROCKLEDGE, FLA. — Continental Realty Corp. has purchased Polo Glen Apartments, a 252-unit, garden-style apartment community located at 3603 Middleburg Lane in Rockledge. The Baltimore-based company acquired the asset from Pollack Shores via its Continental Realty Fund IV for $38 million. Built in 2008, Polo Glen is situated near cities such as Cocoa Beach, Melbourne and Viera and features units averaging 1,200 square feet. Unit interiors feature nine-foot ceilings, screened patios/balconies, cherry cabinetry and full-sized washers and dryers. More than 70 percent of the residences will feature ground-level entries. Community amenities include an interior lake with a lakeside walking path; clubhouse with a swimming pool and fitness center; car wash facility; outdoor barbecue area and fireplace; playground and tennis courts. Patrick Dufour, Scott Ramey, Kevin Judd and Ryan Crowley of ARA represented Pollack Shores in the transaction.

July 29, 2016

Florida Office Southeast

NGKF Brokers $23.8M Sale of Stein Mart Office Building in Downtown Jacksonville

by John Nelson July 29, 2016

JACKSONVILLE, FLA. — NGKF Capital Markets has brokered the $23.8 million sale of the Stein Mart Building, a 10-story, Class A office property situated along the St. Johns River in downtown Jacksonville. Retailer Stein Mart occupies more than half of the 197,000-square-foot building, which was 93 percent leased at the time of sale to tenants such as Marks Gray PA and TD Bank. Built in 1985, the asset features a four-story atrium, pedestrian plaza, adjacent six-story parking garage, deli, laundromat, fitness center, conference room and banking facility. Lingerfelt CommonWealth Partners LLC purchased the property from Parkway Properties, which has owned the building since 2005. Michael Lapointe and Michael Lohmann of NGKF, along with Bryan Bartlett and Jim Sebesta of Phoenix Realty Group, represented Lingerfelt CommonWealth Partners in the transaction.

July 29, 2016

Florida Retail Southeast

SMD Breaks Ground on 43,690 SF Publix in Florida

by John Nelson July 29, 2016

SEBRING, FLA. — Southern Management and Development LP (SMD) has broken ground on a new 43,690-square-foot Publix at Southgate Shopping Center in Sebring. The 101,621-square-foot Southgate Shopping Center is located at 2802-2940 U.S. Highway 27 S. Southgate’s other tenants include Bealls Outlet, Dollar Tree, Bank of America, CVS/pharmacy and additional restaurants and services. Boca Raton-based SMD has selected Cuhaci & Peterson Architects to design the new supermarket. SMD expects to complete the store’s shell and interior build-out this fall.

July 29, 2016

Southeast Student Housing Tennessee

Campus Advantage, Pinecrest Partners Deliver Student Housing Project in Knoxville

by John Nelson July 29, 2016

KNOXVILLE, TENN. — Campus Advantage and Pinecrest Partners have completed the construction of The Knox, a 382-bed student housing community located within walking distance of The University of Tennessee campus in Knoxville. Resident occupancy will begin Aug. 13, with some early move-ins scheduled for the first week of August. The property offers three-, four- and five-bedroom, fully furnished units with 42-inch flat screen TVs, granite countertops, in-unit laundry and cable television and high-speed wireless internet service. Community amenities include an open-air entertainment deck featuring two oversized hot tubs, grills, hammocks and an outdoor theater area; gated garage parking; 24-hour fitness center; coffee bar; and private study rooms.

July 29, 2016

Florida Retail Southeast Top Stories

Weingarten Realty Acquires 664,000 SF Shopping Center in Miami for $285M

by Christina Cannon July 29, 2016

MIAMI — Weingarten Realty (NYSE: WRI) has acquired The Palms at Town & Country, a 664,000-square-foot, open-air shopping center in Miami, for $285 million. WRC Properties, an affiliate of TIAA-CREF, is the seller, according to the Miami Herald. The property features 71 retailers including Publix, Kohl’s, Nordstrom Rack, Dick’s Sporting Goods and Marshalls. National retailers comprise 87 percent of the revenue for the property. The Palms at Town & Country is located on 70 acres at 8505 Mills Drive, and was renovated in 2010. JLL is the exclusive leasing agent for the property, and has created events such as the Festival De Primavera Fashion Show, the Palms Restaurant Crawl and the All-American 4th of July Celebration that attracts thousands. Weingarten Realty’s stock price closed Thursday, July 28 at $42.67 per share, up from $34.62 per share a year ago, a nearly 19 percent increase. Weingarten Realty, a Houston-based REIT, is an owner, manager and developer of shopping centers throughout the United States.

July 29, 2016

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