Property Type

Tower Properties Unveils Plans to Renovate, Revitalize 6601 College Blvd. Building in KC

by Jonathan Mehall August 13, 2015

OVERLAND PARK, KAN. — Tower Properties will completely renovate and revitalize the 6601 College Boulevard building, when engineering and consulting firm Black & Veatch vacates the premises at the end of this year. The $20 million project will include a new glass façade, updated mechanical systems and new interior finishes and amenities. The renovation is expected to position the six-story, 101,000-square foot office building constructed in 1979 as one of the upper-echelon properties in the Overland Park office market. Tower Properties has hired RMTA Architects to design the improvements, and Jonkman Construction to renovate the building’s interior and exterior. The building’s mechanical systems will be designed by SNS Engineering and will be completely modernized. Construction will begin in January 2016, and Tower anticipates the renovated building will be available for occupancy in the fall of 2016. Tower Properties has retained Rollie Fors and Adam Tilton, both senior partners with Colliers International, to market the building. New tenants will benefit from the extensive natural light throughout the building and collaborative exterior green space, says Tilton. According to the Kansas City Business Journal, Black & Veatch is consolidating a total of 700 employees into a single 175,000-square-foot space at Overland Park Xchange, …

August 13, 2015

Midwest Minnesota Multifamily Seniors Housing

WNC Provides $3.2M in LIHTC Equity to Fund Affordable Seniors Housing Community in Minneapolis

by Jonathan Mehall August 13, 2015

MINNEAPOLIS — WNC, a national investor in real estate and community development initiatives, has provided $3.2 million in low-income housing tax credit equity (LIHTC) to fund the development of Hi-Lake Triangle Apartments, a newly constructed 64-unit affordable seniors housing community in Minneapolis. Hi-Lake Triangle Apartments is a six-story building comprised of 53 one-bedroom and 11 two-bedroom units. Located at 2230 E. Lake St., approximately three miles from downtown Minneapolis, the elevator-serviced community is part of a mixed-use development containing 5,385 square feet of ground-floor retail space. Hi-Lake Triangle Apartments offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access and onsite management. Each unit is equipped with central air conditioning. The building’s parking area includes 41 spaces reserved for tenants of Hi-Lake Triangle Apartments. Hi-Lake Triangle LLC served as the general partner of the project, while Stephen B. Wellington Jr. served as the project developer. Wellington Management Inc. received the LIHTC financing to help fund the development, which took nearly 10 months to complete.

August 13, 2015

Midwest Restaurant Retail

Marcus & Millichap Brokers Sale of 6,260 SF Net-Leased Restaurant Property in Minnesota

by Jonathan Mehall August 13, 2015

APPLE VALLEY, MINN. — Marcus & Millichap has brokered the $2.55 million sale of a 6,260-square foot net-leased property occupied by Red Robin, a gourmet hamburger restaurant, in Apple Valley. The restaurant is located at 15560 Cedar Ave., about 19 miles south of Minneapolis. Mike Marzinske, Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. The transaction reflects the trend of capital gravitating from coastal markets to the Midwest for properties that are well located and occupied by strong-performing tenants, says Hazelton. “We have observed this trend throughout the year and foresee it remaining sustainable through the end of 2015.”

August 13, 2015

Michigan Midwest Office

Friedman Arranges 11,754 SF Office Lease in Southfield, Mich.

by Jonathan Mehall August 13, 2015

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged an 11,754-square-foot office lease at Nine Mile Crossing, located at 17515 W. Nine Mile Road, Suite 600, in Southfield, a Detroit suburb. The landlord, TNHYIF TRS INC., leased the space to Language Center International Inc. (LCI), which teaches English as a second language. Established in 1987, the private language school provides citizens, immigrants and non-immigrants with language training for academic or personal purposes. Nine Mile Crossing is 12-story, 140,417-square-foot building that was constructed in 1969. Rick Tabbi of Friedman represented the landlord in the transaction.

August 13, 2015

District of Columbia Loans Office Southeast

Capital One Closes $110M Loan to Refinance Office Building in D.C.

by John Nelson August 13, 2015

WASHINGTON, D.C. — Capital One has closed a $110 million non-recourse bridge loan for the refinancing of a six-story office building located at 64 New York Ave. in Washington, D.C. Capital One served as sole lead agent, sole bookrunner and administrative agent for the loan. Capital One provided the loan on behalf of the borrower, a property fund managed by Brookfield Asset Management. The office building is primarily leased to the Washington, D.C., government, according to Capital One.

