Property Type

Shoppes at St. Lucie West Port St. Lucie

Menin Development Sells Shopping Center in Port St. Lucie for $77M

by John Nelson January 25, 2016

PORT ST. LUCIE, FLA. — An affiliate of Delray Beach, Fla.-based Menin Development has sold Shoppes at St. Lucie West, a 265,000-square-foot shopping center in Port St. Lucie, to an institutional investor group for $77 million. The center’s anchor tenants include Publix, LA Fitness, Home Goods and Burlington Coat Factory. In addition to the retail space, the sale includes 13 acres of undeveloped land that is entitled for 120,000 square feet of retail space. Menin has now sold more than $300 million of its shopping center portfolio over the past 14 months, shifting its focus toward acquiring single-tenant and high-street retail and mixed-use properties across South Florida and the West Coast.

January 25, 2016

Maryland Retail Southeast Virginia

Retail Properties of America Buys Two Shopping Centers in Mid-Atlantic for $72.7M

by John Nelson January 25, 2016

FALLS CHURCH, VA. AND HAGERSTOWN, MD. — Retail Properties of America Inc. (RPAI) has acquired a two-property portfolio of shopping centers in the Baltimore-Washington, D.C. corridor for a combined purchase price of $72.7 million. The Oak Brook, Ill.-based shopping center REIT purchased the 138,000-square-foot Merrifield Town Center II in Falls Church for $45.7 million and the 113,000-square-foot Shoppes at Hagerstown in Hagerstown for $27 million. RPAI owns both Merrifield Town Center I and II and plans to redevelop Merrifield II into a mixed-use project that will complement Merrifield I. Shoppes at Hagerstown was 93 percent leased at the time of sale to tenants such as Best Buy, Party City, Dollar Tree, Five Below and Starbucks Coffee.

January 25, 2016

Mixed-Use North Carolina Southeast

Federal Capital Partners Acquires Restored Tobacco Mill Campus in Downtown Durham for $18M

by John Nelson January 25, 2016

DURHAM, N.C. — Federal Capital Partners (FCP) has purchased the Venable Center, a three-property, 85,886-square-foot mixed-use campus located at 303 S. Roxboro St. in downtown Durham, for $18 million. The property comprises three restored tobacco mill office buildings that are listed on the National Register of Historic Places. The buildings include office, retail and lab space. Venable Center was 99 percent leased at the time to tenants including Precision Biosciences, which recently signed a long-term lease to extend and expand its space.

January 25, 2016

Florida Retail Southeast

Marcus & Millichap Brokers Sale of Two Retail Centers in Broward County for $14.2M

by John Nelson January 25, 2016

POMPANO BEACH AND LAUDERHILL, FLA. — Marcus & Millichap has arranged the sales of two shopping centers in Broward County totaling $14.2 million. The properties include the 74,575-square-foot Palm Plaza in Pompano Beach and the 66,103-square-foot Oakbrook Plaza in Lauderhill. Palm Plaza comprises two retail buildings, an Enterprise outparcel, a four-pump gas station and an industrial/flex building. Oakbrook Plaza is leased to a mix of local retailers and Dunkin’ Donuts. A partnership based in Plantation, Fla., purchased Palm Plaza for $7.5 million and Oakbrook Plaza for $6.7 million. Douglas Mandel of Marcus & Millichap represented the sellers in both transactions, and Adam Duncan and Joseph Thomas of Marcus & Millichap represented the buyer in the Palm Plaza transaction.

January 25, 2016

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Finish Construction of $12.9M Skilled Nursing Facility in Indiana

by Christina Cannon January 25, 2016

MOORESVILLE, IND. — Mainstreet, a skilled nursing developer based in Indiana, and Trilogy Health Services, an operator based in Kentucky, have completed construction of The Springs of Mooresville, a 70-bed skilled nursing facility in Mooresville, a suburb of Indianapolis. Construction began in March 2015. The community is now open. The 48,034-square-foot building cost $12.9 million to develop.

January 25, 2016

Indiana Industrial Midwest

HSA Commercial Arranges 100,335 SF Industrial Lease in Indianapolis Suburb

by Christina Cannon January 25, 2016

PLAINFIELD, IND. — HSA Commercial Real Estate has arranged a 100,335-square-foot industrial lease in Plainfield, a southwestern suburb of Indianapolis. Kuehne + Nagel, a Switzerland-based global logistics service provider, will be expanding its lease at Gateway Industrial III, bringing the building to full occupancy. The 220,000-square-foot distribution center is located at 1025 S. Columbia Road. Kuehne + Nagel currently occupies 59,895 square feet at the facility. A partnership between HSA Commercial Real Estate and Great Point Investors LLC developed the building in 2014. HSA Commercial expects to break ground on a new 150,000-square-foot distribution center within the Gateway Business Park this summer. Located on a nine-acre site at the intersection of Columbia and Midfield roads, the proposed facility will feature 32-foot clear heights, 32 truck docks, four drive-in doors and parking for 156 vehicles. Terry Busch and John Hanley of CBRE represented the ownership in the lease transaction.

