Property Type

PwC Signs 66,304 SF Lease in Class A Office Building in Downtown Minneapolis

by Christina Cannon October 14, 2015

MINNEAPOLIS — City Center Realty Partners LLC has signed auditing and consulting firm PricewaterhouseCoopers (PwC) to a 66,304-square-foot office lease at Plaza Seven in downtown Minneapolis. Plaza Seven is a Class A office building located in the heart of the Nicollet Mall corridor. PwC will occupy four-and-a-half floors at the top of the mixed-use tower. The office space is 335,000 square feet and sits on top of the Radisson Blu Hotel, which recently underwent a multi-million dollar renovation undertaken by City Center Realty Partners. The Radisson Hotel occupies floors 3-16 of the Plaza Seven building, with the office tower occupying floors 17-36. The first three floors of the tower are allocated for parking. The lease term is 12.5 years, and PwC will move into its new location in mid-2016. PwC has acquired naming rights to Plaza Seven and will rename the building in the coming months. The lease signing brings the building to 100 percent occupancy. Other tenants include Epsilon, Northland Securities, Haworth Marketing + Media and Jacobs Marketing. JLL represented the owner, San Francisco-based City Center Realty Partners, in the transaction. CBRE and Frauenshuh represented PwC. Angelo, Gordon & Co. served as investment advisor to City Center Realty Partners.

October 14, 2015

Illinois Midwest Office

Equus Affiliate Acquires 10-Story MetroWest Office Building in Chicago Suburb

by Christina Cannon October 14, 2015

NAPERVILLE, ILL. — An affiliate of Equus Capital Partners Ltd. has acquired an office building located at 55 Shuman Blvd. in Naperville, a western suburb of Chicago, for an undisclosed price. The 205,282-square-foot MetroWest building was 92 percent occupied at the time of sale. Tenants include Wells Fargo, Dun & Bradstreet, Stanley Convergent Security Solutions and UPM Kymmene Inc. Paul Lundstedt, Dan Deuter, Tom Sitz and Cody Huntermark of CBRE represented the seller, a joint venture between Franklin Partners LLC and Bixby Bridge Capital LLC. The property was built in 1986 and is situated on 11.3 acres. The 10-story office building includes a front patio, outdoor putting green, fitness center, deli, conference room and 598 surface parking spaces. The acquisition was made on behalf of Equus Investment Partnership X LP.

October 14, 2015

Industrial Midwest Ohio

Hillwood Investment Properties Acquires 484,216 SF Industrial Property in Columbus

by Christina Cannon October 14, 2015

COLUMBUS, OHIO — Hillwood Investment Properties has acquired Rickenbacker 8, a 484,216-square-foot industrial property located in Columbus, for an undisclosed price. The Class A warehouse was completed in 2014. Hillwood Investment acquired the property from Founders Capital. Features include 32-foot clear heights, trailer storage, ESFR sprinklers and ample car parking. The building is currently available for lease. Dan Wendork, Steve Kuhr and Adam Bornhorst of JLL brokered the transaction.

October 14, 2015

Illinois Midwest Office

PREMIER Design + Build Group Breaks Ground on 5,118 SF Children’s Medical Office in Itasca, Ill.

by Christina Cannon October 14, 2015

ITASCA, ILL. — PREMIER Design + Build Group LLC has broken ground on a children’s pediatric medical office building in Lake in the Hills, a village in Itasca about 30 miles northwest of Chicago. The 5,118-square-foot building was commissioned by Children’s Medical Group S.C. and is slated to open in early 2016. The medical office will feature 12 patient exam rooms, two treatment rooms, a dedicated breastfeeding room and separate waiting and exam rooms for sick and well children.

October 14, 2015

Georgia Loans Multifamily Southeast

Greystone Provides $58M Loan for Apartment Community in Metro Atlanta

by John Nelson October 14, 2015

MARIETTA, GA. — Greystone has provided a $58 million bridge loan to recapitalize the ownership of Watermark at East Cobb, a 510-unit apartment property in Marietta, a northern suburb of Atlanta. The apartment community features two resort-style pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and a pet park. Keith Hires and Greg Krafcik of Greystone originated the three-year bridge loan on behalf of the borrower, Cortland Partners. Mike Galla and David Collie of iCap Realty Advisors arranged the loan, which Cortland Partners will use to repay current debt, recapitalize membership interests and position for permanent financing.