August 13, 2015

Florida Industrial Southeast

Cushman & Wakefield Brokers $103M Sale of Industrial Portfolio in St. Petersburg

by John Nelson August 13, 2015

ST. PETERSBURG, FLA. — Cushman & Wakefield has brokered the $103 million sale of a 1.7 million-square-foot industrial portfolio in St. Petersburg. Evergreen Industrial Properties purchased the 34-building portfolio from Miami-based Fleeman Family Trust. The portfolio comprises five industrial parks, including Gateway Business Center, Gateway Business Park, Metropointe Commerce Park, Westbay Corporate Center and Joe’s Creek Industrial Park. The portfolio was 84 percent leased at the time of sale to tenants such as Lockheed Martin, Jabil, L–3 Communications, FedEx, MTS Systems, Worldpac, Digital Lightwave and Jagged Peak.

August 13, 2015

Multifamily Southeast Tennessee

Passco Cos. Acquires Nashville Apartment Community for $93.5M

by John Nelson August 13, 2015

NASHVILLE, TENN. — Passco Cos. has acquired The Lexington Apartments, a 598-unit, Class-A garden-style multifamily community located in the Bellevue submarket of Nashville, for $93.5 million. According to Passco, The Lexington Apartments has maintained an average occupancy rate above 95 percent for the past three years. Located at 510 Old Hickory Blvd., the community comprises one-, two- and three- bedroom units and its community amenities include an indoor swimming pool, three outdoor pools, a fitness center, clubhouse, tennis courts, tanning beds, coffee bar and an outdoor grilling area. Vince Lefler of JLL’s Nashville office brokered the sale. The Lexington community was developed in two phases in 1997 and 1999, and all of the units were then remodeled between 2008 and 2012. The former owner began a new round of upgrades in 2012, which are still in progress today. Chris Black of KeyBank Real Estate Capital arranged $60.8 million in acquisition financing on behalf of Passco Cos.

August 13, 2015

Mixed-Use Southeast Tennessee

Batson-Cook Breaks Ground on SkyHouse Nashville

by John Nelson August 13, 2015

NASHVILLE, TENN. — Batson-Cook Construction has begun building SkyHouse Nashville, a luxury mixed-use tower in midtown Nashville. Upon completion in the summer of 2016, the 25-story property will feature 352 luxury apartment residences, more than 10,000 square feet of retail space and a rooftop amenities deck. The property will be situated along Broadway, 17th Avenue and Division Street and offer panoramic views of downtown Nashville. The development’s amenity package will include an upscale clubhouse, fitness center, swimming pool and an outdoor kitchen. The design team includes co-developers Batson-Cook Development Co. and Novare Group and architect Smallwood, Reynolds, Stewart, Stewart. SkyHouse Nashville is the 15th SkyHouse-branded project that Batson-Cook has constructed since 2001. Earlier this year, the company delivered SkyHouse Buckhead in Atlanta, SkyHouse Channelside in Tampa and SkyHouse Raleigh in Raleigh.

August 13, 2015

Maryland Mixed-Use Southeast

Lantian Development, 1788 Holdings Purchase 31-Acre Site in Maryland for $50M

by John Nelson August 13, 2015

ROCKVILLE, MD. — Lantian Development LLC and 1788 Holdings LLC have formed a joint venture to acquire a 31-acre site in Rockville from TA Associates for $50 million. The tract fronts Shady Grove Road between Choke Cherry and Gaither roads. The site currently contains seven separate two-story buildings totaling approximately 450,000 square feet of Class B office space. The joint venture intends to demolish two buildings and renovate the other five buildings in the portfolio to retain the existing tenant base and increase occupancy with new tenants. The partnership will also transform the asset into a mixed-use and multi-functional project that will eventually support 1.5 to 2 million square feet of commercial office, medical office, retail, hospitality and residential space. The joint venture intends to unveil the new branding of the project, as well as architectural renderings, by early 2016. 1788 Holdings and Lantian Development expect more than $500 million to be invested in the project during the next 10 years.

August 13, 2015

California Multifamily Western

The Garibaldi Co. Buys Sacramento Apartment Building for $35M

by Nellie Day August 13, 2015

SACRAMENTO, CALIF. — The Garibaldi Co. has acquired 3310 Apartments, a 384-unit apartment building in Sacramento, for $35 million. The Class B community is located at 3310 Winter Park Drive in the city’s South Natomas area. The property was built in 1985. Though minor interior improvements were completed prior to the sale, the buyer plans to implement an improvement plan that will focus on building exteriors and common areas. Mark Leary of ARA Newmark represented both Garibaldi and the seller, Prometheus, in this transaction.

August 13, 2015

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