January 25, 2016

Illinois Midwest Multifamily

The Wernke Team Arranges Sale of Student Housing Property in Urbana

by Christina Cannon January 25, 2016

URBANA, ILL. — The Wernke Team has arranged the sale of Lincoln Place Apartments, a 60-unit, 155-bed student housing community located in Urbana, for an undisclosed price. Lincoln Place Apartments purchased the property from Busboom Investments. Built in 1984, Lincoln Place Apartments encompasses approximately two acres and contains three three-story buildings. The community includes a mixture of one-, two- and three-bedroom apartments. Michael Wernke and Chris Hentschel of RESOURCE Commercial Real Estate, in conjunction with Colliers International, arranged the sale of the property.

January 25, 2016

Healthcare Midwest Ohio

Doster Construction Co. to Build 60-Bed Hospital in Columbus Suburb

by Christina Cannon January 25, 2016

WESTERVILLE, OHIO — Doster Construction Co. has been selected to build a 60,000-square-foot hospital in Westerville, approximately 15 miles northeast of Columbus. The new 60-bed hospital will replace an inpatient rehabilitation unit at Mount Carmel West. The hospital will help patients transition from the hospital to home after suffering from a stroke, brain injury, major orthopedic surgery or other major illness or injury. The new facility will be located at the intersection of Polaris Parkway and Cleveland Avenue. Doster Construction Co. is the general contractor. Gresham, Smith and Partners is the architect of record. The hospital will be jointly developed and operated by HealthSouth Corp. and Mount Carmel Health System.

January 25, 2016

Georgia Market Reports Retail Southeast Southeast Market Reports

Mixed-Use Projects with Grocery Anchors Top the Bill for Atlanta Retail Market

by John Nelson January 25, 2016

Economic indicators that support the retail market in Atlanta, like unemployment and the addition of non-farm payroll jobs, show positive signs that the sector has recovered from the economic downturn. Unemployment dropped to 6.1 percent in July 2015, compared with 7.6 percent a year earlier, and companies are showing no signs of slowing down on the hiring process. Non-farm payroll jobs in July reached 2.58 million, an increase of 85,000 jobs, or 3.4 percent, from a year ago. Atlanta’s vacancy rate continues to fall, dropping from 8.1 percent earlier this year to 7.9 percent in the second quarter, according to CoStar. While space is hard to come by, the good news is that some developments are popping up. In fact, during the second quarter, 12 buildings were completed totaling 208,524 square feet. Mixed-use projects featuring multifamily units are still active, particularly when a grocery store anchor is involved. Fuqua Development is building a six-acre project on Piedmont Road near Cheshire Bridge Road that will feature 300 apartment units, as well as 34,000 square feet of retail space. Sprouts Farmers Market will anchor the retail space with a 26,000-square-foot store. Fuqua Development also broke ground on Kennesaw Marketplace in June. Academy …

January 25, 2016

California Multifamily Student Housing Western

Vertex, Harrison Street Buy Student Housing Project in Sacramento

by Nellie Day January 22, 2016

SACRAMENTO, CALIF. — VerTex Student Housing Partners, a joint venture of Vermilion Development and TEXLA Housing Partners, has acquired The Element, a 288-unit, 792-bed student housing development near Sacramento State University, for an undisclosed price. The acquisition is the fourth transaction in partnership with Chicago-based Harrison Street Real Estate Capital. The Element is located less than one mile from the campus, and was originally constructed in 2004. The garden-style property consists of 18 three-story residential buildings and a clubhouse and leasing office. The partnership will soon implement operational and capital improvements. VerTex Student Housing Management will act as property manager of the asset. All units are fully furnished with amenities such as full-size washers and dryers, microwaves, dishwashers, access to the Internet and digital satellite television. The community amenities include a resort-style swimming pool and hot tub, half-size indoor basketball court, fitness center and sand volleyball court. Additionally, a game room, resident business center, student lounge, private shuttle to campus and other amenities are available to all residents. VerTex has now acquired 3,200 beds with Harrison Street Real Estate Capital. Senior Vice President at TSB Capital Advisors Shawn Sweeney helped arrange the acquisition loan with Capital One.

January 22, 2016

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