Property Type

Avison Young Brokers $57M Sale of Milton Park in Metro Atlanta

by John Nelson January 13, 2017

ALPHARETTA, GA. — Avison Young has brokered the $57 million sale of Milton Park, a two-building office campus spanning 320,000 square feet in Alpharetta. Matt Tritschler of Avison Young represented the buyer, Adventus Realty Trust, in the transaction. The seller and sales price were undisclosed, but the Atlanta Business Chronicle reports that a venture between Talcott Realty Investors LLC and Greenstone Properties were represented by CBRE and sold the assets for $57 million. Milton Park is situated off North Point Parkway near North Point Mall and Avalon. The two six-story buildings were 88 percent leased at the time of sale to tenants such as Landis+Gyr, Pegasystems and Schneider Electric.

January 13, 2017

Loans Midwest Minnesota Mixed-Use

CBRE Arranges $56M Loan for Refinancing of Mixed-Use Property in Minneapolis Suburb

by Kristin Harlow January 13, 2017

EDINA, MINN. — CBRE has arranged a $56 million loan for the refinancing of 71 France Apartments in Edina, a southwest suburb of Minneapolis. The mixed-use property consists of 241 luxury apartment units and 21,000 square feet of street-level retail space. The property was completed in the second quarter of 2016 and the residential portion is now 95 percent leased. Northwestern Mutual Life Insurance Co. provided the 10-year loan. Joel Torborg of CBRE arranged the transaction on behalf of the borrowers, IRET and Schafer Richardson.

January 13, 2017

Maryland Office Southeast

Howard Hughes Corp. Acquires Two Office Buildings in Downtown Columbia for $38.8M

by John Nelson January 13, 2017

COLUMBIA, MD. — The Howard Hughes Corp. has acquired two office buildings in downtown Columbia for a combined $38.8 million. The firm purchased The American City Building, which is adjacent to a Whole Foods Market on Little Patuxent Parkway, for $16.5 million and One Mall North, a fully leased, four-story office building, for $22.3 million. Both purchases were underwritten in view of their future development potential. Howard Hughes plans to demolish the mostly vacant American City Building to make way for a mixed-use development with multifamily, retail and restaurant components. The company hasn’t unveiled plans for One Mall North, but the site is zoned for retail, office or multifamily use of up to nine stories. The redevelopment opportunity for these sites will aid in the city’s goal to revamp downtown Columbia. The Howard County government recently approved a $90 million tax increment financing (TIF) to fund public infrastructure improvements and a new parking garage in downtown Columbia’s Merriweather District, a 5 million-square-foot mixed-use development. Currently downtown Columbia has nearly 14 million square feet of vertical entitlements, including the Merriweather District.

January 13, 2017

Indiana Industrial Midwest

Cushman & Wakefield Brokers Sale of 148,977 SF Industrial Portfolio in Indianapolis

by Kristin Harlow January 13, 2017

INDIANAPOLIS — Cushman & Wakefield has brokered the sale of Georgetown Commerce Park in Indianapolis. The sales price was not disclosed. The property consists of two buildings located at 7301 Georgetown Road. The property is 83 percent occupied by 19 tenants. Jeff Castell of Cushman & Wakefield represented the sellers, Mann Properties and GCP Investments. Todd Vannatta and Kevin Archer of Cushman & Wakefield will manage the leasing of 25,000 square feet of vacant space. Cushman & Wakefield will also manage both buildings, comprising 148,977 square feet. Congaree River LLC was the buyer.

January 13, 2017

Florida Industrial Southeast

Jackson-Shaw Breaks Ground on Two Industrial Properties in Jacksonville

by John Nelson January 13, 2017

JACKSONVILLE, FLA. — Jackson-Shaw has started construction on Jacksonville International Tradeport 3 and 4, two industrial assets located in Jacksonville’s Northside submarket adjacent to Jacksonville International Airport. The properties will total 178,000 square feet and are set for completion in the third quarter. Building 3 will total 124,000 square feet and feature 32-foot clear heights, 37 dock-high doors, 130-foot truck courts, one drive-in ramp, 109 parking spaces and 34 optional trailer storage spaces. Building 4 will total 54,000 square feet and feature 28-foot clear heights, 16 dock-high doors, a 130-foot truck court, 31 parking spaces and 12 optional trailer drops. Jackson-Shaw has selected Tyler Newman of Cushman & Wakefield to lease the facilities. Thackeray Partners is Jackson-Shaw’s investment partner for the project, and BB&T provided construction financing.

