Property Type

Knoebel Construction Moves Headquarters to Chesterfield, Missouri

by Kristin Harlow January 5, 2017

CHESTERFIELD, MO. — Knoebel Construction Inc. has moved its headquarters from Fenton, Mo. to Chesterfield in St. Louis County. The new location at 18333 Wings Corporate Drive more than doubles Knoebel Construction’s space to 9,688 square feet. The new headquarters features 18 offices organized into two wings for project management and accounting/administrative staff. The building also includes three conference rooms, a team engagement area, a full kitchen and 2,500 square feet of warehouse space. Daniel Hayes of NAI DESCO brokered the transaction. Knoebel Construction is a full-service general contractor specializing in retail development, restaurant, grocery and retail construction.

January 5, 2017

Michigan Midwest Retail

Dental One Partners, Sport Clips Sign Leases at the Shops of Canton in Michigan

by Kristin Harlow January 5, 2017

CANTON, MICH. — Dental One Partners and Sport Clips have joined the Shops of Canton. The 3,200-square-foot dental office and 1,740-square-foot men’s hair salon are located in the shopping center on Ford Road across from IKEA. With the new leases, the center is now fully leased. Other tenants include Starbucks, Sprint, Tom+Chee and MOD Pizza. Tjader Gerdom and Larry Siedell of Gerdom Realty represented the owner and procured the new tenants.

January 5, 2017

Midwest Retail Wisconsin

Total Wine & Spirits Signs 25,000 SF Lease at 84South in Greenfield, Wisconsin

by Kristin Harlow January 5, 2017

GREENFIELD, WIS. — Total Wine & Spirits has signed a 25,000-square-foot retail lease at 84South in Greenfield, a suburb of Milwaukee. The mixed-use development is being built on 48 acres near Interstate 894, according to the Milwaukee Journal Sentinel, the local newspaper. Phase I is slated to open this summer. Scott Satula and Dan Rosenfeld of Mid-America Real Estate represented the landlord in the transaction.

January 5, 2017

Georgia Hospitality Loans Mixed-Use Southeast

PCCP Participates in $135M Loan to Kessler for JW Marriott-Anchored Project in Savannah

by John Nelson January 5, 2017

SAVANNAH, GA. — PCCP LLC and a major national bank have provided a $135 million loan to The Kessler Enterprise Inc. for the development of Plant Riverside District, a $270 million, five-building mixed-use project in Savannah’s Historic District. Situated along the Savannah River, the development will include a 419-guestroom JW Marriott hotel, 13 food and beverage outlets, 22,000 square feet of meeting space, high-end retail space and a 488‐space parking garage. The project will include the repurposing of the historic Georgia Power Plant Building that will house 163 guestrooms, a spa and a portion of the project’s meeting space and food and beverage outlets. Kessler has selected general contractor Hunt Construction, locally based design architect Sottile & Sottile and production architects John T. Campo & Associates Architects and PFVS Architecture for Plant Riverside District’s design team. The ownership has commenced construction with completion anticipated for early 2019.

January 5, 2017

Florida Multifamily Southeast

Morgan, Invesco Open Pearl Dadeland Apartment Community in Miami

by John Nelson January 5, 2017

MIAMI — A joint venture between multifamily developer Morgan and Invesco has opened Pearl Dadeland, a 412-unit apartment community located at 7440 N. Kendall Drive in Miami. The community’s units average 841 square feet with a mix of studios and one-, two- and three-bedroom residences. The interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, oval soaking tubs, glass-enclosed showers, walk-in closets, full-size washers and dryers, Nest thermostats, USB charging ports, electronic key entry system and private balconies. Select apartments have 11-foot ceilings, island kitchens with a breakfast bar, double sinks in the master bath and a desk alcove. Community amenities include a fitness studio with a yoga room, TRX wall and Peloton Cycles; resort-style swimming pool with private cabanas, TVs and grilling stations; rooftop amenity deck; Wi-Fi-enabled clubhouse with a theater and gaming room; and a 4,000-square-foot park with a dog park. JPMorgan Chase provided construction financing for Pearl Dadeland. Morgan has another community, Midtown 29, under construction in Miami’s Wynwood/Midtown neighborhood and will break ground this month on a community in the Flagler Village neighborhood of Fort Lauderdale.

