Property Type

Cullinan Properties Develops 150,000 SF Mixed-Use Property in St. Louis

by Amy Works October 11, 2016

ST. LOUIS — Cullinan Properties hosted a grand opening celebration on Thursday, Oct. 6, for Lofts@Euclid, a mixed-use building located at the corner of Euclid and Delmar in St. Louis’ Central West End. The 150,000-square-foot project involved the complete renovation of the historic Langan and Taylor Co. building, which was originally developed by Widman & Walsh. The redeveloped building by Cullinan Properties features 87 loft apartment units, ground-level retail and office space, a fitness center, rooftop deck and clubhouse area. Constructed in 1910, the building is one of the largest commercial buildings remaining in the Central West End historic district. Residents began occupying the building in June, and the building is approximately 70 percent leased.

October 11, 2016

Midwest Missouri Retail

QuikTrip to Add Three Next-Gen Stores to Lee’s Summit

by Amy Works October 11, 2016

LEE’S SUMMIT, MO. — QuikTrip has expanded its presence in Lee’s Summit with three city-approved Next-Gen convenience stores. Slated for completion in 2017, the new stores represent a more than $15 million investment in the area. The new stores, which each will employ 15 to 17 people, will be located at Mulberry and Missouri Route 291, Missouri Route 291 and Missouri Route 150, and 800 NE Woods Chapel Road. The store at Mulberry and Missouri Route 291 will be new construction, while the other stores will be redeveloped into the company’s Next-Gen store format. The company’s Generation 3 stores are about 5,700 square feet, 1,000 square feet larger than typical QuikTrip stores, and create a more upscale experience. The stores include indoor and outdoor dining areas with a touchscreen for customers to place orders with baristas for hot or cold drinks, smoothies and soft-serve ice cream. Additionally, Next Gen stores also serve alcoholic beverages and fresh food offerings.

October 11, 2016

Industrial Michigan Midwest

Bader USA Acquires 12,000 SF Industrial Building in Rochester Hills, Michigan

by Amy Works October 11, 2016

ROCHESTER HILLS, MICH. — Bader USA has acquired an industrial building located at 2944 Waterview Drive in Rochester Hills. Bader will use the 12,000-square-foot high-tech facility to house its North American sales, technical support and research and development operations. Garry Rogers and Al Iafrate of L. Mason Capitani CORFAC International represented the buyer in the deal. The name of the seller and the sales price were not released.

October 11, 2016

Illinois Midwest Multifamily

Essex Realty Brokers $1.5M Sale of Multifamily Building in Chicago

by Amy Works October 11, 2016

CHICAGO — Essex Realty Group has arranged the sale of a seven-unit multifamily building located at 1223-25 W. Foster Ave. in Chicago’s Andersonville neighborhood. An undisclosed buyer acquired the property for $1.5 million. The walk-up building features one two-bedroom, one-bath garden apartment; four two-bedroom, one-bath apartments; and two three-bedroom, one-bath apartments. Additionally, the property features five parking spaces. Steve Livaditis, Joe Scheck and Brian Karmowski of Essex represented the undisclosed seller, while Doug Imber and Kate Varde, also of Essex, represented the buyer in the deal.

October 11, 2016

Indiana Industrial Midwest Office Retail

Bradley Company Commercial Real Estate Completes Five Transactions in Indiana

by Amy Works October 11, 2016

AUBURN AND FORT WAYNE, IND. — Bradley Company Commercial Real Estate has completed five transactions in Auburn and Fort Wayne. In the first transaction, Carl Diehm of Bradley represented the landlord, Cenway Center, and the tenant, Agri-Labs Inc., in the lease of 2,160 square feet of retail space at 915 Cardinal Court within Cenway Business Center in Auburn. In the second deal, Tyler Binkley of Bradley represented the Feuser Contracting Inc. in the sale of an 11,992-square-foot office building at 7702 Bluffton Road in Fort Wayne. The name of the buyer and acquisition price were not released. In the third transaction, Stanley Phillips and Kelly Castle of Bradley represented the landlord, RITS Ltd. Brokers in the lease negotiation of retail space at 6127 Stellhorn Road within Maplewood Plaza in Fort Wayne. The name of the tenant and lease size were not released. In the fourth deal, Phillips represented the landlord, Fort Wayne Associates, and Binkley represented the tenant, Phil’s Hobby Shop, in the lease of retail space located within Parkwest Center at 3938 W. Jefferson Road in Fort Wayne. In the last deal, Paul Refakis of Bradley represented the landlord, Lynn Leasing, and Kienan O’Rourke of Bradley represented the tenant, Blasius …

