Property Type

The Boulder Group Arranges $4M Sale of Ground-Lease in Chicago

by Danielle Everson March 27, 2015

CHICAGO — The Boulder Group has arranged the $4 million sale of a single-tenant, First Midwest Bank ground-lease in Chicago. The property is located at 3220 W. 26th St. The building was originally built in 1984 and was renovated in 2007. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Chicago-based investor who purchased the property in a 1031 exchange. A West Coast-based real estate fund sold the property. There are more than 13 years remaining on the First Midwest Bank ground lease, which expires July 1, 2028. First Midwest Bancorp is a publicly traded company with a market capitalization in excess of $1.3 billion.

March 27, 2015

Loans Multifamily Texas

KeyBank Provides $22.9M Loan for Apartment Complex in Metro Houston

by Haisten Willis March 27, 2015

CYPRESS, TEXAS — KeyBank Real Estate Capital has secured a $22.9 million Freddie Mac CME loan for Avenues at Cypress, a multifamily apartment complex located in Cypress. The 240-unit, garden-style apartment complex was built in 2014. Chris Black of Key’s Commercial Mortgage Group arranged the financing, which was used to purchase the property from the developer. Stabilized occupancy is projected to be achieved this April.

March 27, 2015

Retail Texas

C1S Group Completes Renovation of Historic Industrial Building in Dallas

by Haisten Willis March 27, 2015

DALLAS — C1S Group, a Dallas-based engineering and construction firm, has restored a historic commercial building in Dallas’ Deep Ellum neighborhood. The property has been renovated to become the Bomb Factory, a new music venue. Clint and Whitney Barlow own the property. Westdale Real Estate Investment and Management is the developer. The venue is designed for live concert audiences from an early 20th century building. Originally an automotive plant and then a munitions factory during World War II, the Bomb Factory can now accommodate as many as 4,300 concert attendees. C1S Group transformed the 50,000-square-foot facility, located on Canton Street near downtown Dallas, by removing and replacing the existing roof structure in order to increase the overall facility height to 38 feet. This provides unobstructed views throughout and also allows for the addition of a mezzanine level for added capacity and to create a VIP area. The building contains a new stage, several bar areas, and artist amenities including including four dressing rooms, on-site laundry and workout facilities. The renovation also includes a new HVAC system as well as a new electrical system. The opening night performance on March 26 featured Dallas native and two-time Grammy winning performer Erykah Badu. …

March 27, 2015

Indiana Industrial Midwest

McNamara Florist to Move Corporate Headquarters to Indianapolis

by Danielle Everson March 27, 2015

INDIANAPOLIS — McNamara Florist has acquired a 176,000-square-foot industrial property in Indianapolis for an undisclosed sales price. The property is located on 7.3 acres at 1853 Ludlow Ave. The site of the florist’s new corporate headquarters will undergo extensive renovations. Occupancy is expected in the first half of 2016. The company headquarters currently occupies 58,000 square feet of leased space in Fishers, Ind. McNamara currently employs 120 people and the company will be relocating 70 of those positions to this facility. Bill French and Grant Lindley of DTZ represented McNamara in the property transaction. First Internet Bank provided financing for the acquisition and construction and Premier Capital Corp. provided a SBA 504 loan. April Hensley of Leech Hensley Architects will be the principal architect and Kort Builders will serve as the general contractor. McNamara also received a LISC façade improvement grant, which will be used to improve the exterior appearance of the building.

March 27, 2015

Multifamily Texas

CBRE Arranges Sale of Two Apartment Complexes in Dallas

by Haisten Willis March 27, 2015

DALLAS — CBRE Capital Markets has arranged the sale of Chapel Brook Apartments in northeast Dallas and Crosswinds Apartments in west Dallas. In a double tax exchange, Crosswinds Estates LLC purchased Chapel Brook from Santa Barbara, Calif.-based EXC Ventures LLC, while EXC Ventures LLC purchased Crosswinds Apartments from Crosswinds Estates LLC. Chris Deuillet of CBRE represented both sellers. Chapel Brook Apartments is a 204-unit community at 9765 Webb Chapel Road in the Bachman Lake area. It was constructed in 1969 and is 93 percent occupied. Crosswinds Apartments is a 48-unit, value-add community at 515 W. 10th St. in the Bishop Arts District. It was constructed in 1964 and is 96 percent occupied.

