WEST PALM BEACH, FLA. — Berkadia has brokered the $36.4 million sale of Viera of the Palm Beaches, a 300-unit apartment community located at 4860 Sandstone Lane in West Palm Beach. Nashville, Tenn.-based Palm Beach Multifamily Partners LLC sold the asset to a partnership between two unnamed companies based in San Francisco and New York. Built in 1987, the pet-friendly property features one- and two-bedroom units with balconies or patios, in-unit washers and dryers, stainless steel appliances and wood laminate flooring. Community amenities include a clubhouse, fitness center, business center, swimming pool, tennis courts, barbecue area and trails for running, hiking and biking. Tal Frydman, Yoav Yuhjtman and Fernando Polanco of Berkadia’s Boca Raton office, along with Cole Whitaker of the firm’s Orlando office, brokered the sale. Viera of the Palm Beaches was 93 percent occupied at the time of sale.
ATLANTA — Pillar has originated an $18 million Freddie Mac loan to refinance The Flats at Atlantic Station, an 86-unit multifamily property located adjacent to the Georgia Tech campus in Atlanta. The community offers a mix of two-, three- and four-bedroom, fully furnished apartments. Amenities at the complex include a swimming pool, rooftop lounge and a fitness center. Colin Whittier of Pillar originated the floating rate, 7-year term loan with a 30-year amortization schedule. IPA Capital Markets presented the financing opportunity to Pillar.
CHICAGO — Laurus Corp. has completed a $7.6 million renovation of the 362-room Chicago Renaissance O’Hare Suites Hotel. The 15-story building features a restaurant and bar, Starbucks coffee shop, business center, fitness center, indoor heated pool, whirlpool spa, 13 conference suites, a 5,000-square-foot ballroom and approximately 21,500 square feet of meeting and event space. The hotel is located at 8500 W. Bryn Mawr Ave.
CHICAGO — Baum Realty Group LLC has brokered the sale of 24,000 square feet of ground-floor retail space at 1000 W. Washington Blvd. in Chicago’s West Loop neighborhood for $7.2 million. A partnership between R2 and Marc Realty Capital acquired the property from a local developer. Existing tenants include French restaurant La Sardine and Subway. The property, which includes 10 parking spaces, has 18,000 square feet available for lease. Danny Spitz and Greg Dietz of Baum Realty represented the seller in the transaction, and Doug Renner and Trevor Jack of Baum Realty have been retained to market the property.
DETROIT — Wahlburgers has opened a new restaurant at 569 Monroe St. in Detroit’s Greektown neighborhood. The two-story, 4,200-square-foot burger joint includes a full bar and will serve lunch and dinner daily. This is the chain’s first location in Michigan, but there are plans for six more. Wahlburgers also has locations in Florida, Massachusetts, Nevada, New York, Pennsylvania and Canada. Wahlburgers was founded by chef Paul Wahlburg, brother of celebrities Mark and Donnie Wahlburg, who are actors and singers. The trio star in the A&E reality TV show “Wahlburgers”.
WAUWATOSA, WIS. — Mid-America Real Estate Corp. has brokered the sale of a 69,749-square-foot shopping center in Wauwatosa, a western suburb of Milwaukee, for an undisclosed price. Newport Capital Partners purchased the Pick ’n Save Center from a joint venture between DRA Advisors LLC and RCG Ventures. The center is anchored by Pick ’n Save, and other tenants include Mattress Firm, Supercuts and Firehouse Subs. Ben Wineman and Dan Rosenfeld of Mid-America represented the seller in the transaction.
