Property Type

Missouri Valley REIT Acquires 696 Apartment Units in Greater Wichita, Kan.

by Christina Cannon September 18, 2015

WICHITA, KAN. — NAI Martens has brokered the sale of five apartment properties totaling 696 units in the Wichita area for an undisclosed price. Missouri Valley REIT Inc., a private real estate investment trust, was the buyer and Olderbak Enterprises South LLC was the seller. The acquisition was Missouri Valley REIT’s largest to date. The acquisition included Eastgate Apartments, High Point East Apartments and Morgan’s Landing in Wichita; Springcreek Apartments in Derby, Kan., and Northridge Crossing in McPherson, Kan. The purchase of all five properties is a continuation of the REIT’s strategy to invest in Class B multifamily assets in the Midwest and Upper Midwest. Nathan Farha and Jeff Englert of NAI Martens brokered the transaction. The name Missouri Valley REIT stems from its strategy of investing in markets that are substantially similar to cities where universities in the Missouri Valley Conference are located. These communities are generally in regions with a stable, growing economy.

September 18, 2015

Hospitality Midwest Wisconsin

Marcus & Millichap Brokers $3.5M Sale of Hotel Property in Wisconsin Dells

by Christina Cannon September 18, 2015

WISCONSIN DELLS — Marcus & Millichap has brokered the sale of the Ramada Wisconsin Dells, a 71-room hotel. The Ramada sold for $3.5 million and is located at 1073 Frontage Road East in the Wisconsin Dells, a popular tourist destination along the Wisconsin River in the south central part of the state.The property is 37,909 square feet. Jon Ruzicka of Marcus & Millichap represented the undisclosed seller. Ruzicka, along with Matthew Fitzgerald, also represented the unidentified buyer. The deal marks the second hotel property sale that Ruzicka has brokered in the Wisconsin Dells over the past year.

September 18, 2015

1101 and 1111 16th St. N.W. Washington DC

District of Columbia Office Southeast

Akridge, Stars Investments to Convert Two Properties in D.C. into One Trophy Office Building

by John Nelson September 18, 2015

WASHINGTON, D.C. — Akridge and its partner, Stars Investments, plan to redevelop 1101 and 1111 16th St. N.W. into one freestanding, 100,000-square-foot trophy office building. One block away from the new Fannie Mae headquarters and within view of the White House, the new property will feature a fitness center, rooftop terrace and parking. Akridge recently purchased the two assets from the American Beverage Association and the American Association of University Women. Eric Berkman, Steve Gichner and John Boland of Cushman & Wakefield brokered the transaction on behalf of the sellers. The new 1101 16th Street building will deliver in 2017.

September 18, 2015

Georgia Industrial Southeast

Trammell Crow, Clarion to Develop 1.8M SF Industrial Park in Northeast Georgia

by John Nelson September 18, 2015

JEFFERSON, GA. — Trammell Crow Co. (TCC) and Clarion Partners have formed a joint venture to purchase 122.5 acres of land along I-85 in Jefferson, roughly 60 miles northeast of Atlanta. The site will house Jefferson Mill Business Park, a new two-phase, Class A industrial park that will span nearly 1.8 million square feet. Phase I will feature an 822,257-square-foot bulk cross-dock warehouse and a 250,569-square-foot rear load distribution center. Construction will commence by the end of 2015 and be completed in 2016. Phase II of the park will be a 720,836-square-foot speculative or build-to-suit bulk cross-dock warehouse. Ben Logue and Price Weaver of Colliers International brokered the land sale and will also handle the leasing and marketing of the site on behalf of TCC and Clarion Partners.

September 18, 2015

Loans Multifamily Southeast Student Housing Virginia

Berkadia Arranges $48M Loan for Student Housing Property Near Virginia Tech

by John Nelson September 18, 2015

BLACKSBURG, VA. — Berkadia has arranged a $48 million loan for The Edge Apartment Homes, a newly constructed student housing property near Virginia Tech in Blacksburg. John M.R. Reed of Berkadia secured the 20-year, fixed-rate loan on behalf of the borrower, Related Properties I LLC, an affiliate of SAS Builders Inc., through a life insurance company. The fully occupied, 252-unit property features two-, three- and four-bedroom apartments and townhomes. Units are fully furnished and contain a washer and dryer. Amenities at the student housing community include high-speed internet, a fitness center, yoga room, student center, heated swimming pool, picnic area and a two-story clubhouse.

