Property Type

Alterra Worldwide Purchases Jefferson Arms Building in St. Louis, Plans $104M Renovation

by Kristin Harlow July 13, 2017

ST. LOUIS — Alterra Worldwide has purchased the historic Jefferson Arms building located at 401-415 N. Tucker Blvd. in downtown St. Louis. The company has also unveiled a $104 million renovation plan, which includes 240 apartments, a 220-room AC Marriott-branded hotel and commercial space with restaurants, retail and offices. Built in 1904 in anticipation of the first World’s Fair, the 520,000-square-foot Jefferson Arms development is a short walk from the Cardinals’ Busch Stadium, America’s Center Convention Complex, Keiner Plaza and the historic, newly renovated Arch Grounds. Amenities at the apartments will include a fitness and yoga studio, art room, music room, cinema room, karaoke room, community room, tanning salon and business center. Numerous floor plans will accommodate a variety of needs. The 18,603 square feet of commercial space located on the first floor will feature retail and restaurant space. The three restaurants include a motorcycle-inspired cafe called Motopia Café, a French and Belgian bistro called Mademoiselle Colette Brasserie, as well as George & Eddie’s Diner, serving classic comfort foods such as burgers, milkshakes and homemade pies. Additionally, the existing ballroom will be converted into a creative office space. Aimbridge Hospitality will operate the hotel and Merriman Anderson Architects will serve as …

July 13, 2017

Indiana Loans Midwest Multifamily

CBRE Arranges $18M in Loans for Recapitalization of Multifamily Portfolio in Indiana

by Kristin Harlow July 13, 2017

INDIANAPOLIS AND LAFAYETTE, IND. — CBRE Group Inc. has arranged $18 million in loans for the recapitalization of a three-property multifamily portfolio in Indiana. The loan proceeds will enable the borrower to reinvest in the assets. All three loans feature 10-year terms, 30-year amortization schedules and one year of interest-only payments. CBRE arranged a $4.9 million loan for South Haven Village, located at 1542 Citrin Place in Indianapolis. A $6.4 million loan was arranged for Georgetown South and a $6.8 million loan for Village Square Apartments, both located in Lafayette, about 60 miles northwest of Indianapolis. Dan Gable and Jason Brown of CBRE arranged the loans with Starwood Mortgage Capital on behalf of Michael James and James Management Group.

July 13, 2017

Indiana Industrial Midwest

HSA Commercial Negotiates 55,000 SF Industrial Lease in Suburban Indianapolis

by Kristin Harlow July 13, 2017

PLAINFIELD, IND. — HSA Commercial has negotiated a 55,000-square-foot industrial lease for Kuehne + Nagel at Gateway Business Park in Plainfield, a southwest suburb of Indianapolis. The Switzerland-based global logistics provider will occupy the space within the new Gateway Industrial IV building, constructed in early July. The 151,220-square-foot distribution center is located at 845 S. Columbia Road. The company currently occupies 160,230 square feet in a separate building at the business park. Gateway Industrial IV is the fifth and final building at the park developed by HSA Commercial in partnership with Boston-based Washington Capital Management. The building features 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for the remaining 95,720 square feet at Gateway Industrial IV. Mark Writt and Daniel Rose of CBRE represented Kuehne + Nagel in the lease transaction. Meyer Najem is the general contractor for the project, while KJG Architecture provided design services. The PrivateBank provided the project financing.

July 13, 2017

Illinois Midwest Office

Marcus & Millichap Arranges $4M Sale of Office Building in Chicago

by Kristin Harlow July 13, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 14,400-square-foot office building in Chicago for $4 million. The property is located at 60 W. Superior St. in the River North neighborhood. The sale presents a redevelopment opportunity, according to Marcus & Millichap. Alper Services, the seller, currently occupies the building. Centrum Realty & Development purchased the property. Kyle A. Stengle and Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.

