Property Type

Topping Out Ceremony Held for Three Hughes Landing, Embassy Suites The Woodlands/Hughes Landing

by Haisten Willis May 8, 2015

THE WOODLANDS, TEXAS — A topping out ceremony was recently held for Three Hughes Landing and the Embassy Suites The Woodlands/Hughes Landing. The two properties represent the newest additions to Hughes Landing in The Woodlands, a 66-acre mixed-use development offering views of 200-acre Lake Woodlands. Three Hughes Landing is a 12-story, 321,000-square-foot Class A office building designed for LEED Silver certification. The nine-story, 205-key Embassy Suites is an all-suite, full-service hotel for both business and leisure travelers. One Hughes Landing, a 197,719-square-foot, eight-story, Class A office building, opened September 2013. Two Hughes Landing, a 197,714-square-foot, eight-story, Class A office building, opened in May 2014.

May 8, 2015

Institutional Property Advisors Arranges Sale of Ohio Shopping Center for $19.9M

by Danielle Everson May 8, 2015

SPRINGFIELD, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $19.9 million sale of Springfield Commons, a 207,497-square-foot shopping center in Springfield. Lori Schneider of IPA represented the seller, a private investor. American Realty Capital Properties Inc. facilitated the acquisition on behalf of Cole Credit Property Trust IV Inc. Michael Glass of Marcus & Millichap’s Cleveland office is the firm’s broker of record in Ohio. Built in 1995 on 26.5 acres, the asset is located on Springfield’s main retail corridor at 1501 Bechtle Ave. with frontage on Bechtle Avenue, State Route 68 and State Route 41. Tenants at the shopping center include Lowe’s, Best Buy, PetSmart, Aaron’s, Planet Fitness and Mattress Firm.

May 8, 2015

Indiana Industrial Midwest

Monmouth Acquires Industrial Property in Greenwood, Ind. for $37.4M

by Danielle Everson May 8, 2015

GREENWOOD, IND. — Monmouth Real Estate Investment Corp. has acquired a new 671,354-square-foot industrial building in Greenwood for $37.4 million from an undisclosed seller. The property is situated on a little more than 43 acres located at 482 Chaney Ave. and is net leased for 10.25 years to beauty retailer ULTA Inc., a subsidiary of Ulta Salon, Cosmetics & Fragrance Inc. The new Omni-channel fulfillment center will serve both business-to-business and direct-to-consumer e-commerce sales.

May 8, 2015

Midwest Missouri Retail

Gershman Commercial Arranges Sale of Retail and Office Properties in Metro St. Louis

by Danielle Everson May 8, 2015

ST. LOUIS — Tim Balk of Gershman Commercial represented CUNA Mutual Investment Corp. in the sale of two St. Louis area properties. The multi-tenant retail strip center located at 98 The Legends Parkway in Eureka was purchased by The Legends Plaza LLC, represented by Roger Zigler and Steve Symsack, also with Gershman Commercial. The retail center features 15,859 rentable square feet and is located on 1.57 acres. The property is 92 percent leased. Gamma Enterprises LLC, represented by Lee & Associates, purchased 2055 Craigshire Road. The four-story, 35,701-square-foot office building is located on 2.39 acres in the Westport area of Maryland Heights. The property is 97 percent occupied.

May 8, 2015

Illinois Industrial Midwest

Zilber Property Group Arranges 18,000 SF Industrial Lease

by Danielle Everson May 8, 2015

BENSENVILLE, ILL. — Zilber Property Group has arranged the lease of an 18,000-square-foot industrial property in Bensenville. Creeden & Associates Inc. will occupy space within the Cornerstone Business Park. Arthur J. Rogers of Zilber represented the landlord. Korman/Lederer & Associates represented Creeden & Associates.

May 8, 2015

Georgia Office Southeast

Porsche Opens New $100M Experience Center, Headquarters in Atlanta

by John Nelson May 8, 2015

ATLANTA — Porsche Cars North America (PCNA) has opened its new $100 million Porsche Experience Center (PEC) and headquarters in Atlanta. The 27-acre complex, which is located at the northeast corner of Hartsfield-Jackson Atlanta International Airport, is the largest investment ever outside Germany for the sports car manufacturer. The facility is complete with a driver development track, classic car gallery, restoration center, human performance center, driving simulator lab and a fine dining restaurant. The property’s business center features 13,000 square feet of conference and event space. An estimated 30,000 guests are expected to visit the PEC each year. PCNA has called the Atlanta area home since 1998. PCNA is now joined by Porsche Financial Services, Porsche Business Services, Porsche Consulting and Mieschke Hofmann & Partners, with all five entities housed at the new facility. Roughly 450 employees will be based at the new headquarters, over 100 of whom fill positions that are new to Georgia.

