Property Type

Hilton, Hyatt to Bring Dual-Branded Hotel to The Wharf in D.C.

by John Nelson August 7, 2015

WASHINGTON, D.C. — Hilton Worldwide and Hyatt Hotels Corp. plan to open a dual-branded, 413-room hotel at The Wharf, a mile-long waterfront mixed-use development in Washington, D.C. The brands include a 175-room Canopy by Hilton and a 238-room Hyatt House. The hotel site includes more than 30,000 square feet of street-level retail and restaurant space and two levels of below-grade parking. The asset will be located between Maine Avenue and Wharf Street, adjacent to 7th Street Park. Upon completion in the fall of 2017, the dual hotel will span 300,000 square feet and will include a cafe/bar and other dining options; 1,100-square-foot fitness center; 2,500 square feet of meeting room space; courtyard with outdoor terraces and water features; outdoor pool; and a rooftop bar with views of the Washington Channel. The penthouse will include an additional 10,000-square-foot lounge area with views of the Potomac River. Hoffman-Madison Waterfront is the master developer of The Wharf, and SmithGroup JJR is the architect of the dual-branded hotel property.

August 7, 2015

Multifamily North Carolina Southeast

Terwilliger Pappas, Federal Capital Partners to Build Apartment Community in Charlotte

by John Nelson August 7, 2015

CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners and Federal Capital Partners have teamed up to develop Solis Waverly, a 375-unit apartment community located in the Waverly master-planned development in south Charlotte. The community’s amenity package includes attached and detached garages, a fitness center, conference room, pet park and resort-style pool with a bar. Solis Waverly’s first one-, two- and three-bedroom apartments are expected to be completed by spring 2016. The general contractor for the project is Fortune Johnson. Waverly’s 90-acre plan includes a mix of retail, office, medical office and residential offerings. Novant Healthcare will open a facility at Waverly in the fall. Other tenants at Waverly will include Whole Foods Market, Modern Salon, Dresslers, Bad Daddy’s and Novanta Pizzeria Napoletana.

August 7, 2015

Georgia Retail Southeast

Chick-fil-A, Villa Savannah to Open Locations in Atlanta’s West Midtown District

by John Nelson August 7, 2015

ATLANTA — Chick-fil-A and Villa Savannah, a boutique fashion and home decor retailer based in Savannah, have signed on to open new locations in Atlanta’s West Midtown district. Frank Buonanotte, founder of The Shopping Center Group, and Jeff Stein, founder of Stein Investment Group, are the landowners of the two sites in West Midtown. Chick-fil-A will open a 4,500-square-foot store with double drive-thru access at the intersection of Northside Drive and Ethel Street, just south of 14th Street. Buonanotte and Stein acquired the site in October 2014. Villa Savannah has signed a lease for a new 2,700-square-foot store at Westside Ironworks, bringing the mixed-use development to 92 percent occupancy before completion. Chick-fil-A plans to open its new restaurant in December, and Villa Savannah plans to open in October. Other Westside Ironworks retailers opening in the near future include Dixon Rye, Tom+Chee, O-Ku and Barcelona.

August 7, 2015

Florida Mixed-Use Southeast

IPA Brokers $21.3M Sale of Business Park in North Miami

by John Nelson August 7, 2015

NORTH MIAMI, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap that serves institutional and major private real estate investors, has brokered the $21.3 million sale of North Miami Business Park. The 12-building, 214,318-square-foot property features office, warehouse and mini-storage facilities. The business park is located at 1922 N.E. 149th St. midway between Fort Lauderdale and Miami. Douglas Mandel and Benjamin Silver of IPA represented the seller, a fund based in Boston, in the transaction. The buyer was a limited liability company based in Coral Gables, Fla.

August 7, 2015

Midwest Mixed-Use Ohio

Fairmount Properties, Lennar Commercial Make $17M Investment in Mixed-Use Project Near Cleveland

by Jonathan Mehall August 6, 2015

ORANGE VILLAGE, OHIO — Fairmount Properties, lead developer on the $225 million mixed-use Pinecrest development in affluent Orange Village southeast of Cleveland, has teamed up with Lennar Commercial to make an initial $17 million investment in the project. The investment is being made through an advance to the partnership by Lennar Commercial’s sister company, Rialto Capital. The 58-acre development will feature 400,000 square feet of retail and restaurants, including a gourmet grocer; 150,000 square feet of office space linked to a 120-room hotel and parking garage; and 90 new apartments. Retailers that have committed to the project include REI, Pinstripes, Old Town Pourhouse and Silverspot Cinema. Pinecrest is set to open in 2017.

