Property Type

Retail Specialists Opens 79 Commerce Mixed-Use Project in Montgomery

by John Nelson October 22, 2015

MONTGOMERY, ALA. — Retail Specialists LLC has opened 79 Commerce, a mixed-use development comprising apartment units and retail space in downtown Montgomery. The property is located on Bibb Street across from the Montgomery Convention Center. The project features 54 Class A apartment residences and 15,800 square feet of ground-floor retail space. Mellow Mushroom, a pizza eatery chain, plans to open its new restaurant at the development by the first quarter of 2016. Retail Specialists developed the project and is leasing and managing the project’s retail portion. Partners Realty is managing and leasing the residential portion of 79 Commerce. The design team includes architect Live Design Group, general contractor Brasfield & Gorrie and engineer Goodwyn, Mills and Cawood. Golden Bell Capital, a REIT based in Birmingham, and Iberia Bank provided construction financing.

October 22, 2015

Florida Hospitality Southeast

Quadrum, InSite Restore, Open Historic Hotel in South Beach

by John Nelson October 22, 2015

MIAMI BEACH, FLA. — Quadrum Global and InSite Group have opened Nautilus, a SIXTY Hotel in Miami Beach’s South Beach neighborhood. The partners purchased the property in 2011 and restored it into an upscale, 250-room property, which SIXTY Collective will operate. Originally built in the 1950s, Quadrum and InSite preserved and reconstructed the property’s porte cochere, 25-foot lobby ceilings, beveled windows, teal green tile, the famous Staircase to Nowhere and the Driftwood Room supper club. The rooms feature 48-inch TVs, vintage mini-bar chests, custom artwork and balconies with ocean views in select units. The property also features a penthouse suite on the eighth floor. The property’s amenities include a 1,890-square-foot heated saltwater pool with an underwater sound system, cabanas, pool bar, 24-hour fitness center and the Nautilus Cabana Club.

October 22, 2015

Industrial Mississippi Southeast

NAI UCR Properties Brokers $2.9M Sale of Retail/Warehouse Facility in Metro Jackson

by John Nelson October 22, 2015

PEARL, MISS. — NAI UCR Properties has brokered the $2.9 million sale of a 100,000-square-foot retail/warehouse facility in Pearl, a suburb of Jackson. The vacant property was originally a build-to-suit for a wholesale furniture retailer and featured a showroom and distribution center. The property is close to the intersection of I-55 and I-20 near the Jackson International Airport. Amerco Real Estate Co., which provides development and real estate services for U-Haul, purchased the facility and was self-represented in the transaction. Micah McCullough and Brett Bailey of NAI UCR Properties represented the seller.

October 22, 2015

Arizona Industrial Western

BKM Capital Partners Buys Koll Cotton Center in Phoenix for $26M

by Nellie Day October 22, 2015

PHOENIX — BKM Capital Partners has purchased the Koll Cotton Center, a 225,435-square-foot industrial business park in Phoenix, for $26 million. The seven-building center is located one mile south of Phoenix Sky Harbor International Airport. It was 77 percent occupied at the time of sale. JLL’s Mark Detmer and Bo Mills represented the seller, Clarion Partners.

October 22, 2015

California Healthcare Western

Construction Commences on New $90M Tehachapi Critical Care Replacement Hospital

by Nellie Day October 22, 2015

BAKERSFIELD, CALIF. — Construction has commenced on a new 25-bed Tehachapi Critical Care Replacement Hospital 35 miles southeast of Bakersfield. The $90 million project is a joint venture between Bernards and Colombo Construction. The 77,889-square-foot critical access facility will offer acute care and outpatient services. It will be the only healthcare facility in Tehachapi, a rural area of Kern County. The hospital will include 16 medical/surgical beds, four intensive care beds and a five-bed obstetrical (labor and delivery/postpartum) unit. It will also contain an emergency room, anesthesia services, a radiology/imaging center, a clinical laboratory, dietetic services space, a pharmacy and nearly 16,000 square feet for administrative offices. The property will also include facility support functions like a central plant, general storage area and laundry area. Tehachapi Critical Care Replacement Hospital is scheduled for completion in 2016. SWA Architects is designing the project.