May 8, 2015

North Carolina Office Southeast

HFF Brokers $107.8M Sale of Office Tower in Downtown Charlotte

by John Nelson May 8, 2015

CHARLOTTE, N.C. — HFF has brokered the $107.8 million sale of 101 Independence Center, a 565,694-square-foot, Class A office tower in downtown Charlotte. The 20-story tower is located at the intersection of Trade and Tryon streets, roughly two blocks from the CTC Lynx light rail station, and is connected to the adjacent Charlotte Center City Marriott hotel. Built in 2001, the building features a concierge, food court, restaurants, three-story atrium and three-story underground parking garage. The property was 82.2 percent leased at the time of sale to office and retail tenants such as Bank of America; Northeastern University; Clifton Larson Allen LLP; G4S Solutions; Grier Furr and Crisp PA; Robinson, Bradshaw and Hinson; Smith Moore Leatherwood LLP; Newk’s Eatery; Starbucks Coffee; Uptown Sundries; Subway; Tin Tin Box & Noodles and Showman’s. Ryan Clutter, Zachary Drozda, Kelly Kuykendall and Ryan Eklund of HFF represented the seller, KBS Real Estate Investment Trust, and its asset manager, Gramercy Property Trust Inc. A joint venture between LRC Properties and an undisclosed capital source purchased 101 Independence Center free and clear of existing debt.

May 8, 2015

Bay Meadows Ashford at Feather Sound Clearwater

Florida Multifamily Southeast

RADCO Buys Clearwater Apartment Community for $34.2M

by John Nelson May 8, 2015

CLEARWATER, FLA. — The RADCO Cos., a value-add multifamily investment firm based in Atlanta, has purchased Bay Meadows, a 276-unit apartment community in Clearwater, for $34.2 million. The property is RADCO’s third acquisition in 2015 and its second property in the state of Florida. The apartment community features a 2,500-square-foot leasing center that has a fitness facility, office space and meeting areas. The property also has a pool that overlooks a lake situated in the center of the community. RADCO financed the acquisition using a mixture of Freddie Mac debt and private capital. Built in 1985, the apartment community is located within the master-planned Feather Sound Country Club. The property was 97.1 percent occupied at the time of sale. RADCO plans to invest $3.6 million to upgrade the apartment community and rebrand the community as Ashford at Feather Sound. Since August 2011, RADCO has raised more than $230 million of private capital to fund its purchases.

May 8, 2015

Maryland Retail Southeast

Greysteel Brokers $31.7M Sale of Shopping Center in Owings Mills

by John Nelson May 8, 2015

OWINGS MILLS, MD. — The Greysteel Co. has brokered the $31.7 million sale of New Town Village Center, a 117,593-square-foot grocery-anchored shopping center located at 9700-9780 Groffs Mill Drive in Owings Mills. Constructed in 1996, the shopping center was 98 percent leased at the time of sale to tenants such as Giant Food, Starbucks Coffee, Hair Cuttery, M&T Bank, Merritt Athletic and Ledo Pizza. Gil Neuman of Greysteel’s Mid-Atlantic office led the Greysteel team in representing the seller, Black Oak Associates LLC. Greysteel also procured the buyer, Inland Real Estate Group Inc.

May 8, 2015

Loans Mixed-Use Southeast Tennessee

Love Funding Secures $10.1M HUD Loan for Historic Court Square Center in Downtown Memphis

by John Nelson May 8, 2015

MEMPHIS, TENN. — Love Funding has closed a $10.1 million refinancing loan for Court Square Center, a historic mixed-use development in downtown Memphis. The property comprises three buildings: Lincoln American Tower, the Lowenstein Building and Court Annex 2. The project features 75 market-rate apartments and more than 32,000 square feet of commercial space. The Lowenstein Building and Lincoln American Tower are listed on the National Register of Historic Places. Court Square Center was redeveloped from 2006-2009 following a fire in October 2006 at a nearby church that spread to the development, resulting in a loss of the Court Annex building and severe damage to the other two properties. Artin Anvar of Love Funding’s Washington, D.C., office arranged the loan through HUD’s 223(f) loan program. The loan features a low fixed interest rate and a 35-year term. A development team comprising John Basek, C. Yorke Lawson, Chandler and Chandler, Telesis Corp. and New Community Partners co-developed the property’s rehabilitation. The proceeds of the loan will be used us pay off the original debt taken out to redevelop the property.

May 8, 2015

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