August 6, 2015

Loans Midwest Mixed-Use Ohio

Love Funding Secures $15.3M Loan to Turn Historic Cleveland Block into Apartments

by Jonathan Mehall August 6, 2015

CLEVELAND — Love Funding has closed on a $15.3 million loan to renovate a large, historic city block in downtown Cleveland into a loft apartment community. West 25th Street Lofts will offer 83 market-rate loft apartments in four adjacent buildings in Cleveland’s Ohio City neighborhood, including one that was originally constructed in 1866 to house the Jacob Beahr Brewery. In short, the apartments will replace a vacant group of buildings on West 25th Street. The developers of the $27.4 million project are Rick Foran of Foran Group Development LLC and Chris Smythe of Smythe Property Advisors LLC. Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. The loan was originally slated to be finalized in 2014, but the closing of a charter school in one of the newer buildings enabled the development team to add another 22 units to the project, according to Love Funding. Since then, the immediate area has benefited from further development, leadingUSA Today to name the area one of the 10 “up and coming” neighborhoods in the United States. …

August 6, 2015

Industrial Midwest Ohio

Duke Realty Breaks Ground on 421,000 SF Build-to-Suit Warehouse in Columbus, Ohio

by Jonathan Mehall August 6, 2015

COLUMBUS, OHIO — Duke Realty Corp. has broken ground on a 421,000-square-foot bulk warehouse for BASF Corp. The build-to-suit facility is being constructed on a 33-acre site in Rickenbacker Global Logistics Park, a 1,576-acre, multi-modal industrial site being developed through a partnership between Duke Realty, the Columbus Regional Airport Authority and Capitol Square Ltd. The facility will be adjacent to Rickenbacker Parkway and in close proximity to Norfolk Southern’s intermodal terminal and Rickenbacker International Airport. The cross-docked building will feature 32-foot clear ceiling heights; 28 dock doors with levelers, bumpers, seals and lights, staging for 50 trailers next to the building and a 135-foot truck court. Completion of the warehouse is set for 2016.

August 6, 2015

Illinois Midwest Mixed-Use

Marcus & Millichap Arranges Sale of 20,000 SF Mixed-Use Building in Chicago

by Jonathan Mehall August 6, 2015

CHICAGO — Marcus & Millichap has brokered the sale of a 20,000-square-foot mixed-use building for $1.9 million at 3801 N. Bernard St. in Chicago. The property is located in Chicago’s Irving Park neighborhood. The area offers convenient access to the Chicago Transit Authority’s Blue Line train. The Abbey Pub & Grill is the major tenant of the building. Jacob Korman and Kyle Stengle of Marcus & Millichap’s Chicago office represented the seller, a private investor. Stengle and Korman also secured the buyer, a limited liability company.

August 6, 2015

Midwest Retail Wisconsin

Baum Realty Group Brokers $1.5M Sale of a Dollar Tree in Baraboo, Wis.

by Jonathan Mehall August 6, 2015

BARABOO, WIS. — Baum Realty Group has brokered the sale of a single-tenant, net leased Dollar Tree property located at 905 U.S. Highway 12 in Baraboo, approximately 47 miles northwest of Madison. The property sold for $1.5 million, which represents one of the lowest cap rates for a Dollar Tree property outside of California, with less than 10 years remaining on the lease term. Dollar Tree signed a new seven-year lease with no early termination clause. The new build-to-suit development is situated across the street from Walmart and Menards. Patrick Forkin and Brad Teitelbaum of Baum Realty Group represented the seller, a private developer, in the transaction. The buyer was a private investor from Minnesota.

August 6, 2015

Mixed-Use Retail Texas

Trademark Property Co. Signs New Tenants for Waterside Mixed-Use Development

by Haisten Willis August 6, 2015

FORT WORTH, TEXAS — Eight new tenants are set to join Trademark Property Co.’s 63-acre Waterside mixed-use development, which is currently under construction at Bryant Irvin Road and Arborlawn Drive along the Trinity River in Fort Worth. More than 20,000 square feet of new retail and restaurants, along with anchor tenant Whole Foods Market, will open as part of the center’s first phase. The new tenants include Taco Diner, a Mexico City-style taqueria, which will open a 3,900-square-foot restaurant; Zoës Kitchen, a fast casual restaurant concept serving Mediterranean-inspired dishes, which will open a 2,800-square-foot restaurant; Blaze Pizza, a counter-serve pizzeria, which will open a 2,800-square-foot restaurant; Sleep Train, a top mattress retailer, which will open a 3,602-square-foot location. The lineup of new tenants also includes Massage Heights, Envy Nails, Amazing Lash Studio and Pretty Kitty. Construction on Waterside’s first phase began in 2014 and is slated for completion in late spring 2016. Phase I will also include 375 multifamily units built by Transwestern Development Co.. At full build out, Waterside will include 200,000 square feet of retail space and riverside restaurants, 800 multifamily units and two or three hotels.

August 6, 2015

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