Property Type

UIP Acquires Former George Washington University Dorms for $36M

by John Nelson August 15, 2016

WASHINGTON, D.C. — Urban Investment Partners (UIP) has acquired a 10-story building at 2601 Virginia Ave. N.W. across from the Watergate mixed-use complex in Washington, D.C., for $36 million. The seller, George Washington University (GWU), formerly used the building as student housing for 17 years. GWU demolished the property’s interior about a year ago, planning to create new student and faculty housing, but decided to sell the property instead. Bobby Meehling, Andy Wimsatt, and Peter Larkin of CBRE represented GWU in the sale. UIP plans to develop Boathouse on the site, which will feature about 200 rental apartments within the existing 97,300-square-foot core and shell, as well as an additional 50 units in a new 40,000-square-foot addition on the building’s east side. UIP will also develop an 8,000- to 10,000-square-foot restaurant/coffee shop on the first floor, which will be a fully activated space for residents and neighbors. The building has underground parking for 200 vehicles, plus bike storage and care facilities with lockers. Boathouse will also feature a rooftop recreational area with river views and a deck, swimming pool, fire pits, gourmet kitchen, and 2,000-square-foot fitness center. Other amenities will include a bike share program, library, multimedia theater and a …

August 15, 2016

Florida Retail Southeast

Colliers Brokers $14.9M Sale of Retail Space in 57-Story Marinablue Tower in Downtown Miami

by John Nelson August 15, 2016

MIAMI — Colliers International South Florida has brokered the $14.9 million sale of ground-level retail space within Marinablue, a 57-story mixed-use skyscraper in downtown Miami. Totaling 11,090 square feet, the retail space consists of seven retail condos currently occupied by CVS/pharmacy and Wine by the Bay. Located at 888 Biscayne Blvd., the ground-floor retail space sits across the street from the American Airlines arena and within walking distance to the upcoming Miami Worldcenter development. CVS moved into its new location in mid-July, after signing a 25-year lease to occupy six of the condos. The other tenant, Wine by the Bay, occupies one unit and is also in a long-term lease. Aran Properties Inc., a European investor, purchased the retail condos from Miami-based Grouper MB Holdings LLC at a 4.22 percent cap rate. Marcos Puente of Colliers International represented both the buyer and the seller in the transaction.

August 15, 2016

California Retail Western

Fazoli’s to Open 22 New Restaurants Nationwide

by Nellie Day August 15, 2016

LOS ANGELES — Fazoli’s signed nine multi-unit and single-unit franchise agreements in July to develop 22 new restaurants nationwide. Fazoli’s will develop new restaurants out West in Southern California and Sioux Falls, S.D. It will also debut new outlets in Memphis, Tenn.; McAllen, Texas; Chicago; Dothan, Ala.; Snellville, Ga.; Hazard, Ky.; and Central Indiana. This announcement comes on the heels of significant growth for Fazoli’s, including 13 consecutive quarters of same-store sales growth — with franchisees boasting a 5.1 percent year-over-year, same-store sales increase in July. In 2011, Fazoli’s underwent a major brand overhaul with the introduction of real plateware and silverware in lieu of foam plates and plastic cutlery. As part of the brand refresh, earlier this year Fazoli’s began remodeling some of its locations with a new, contemporary look and feel. In addition, the company introduced an upgraded menu. With nearly 220 restaurants in 24 states, Fazoli’s claims to be America’s largest Italian fast-casual chain.

August 15, 2016

Florida Office Southeast

Cushman & Wakefield Acquires Taylor & Mathis of Florida

by John Nelson August 15, 2016

TAMPA, FLA. — Cushman & Wakefield has acquired Taylor & Mathis of Florida LLC, a Tampa-based commercial real estate company specializing in agency leasing and property management. Over the past six years, Taylor & Mathis of Florida has developed more than 600,000 square feet of office and retail product valued in excess of $250 million. The firm currently manages and leases a portfolio of office and industrial properties totaling 12.5 million square feet for both private and institutional property owners. The acquisition makes Cushman & Wakefield the second largest property management firm in Florida. The company currently manages nearly 32 million square feet in the state. The Taylor & Mathis of Florida acquisition creates a combined portfolio of 41 million square feet, employing 270 property management professionals throughout Florida.

