Property Type

Cushman & Wakefield Brokers $14.3M Sale of Industrial Facility in Broward County

by John Nelson November 10, 2016

WESTON, FLA. — Cushman & Wakefield has arranged the sale of Weston Commerce Park, a 134,400-square-foot warehouse and distribution building located at 1951 N. Commerce Parkway in Weston. The sales price was undisclosed, but Broward County records show the asset sold for $14.3 million. Mike Davis, Rick Brugge, Michael Lerner and Christopher Metzger of Cushman & Wakefield represented the seller, Founders Properties, in the transaction. The buyer was EastGroup Properties. Situated on an eight-acre parcel, the rear-load Weston Commerce Park features 30-foot clear heights, an ESFR sprinkler system, T5 lighting, 40- by 40-foot column spacing and a 118-foot truck court.

November 10, 2016

Midwest Mixed-Use Top Stories Wisconsin

Cobalt Partners Breaks Ground on $160M Mixed-Use Development in Metro Milwaukee

by John Nelson November 10, 2016

GREENFIELD, WIS. — Cobalt Partners LLC, a commercial real estate development firm based in Milwaukee, has begun construction on 84South, a 48-acre, $160 million mixed-use development in Greenfield, approximately 10 miles southwest of Milwaukee. Designed by Milwaukee-based Rinka Chung Architecture, 84South will feature 375,000 square feet of retail and restaurant space, a full-service health club, office space and 360 apartment residences. The development is situated along I-894 at the interchange of 84th Street and Forest Home Avenue, less than a mile from Southridge Mall, the largest enclosed regional mall in the state. Cobalt Partners has selected Mid-America Real Estate-Wisconsin as leasing agents for 84South, and the firm has already signed a slate of retailers to open in Phase I, which is scheduled for a summer 2017 completion. “84South is going to expand the Southridge regional trade area and provide retailers an opportunity to locate stores within a submarket that has proven challenging to land within,” says Scott Satula, vice president of Mid-America. “We’re excited to be a part of the 84South development team and are pleased to bring quality shopping and dining options to Greenfield and the neighboring communities.” The retailers opening in Phase I of 84South include Fresh Thyme …

November 10, 2016

Florida Hospitality Southeast

Concord Hospitality to Open Marriott Autograph Hotel in West Palm Beach

by John Nelson November 9, 2016

WEST PALM BEACH, FLA. — Concord Hospitality Enterprises Co. plans to open a new hotel under the Marriott Autograph Collection brand at the former City Hall site in West Palm Beach. The 200-room hotel will anchor the $135 million redevelopment of the three-acre site. Navarro Lowrey Properties is the master developer of the redevelopment, which will include 27,000 square feet of retail space, up to 7,000 square feet of restaurant and outdoor dining space, 255 multifamily residences and a public park. The new hotel will overlook the Intracoastal Waterway and Palm Beach and offer views of the Atlantic Ocean. Concord Hospitality plans to break ground on the hotel in 2017.

November 9, 2016

Louisiana Seniors Housing Southeast

Blueprint Arranges $11.5M Sale of Seniors Housing Community in Baton Rouge

by John Nelson November 9, 2016

BATON ROUGE, LA. — Blueprint Healthcare Real Estate Advisors has brokered the $11.5 million sale of Oakwood Village, a 77-unit independent living, assisted living and memory care community in Baton Rouge. Blueprint represented the seller, a regional owner-operator divesting its only seniors housing asset. The buyer was a subsidiary of Florida-based specialty insurer Fortegra Financial Corp., an affiliate of Tiptree Financial Inc. New York City-based Care Investment Trust LLC will serve as asset manager of Oakwood Village, and Traditions Senior Management of Clearwater, Fla., will provide management services. Jacob Gehl was the lead Blueprint advisor on the transaction, supported by Michael Segal. Clint Parker and Jeremy Joiner from Brown Gibbons Lang & Co. Real Estate Partners assisted in the transaction.

November 9, 2016

Retail Southeast West Virginia

Field & Stream to Open New Store in Huntington Mall in West Virginia

by John Nelson November 9, 2016

BARBOURSVILLE, W.VA. — Field & Stream, an outdoors specialty store owned and operated by Dick’s Sporting Goods, plans to open a new store in Huntington Mall in Barboursville. The new store will be situated adjacent to an existing Dick’s Sporting Goods and together the two retailers will occupy 100,000 square feet on the west side of the 1.5 million-square-foot mall, which is located off Route 60 and I-64. Niles, Ohio-based Cafaro Co. owns the mall and inked the lease for the new Field & Stream, which is slated to open in the fall of 2017.

