Property Type

Rubenstein Partners Sells Seven-Building Office Portfolio Near Cleveland for $30M

by Christina Cannon January 11, 2016

FAIRLAWN, OHIO — Rubenstein Partners LP, along with an affiliate of Mark Munsell, has sold a seven-building office portfolio in Fairlawn, approximately 30 miles south of Cleveland, for $30 million. Embassy Park Akron LP, an affiliate of Group RMC, acquired the Class A portfolio. The properties are known collectively as the Embassy Parkway Portfolio. John Dellagnese & Associates built the seven assets, which total 400,000 square feet. The portfolio was approximately 80 percent occupied at the time of sale. Russell Rogers and Thomas Gustafson of Colliers International brokered the deal. Colliers International also brokered the transaction in 2012 when Rubenstein Partners acquired the portfolio.

January 11, 2016

Midwest Missouri Multifamily Student Housing

ACC to Develop Student Housing Community Near the University of Missouri

by Christina Cannon January 11, 2016

COLUMBIA, MO. — American Campus Communities (ACC) will develop a 718-bed student housing community adjacent to the University of Missouri campus in Columbia. U Centre on Turner will consist of 182 units located at the intersection of 5th Street and Turner Avenue. The development, expected to come on line in the fall of 2017, will include 177 four-bedroom, four-bathroom units and five two-bedroom, two-bathroom units in two buildings, surrounding a controlled-access parking garage. U Centre on Turner will include a 12,000-square-foot community center with a fitness center, game room, offices and academic success center. The project will also include a courtyard with a pool, spa and outdoor cooking stations. The site is a 3.8-acre assemblage that was purchased last year. Kurt Hollenberg of United Country-Commercial represented the seller, Ginger C LLC. Thomas Horvath of CR Commercial Realty represented American Campus Communities in the transaction.

January 11, 2016

Michigan Midwest Retail

Namdar Realty Group Acquires 160,500 SF Shopping Center Near Ann Arbor

by Christina Cannon January 11, 2016

YPSILANTI, MICH. — Namdar Realty Group has acquired a 160,500-square-foot retail center in Ypsilanti, approximately eight miles southeast of Ann Arbor, for an undisclosed price. Gault Village Marketplace is a one-story shopping center that includes tenants such as Family Dollar, Advance America, Measurement Incorporated, New Image Beauty, China One and Gault Village Cleaners. Namdar plans on upgrading the property and targeting new tenants. Gault Village Marketplace is located at 1005-1075 Emerick St. The property is situated on 13.2 acres and includes 1,200 parking spaces. Joel J. Gorjian of Namdar completed the acquisition on behalf of the company. The seller in the transaction was a private investor.

January 11, 2016

Midwest Minnesota Mixed-Use

Marcus & Millichap Brokers $5.8M Sale of Mixed-Use Property in Minneapolis

by Christina Cannon January 11, 2016

MINNEAPOLIS — Marcus & Millichap has brokered the sale of a mixed-use property in Minneapolis for $5.8 million. The Alden consists of 68 apartment units and two levels of office space that total 10,000 square feet. The property, located at 1201 Hawthorne Ave. W., was originally built in 1925 as a hotel. The building was renovated in 1990 and now features 52 studio apartments ranging from 235 square feet to 418 square feet and 16 one-bedroom units ranging from 457 square feet to 657 square feet. Mox Gunderson and Dan Linnell of Marcus & Millichap secured and represented the buyer, an undisclosed partnership that plans on updating the building. The duo, along with Marcus & Millichap’s Josh Talberg, also listed the property on behalf of the seller, an undisclosed partnership.

January 11, 2016

Iowa Midwest Multifamily Seniors Housing

SLIB Brokers $3.1M Sale of Skilled Nursing and Independent Living Communities in Iowa

by Christina Cannon January 11, 2016

SIOUX CITY, IOWA — Senior Living Investment Brokerage has arranged the sale of Countryside Nursing & Rehab, a 222-bed skilled nursing facility, and Four Seasons Countryside Estates, an independent living community, for a combined $3.1 million. The two properties are located a half mile from each other in Sioux City, near the Nebraska border. The buyer was Ide Management Group, an Indiana-based owner-operator expanding its footprint in Iowa. The seller was a public REIT looking to divest the non-core asset. Countryside Nursing & Rehab is 68,457 square feet and sits on 8.5 acres. It was originally built in 1965 and most recently renovated in 2003. Four Seasons Countryside Estates includes 45,553 square feet of space and sits on 5.4 acres. It was built in 1936 and renovated in 1986. Ide will invest in updates to the skilled nursing portion of the portfolio to help improve a low occupancy rate of 35 percent. Ryan Saul and Jeff Binder led the SLIB team in the deal.