ATLANTA — Simpson Housing LLLP has acquired The Residence Buckhead Atlanta, a 370-unit, high-rise apartment complex located in the Buckhead neighborhood of Atlanta, for $136.5 million. OliverMcMillan developed the property in conjunction with the company’s 300,000-square-foot mixed-use project, Buckhead Atlanta. The Residence encompasses two 20-story towers featuring a resort-style pool, fitness center, theater, study, conference room, demonstration kitchen and concierge service. The Buckhead Atlanta mixed-use development, located just around the corner, is largely focused on high-end fashion. Tenants include Hermès, Christian Louboutin, Tom Ford, Jimmy Choo, Warby Parker, Diptyque, Brunello Cucinelli, Flywheel, Doraku Sushi, Gypsy Kitchen, Le Bilboquet, The Southern Gentleman and Shake Shack. The project also contains 100,000 square feet of boutique office space serving as the corporate headquarters for Spanx Inc. Jason Nettles, Trey Morsbach and Megan Thompson of HFF represented the seller, OliverMcMillan, in the transaction. HFF previously worked on behalf of the developer to arrange construction financing for the project in 2013. OliverMcMillan has designed and developed more than 8 million square feet of projects, and currently has approximately $3 billion under development. Simpson Housing LLLP is a privately held developer and manager of residential properties throughout the U.S. — Katie Sloan
Retailers Embracing Mixed-Use Projects, Technology to Reach Their Customers, Says CREW Atlanta Panel
Around Atlanta and the rest of the country, there are few retail developments in the pipeline that aren’t attached to office or residential uses. During CREW Atlanta’s panel discussion titled “The Evolution of Retail,” experts agreed that retailers are embracing mixed-use projects out of necessity. “I’m not sure if in the near-term there will be any more retail-only projects. Retail alone can’t sustain a single development, it needs other users,” said Tisha Maley, founder and principal of The Maley Co., a retail real estate advisory company that spearheads the leasing efforts for Ponce City Market in Atlanta’s Old Fourth Ward district. The 2 million-square-foot adaptive reuse project is the gold standard of how retailers are integrating into larger multi-use developments to great effect. “Ponce City Market as an anchor of the BeltLine has changed Old Fourth Ward forever. What retailers are attracted to is that shoppers show up to Ponce City Market for one reason or another multiple times a week,” said Maley, referring to the office component of the development, as well as The Suzuki School and Core Power Yoga. “It’s about creating a place where retailers and restaurants can feel that they can do business.” In addition to …
DALLAS — Drever Capital Management has announced the new name for 1401 Elm St., a 50-story, 1.5 million-square-foot tower occupying an entire city block in the Dallas central business district. The building, originally the First National Bank of Dallas, will now be known as The Drever. The building is being redeveloped into a combination of residential, hotel, spa, retail, office and restaurants with an expected delivery date of 2018. The building’s entrance faces Elm Street and is bordered by Akard Street, Pacific Avenue and North Field Street. Project specifics include a planned 236-room hotel, 27 floors of multifamily with 348 residential rental units, office space, a spa and wellness center, restaurants and entertainment options. On-site amenities for The Drever will include an outdoor terrace rooftop deck, infinity pool, fire pits, fitness center, dog concierge, dog park and public art throughout the interior and exterior of the building. When completed, the eight-story base of the tower will include more than 27,000 square feet of ground-floor retail space, 44,000-square-feet of office space, the hotel, residents’ lobbies and a ballroom. A wraparound amenity deck with sightlines to surrounding buildings, including a pool, a spa and exercise room, will be on the ninth floor. …
FRISCO, TEXAS — Silver Oak Multifamily Capital LLC has broken ground on Emerson Court, the second phase of an apartment development located within Frisco Market Center. The 312-unit Emerson Court was designed to complement the first phase, the 410-unit Emerson at Frisco Market Center, which is 100 percent occupied. The properties are located at the northwest corner of the Dallas North Tollway and Main Street in Frisco. Emerson Court is a four-story building that will wrap around a five-story parking structure. The apartments will feature amenities including kitchens with stainless steel appliances and granite counter tops, a fitness center, two interior courtyards with an outdoor pool, fireplaces, barbecue and picnic areas. The property will have a mix of one-, two- and three-bedroom units with monthly rents ranging from $1,100 to $2,200 per month. Emerson Court’s project team includes CBG Building Co. as the general contractor and BGO Architects as the architect. Frisco Market Center, a 100-acre mixed-use development, has added 12 restaurants since 2014. Main Event Entertainment and LA Fitness anchor the $300 million development, which sits adjacent to Frisco Square. Chief Partners LP is Frisco Market Center’s capital partner, and Hermansen Land Development Inc. is the developer.