Property Type

Hanley Investment Group Arranges Sale-Leaseback of Wendy’s in Metro San Diego

by Nellie Day April 13, 2016

LA MESA, CALIF. — Hanley Investment Group has arranged the sale-leaseback of a 2,806-square-foot, single-tenant Wendy’s restaurant in the San Diego suburb of La Mesa. The triple-net-leased property sold for $4.1 million. The sale included both the land and the building, and featured a new 20-year lease with increases every five years. Eric Wohl of Hanley represented the San Diego-based seller, which operates 54 Wendy’s locations in California. The buyer, represented by Thomas Ahn of Integrity Capital, was a private investor based in San Diego.

April 13, 2016

Florida Mixed-Use Retail Southeast

Kimco Realty Corp. Acquires Two South Florida Assets from JV Partner for $299.2M

by John Nelson April 13, 2016

HOLLYWOOD, FLA. — Kimco Realty Corp. has purchased the remaining 45 percent ownership interest in the Oakwood Plaza shopping center and the Dania Pointe mixed-use development in Hollywood for a gross purchase price of $299.2 million. Kimco acquired the interest and assumed $100 million of mortgage debt from its joint venture partner, Canada Pension Plan Investment Board. The adjacent properties have a combined two miles of frontage on I-95 and are near the Fort Lauderdale-Hollywood International Airport and the Port Everglades international cruise port. Oakwood Plaza is a 900,000-square-foot open-air retail center that is fully leased to tenants such as Home Depot, Marshalls, HomeGoods, Ross Dress for Less, Michaels, PetSmart, BJ’s and Regal Cinemas. Dania Pointe is a mixed-use, ground-up development project that will include approximately 900,000 square feet of retail stores and restaurants, 1,000 luxury apartments, two hotels totaling 300 rooms and two office towers. Phase I will be a traditional 318,000-square-foot open-air retail power center with construction expected to begin in the fall of 2016. Phase II will be a lifestyle center featuring 575,000 square feet of Main Street retail, residential towers and office buildings. Construction for Phase II is scheduled to start at the end of 2017.

April 13, 2016

Florida Loans Multifamily Southeast

Ocean Bank Provides $50M Construction Loan for Upscale Apartment Community in Boca Raton

by John Nelson April 13, 2016

BOCA RATON, FLA. — Miami-based Ocean Bank has provided a $50 million construction loan that will fund the development of a 282-unit luxury apartment community at the Park at Broken Sound in Boca Raton. The project will be located on 14.1 acres at the southeast corner of Congress Avenue and Clint Moore Road, a few miles from Florida Atlantic University, Mizner Park, Boca Town Center and the beaches. The apartment complex, which includes a 5,500-square-foot clubhouse, is expected to open in 15 to 16 months. Ralph Gonzalez-Jacobo and Eddie Diaz of Ocean Bank originated the loan on behalf of the Miami-based borrowers, Sergio Rok and James Tate of TR Danburg Boca Holdings. The loan represents 70 percent of the estimated total cost of $71.4 million, or $177,000 per unit, for the development and construction of the property.

April 13, 2016

Florida Office Southeast

Blackhawk Selects Berger Commercial to Lease, Manage Future Office Tower in Fort Lauderdale

by John Nelson April 13, 2016

FORT LAUDERDALE, FLA. — Blackhawk Properties & Investment LLC has selected Berger Commercial Realty to lease and manage the new seven-story 550 Building that is set to break ground in downtown Fort Lauderdale. Scheduled to begin construction this summer and open in fall 2017, the 70,000-square-foot, Class A office tower will be located at 550 S. Andrews Ave., the former site of the 32,500-square-foot Justice Building. The project will have an attached parking garage and ground-floor retail space. Roughly 10,000 square feet of 550 Building’s office space has been pre-leased. The development team includes Blackhawk, Collins Capital Partners, Craven Thompson & Associates, Douglas Management and Falkanger, Snyder, Martineau and Yates. Steve Hyatt, Joseph Byrnes and Stephanie Bernota of Berger Commercial Realty are the leasing agents for both the office and retail components at the 550 Building.

