Property Type

Weitzman Negotiates Sale of Elm Ridge Crossing in Frisco

by Haisten Willis August 3, 2016

FRISCO, TEXAS —The Weitzman Group has negotiated the sale of Elm Ridge Crossing, a 13,200-square-foot retail center located at the southwest corner of Main Street and FM 423 in Frisco. Eddie Liebman and Matt Rosenfeld of The Weitzman Group handled negotiations for the seller, an investment partnership, in cooperation with Calvin Wong of Engvest Commercial Realty, who represented the out-of-state purchaser. The center, built in 2005, features a mix of shops and services, including Papa John’s and Allstate.

August 3, 2016

Four Corners Property Trust Acquires Building Net Leased to Wendy’s in Odessa for $2.1M

by Haisten Willis August 3, 2016

ODESSA, TEXAS — Four Corners Property Trust (FCPT) has acquired a building triple net leased to Wendy’s restaurant in Odessa for $2.1 million. FCPT funded the acquisition with cash on hand. Wendy’s occupies the restaurant under a triple-net lease with 10 years remaining on the term. The transaction closed at a going-in cap rate of 6.5 percent, exclusive of transaction costs.

August 3, 2016

Loans Mixed-Use Southeast Tennessee

JPMorgan Chase Bank Provides $75M Loan for One Hundred Oaks in Nashville

by John Nelson August 3, 2016

NASHVILLE, TENN. — JPMorgan Chase Bank NA has provided a $75 million loan for the refinancing of One Hundred Oaks, an 892,886-square-foot retail, entertainment and medical office center in south Nashville. The property is anchored by Vanderbilt University Medical Center and was 99 percent leased at the time of financing to tenants such as Regal Cinemas, Burlington Coat Factory, Ross Dress for Less, T.J. Maxx, H.H. Gregg Appliances, PetSmart, Michael’s, K&G Men’s Co., Guitar Center, Ulta Beauty, Kirkland’s Home, Electronics Express, Chipotle Mexican Grill, Regions Bank, Logan’s Roadhouse, Panera Bread and Panda Express. One Hundred Oaks is situated on 53.6 acres at 719 Thompson Lane near I-65 and I-440. John W. Rose and Campbell Roche of HFF arranged the seven-year, floating-rate loan through JPMorgan Chase on behalf of the borrower, LaSalle Investment Management.

August 3, 2016

Georgia Hospitality Southeast

Condor Hospitality Trust, Three Wall Capital Acquire Aloft Atlanta Downtown for $43.6M

by John Nelson August 3, 2016

ATLANTA — Condor Hospitality Trust, a hospitality REIT based in Bethesda, Md., and Three Wall Capital have entered into a joint venture agreement to acquire Aloft Atlanta Downtown, a 254-room hotel located at 300 Spring St. N.W. in downtown Atlanta. The joint venture purchased the hotel for $43.6 million. The property includes dry cleaning services, a splash outdoor pool, fitness center, valet and self-parking and free Wi-Fi access. Aloft Atlanta Downtown is within walking distance to Centennial Olympic Park, World of Coca-Cola, the Georgia Aquarium and the Children’s Museum of Atlanta. Condor Hospitality will own 80 percent of the joint venture and Three Wall Capital will own the remaining 20 percent. The joint venture has selected Boast Hotel Management Co. LLC, an affiliate of Three Wall Capital, to manage Aloft Atlanta Downtown once the off-market transaction is finalized, which is expected to occur in the third quarter.

August 3, 2016

Alabama Multifamily Southeast

Berkadia, Colliers Broker $43M Sale of Apartment Community in Birmingham

by John Nelson August 3, 2016

BIRMINGHAM, ALA. — Berkadia and Colliers International have brokered the sale of Colony Woods, a 414-unit apartment community located at 2000 Colony Park Drive near The Summit Birmingham. The sales price was $43 million, according to Al.com. Built in two phases in 1990 and 1995, the property last sold in October 2009 for $24.8 million. The previous owner, Nashville-based C-H Core I LLC, upgraded more than half of the units with new appliances and lighting packages prior to the sale. David Oakley of Berkadia represented the buyer, Forum RE Acquisitions LLC, in the transaction. Will Mathews of Colliers International’s Atlanta office represented the seller.