October 22, 2015

Colorado Hospitality Western

Urban Commons Buys Renaissance Hotel in Denver for $44M

by Nellie Day October 22, 2015

DENVER — Urban Commons has purchased the 400-room Renaissance Hotel in Denver for a reported $44 million. The hotel is located at 3801 Quebec St. in the Stapleton neighborhood. The hotel includes 11 suites and about 30,000 square feet of meeting and function space, including the 11,700-square-foot Colorado Ballroom. The Renaissance is situated near the expanding Enterprise Business Park. It will also be in close proximity to the FasTrack East Corridor light rail line that should debut in 2016. James Escarzega, Steve Michels and Stephanie Tsai of Cushman & Wakefield’s Global Hospitality Group represented the seller, Trifecta Hotel D Owner LLC.

October 22, 2015

Arizona Office Western

Menlo Equities Buys Thistle Landing Office Park in Phoenix

by Nellie Day October 22, 2015

PHOENIX — An affiliate of Menlo Equities LLC has purchased the remaining three buildings of Thistle Landing office park in Phoenix for an undisclosed sum. The park is located at 4801, 4805 and 4811 E. Thistle Landing Drive. Thistle Landing includes four Class A office buildings. The park was built in 1998. Menlo had previously purchased the initial building. The park is fully leased to Fiserv Inc., United Healthcare, DISH Network and OptumRx. Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield represented the seller, Torchlight Investors LLC.

October 22, 2015

California Multifamily Western

Adagio on the Green Debuts in Mission Viejo

by Nellie Day October 22, 2015

MISSION VIEJO, CALIF. — Wermers Properties has debuted the 256-unit Adagio on the Green luxury apartment complex in Mission Viejo. The community is located at 26600 Oso Parkway. Adagio sits adjacent to the Mission Viejo Country Club.

October 22, 2015

Market Reports Michigan Midwest Midwest Market Reports Office

Resurgence of Downtown Grand Rapids Is Occurring on Many Fronts

by Christina Cannon October 22, 2015

Downtown Grand Rapids is booming with commercial real estate activity, and it’s coming from many directions. The combination of new residential units, restaurants, bars and a variety of entertainment options is leading people to not only live downtown, but also work and play downtown. Activity in the downtown office market — including office leases, new mixed-use construction and new retail — has increased over the last couple of years, and there is no sign of it slowing down. The overall office vacancy rate in the central business district (CBD) decreased from 9.4 percent in the first quarter to 8.25 percent in the second quarter. While Class A office space has performed well in recent quarters, there was a slight increase in the vacancy rate during the second quarter. As for Class B space, we observed a sizable decrease in the vacancy rate, from 10.1 percent in the first quarter to 8.5 percent in the second quarter. As a whole, the CBD office market experienced positive absorption of 74,293 square feet during the second quarter. Rental rates stabilized in the second quarter after increasing for the past several quarters. Meanwhile, some new construction and planned construction is hitting the market at …

October 22, 2015

Hospitality Texas

Acquire Completes Funding for DoubleTree by Hilton DFW Airport

by Haisten Willis October 21, 2015

DALLAS — Acquire Real Estate, a real estate crowd investing platform, has closed its investing fund for the DoubleTree by Hilton DFW Airport, a 282-room, eight-story hotel located adjacent to Dallas-Fort Worth Airport. The project attracted investors from across the country that contributed between $5,000 and $75,000. Acquire Real Estate provided $262,500 in funding for the hotel. Investors are projected to receive average annual returns above 20 percent paid quarterly over a seven- to 10-year term. The property is located less than two miles from Dallas/Fort Worth International Airport. Hotel amenities include 17,000 square feet of function space, a full-service business center and airport shuttle services. The Buccini/Pollin Group purchased the property in January 2015 for an undisclosed amount.

October 21, 2015

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