March 27, 2015

Retail Texas

Syndicate Fund Purchases Burleson Retail Center in Metro Dallas

by Haisten Willis March 27, 2015

BURLESON, TEXAS — Bloomfield Frontline Burleson Retail LLC has purchased a 17,860-square-foot shopping center located at 1055 SW. Wilshire Blvd. in Burleson. The company is a syndication partnership set up by managing partners Steve Fithian and Thomas Wilson. Clint Montgomery of Sperry Van Ness/Visions Commercial represented the seller, SPCP Group VI LLC. Built in 2008 on 2.3 acres, the retail center is located in the main Burleson retail corridor, adjacent to a Walmart. Tenants include CATO Fashions, Shoe Show, Fred Loya & Rodney D. Young Insurance, World Finance Corp. of Burleson and Perla Dental. The property was purchased through a real estate syndication set up by Fithian and Wilson.

March 27, 2015

Multifamily Texas

ARA Newmark Arranges Sale of 195-Unit Apartment Complex in Austin

by Haisten Willis March 27, 2015

AUSTIN, TEXAS — ARA Newmark has arranged the sale of a 195-unit apartment community located in the south central submarket of Austin. New York-based Clarion Partners sold Platinum Southside to FrontRange Capital Partners, a Denver, Colo.-based private equity firm that focuses on investments in both real estate and business operations. The property was 95 percent occupied at the time of sale. Platinum Southside was built in 2009. Layouts range from one-bedroom to two-bedroom designs. Amenities include a clubhouse, café with WiFi, billiards, business center, pool, grilling stations and picnic areas. Patton Jones of ARA Newmark represented Clarion Partners in the sale.

March 27, 2015

Industrial Kentucky Southeast

Coca-Cola Bottling Co. Consolidated Opens New Sales and Distribution Center in Louisville

by John Nelson March 27, 2015

LOUISVILLE, KY. — Coca-Cola Bottling Co. Consolidated has opened a new 305,000-square-foot sales and distribution center on Global Drive in southwest Louisville. The company invested roughly $12 million to renovate a vacant warehouse on a 25-acre site in Louisville for the new plant. The project also involved retrofitting office space and adding more than 100,000 square feet of new construction. The new facility will handle sales and distribution of Coca-Cola products in a 21-county area stretching from Owen County to Hardin County in Kentucky and Jefferson County to Harrison County in Indiana. The company currently has 350 employees working in the Louisville franchise territory. In addition, a new ‘make ready center’, which will handle deployment and refurbishing of vending and other sales equipment, is still under construction and will open later this spring. In addition to the Louisville franchise, Coca-Cola Consolidated also acquired the franchise in Evansville, Ind. The company has signed definitive purchase agreements for additional Kentucky franchises, including Lexington, Pikeville and Paducah, and hopes to conclude those transactions later in 2015. Charlotte-based Coca-Cola Consolidated is the nation’s largest independent bottler of Coca-Cola with franchise territories in 11 states.

March 27, 2015

Loans Multifamily North Carolina Southeast

HFF Arranges $26.5M Loan for Apartment Community in Raleigh

by John Nelson March 27, 2015

RALEIGH, N.C. — HFF has secured $26.5 million in financing for Summermill at Falls River, a 320-unit, Class A apartment community in Raleigh. Completed in 2002, the multifamily property features one-, two- and three-bedroom units averaging 1,095 square feet and was 96 percent occupied at the time of financing. Summermill at Falls River’s amenities include a swimming pool, fitness center, children’s playground, business center and access to walking trails at the Annie Louise Wilkerson, MD Nature Preserve Park. Matthew Schoenfeldt, Jason Bond, Jimmy Conley and Travis Anderson of HFF arranged the seven-year, interest-only loan through Freddie Mac’s CME program on behalf of the borrower, Banner Apartments LLC, a multifamily owner and developer based in Northbrook, Ill.

March 27, 2015

Retail Southeast Tennessee

The Shopping Center Group Leases Retail Center Underway in Memphis

by John Nelson March 27, 2015

MEMPHIS, TENN. — The Shopping Center Group is the leasing agent for a new retail center under construction at 6450 Poplar Ave. in east Memphis. Crown Centre LLC, an affiliate of Fogelman Investment Co., is developing the 29,000-square-foot retail center, which is adjacent to International Paper’s world headquarters. The building shell is expected to be complete in April.

March 27, 2015

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