April 13, 2016

Georgia Industrial Southeast

Pattillo Delivers 265,200 SF Spec Industrial Facility in Northwest Atlanta Suburb

by John Nelson April 13, 2016

CARTERSVILLE, GA. — Pattillo Industrial Real Estate has wrapped up construction on a 265,200-square-foot spec industrial facility within Cartersville Business Park. The building is situated on 34 acres at 731 Cassville White Road in Cartersville, a northwest suburb of Atlanta. The facility is roughly a half-mile from I-75 and features 30-foot clear heights, a white reinforced TPO roof system, 185-foot truck court, 24 dock high doors, an ESFR sprinkler system, T5 fluorescent lighting and 61 spaces for trailer parking.

April 13, 2016

Florida Retail Southeast

NAI Avant Brokers $2M Sale of Family Dollar Store in Florida

by John Nelson April 13, 2016

MIDDLEBURG, FLA. — NAI Avant has brokered the $2 million sale of a newly developed Family Dollar store in Middleburg. The 8,320-square-foot, freestanding store is located at 4249 County 218 Road. Dail Longaker of NAI Avant represented the buyer, Mid-Carolina Trading of Florida LLC, in the transaction.

April 13, 2016

Illinois Midwest Office

Leopardo Cos. Breaks Ground on 290,000 SF Office Building in Chicago

by Christina Cannon April 13, 2016

CHICAGO — Leopardo Companies Inc. has broken ground on a 290,000-square-foot office building in Chicago’s Fulton Market neighborhood. Fulton West, which will be located at 1330 W. Fulton St., will be a nine-story building. The property will include balconies, a private roof deck, 610 onsite parking spaces and an adjacent 20,000-square-foot mini-park. Sterling Bay is the project developer, and Gensler is the architect of record. The speculative building is slated for completion in spring 2017.

April 13, 2016

Healthcare Illinois Midwest

Irgens Completes 28,730 SF Medical Office Building in Illinois

by Christina Cannon April 13, 2016

CARLINVILLE, ILL. — Developer Irgens has completed a new medical office building for Carlinville Area Hospital in Carlinville, approximately 60 miles northwest of St. Louis, Mo. The 28,730-square-foot building is located at 20613 N. Broad St. Carlinville Area Hospital is utilizing the medical office building to consolidate and expand existing clinics, allowing it to add services to the campus and free up strategic space within the hospital. Services include primary care, a sleep lab, physical/occupational therapy, senior behavioral health and a multi-purpose community room. The Korte Company was the general contractor for the project, and HGA was the architect.

April 13, 2016

Midwest Minnesota Multifamily

Dominium Breaks Ground on 168-Unit Apartment Property in Minneapolis Suburb

by Christina Cannon April 13, 2016

PRIOR LAKE, MINN. — Dominium, an apartment development and management company, has broken ground on an affordable seniors housing property in Prior Lake, approximately 30 miles south of Minneapolis. The Grainwood, located at 5101 Gateway St. SE, will feature 168 units. Unit amenities will include 9-foot ceilings, appliances, patios, balconies and open floor plans. Select units will also feature walk-in closets. Community amenities will include underground parking, a community room with kitchen, craft room, salon, fitness center, outdoor plaza, theater area and fireplaces. The project is slated for completion by next summer.

April 13, 2016

Hospitality Indiana Midwest

SVN | Property Investment Advisors Arranges $1.9M Sale of Hotel Property in Indiana

by Christina Cannon April 13, 2016

MICHIGAN CITY, IND. — SVN | Property Investment Advisors LLC has arranged the $1.9 million sale of a 117-room hotel property in Michigan City, approximately 35 miles west of South Bend. Raj Patel and partners purchased the Clarion Inn & Suites from R&K Investment Corp. Robert Pliska of SVN| Property Investment Advisors brokered the sale.

April 13, 2016

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