January 5, 2017

Hospitality Loans South Carolina Southeast

PMZ Realty Capital Arranges $24M Loan for Spartanburg Marriott

by John Nelson January 5, 2017

SPARTANBURG, S.C. — PMZ Realty Capital LLC has arranged a $24 million loan for The Spartanburg Marriott, a hotel in Spartanburg that features 240 rooms and seven suites. The property includes more than 30,000 square feet of meeting space, including 27 event rooms, three boardrooms and the 11,340-square-foot Heritage Ballroom. The unnamed borrower will consolidate its overall financing package into a single loan that features a fixed interest rate, according to Peter Berk of PMZ Realty Capital.

January 5, 2017

Maryland Retail Southeast

Greysteel Brokers $19.9M Sale of Shopping Center in Metro Baltimore

by John Nelson January 5, 2017

REISTERSTOWN, MD. — Greysteel has arranged the $19.9 million sale of Chartley Park-Landmark Shopping Center, a 144,000-square-foot retail property located at 1 Chartley Drive and 501 Main St. in Reisterstown. Gil Neuman of Greysteel represented the seller, Chartley and Landmark Shopping Center LLLP, and procured the buyer, MD Equities LLC. Situated in Baltimore County, Chartley Park-Landmark was 94 percent leased at the time of sale to tenants such as Brick Bodies, M&T Bank, Family Dollar, Boost Mobile, Citgo, ATI Physical Therapy and Metro PCS.

January 5, 2017

Retail Southeast Virginia

Klein Enterprises Acquires Shopping Center in Virginia for $15.9M

by John Nelson January 5, 2017

WINCHESTER, VA. — An affiliate of Baltimore-based Klein Enterprises has purchased Pleasant Valley Shopping Center, a 104,703-square-foot shopping center located at 2021-2065 S. Pleasant Valley Road in Winchester, for $15.9 million. Pleasant Valley’s tenant roster includes Hobby Lobby, Dollar Tree, Cici’s Pizza, Jimmy John’s, Staples and Verizon Wireless. The seller was undisclosed. The center is Klein Enterprises’ second venture in Virginia, joining a shopping center the developer built in Stafford in 2014.

January 5, 2017

California Office Western

Coretrust Capital Partners Buys Citigroup Center in Downtown LA

by Nellie Day January 5, 2017

LOS ANGELES — Coretrust Capital Partners has purchased Citigroup Center, a 914,000-square-foot office tower in downtown Los Angeles, for an undisclosed sum. The 48-story tower is located at 444 S. Flower St. in the Central Business District. Notable tenants at Citigroup Center include Citigroup, Morgan Stanley, Wells Fargo and Arco. The building also includes Equinox, Starbucks, Mendocino Farms and a Citibank branch. Rockefeller Group developed the project in 1981. AC Martin Partners was the designer. Coretrust plans to upgrade the building’s common areas and outdoor space. The property was purchased through Coretrust Value Fund I. The seller was a partnership advised and led by Hines.

January 5, 2017

Office Washington Western

Alaska Electrical Pension Fund Purchases Alderwood Business Center in Lynnwood

by Nellie Day January 5, 2017

LYNNWOOD, WASH. — Alaska Electrical Pension Fund has purchased Alderwood Business Center, a 10-acre office campus in the Seattle suburb of Lynnwood, for an undisclosed sum. The two-building campus is located at 3400 and 3500 188th St. SW. The Class A campus provides tenants with access to Interstates 5 and 405. It is near to the Lynnwood Transit Center. The buildings offer mountain views from all sides, newly remodeled lobbies, conference rooms and training rooms. JLL’s Stuart Williams and Lori Hill represented the seller, Embarcadero Capital Partners, in this transaction.

January 5, 2017

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