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FloridaIndustrialSoutheast

Core5, Helms to Develop 750,000 SF Industrial Park in Broward County

by John Nelson

PEMBROKE PINES, FLA. — A joint venture between Atlanta-based Core5 Industrial Partners and Helms Development has acquired a 60-acre land parcel at 2041 Sheridan St. in Pembroke Pines from the city of Pembroke Pines. The team plans to develop a three-building, 750,000-square-foot distribution park known as South Florida Distribution Center at the site. Beginning in April, Core5 and Helms will break ground on Phase I, a 223,008-square-foot spec building. The site is one of the last remaining in southwest Broward to offer build-to-suit options for larger industrial users that need trailer parking, according to Core5. South Florida Distribution Center is Core5’s first project in the state of Florida. The developers have selected Larry Dinner, Larry Genet and Tom O’Loughlin of CBRE to lease the project.

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North CarolinaOfficeSoutheast

JLL Arranges 215,450 SF Office Lease in Metro Raleigh

by John Nelson

MORRISVILLE, N.C. — JLL has arranged INC Research Holdings Inc.’s office lease at Perimeter Five, a Class A office building under construction at 3032 Carrington Mill Blvd. in Morrisville, about 13 miles west of Raleigh. The global contract research firm leased the entire 215,450-square-foot building, which will be situated within the 3 million-square-foot Perimeter Park master-planned office development. The office building will feature lake views, green space, a café serving Starbucks Coffee and a fitness center. Erika Jean McNeil, Paul Glickman, Matthew Astrachan and Michael Morgan of JLL represented INC Research in the 12-year lease deal. William Allen of Trinity Partners represented the landlord. The office building will break ground in March for an expected delivery in July 2018.

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IndustrialSoutheastTennessee

NAI Saig Secures 200,000 SF Industrial Lease in Memphis

by John Nelson

MEMPHIS, TENN. — NAI Saig has arranged a 200,000-square-foot lease for industrial space at 4221 Pilot Drive in Memphis. Hank Martin and Elliot Embry of NAI Saig represented the landlord, Dallas-based Sealy Pilot LLC, in the lease transaction. Jeb Fields of Cushman & Wakefield’s Memphis office represented the Memphis-based tenant, Mallory Alexander International Logistics LLC, a full-service logistics provider that supports manufacturers and retailers. The three-year lease is valued at nearly $1.5 million, according to NAI Saig.

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IndianaMidwestOffice

CBRE Arranges Sale of 591,387 SF Office Park in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — CBRE Group Inc. has arranged the sale of Hamilton Crossing office park in Carmel, immediately north of Indianapolis. The sales price was not disclosed. The 44-acre office park is located along U.S. 31. The property consists of six buildings and 591,387 square feet. The Class A office space is 88 percent occupied. An affiliate of Group RMC purchased the buildings. Duke Realty owned five of the buildings, while Bankruptcy Estate of ITT Educational Services was the owner of the sixth building. Dan Richardson, David Funke and Paul Lundstedt of CBRE brokered the transaction.

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IndustrialMidwestNebraska

Darland Completes Dr. Pepper-Snapple Warehouse in Omaha, Nebraska

by Kristin Harlow

OMAHA, NEB. — Darland Construction Co. has completed a 73,173-square-foot warehouse for Dr. Pepper Snapple Group in Omaha. The facility features 14 truck bays, two maintenance bays, a vending machine repair shop and 7,350 square feet of office space. John Maderak of Darland served as project manager. Avant Architects served as architect.

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HealthcareMidwestOfficeWisconsin

Hammes Unveils Plans for Headquarters in Downtown Milwaukee

by Kristin Harlow

MILWAUKEE — Brookfield, Wis.-based Hammes Co. has unveiled plans to move its headquarters to downtown Milwaukee in early 2018. Hammes will occupy the top two floors of a five-story office building the company is developing in the Park East corridor. The development is located at North Water and East Knapp streets. The first phase of construction will cost approximately $27 million, according to Milwaukee Business Journal. A second phase would add an additional office building.

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LoansMidwestOhioRetail

Integra Arranges $17.5M Bridge Loan for Acquisition of Retail Property in Elyria, Ohio

by Kristin Harlow

ELYRIA, OHIO — Integra Real Estate Capital has arranged a $17.5 million bridge loan for the acquisition of Midway Market Square in Elyria, about 23 miles west of Cleveland. The 224,330-square-foot shopping center is positioned along Interstate 80. Built in 2001, Giant Eagle anchors the center, which includes other tenants such as Dick’s Sporting Goods, Jo-Ann Fabrics & Crafts and Pet Supplies Plus. Meyer Perlman of Integra secured the three-year loan on behalf of a New York-based investment group through a balance-sheet lender.

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MidwestMissouriRetail

McGrath Completes $1.3M Renovation of Retail Property in Bridgeton, Missouri

by Kristin Harlow

BRIDGETON, MO. — McGrath & Associates has completed a $1.3 million renovation of a Montgomery Bank in Bridgeton, about 24 miles northwest of St. Louis. The construction included a redesign of the branch and the addition of an AT&T retail store. McGrath’s renovation of the 5,100-square-foot building included exterior finishes and ACM panels, modern interior finishes, drive-thru lanes and canopy, new HVAC air handlers, and utility services. Verve Design Studio was the architect.

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Key Center, Cleveland
MidwestOfficeOhioTop Stories

Millennia Housing Development Buys Key Center, Marriott Hotel in Cleveland for $267.5M

by Nellie Day

CLEVELAND — Millennia Housing Development has purchased the 1.3 million-square-foot Key Center office tower and adjacent 400-room Marriott Hotel in Cleveland for $267.5 million. The property is located at 127 Public Square and includes a parking structure. Key Center was built in 1991 and is 57 stories tall. The tower houses the headquarters of Key Bank and BakerHostetler law firm, among other tenants. The office tower was 82 percent leased at the time of sale. The seller, Columbia Property Trust (NYSE: CXP), had previously announced its plans to exit the Cleveland and Houston markets. Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012. The firm will use proceeds from these sales to reinvest in high-barrier-to-entry markets such as New York City and San Francisco. “Key Center is the most recognizable icon on the Cleveland skyline, and we were determined to take a patient approach in order to identify the right buyer for this significant asset,” says Nelson Mills, CXP’s president and CEO. “Our diligence has now been rewarded, allowing us to exit the Cleveland market at a price within our expectations and accelerate our focus on high-barrier markets.” Columbia Property Trust owns and …

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ColoradoMultifamilyWestern

BMC Investments, Oak Coast Properties Buy Timber Lodge Apartments Near Denver for $40.5M

by Nellie Day

THORNTON, COLO. — A joint venture between BMC Investments and Oak Coast Properties has purchased the 390-unit Timber Lodge Apartments in Thornton for $40.5 million. The asset is located nine miles north of downtown Denver. Timber Lodge was built in 1972. It has recently undergone a $6.9 million capital improvement program that renovated many of the units. The community is currently 94 percent occupied. HFF’s Brock Yaffe and Charles Halladay assisted in securing a $13.8 million supplemental loan for the buyer through Freddie Mac’s CME Program. HFF will service the securitized loan.

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