September 18, 2015

Multifamily South Carolina Southeast

Spencer/Hines Brokers $14.3M Sale of Apartment Community in Columbia

by John Nelson September 18, 2015

COLUMBIA, S.C. — Spencer/Hines Properties has brokered the $14.3 million sale of Bentley at Broad River Apartments, a 272-unit complex situated on 17.6 acres in Columbia. Scott Manhoff and Craig Jacobs of Spencer/Hines represented the seller, Intermark Bentley LLC, in the sale. The buyer was Salt Lake City-based RealSource Property Consulting LLC.

September 18, 2015

Florida Office Southeast

Kucera Renames One Progress Plaza  in St. Petersburg as Priatek Plaza

by John Nelson September 18, 2015

ST. PETERSBURG, FLA. — Kucera Properties has renamed One Progress Plaza, a 28-story Class A office tower in St. Petersburg, as Priatek Plaza. The office building was named after a tenant, Priatek, a startup tech firm that utilizes interactive kiosks in global mass marketing. Darin Kucera, managing partner of Kucera Properties, says that Priatek Plaza will be the only Class A office tower in the United States named for a technology startup. The tower spans more than 309,000 square feet of office and retail space and currently has a 90 percent occupancy rate. The terms of the renaming deal were not disclosed.

September 18, 2015

Healthcare Market Reports Texas Texas Market Reports

Healthcare Options Abound in Fast-Growing El Paso Area

by Haisten Willis September 18, 2015

El Paso is a thriving community with active investments across the area ranging from redevelopment of its downtown to new infrastructure across the city. Notable for being the safest city in the Unites States, El Paso is the sixth largest city in Texas and a vital part of one of the largest borderplex metropolitan economies in the world. The city is the focal point of more than $88 billion of the $530 billion annual trade between the United States and its third largest trading partner, Mexico. But trade isn’t the only industry thriving in El Paso, other sectors such as education and healthcare continue on a strong path forward given stable population growth and a significant military base. The City of El Paso has a population just over 679,000. Its metropolitan statistical area, composed of El Paso County and the more recently added Hudspeth County, is home to over 837,000 individuals. The area is projected to grow to nearly 863,000 residents by 2016. Historically, El Paso is among the fastest-growing metropolitan areas in the nation with an average growth per decade of 21 percent from 1960 to 2010. According to a recent report by the UTEP Border Region Modeling Project, …

September 18, 2015

Multifamily Seniors Housing Texas

Tradition-Lovers Lane Seniors Housing Community Opens in Dallas

by Haisten Willis September 17, 2015

DALLAS — Tradition Senior Living (TSL) has opened The Tradition-Lovers Lane Community, including independent living, assisted living and memory care, at 5850 E. Lovers Lane in Dallas. The complex is a rental community with no buy-in fee. The 7.5-acre campus includes the 202-unit independent living building and the 109-unit assisted living and memory care property fronting Milton Street. Jonathan Perlman is founder and CEO of Tradition Senior Living, which is developing, marketing and managing the project. Houston architects Meeks + Partners designed the independent living building, and Dallas architects D2 Architecture designed the assisted living and memory care property. The community will include a physical and occupational therapy center, a therapy pool with an underwater treadmill, nursing, a multi-sensory room and medication management. The Tradition-Lovers Lane is the second community developed by TSL.

September 17, 2015

Office Texas

Architecture Firm Pelli Clarke Pelli to Design Frost Tower in San Antonio

by Haisten Willis September 17, 2015

SAN ANTONIO — Architecture firm Pelli Clarke Pelli will design the Frost Tower, Frost Bank’s new headquarters and San Antonio’s first new downtown office tower in three decades. The architecture firm, based out of New Haven, Conn., will orchestrate the design of the 400,000-square-foot office tower. Fred Clarke and Bill Butler will lead the project. Pelli Clarke Pelli has designed and developed towers including the World Financial Center in New York and the Petronas Towers in Malaysia. Texas-based KDC will partner with Weston Urban to serve as the development team for the tower project. Alamo Architects will serve as the local consulting architects. Construction on the project is slated to begin next fall and will be completed in 2018 or 2019.

September 17, 2015

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