October 14, 2015

300 Cormorant Place Frederick The Retreat at Market Square

Maryland Multifamily Southeast

Inland Residential Properties Trust Purchases Apartment Community in Metro Baltimore for $45.8M

by John Nelson October 14, 2015

FREDERICK, MD. — Inland Residential Properties Trust Inc., a non-listed REIT sponsored by Inland Real Estate Investment Corp., has purchased The Haven at Market Square, a 206-unit apartment community in the Baltimore suburb of Frederick, for approximately $45.8 million. Built in 2014 and located at 300 Cormorant Place, Inland Residential will soon rebrand the property as The Retreat at Market Square. Each unit at the property features 9-foot ceilings, gourmet kitchens and full-size washer and dryer units, and select units feature private screened-in balconies or sunrooms. The multifamily community’s amenities include a clubhouse with a 24-hour fitness center, community kitchen, Internet café, sports simulator, resort-style swimming pool, two grilling areas, an outdoor fireplace and a playground. Joe Cosenza of Inland Real Estate Acquisitions facilitated the purchase on behalf of Inland Residential.

October 14, 2015

Georgia Retail Southeast

Lincoln Property Co. Southeast, SRS Broker $23M Sale of Regional Power Center in Georgia

by John Nelson October 14, 2015

WARNER ROBINS, GA. — Lincoln Property Co. Southeast and SRS Real Estate Partners have arranged the $23 million sale of City Crossing, a 298,933-square-foot regional power center located at 2620 Watson Blvd. in Warner Robins, roughly 20 miles south of Macon, Ga. The property was 86 percent leased at the time of sale to tenants such as The Home Depot (not part of the transaction), Ross Dress for Less, HomeGoods, Old Navy and Michaels. D&J Real Estate Management purchased the property from Wells Fargo Bank NA. Tony Bartlett and Chris Sipple of Lincoln, along with Kyle Stonis and Pierce Mayson of SRS, represented the seller in the transaction. Wells Fargo engaged Lincoln Property Co. Southeast in 2012 as the receiver of the asset, and the Dallas-based firm leased and managed the asset during that time.

October 14, 2015

Mixed-Use North Carolina Southeast

Beacon Partners Acquires Mixed-Use Asset in Charlotte for $21.7M

by John Nelson October 14, 2015

CHARLOTTE, N.C. — Charlotte-based Beacon Partners has purchased Park Village, a 92,222-square-foot mixed-use asset located at 1520 South Blvd. in Charlotte, for $21.7 million. Located adjacent to the LYNX light rail station in Charlotte’s South End neighborhood, the property features one floor of ground-level retail space and two stories of office space. Park Village’s tenant roster includes Aveda Institute, Beasley Media Group and Carrabba’s. Patrick Gildea led CBRE in representing the sellers, Ferncroft Capital and PRP LLC, in the transaction.

October 14, 2015

Industrial South Carolina Southeast

Binswanger Arranges $3.1M Sale of Industrial Building in South Carolina

by John Nelson October 14, 2015

GRAY COURT, S.C. — Binswanger has brokered the $3.1 million sale of a 91,264-square-foot, single-story industrial building located at 100 ISO Parkway in Gray Court. The facility is situated on a 20-acre lot roughly two miles south of I-385. The property features a six-foot concrete floor, insulated metal walls and roof, ceiling heights ranging from roughly 26 feet in the warehouse to more than 50 feet in the production area, metal halide lighting, sprinkler system, 4,900 square feet of office space, seven dock-high doors and one drive-in door. In addition, the property includes an on-site rail spur provided by Rail America via a short line connection to CSX. Mogul Novwovens, a Turkish producer of medical and personal wet wipes, purchased the facility for manufacturing and to expand its product line. Mogul plans to hire 38 employees and begin operating out of the facility in the second quarter of 2016. The company purchased the asset from Polymer Group Inc. Shaun Kirchin and Doug Faris of Binswanger represented Polymer Group in the transaction.

October 14, 2015

Market Reports New York Northeast Northeast Market Reports Retail

New York City: Retail Riding High Again

by Jaime Lackey October 14, 2015

Seven years after the worst recession this country has seen since the Great Depression, New York City is riding high again. Manhattan has emerged as a vital center for global retail activity where we continue to see dynamic growth — driven by its economic fundamentals, urban migration, and its cultural and lifestyle attractions. Gone are the days when suburban expansion sounded the death knell for high street retail. Since 2010, in the near-aftermath of the economic collapse and for the first time in decades, urban cores are growing at a faster rate than their suburban counterparts. Eighty percent of Americans now live in urban areas, and retailers and property owners in New York City and around the world are scrambling to adapt. Millennials represent 24 percent of the overall U.S. population and are leading this urban charge. They want to live close to work. They’re driven by technology — and they demand an omni-channel retail experience that integrates smartphone and tablet use with a personalized, service-oriented, in-store approach. And importantly, it’s estimated they will represent nearly 30 percent of U.S. retail spending — the total of which was $4.6 trillion this year — by 2020. Manhattan also continues to benefit …

October 14, 2015

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