Property Type

Integra Arranges $17.5M Bridge Loan for Acquisition of Retail Property in Elyria, Ohio

by Kristin Harlow February 1, 2017

ELYRIA, OHIO — Integra Real Estate Capital has arranged a $17.5 million bridge loan for the acquisition of Midway Market Square in Elyria, about 23 miles west of Cleveland. The 224,330-square-foot shopping center is positioned along Interstate 80. Built in 2001, Giant Eagle anchors the center, which includes other tenants such as Dick’s Sporting Goods, Jo-Ann Fabrics & Crafts and Pet Supplies Plus. Meyer Perlman of Integra secured the three-year loan on behalf of a New York-based investment group through a balance-sheet lender.

February 1, 2017

Midwest Missouri Retail

McGrath Completes $1.3M Renovation of Retail Property in Bridgeton, Missouri

by Kristin Harlow February 1, 2017

BRIDGETON, MO. — McGrath & Associates has completed a $1.3 million renovation of a Montgomery Bank in Bridgeton, about 24 miles northwest of St. Louis. The construction included a redesign of the branch and the addition of an AT&T retail store. McGrath’s renovation of the 5,100-square-foot building included exterior finishes and ACM panels, modern interior finishes, drive-thru lanes and canopy, new HVAC air handlers, and utility services. Verve Design Studio was the architect.

February 1, 2017

Midwest Office Ohio Top Stories

Millennia Housing Development Buys Key Center, Marriott Hotel in Cleveland for $267.5M

by Nellie Day February 1, 2017

CLEVELAND — Millennia Housing Development has purchased the 1.3 million-square-foot Key Center office tower and adjacent 400-room Marriott Hotel in Cleveland for $267.5 million. The property is located at 127 Public Square and includes a parking structure. Key Center was built in 1991 and is 57 stories tall. The tower houses the headquarters of Key Bank and BakerHostetler law firm, among other tenants. The office tower was 82 percent leased at the time of sale. The seller, Columbia Property Trust (NYSE: CXP), had previously announced its plans to exit the Cleveland and Houston markets. Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012. The firm will use proceeds from these sales to reinvest in high-barrier-to-entry markets such as New York City and San Francisco. “Key Center is the most recognizable icon on the Cleveland skyline, and we were determined to take a patient approach in order to identify the right buyer for this significant asset,” says Nelson Mills, CXP’s president and CEO. “Our diligence has now been rewarded, allowing us to exit the Cleveland market at a price within our expectations and accelerate our focus on high-barrier markets.” Columbia Property Trust owns and …

February 1, 2017

Colorado Multifamily Western

BMC Investments, Oak Coast Properties Buy Timber Lodge Apartments Near Denver for $40.5M

by Nellie Day January 31, 2017

THORNTON, COLO. — A joint venture between BMC Investments and Oak Coast Properties has purchased the 390-unit Timber Lodge Apartments in Thornton for $40.5 million. The asset is located nine miles north of downtown Denver. Timber Lodge was built in 1972. It has recently undergone a $6.9 million capital improvement program that renovated many of the units. The community is currently 94 percent occupied. HFF’s Brock Yaffe and Charles Halladay assisted in securing a $13.8 million supplemental loan for the buyer through Freddie Mac’s CME Program. HFF will service the securitized loan.

January 31, 2017

Colorado Industrial Western

Sierra Pacific Industries Purchases Crossroads Commerce Park in Denver

by Nellie Day January 31, 2017

DENVER — Sierra Pacific Industries has purchased the 52,566-square-foot Crossroads Commerce Park in Denver for an undisclosed sum. The property is located at the northwest corner of 52nd Avenue and Washington Street in unincorporated Adams County. Construction on the facility commenced last summer and was completed this week. Murray & Stafford is the general contractor and Ware Malcomb is the architect. Colorado Business Bank provided financing. The Newmark Grubb Knight Frank team of Mike Wafer, Tim D’Angelo and Mike Wafer Jr. represented the seller, Trammell Crow Co., in this transaction. The team also handled the leasing and marketing for Crossroads.

January 31, 2017

California Industrial Western

Exeter Property Group Buys 13.5 Acres in Livermore for Industrial Project

by Nellie Day January 31, 2017

LIVERMORE, CALIF. — Exeter Property Group has purchased 13.5 acres of land in East Livermore for $9 million. The property is located at the southeast corner of Greenville Road and I-580. The group plans to build a 260,000-square-foot, Class A distribution facility on the site. The project is scheduled to be ready for occupancy in the fourth quarter of this year.

January 31, 2017

Office Washington Western

Atlas Workbase Debuts New Coworking Space in Seattle Aimed at Executives

by Nellie Day January 31, 2017

SEATTLE — Atlas Workbase has opened a new 20,000-square-foot coworking space at the Lumen Building in Seattle’s Queen Anne neighborhood. The space will cater to mature companies, small businesses and executives, meaning managers and consultants rather than the traditional start-up crowd. The space is targeting professional industries like retail banking, insurance and law that seek a professional shared workspace. Atlas Workbase was designed in conjunction with Gensler and OpenSquare. It was created with partners including FedEx Office, Steelcase and Philips Lighting. Atlas previously announced a partnership with FedEx Office. The company has opened an in-house print and ship center inside its Mercer Street facility.

January 31, 2017

Arizona Retail Western

Cushman & Wakefield Arranges $4.2M Sale of Raising Cane’s Property in Tucson

by Nellie Day January 31, 2017

TUCSON, ARIZ. — Cushman & Wakefield has arranged the $4.2 million sale of a 3,616-square-foot Raising Cane’s restaurant in Tucson. The single-tenant property is occupied under a 20-year, triple-net lease to Micatrotto Holdings DBA Raising Cane’s. Micatrotto Restaurant Group backs the lease. Chris Hollenbeck of Cushman & Wakefield represented the seller, Phoenix-based Eisenberg Co. Chris Rodriguez of Pacific Northwest represented the buyer, Leal 2002 Family Trust.

January 31, 2017

Loans Office Texas

HALL Group Receives $57.3M Construction Loan for 12-Story Office Project in Metro Dallas

by Amy Works January 31, 2017

FRISCO, TEXAS — HALL Group has received a $57.3 million construction loan for the development of an office property located at 3201 Dallas Parkway in Frisco. Situated within the 162-acre HALL Park, the 12-story building will feature 300,000 square feet of rentable office space. The office building is slated for completion in December. Amenities at HALL Park include a fitness center, conference center, bank, wine lounge, on-site restaurants, food truck court, courtesy patrols, full-time concierge, retail center and on-site childcare. Try Morsback and Michael Cosby of HFF secured the financing through a lending syndicate led by Commerce Bank on behalf of HALL Group.

January 31, 2017

Industrial Texas

Transwestern Development, AEW Capital Sell 339,900 SF Industrial Property in Katy, Texas

by Amy Works January 31, 2017

KATY, TEXAS — Transwestern Development Co., along with AEW Capital Management, has completed the disposition of Mason Creek Business Center, a four-building industrial property located at 21201-21501 Park Row Drive in Katy, for undisclosed price. The 339,900-square-foot property features clear ceiling heights ranging from 24 to 28 feet, truck court depths from 130 to 190 feet and cross dock and rear- and front-load layouts. Rusty Tamlyn and Trent Agnew of HFF represented Transwestern Development and AEW Capital Management in the transaction. The name of the buyer was not released.

January 31, 2017

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