Property Type

CBRE Brokers Sale of Industrial Portfolio for $26.5M

by Christina Cannon September 18, 2015

CINCINNATI, CLEVELAND AND COLUMBUS — CBRE Group Inc. has arranged the sale and financing of a five-building industrial portfolio for Cintas Corp. Diamond Properties bought the portfolio for $26.5 million. The five properties, which are located in Cleveland, Columbus and Cincinnati, total 569,225 square feet. The buildings are 100 percent leased. The properties were previously occupied by Cintas’ document storage and imaging business, which Cintas sold in November 2014. CBRE’s investment properties team and global workplace solutions team represented Cintas in the transaction. They also sourced the buyer. CBRE’s Midwest debt and structured finance team secured the financing on behalf of the buyer. Based in Cincinnati, Cintas is best known for designing and manufacturing corporate uniforms.

September 18, 2015

Illinois Midwest Office

I.M. Construction Completes Two Buildings in MeadowPark Office Complex in Suburban Chicago

by Christina Cannon September 18, 2015

NORTHBROOK, ILL. — I.M. Construction Group (IMCG) has completed two of four office buildings within the new MeadowPark development located at Techny Road and Founders Drive in Northbrook, a northern Chicago suburb. MeadowPark is a 52,000-square-foot, 5.5-acre development. IMCG completed the 12,600-square-foot, single-story office property leased to Bright Horizons Daycare as well as an 18,000-square-foot facility leased to Lurie Children’s Hospital. The Lurie Children’s facility will serve as the hospital’s second largest outpatient center in the Chicago area. IMCG will construct the two remaining speculative buildings this fall. The projects will feature masonry construction as well as eco-friendly options, including bioswales, which collect and filter stormwater through vegetation. Tenants of MeadowPark also have the option to incorporate solar panels and geothermal heating. IMCG is a joint venture of Insite Construction and The Missner Group, a full-service construction firm. Leading the construction team for IMCG are Bob Nomellini, the firm’s president, and Bill Uchyn, the Missner Group’s project superintendent. Center Line Architects is providing architectural services, and Manhard Consulting is the civil engineer. Cushman & Wakefield is the project developer.

September 18, 2015

Kansas Midwest Multifamily

Missouri Valley REIT Acquires 696 Apartment Units in Greater Wichita, Kan.

by Christina Cannon September 18, 2015

WICHITA, KAN. — NAI Martens has brokered the sale of five apartment properties totaling 696 units in the Wichita area for an undisclosed price. Missouri Valley REIT Inc., a private real estate investment trust, was the buyer and Olderbak Enterprises South LLC was the seller. The acquisition was Missouri Valley REIT’s largest to date. The acquisition included Eastgate Apartments, High Point East Apartments and Morgan’s Landing in Wichita; Springcreek Apartments in Derby, Kan., and Northridge Crossing in McPherson, Kan. The purchase of all five properties is a continuation of the REIT’s strategy to invest in Class B multifamily assets in the Midwest and Upper Midwest. Nathan Farha and Jeff Englert of NAI Martens brokered the transaction. The name Missouri Valley REIT stems from its strategy of investing in markets that are substantially similar to cities where universities in the Missouri Valley Conference are located. These communities are generally in regions with a stable, growing economy.

September 18, 2015

Hospitality Midwest Wisconsin

Marcus & Millichap Brokers $3.5M Sale of Hotel Property in Wisconsin Dells

by Christina Cannon September 18, 2015

WISCONSIN DELLS — Marcus & Millichap has brokered the sale of the Ramada Wisconsin Dells, a 71-room hotel. The Ramada sold for $3.5 million and is located at 1073 Frontage Road East in the Wisconsin Dells, a popular tourist destination along the Wisconsin River in the south central part of the state.The property is 37,909 square feet. Jon Ruzicka of Marcus & Millichap represented the undisclosed seller. Ruzicka, along with Matthew Fitzgerald, also represented the unidentified buyer. The deal marks the second hotel property sale that Ruzicka has brokered in the Wisconsin Dells over the past year.

September 18, 2015

1101 and 1111 16th St. N.W. Washington DC

District of Columbia Office Southeast

Akridge, Stars Investments to Convert Two Properties in D.C. into One Trophy Office Building

by John Nelson September 18, 2015

WASHINGTON, D.C. — Akridge and its partner, Stars Investments, plan to redevelop 1101 and 1111 16th St. N.W. into one freestanding, 100,000-square-foot trophy office building. One block away from the new Fannie Mae headquarters and within view of the White House, the new property will feature a fitness center, rooftop terrace and parking. Akridge recently purchased the two assets from the American Beverage Association and the American Association of University Women. Eric Berkman, Steve Gichner and John Boland of Cushman & Wakefield brokered the transaction on behalf of the sellers. The new 1101 16th Street building will deliver in 2017.

