CREVE COEUR, MO. — CBRE Group Inc. has arranged three new office leases at the former SSM building in Creve Coeur, a western suburb of St. Louis. The 42,000-square-foot building had been vacant for the previous two years, but is now 95 percent leased. All but 2,100 square feet is occupied. Midwest Geriatric Management leased 15,064 square feet, Argos Family Office LLC inked a deal for 14,854 square feet and Koven Technology will occupy 9,774 square feet. Argos Family Office will be the first tenant to move into its space in May, followed by Koven Technology in June and Midwest Geriatric Management in July. DCM Management Company LLC manages the property, located at 477 N. Lindbergh Blvd. The undisclosed owner plans to upgrade the common areas, lobby and restrooms, as well as, add a fitness center and coffee bar. The building was initially constructed as the headquarters for SSM Healthcare in 1991. SSM occupied the entire building until 2013. Artie Kerckhoff of CBRE represented the landlord in the transaction.
DURHAM, N.C. — Duke University plans to develop a $62 million hotel on its west campus in Durham. Located at 230 Science Drive, the 198-room JB Duke Hotel will feature two bars, a restaurant, landscaped courtyards and terraces, local décor and furnishings and a grand hall with a two-story glass wall. The hotel will also feature the 20,850-square-foot Thomas Executive Conference Center, which will comprise a 5,450-square-foot ballroom, multi-purpose spaces, two boardrooms, two 65-seat classrooms, pre-function spaces and a business center. Duke University’s MBA programs will use the hotel and conference facilities for working professionals and non-degree executive education courses hosted by the school’s Fuqua School of Business. The hotel will be within walking distance of Cameron Indoor Stadium, Wallace Wade Stadium, Koskinen Stadium, the Duke medical center, Duke Chapel, Sarah P. Duke Gardens and a 2,200-space parking garage that is currently under construction. Duke University has selected Durham-based WDI Hospitality LLC to manage JB Duke Hotel, which is a “father-and-son property” with Washington Duke Inn & Golf Club, which is also owned by Duke University and managed by WDI Hospitality. Duke University expects to start taking reservations at JB Duke Hotel in January 2017.
NASHVILLE, TENN. — GBT Realty Corp. plans to develop Belcourt Park, a $20 million, 76-unit multifamily development located in Nashville’s Hillsboro Village. The new property is designed for Nashville’s workforce population in need of affordable housing. Situated on a 0.7-acre site on Belcourt Avenue, the new apartment community will replace a building that most recently housed the Belmont Nursing Home, which closed in 2015. GBT Realty will develop the four-story property consistent with Nashville’s T4 Neighborhood Plan that outlines the need for more live/work/play developments in the city. The property will feature an onsite leasing and management office, concealed 84-space parking structure, limited street parking, bike racks and common amenities including a Wi-Fi workspace, espresso bar, fitness facility and a landscaped patio area with cabanas and fire pits. Floor plans will include studio, one- and two-bedroom residences, each equipped with complimentary Google Fiber and NEST Learning Thermostats. GBT Realty is not seeking public funding or concessions for the project. The Brentwood, Tenn.-based developer purchased the site for Belcourt Park in 2015 for $3.4 million. GBT Realty is also developing the $45 million Village 21 at Regions Park, which will be located roughly two blocks west of Belcourt Park. The development …
MORGANTOWN, W.VA. — Core Spaces has acquired a three-year-old, 420-bed student housing community located less than half a mile away from the West Virginia University campus in Morgantown. Originally called Beech View Place Apartments, the facility will be rebranded State On Campus Morgantown. Core Spaces will implement a capital improvement program to include the addition of a fitness center replete with a steam room and sauna, and a full overhaul of the interior courtyard to include a hot tub and areas for grilling and socializing. Core Spaces will add a new computer lab that will feature new computers, printers, multiple group study areas and individual study spaces. The leasing offices, lobby and reception area will also be redesigned and repositioned. Renovations are expected to begin this summer and be complete by late fall.
MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $13 million sale of Sadigo Court South Beach, a historic 30-unit boutique “apartment hotel” building located at 334 20th St. in Miami Beach’s Collins Park neighborhood. Originally built in 1936 about two blocks from the Atlantic Ocean, Sadigo Court features five junior suites with kitchenettes and 25 fully furnished one-bedroom suites with full kitchens. The buyer, a private investor based in Bay Harbor Islands, Fla., has options to renovate and reposition the property as a 50-room hotel, as well as construct a new building on the south side of the property. Joseph Thomas of Marcus & Millichap’s Fort Lauderdale office represented both the buyer and seller, a private investor based in Miami Beach, in the transaction.
LANHAM, MD. — Cambridge Property Group LLC has sold a 142,810-square-foot flex building located at 10201 Good Luck Road in Lanham, a city roughly 13 miles outside of Washington, D.C. The Washington Metropolitan Area Transit Authority purchased the property for approximately $12.9 million. Cambridge Property Group developed the office and distribution building in 2005 as a build-to-suit for the General Services Administration on behalf of a tenant client, which occupied the property continuously until December 2015. William Czekaj, Ingo Mayr and Benjamin Eldridge Jr. of Cambridge Property Group negotiated the transaction on behalf of developer client CA/Development Associates LLC.
IRVINE, CALIF. — HCP (NYSE: HCP), one of the largest healthcare real estate investment trusts in the United States, will spin off its HCR ManorCare portfolio of skilled nursing and assisted living assets into an independent, publicly traded REIT. The company’s board of directors approved the plan today. The newly formed REIT, SpinCo, will be composed of more than 320 properties operated by HCR ManorCare. The portfolio has an expected in-place annual rent of approximately $485 million. “Post spin, HCP will own a stable, private-pay portfolio that has a track record of delivering consistent, attractive returns,” says Lauralee Martin, president and CEO of Irvine-based HCP. “HCP will be able to sharpen its focus on high-growth healthcare sectors.” This is the second major REIT to spin off its skilled nursing portfolio in the past year. In August, Ventas created Care Capital Properties as a way to spin off its skilled nursing assets. “We need to eliminate the overhang that exists from the current challenges facing HCR ManorCare so the rest of our business can flourish,” said Micheal McKee, executive chairman of the board, on the company’s first-quarter earnings call this morning. “As we reviewed our options, for many reasons it became clear …
Beretta, Nissan, General Motors, Electrolux and Hankook Tire are a few manufacturing giants that call Middle Tennessee home. Expanding the manufacturing presence throughout 2015, 29 advanced manufacturing companies announced relocations or expansions in Middle Tennessee. Of that total, six companies revealed plans to create a combined 710 jobs and occupy more than 1 million square feet during the fourth quarter of 2015 alone. Nashville’s central location, skilled workforce and labor cost advantages continue to make the market a magnet for manufacturing companies. Unsurprisingly, in its Emerging Trends in Real Estate 2016 report, Urban Land Institute named Nashville the “No. 7 U.S. Market to Watch for 2016” and an “18-Hour City.” Additionally, Nashville’s low cost of doing business and consistent job and population growth favor the industrial market, and the pipeline for talent across all multiple industries remains full. Nashville’s industrial market is firing on all cylinders — with record low vacancy rates and historically high rents, which is driving robust speculative warehouse development. Interestingly, a new trend is occurring that is breaking the paradigms of traditional industrial space use — the appearance of the maker economy. These “makers” are modern, small-scale manufacturers that “are emerging as a revitalizing force in …
NEW YORK CITY — Eastern Consolidated has arranged the sale of a portfolio of nine mixed-use, elevator-serviced buildings in Manhattan’s Washington Heights neighborhood. WHP LLC acquired the portfolio, which totals 487,700 square feet, from Intervest Development Corp. for $165 million. Located on major corridors between W. 164th and W. 192nd streets, the portfolio consists of 413 apartments, of which 70 percent contain two or more bedrooms; 48 street-level retail stores; two professional offices; and one rooftop antenna. Marcia Rose Yawitz, Ron Solarz and Wade Hazelton of Eastern Consolidated represented the seller and procured the buyer in the deal.
BOSTON — Deka Immobilien GmbH has acquired an office building located at 175 Federal St. in Boston from Blackstone for $139 million. Built in 1979, the 220,000-square-foot building is leased to 34 tenants, with the major tenant being Fiduciary Trust Co., an independent asset manager. Additionally, the Class A property features 25 parking spaces. The buyer plans to place the property in the Deka-ImmobilienGlobal portfolio, an open-ended real estate mutual fund.