November 9, 2016

Georgia Hospitality Southeast

Legacy Ventures Completes Phase I of $9M Renovation of Downtown Atlanta Hotel

by John Nelson November 9, 2016

ATLANTA — Legacy Ventures has completed Phase I of the $9 million renovation underway at the Embassy Suites Atlanta by Hilton at Centennial Olympic Park, a 321-room hotel in downtown Atlanta. Phase I of the renovations included an upgrade of all suites, including new case goods, window treatments, lighting, artwork, wall coverings and new bathroom tile and mirrors. The corridors also received new carpet, wall covering, paint and lighting, and the lobby and atrium received new furniture. Additionally, the hotel’s restaurant, Ruth’s Chris Steak House, was updated with a reconfigured bar with more seating, and a new Starbucks Coffee was built at the hotel. Phase II, which will focus on upgrading the hotel’s meeting and pre-function rooms, is slated to begin later this year and will include new carpet, paint, lighting and wall coverings, as well as a new bar in the atrium. Legacy Ventures developed and manages the hotel, which opened in June 1999 as the first new-build hotel in downtown Atlanta in 15 years. Situated adjacent to Centennial Olympic Park, the hotel is within walking distance of the Georgia World Congress Center, the Georgia Aquarium, the World of Coca Cola Museum, the CNN Center, the College Football Hall …

November 9, 2016

California Office Western

Swift Real Estate Partners Purchases HP Campus in San Diego

by Nellie Day November 9, 2016

SAN DIEGO — Swift Real Estate Partners has purchased HP’s 782,211-square-foot San Diego campus for an undisclosed sum. The campus is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket. The property contains seven office/R&D buildings and one Class A office building. HP has owned and occupied the campus since the first building was constructed in 1970. The information technology company will lease back 79 percent of the campus. CBRE’s Louay Alsadek, Alex Somerville, Hunter Rowe and Brad Black represented HP, while Swift represented itself in this transaction.

November 9, 2016

California Multifamily Western

TruAmerica Multifamily, Investcorp Buy The Highlands Apartments Near Loma Linda for $92M

by Nellie Day November 9, 2016

GRAND TERRACE, CALIF. — TruAmerica Multifamily and Investcorp have acquired The Highlands, a 556-unit garden-style apartment community near Loma Linda, for $92 million. The community is located at 11750 Mt. Vernon Ave. in Grand Terrace, about 60 miles east of downtown Los Angeles. The Highlands was built in two phases between 1986 and 1988. It features a mix of one- and two-bedroom floor plans, each with a patio or balcony. The new owners plan to upgrade the unit interiors, exteriors and common area amenities. HFF’s Charles Halladay and Mike Gigliotti arranged financing.

November 9, 2016

California Office Western

Tishman Speyer Buys Creative Office Campus in LA’s Arts District

by Nellie Day November 9, 2016

LOS ANGELES — Tishman Speyer has purchased a 1.7-acre creative office campus in downtown Los Angeles’ Arts District for an undisclosed sum. The campus is situated along the Los Angeles River at Bay and Sacramento streets. The site features the 38,000-square-foot world headquarters of transportation technology company Hyperloop One. The campus is near the new SoHo House location, just two blocks from Warner Music Group’s new West Coast headquarters at the Ford Factory. The seller was Lion Real Estate Group and the Borman Group.

November 9, 2016

California Retail Western

Long Market, Paragon Acquire Shops at Todos Santos in Concord

by Nellie Day November 9, 2016

CONCORD, CALIF. — A joint venture between Long Market Property Partners LLC and Paragon Commercial Group LLC has acquired Shops at Todos Santos, a full city block of retail located in downtown Concord, for an undisclosed price. The 40,000-square-foot property is fully occupied by tenants including Peet’s Coffee, The Old Spaghetti Factory, CREAM Inc., Capriotti’s, Bollinger Nail Salon, Naan ’n’ Curry, Half Price Books and Chevron. Forrest Gherlone, Mike Zylstra, Keith Marr and Zachary LeBeouf of Newmark Cornish & Carey handled the disposition on behalf of the seller, an undisclosed private family.

November 9, 2016

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