October 11, 2016

Georgia Mixed-Use Southeast

Georgia Tech Foundation Closes Purchase of The Biltmore in Midtown Atlanta

by John Nelson October 11, 2016

ATLANTA — The Georgia Tech Foundation has finalized its purchase of The Biltmore, a 286,931-square-foot mixed-use property located on West Peachtree Street in Midtown Atlanta. The property features Class A loft office space, three ground-floor restaurants and two restored ballrooms for events. According to the Atlanta Business Chronicle, the asset sold for $64 million. The Biltmore is situated across West Peachtree Street from Technology Square and will serve as an extension of Georgia Tech with a focus on growing startups and attracting corporations. Jay O’Meara, Will Yowell and Justin Parsonnet of CBRE’s Atlanta office represented the seller, Atlanta-based Novare Group.

October 11, 2016

Loans North Carolina Retail Southeast

JPMorgan Chase Funds $60M Refinancing of Shopping Center in Metro Charlotte

by John Nelson October 11, 2016

MATTHEWS, N.C. — JPMorgan Chase Bank NA has provided the $60 million refinancing of Windsor Square Shopping Center, a 661,156-square-foot retail power center in Matthews, a suburb of Charlotte. Completed in 1987 and renovated in 2014, Windsor Square was 96 percent leased at the time of financing to tenants such as Sam’s Club, hh gregg, J.C. Penney, PetSmart, Tuesday Morning, Kohl’s, Lifetime Fitness, Ross Dress for Less, Outback Steakhouse, DSW, Shoe Carnival and Mattress Firm. Chris Drew, Brent Bowman and Brian Gaswirth of HFF arranged the 10-year, fixed-rate loan through JPMorgan Chase. The borrower, Sterling Organization, used the loan to pay off a maturing CMBS loan.

October 11, 2016

Multifamily Southeast Virginia

Kettler Opens High-Rise Apartment Tower in Metro D.C.

by John Nelson October 11, 2016

ARLINGTON, VA. — Washington, D.C.-based Kettler has opened m.flats Crystal City, an 11-story, 198-unit high-rise apartment tower in Arlington’s Crystal City neighborhood. Situated on the former Crystal City Post Office, m.flats was the first residential building proposed to the Arlington County Board since the adoption of the Crystal City Sector Plan in 2010. KTGY Architecture + Planning designed the high-rise to meet LEED Silver certification. The property features one- and two-bedroom units with washed oak flooring, quartz countertops and stainless steel appliances. Community amenities include a clubroom, Wi-Fi access, fitness center, bike storage and workstation, all-season courtyard with fire and water features, rooftop swimming pool, sundeck with cabanas, outdoor kitchens and entertainment spaces with outdoor seating and dining areas. The design team includes civil engineer and consultant Bohler Engineering and general contractor John Moriarty & Associates.

October 11, 2016

Florida Retail Southeast

Equinox to Begin $20M Redevelopment at Williamsburg Downs Shopping Center in Orlando

by John Nelson October 11, 2016

ORLANDO, FLA. — Maitland, Fla.-based Equinox Development Properties Inc. is set to begin a $20 million redevelopment of Williamsburg Downs Shopping Center in Orlando. Renovations at Williamsburg Downs — purchased by Equinox in September — will include the enlargement of the anchor Publix location to 45,600 square feet, and upgrades to the center’s lighting, signage, parking lot and landscaping. Improvements are scheduled to begin in early 2017, with completion expected for later that year. Tenants at the center include GNC, Subway, Greenburg Dental and Metro PCS.

October 11, 2016

Loans Multifamily North Carolina Southeast

Bellwether Enterprise Closes $12.4M Loan for Apartment Community in Greensboro

by John Nelson October 11, 2016

GREENSBORO, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed a $12.4 million Fannie Mae loan for Piedmont Place Apartments, a newly built, 100-unit multifamily community in Greensboro. Glenn Enochs of Bellwether Enterprise’s Greensboro office originated the loan using Fannie Mae’s Green Financing program on behalf of the borrower, Piedmont Place Apartment Property Investors. Bellwether Enterprise Real Estate Capital closed 52 loans totaling nearly $420 million in September alone, including the Piedmont Place financing.

October 11, 2016

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