January 13, 2017

Indiana Midwest Retail

Rafinia Acquires 50,000 SF Shopping Center in Southern Indiana

by Kristin Harlow January 13, 2017

SALEM, IND. — Rafinia Property Group has acquired Riverside Shops of Salem in southern Indiana for $3 million. The shopping center is located at 403-405 S. Main St. in Salem. Built in 2008, the center is currently 96 percent occupied and is anchored by Dollar Tree and Goody’s. Indiana-based Equity Investment Group was the seller. Steve Anevski of Marcus & Millichap represented both the buyer and seller in the transaction.

January 13, 2017

Florida Seniors Housing Southeast

Lancaster Pollard Negotiates $30.5M Sale of Seniors Housing Community in Central Florida

by John Nelson January 13, 2017

PORT ORANGE, FLA. — Lancaster Pollard has arranged the $30.5 million sale of CountrySide Lakes, a 146-unit independent living and assisted living community in Port Orange, approximately 55 miles northeast of Orlando. Shepherd Health, a Miami-based seniors housing developer and operator, purchased the property from a private ownership group. Natasha Ursuy of Fifth Third Bank originated a $24 million acquisition loan for the buyer through the bank. Built in 1984, CountrySide Lakes offers 26 independent living units and 120 assisted living units. The community currently has a waiting list and has averaged 97 percent occupancy since 2013. Chad Elliott and Gerald Swiacki of Lancaster Pollard represented the seller in the deal.

January 13, 2017

Iowa Midwest Retail

NAI United Arranges Sale of 40,000 SF Retail Building in Sioux City, Iowa

by Kristin Harlow January 13, 2017

SIOUX CITY, IOWA — NAI United LLC has arranged the sale of the Z Building in the Lakeport Commons power center in Sioux City. The sales price was not disclosed. The 40,000-square-foot structure is one of the buildings that makes up Lakeport Commons. Tenants at the shopping center include GAP Outlet, Buffalo Wild Wings, Maurices, Portrait Innovations, David’s Bridal, Regis, Peachwave, Game Lair and A La Mode. Dick Salem of NAI United brokered the transaction on behalf of the seller, Z Building LLC. Sam’s Property LLC purchased the center and hired NAI United Management to manage the Z Building.

January 13, 2017

Indiana Loans Midwest Multifamily

Pillar Originates $4.5M Freddie Mac Loan for Refinancing of Multifamily Property in Indianapolis

by Kristin Harlow January 13, 2017

INDIANAPOLIS — Pillar has originated a $4.5 million Freddie Mac loan for the refinancing of 9000 Westfield Apartments in Indianapolis. Originally built in 1972, the multifamily property is located just inside the I-465 beltway circling Indianapolis. The property consists of 98 garden-style units and was 95 percent occupied at the time the deal closed. The fixed-rate, 10-year loan includes a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a family-owned commercial real estate investment group. Mike Dury of PR Mortgage arranged the transaction.

January 13, 2017

Hospitality Mixed-Use Multifamily Restaurant Retail Texas

Bayside Land Partners to Develop $1B Mixed-Use Project in Rowlett, Texas

by Amy Works January 13, 2017

ROWLETT, TEXAS — Bayside Land Partners, a partnership between Kent Donahue and Wilks Development, is developing Bayside, a $1 billion master-planned project encompassing 262 acres and featuring a variety of retail, restaurants, residential units and a resort hotel in the Lake Ray Hubbard area of Rowlett. Designed as a pedestrian-friendly, open-air resort, Bayside will feature more than 1.5 million square feet of commercial space, 3,000 residential units, a 1,000-slip marina and 700 hotel rooms. Lifescapes International will provide landscape design services for the project, including the development of the first-ever Crystal Lagoon in Texas. A Crystal Lagoon is a new technology that creates man-made lagoons with crystal-clear, turquoise waters in order to create a beachfront property. Additionally, Lifescapes will design a 116-acre peninsula, including 25 acres of parks, a variety of retail rooftop gardens and beach zones and the perimeter of the eight-acre Crystal Lagoon. Construction on the lagoon is slated to start this March and the project is scheduled to open by spring 2019.

January 13, 2017

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