January 11, 2016

Georgia Industrial Market Reports Southeast Southeast Market Reports

Atlanta’s Industrial Market Continues Historic Pace of Sales, Leasing Activity

by John Nelson January 11, 2016

Atlanta’s industrial market is hotter than the proverbial pistol. Second-quarter activity set a single-quarter record with more than 18.2 million square feet leased or sold. When added to the activity from the previous three quarters, Atlanta strung together more than 59.6 million square feet of completed transactions. This represents the second highest activity level ever recorded for a four-quarter period. There was more than 6.3 million square feet of positive net absorption. Combined with the previous three quarters, Atlanta shows a total of more than 19.7 million square feet of positive net absorption for the last four quarters. For the second quarter, the availability rate dropped one-tenth of a percent to 14 percent — the lowest it has been since the fourth quarter of 2000. And just four to five years ago, the overall availability rate was above 20 percent. Development and construction are absolutely booming. With more than 7 million square feet of new construction recorded during the second quarter, the market also set a record for new construction in a single quarter. When looking at the four-quarter total, we see more than 18.8 million square feet of new construction — a level not seen since 1998. Of that …

January 11, 2016

Georgia Office Southeast

Shorenstein Properties Acquires 1.3 Million SF Bank of America Plaza in Atlanta

by Christina Cannon January 8, 2016

ATLANTA — Shorenstein Properties LLC, acting on behalf of Shorenstein Realty Investors Eleven, has acquired the 1.3-million-square-foot Bank of America tower in Atlanta. According to the Atlanta Business Chronicle, the plaza was appraised at $236.5 million and that someone close to the deal indicated a $220 million purchase price. CWCapital, which acquired the building in 2012 after BentleyForbes lost the tower to foreclosure, was the seller. The 55-story building is currently the 11th tallest building in the United States. Built in 1992, the Bank of America Plaza is located at 600 Peachtree St. NE. The building is currently 45 percent leased and provides over 1,200 parking spaces and floor plates that range from 20,000 to 25,000 square feet. The 1,023-foot building was designed by Kevin Roche John Dinkeloo and Associates. Amenities include a conference center, 4,000-square-foot auditorium, bank with ATMs, Gallery Café and a 17,000-square-foot health club and spa. Shorenstein plans to make investments to the lobby and amenity areas, as well as cosmetic improvements and upgrades throughout the building.

January 8, 2016

Office Texas

Regent Properties to Invest $100M in Corporate Campus Renovation in Plano

by Haisten Willis January 8, 2016

PLANO, TEXAS — Regent Properties plans to redevelop Legacy Central, a mixed-use campus located at Legacy Drive and Central Expressway in Plano. Regent acquired the property on Dec. 17, 2015. The $100 million campus renovation will accommodate office tenants ranging from 25,000 to 1 million square feet in four existing buildings on 84 acres. The buildings will be retrofitted while undeveloped land will be readied for complementary uses, such as restaurants, a hotel and retail, as well as additional mid-rise office buildings in the future. The site is entitled for up to 3.7 million square feet, allowing office tenants an expansion opportunity via additional office buildings on a build-to-suit basis. A ground breaking is planned for the second quarter of 2016. The property was acquired from Texas Instruments (TI), which had owned the site since the 1980s and built the four office buildings and fitness center for its own use. TI will lease back two of the buildings through 2016, finalizing a phase-out from the campus. The renovations will include indoor and outdoor conference rooms, a 150-seat auditorium, 30,000-square-foot fitness center, yoga rooms, lap swimming pool, sand volleyball court, tennis court, rock climbing wall, indoor basketball court, one-mile jogging/biking trail, …

January 8, 2016

Hospitality Texas

Central Texas Medical Investments Sells Medical Office Building in Waco

by Haisten Willis January 8, 2016

WACO, TEXAS — Central Texas Medical Investments, a physician-owned limited partnership, through a joint sale, has transferred ownership of two medical office buildings in Waco. The Class A assets are located at 601 W. Highway Six and 6600 Fish Pond Road and are known as the Six West and Fish Pond Medical office buildings. They were built in 2006 and 2000 and span 107,744 and 54,901 square feet, respectively. Six West is 100 percent occupied, while Fish Pond is 94 percent occupied. HP Waco Six Medical is the new owner. Triliji Group of Waco served as the listing broker and advisor to Central Texas Medical Investments, while Medical Real Estate, with cooperation from Stealth Realty Advisors of Houston, procured HP Waco.

January 8, 2016

Mesquite-Texas-951-Town-East-Boulevard-Skyline-Bus-Park-Building-one

Industrial Texas

Binswanger Negotiates Industrial Lease in Metro Dallas

by Haisten Willis January 8, 2016

MESQUITE, TEXAS —Binswanger has negotiated an industrial lease of 300,283 square feet at Skyline Business Park Building 1, located at 951 Town E. Blvd. in Mesquite. The lease was arranged on behalf of the tenant, We Pack Logistics. We Pack Logistics is a national supply chain management firm providing clients with contract packaging and distribution services. The company is launching operations in the facility this month for a new client contract in the food and beverage industry. Skyline Business Park Building 1 is a rail-served, 457,076-square-foot warehouse/distribution facility located on 27.7 acres. The property is located at Chase Road and Skyline Drive, adjacent to the Union Pacific Railroad Intermodal yard with access to I-635 and US-80. Holmes Davis of Binswanger’s Dallas office handled the transaction for the tenant. John Hendricks with CBRE represented the landlord, LIT Industrial.

January 8, 2016

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