July 13, 2017

Florida Mixed-Use Southeast

The Traina Cos. Receive Approval for 1.3 MSF Mixed-Use Development in Downtown Fort Lauderdale

by Camren Skelton July 13, 2017

FORT LAUDERDALE, FLA. — The Traina Cos. has received final zoning approval from the Fort Lauderdale City Commissioners for FATcity (Florida Arts and Technology), a 1.3 million-square-foot mixed-use development located at 300 N. Andrews Ave. in downtown Fort Lauderdale. Situated in the City Center (RAC-CC) Special Zoning District, FATcity will include two 30-story towers featuring 270,000 square feet of office and retail space with the potential for hospitality space, 612 residential units and 1,327 covered parking spaces. The development will connect the city’s Central Business District and Arts Districts through pedestrian-oriented streets, access to Brightline’s high-speed rail station and a Wave Streetcar stop on-site. FATcity marks the first new Class A office space developed in Fort Lauderdale in over a decade. Groundbreaking on the project is estimated for late 2018 or early 2019.

July 13, 2017

Industrial South Carolina Southeast

Ridge Breaks Ground on 686,300 SF Industrial Project at Charleston Logistics Center

by Camren Skelton July 13, 2017

JEDBURG, S.C. — Ridge, the industrial division of Transwestern Development Co., has broken ground on two industrial buildings totaling 686,300 square feet of speculative space in Jedburg, roughly 30 miles northwest of Charleston. Located within Charleston Logistics Center, the two Class A buildings will feature 32-foot clear heights, 54-by-48-foot column spacing, a 60-foot staging bay, ESFR sprinkler systems, 64 dock doors, two drive-in doors, 202 car parking spaces and 76 truck parking spaces. The two buildings are slated for delivery in the first quarter of 2018. Simons Johnson and Peter Fennelly of Colliers International will handle leasing of the properties.

July 13, 2017

Retail Southeast West Virginia

Heidenberg, Strategic Real Estate Acquire Shopping Center in West Virginia for $35.9M

by Camren Skelton July 13, 2017

RANSON, W.VA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has purchased The Potomac Marketplace, a 370,000-square-foot shopping center located along Route 9 in Ranson. The property was 92 percent leased at the time of sale to tenants including Weis Supermarket, Kohl’s, Petco and The Home Depot. The Potomac Marketplace is also home to restaurants including Panera Bread, Dunkin’ Donuts, Glory Days Grill, California Tortilla, Roy Rogers and John’s Café. This purchase marks the joint venture’s sixth acquisition overall and third since November 2016.

July 13, 2017

Maryland Office Southeast

JBG Smith to Relocate Headquarters to 300,000 SF Planned Office Building in Bethesda

by Camren Skelton July 13, 2017

BETHESDA, MD. — JBG Smith, the REIT formed from the merger of The JBG Cos. and Vornado Realty Trust, will relocate its corporate headquarters to 4747 Bethesda Ave., a 300,000-square-foot office building being developed by JBG in downtown Bethesda. The building is slated for completion in the third quarter of 2019. JBG Smith will be the initial anchor tenant of the Class A building, occupying 95,000 square feet of space on the lower floors. The company will move from 4445 Willard Ave. in Chevy Chase, Md.

July 13, 2017

Mixed-Use North Carolina Southeast

Crescent Communities Unveils Plans for Mixed-Use Development in Charlotte

by Camren Skelton July 13, 2017

CHARLOTTE, N.C. — Crescent Communities has unveiled plans for Crescent Montford Park, a mixed-use community in south Charlotte’s Montford Park neighborhood. The project will be developed at the site of the former Pfeiffer University Charlotte and will feature 337 apartments and 17,000 square feet of retail space. Atlanta-based Fortune-Johnson is the community’s general contractor, Charlotte-based LandDesign is the civil engineer and KTGY Architecture is leading the development’s design. Interiors for the community were designed by Vignette Interior Design. Adam Williams of Legacy Real Estate Advisors will manage retail leasing of the property, which is slated for completion in spring 2019.

July 13, 2017

Mixed-Use Texas

Criterion Breaks Ground on 322,000 SF Mixed-Use Project in Fort Worth

by Taylor Williams July 13, 2017

FORT WORTH, TEXAS — Criterion Property Co. LP has broken ground on The River East, a 322,000-square-foot mixed-use project situated on 2.5 acres at 2900 Race St. in Fort Worth. The project will deliver a 181-unit apartment tower, with units ranging in size from 600 to 1,331 square feet, as well as 3,000 square feet of retail and restaurant space, according to The Dallas Business Journal. A timetable for completion has not yet been established.

July 13, 2017

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