August 3, 2016

Industrial Maryland Southeast

Chesapeake Real Estate, Thompson Creek Window Sell Two Industrial Facilities in Maryland for $33M

by John Nelson August 3, 2016

HANOVER, MD. — A partnership between Chesapeake Real Estate Group LLC and Thompson Creek Window Co. has sold two industrial buildings totaling nearly 300,000 square feet in Hanover. PGIM Real Estate purchased the properties from the partnership for $33 million. The assets are located within Penn 95 Commerce Center and include a 167,500-square-foot spec warehouse building at 8210 Penn Randall Place and a 117,000-square-foot build-to-suit warehouse and manufacturing facility leased to Thompson Creek Window at 8300 Pennsylvania Ave. Brook Furniture Rental Inc. recently leased 66,606 square feet at the spec warehouse building.

August 3, 2016

Florida Southeast Student Housing

CollegePlace Partners Acquires Student Housing Portfolio Near FSU for $22.7M

by John Nelson August 3, 2016

TALLAHASSEE, FLA. — Real estate investment firm CollegePlace Partners has acquired The District, a 311-bed student housing portfolio located adjacent to Florida State University in Tallahassee. The company purchased the portfolio in an off-market transaction for $22.7 million. The District comprises eight townhome and flat-style buildings, featuring 90 three-, four-, five- and six-bedroom units. Andrew Kirsh and Serineh Baghdasarian of Los Angeles-based law firm Sklar Kirsh LLP represented CollegePlace Partners in the acquisition. CollegePlace Partners has engaged Asset Campus Housing, the nation’s largest third-party student housing management company, to manage the portfolio.

August 3, 2016

Illinois Midwest Office

Equus Capital Partners Acquires 414,442 SF Office Property in Metro Chicago

by Christina Cannon August 3, 2016

OAKBROOK TERRACE, ILL. — An affiliate of Equus Capital Partners Ltd. has acquired a Class A office property in Oakbrook Terrace, approximately 20 miles west of Chicago, for an undisclosed price. Mid America Plaza is a 414,442-square-foot complex that includes two 10-story buildings. The property was 87 percent leased at the time of sale. Mid America Plaza, built in 1985, features amenities such as a conference center, deli, restaurant, a 16,600-square-foot fitness center, picnic areas, walking trails, a softball field and a pond. The complex is also located across the street from the Oakbrook Center Mall, which is currently undergoing a $150 million expansion. Mark Katz and Bryan Rosenberg of HFF represented the undisclosed seller in the transaction.

August 3, 2016

Illinois Midwest Office

Fifield Cos. Completes Renovation of 106,000 SF Office Building in Chicago’s West Loop

by Christina Cannon August 3, 2016

CHICAGO — Fifield Cos. has completed a 12-month renovation of a 106,000-square-foot office property in Chicago’s West Loop. The eight-story Burnham 600 is located at 600 W. Jackson Blvd. and was designed by Daniel Burnham in 1912. After purchasing the building in 2015, Fifield Cos. renovated the lobby, hallways and elevators, and added new signage and a security desk. Fifield Cos. also made renovations to the building’s sixth floor, where the company’s 6,500-square-foot headquarters office is located. Other tenants in the building include Assemble, Bravo Foods, Evan Law Group, Family Health Network, Gibraltar Capital Advisors, Mark IV Realty, OKW Architects, Reed Construction, Seneca Real Estate Advisors and Starwood Hotels.

August 3, 2016

Illinois Midwest Retail

Quantum Real Estate Advisors Arranges $3.4M Sale of Retail Building in Chicago

by Christina Cannon August 3, 2016

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a 5,215-square-foot retail building for $3.4 million. iFLY, an indoor skydiving facility, occupies the building, which is located at 800 W. Scott St. in Chicago. A Chicago-based private real estate investor acquired the property from a Chicago-based developer. Chad Firsel of Quantum Real Estate Advisors represented both parties in the transaction.

August 3, 2016

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