August 15, 2016

Alabama Retail Southeast

Dollar General Celebrates 13,000th Store Opening With New Birmingham Location

by John Nelson August 15, 2016

BIRMINGHAM, ALA. — Dollar General has opened the company’s 13,000th location with a new store in Birmingham. The new store is located at 4132 Jefferson Ave. S.W. The Goodlettsville, Tenn.-based discount retail chain employs more than 6,500 employees in Alabama through 675 stores and its distribution center in Bessemer, which opened in 2012. The new Birmingham location is one of the planned 900 new stores that Dollar General has opened or will open in 2016 throughout the 43 states that the retailer currently serves.

August 15, 2016

Arkansas Multifamily Southeast

Abode Properties Buys Luxury Apartment Community in Little Rock

by John Nelson August 15, 2016

LITTLE ROCK, ARK. — Abode Properties, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has purchased Metropolitan, a 260-unit luxury mid-rise apartment community situated along Arkansas River in Little Rock. As part of the transaction, Abode assumed an existing HUD loan on the property. Metropolitan’s amenities include two resort-style pools, courtyards, a recreation and billiards room, 24-hour fitness center, internet coffee café, garage parking and onsite security. Each unit boasts granite countertops, alarm systems, walk-in closets and full-size washer and dryers. The seller and sales price were undisclosed.

August 15, 2016

Illinois Midwest Multifamily

JDL Development Opens 469-Unit Luxury Apartment Tower in Chicago’s South Loop

by Christina Cannon August 15, 2016

CHICAGO — JDL Development has opened 1000 South Clark, a 469-unit luxury apartment tower in Chicago’s South Loop neighborhood. The 29-story building boasts 43,000 square feet of amenity space that includes a 20,000-square-foot outdoor terrace with grilling stations; an indoor/outdoor pool and rooftop running track; a 10,000-square-foot fitness center; basketball and racquetball courts; a virtual golf simulator and putting area; a library lounge and wine bar; chef’s demonstration kitchen; a game room and billiards lounge; neighborhood bar room with customizable beer taps; news room and media lounge; and a board room with business center. The property also includes a four-story parking garage with space for 327 vehicles and a landscaped outdoor dog park and Bark on Clark, a full-service, privately run pet care and boarding facility. Currently 60 percent leased, 1000 South Clark offers studio, one-, two- and three-bedroom units that range from 512 to 2,730 square feet. Rents start at $1,895 and reach $7,000 per month. Additionally, the community features six three-bedroom rental townhomes, each with 3.5 baths and attached two-car garages.

August 15, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $6.2M Fannie Mae Loan for Apartment Property in Minneapolis

by Christina Cannon August 15, 2016

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $6.2 million Fannie Mae loan to refinance a 31-unit apartment property in the Linden Hills neighborhood of Minneapolis. Elements of Linden Hills features tempered underground parking, a fitness center, bike storage and a pet wash room. Unit amenities include washers and dryers, granite countertops, stainless steel appliances and gas stovetops. The 12-year loan features four years of interest-only payments and a 30-year amortization schedule. Linden Hills Apartments LLC was the borrower.

August 15, 2016

Midwest Missouri Retail

MIRASON Properties Begins Renovation of 40,200 SF Shopping Center in Kansas City

by Christina Cannon August 15, 2016

KANSAS CITY, MO. — MIRASON Properties LLC has begun renovations on the 40,200-square-foot Watts Mill Shopping Center in Kansas City. Located at the corner of 103rd Street and State Line Road, the shopping center features tenants such as Jasper’s Italian Restaurant, Ugly Joe’s Bar & Grill and Goodyear Tires. Updates to the center will include a new façade, architectural elements, LED lighting, landscaping, signage and a restriped parking lot. Block & Company Inc. oversees management and leasing for the property. The project is slated for completion this October.

August 15, 2016

Michigan Midwest Retail

Colliers International Brokers Sale of 6,230 SF Retail Property Near Ann Arbor

by Christina Cannon August 15, 2016

YPSILANTI, MICH. — Colliers International has brokered the sale of a 6,230-square-foot retail building in Ypsilanti, approximately 10 miles southeast of Ann Arbor, for an undisclosed price. Norman and June MacArthur sold the property, which is located at 4864 Washtenaw Ave., to Majik Properties LLC. University Office Technologies currently occupies the building, and Majik Properties will lease the space once the company moves out this September. Jim Chaconas and Richard Timmons of Colliers International represented both the buyer and seller in the transaction.

August 15, 2016

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