September 18, 2015

Georgia Industrial Southeast

Trammell Crow, Clarion to Develop 1.8M SF Industrial Park in Northeast Georgia

by John Nelson September 18, 2015

JEFFERSON, GA. — Trammell Crow Co. (TCC) and Clarion Partners have formed a joint venture to purchase 122.5 acres of land along I-85 in Jefferson, roughly 60 miles northeast of Atlanta. The site will house Jefferson Mill Business Park, a new two-phase, Class A industrial park that will span nearly 1.8 million square feet. Phase I will feature an 822,257-square-foot bulk cross-dock warehouse and a 250,569-square-foot rear load distribution center. Construction will commence by the end of 2015 and be completed in 2016. Phase II of the park will be a 720,836-square-foot speculative or build-to-suit bulk cross-dock warehouse. Ben Logue and Price Weaver of Colliers International brokered the land sale and will also handle the leasing and marketing of the site on behalf of TCC and Clarion Partners.

September 18, 2015

Loans Multifamily Southeast Student Housing Virginia

Berkadia Arranges $48M Loan for Student Housing Property Near Virginia Tech

by John Nelson September 18, 2015

BLACKSBURG, VA. — Berkadia has arranged a $48 million loan for The Edge Apartment Homes, a newly constructed student housing property near Virginia Tech in Blacksburg. John M.R. Reed of Berkadia secured the 20-year, fixed-rate loan on behalf of the borrower, Related Properties I LLC, an affiliate of SAS Builders Inc., through a life insurance company. The fully occupied, 252-unit property features two-, three- and four-bedroom apartments and townhomes. Units are fully furnished and contain a washer and dryer. Amenities at the student housing community include high-speed internet, a fitness center, yoga room, student center, heated swimming pool, picnic area and a two-story clubhouse.

September 18, 2015

Multifamily South Carolina Southeast

Spencer/Hines Brokers $14.3M Sale of Apartment Community in Columbia

by John Nelson September 18, 2015

COLUMBIA, S.C. — Spencer/Hines Properties has brokered the $14.3 million sale of Bentley at Broad River Apartments, a 272-unit complex situated on 17.6 acres in Columbia. Scott Manhoff and Craig Jacobs of Spencer/Hines represented the seller, Intermark Bentley LLC, in the sale. The buyer was Salt Lake City-based RealSource Property Consulting LLC.

September 18, 2015

Florida Office Southeast

Kucera Renames One Progress Plaza  in St. Petersburg as Priatek Plaza

by John Nelson September 18, 2015

ST. PETERSBURG, FLA. — Kucera Properties has renamed One Progress Plaza, a 28-story Class A office tower in St. Petersburg, as Priatek Plaza. The office building was named after a tenant, Priatek, a startup tech firm that utilizes interactive kiosks in global mass marketing. Darin Kucera, managing partner of Kucera Properties, says that Priatek Plaza will be the only Class A office tower in the United States named for a technology startup. The tower spans more than 309,000 square feet of office and retail space and currently has a 90 percent occupancy rate. The terms of the renaming deal were not disclosed.

September 18, 2015

Healthcare Market Reports Texas Texas Market Reports

Healthcare Options Abound in Fast-Growing El Paso Area

by Haisten Willis September 18, 2015

El Paso is a thriving community with active investments across the area ranging from redevelopment of its downtown to new infrastructure across the city. Notable for being the safest city in the Unites States, El Paso is the sixth largest city in Texas and a vital part of one of the largest borderplex metropolitan economies in the world. The city is the focal point of more than $88 billion of the $530 billion annual trade between the United States and its third largest trading partner, Mexico. But trade isn’t the only industry thriving in El Paso, other sectors such as education and healthcare continue on a strong path forward given stable population growth and a significant military base. The City of El Paso has a population just over 679,000. Its metropolitan statistical area, composed of El Paso County and the more recently added Hudspeth County, is home to over 837,000 individuals. The area is projected to grow to nearly 863,000 residents by 2016. Historically, El Paso is among the fastest-growing metropolitan areas in the nation with an average growth per decade of 21 percent from 1960 to 2010. According to a recent report by the UTEP Border Region Modeling Project, …

September 18, 2015

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