Property Type

Pierson Retail Advisors Arranges Sale of Retail Property in Dallas

by Haisten Willis July 16, 2015

DALLAS — Pierson Retail Advisors (PRA) has completed its first transaction after opening in March. The company has arranged the sale of a retail property known as The Empire Room, a 10,125-square-foot, single-tenant building in the Dallas Design District. The Empire Room is located at the southwest corner of North Riverfront Boulevard and Leslie Street. PRA represented the seller, Prescott Interests 1225 Riverfront Ltd., in the transaction. A Dallas buyer purchased the asset for an undisclosed price. The Empire Room is an event venue offering 7,500 square feet of interior space, along with outdoor space to accommodate as many as 1,000 guests.

July 16, 2015

GlenStar Begins Rooftop Construction on Chicago Board of Trade Building

by Jonathan Mehall July 16, 2015

CHICAGO — Owner and developer GlenStar Properties has begun construction on a new rooftop terrace on the 23rd floor of the Chicago Board of Trade Building complex. The 4,300-square-foot deck will be located on the east side of the south building. It will accommodate up to 150 guests and feature a 20-foot illuminated water wall with bubblers, a 10-foot illuminated planter with bubbler, Cozumel curver sofas and sectionals, leather benches and wood deck tiling. The project is slated for completion later this year. Since acquiring the building, GlenStar has embarked on a significant capital campaign aimed at breathing new life into the landmark property and attracting a more diverse tenant base.

July 16, 2015

Kansas Midwest Multifamily

Berkadia Negotiates Sale of Multifamily Property in Kansas City

by Jonathan Mehall July 16, 2015

KANSAS CITY, KAN. — Berkadia has brokered the sale of Waterstone Apartments, located at 1100-1056 County Line Road in Kansas City, for an undisclosed price. The property was 90 percent occupied at the time of sale. The buyer was WI Waterstone LLC of Kansas City, Mo., with Worcester Investments serving as general partner. The seller was VIRTU KC1 Associates of Larkspur, Calif. The 372-unit property was built in 1969 and features one-, two-, and three-bedroom layouts. Unit amenities include fireplaces, fully equipped kitchens, decks or patios and walk-in closets. Community amenities include two swimming pools, a playground and covered parking. Phillip Brimble of Berkadia’s Kansas City office brokered the sale.

July 16, 2015

Midwest Minnesota Multifamily

Grandbridge Finances $16M Multifamily Property in St. Cloud, Minn.

by Jonathan Mehall July 16, 2015

ST. CLOUD, MINN. — Grandbridge Real Estate Capital recently closed a $16 million first mortgage loan secured by a 240-unit multifamily property in St. Cloud. The 282,554-square-foot property sits on 33 acres of land. Tony Carlson of the Minneapolis office of Grandbridge originated the refinancing loan. The fixed-rate, nonrecourse loan provided by a life insurance company includes a 15-year term and 25-year amortization schedule. The Class A property includes an abundance of amenities and large, finished units.

July 16, 2015

Michigan Midwest Retail

Third Coast Development Breaks Ground on Mixed-Use Project in West Michigan

by Jonathan Mehall July 16, 2015

GRAND RAPIDS, MICH. — Third Coast Development has broken ground on a two-building mixed-use project in downtown Grand Rapids that will offer a total of 26 apartments, plus two commercial spaces. The project is taking shape near the site of a Hampton Inn & Suites currently under construction in downtown Grand Rapids. The two buildings are located at 555 Michigan St. and 601 Michigan St. Third Coast Purple at 555 Michigan St. will be a three-story, 12,000-square-foot building featuring eight total apartments and one commercial space on the first floor. Third Coast Orange at 601 Michigan St. will be a four-story, 25,000-square-foot building that will include 18 total apartments and one commercial space on the main floor. The total cost for the two buildings is estimated at $7.4 million, and the project is expected to create at least 15 permanent retail jobs. Last December, the Michigan Community Revitalization Program awarded the project a $1 million grant. The City of Grand Rapids’ Brownfield Redevelopment Authority also provided $475,000 in local property tax breaks.

July 16, 2015

Midwest Restaurant Retail Wisconsin

Morgan Partners Is Developing Bakery-Cafe for Panera Bread in Oshkosh, Wis.

by Jonathan Mehall July 16, 2015

OSHKOSH, WIS. — The Morgan Partners is developing a 4,370-square-foot Panera bakery-cafe, complete with drive-thru, in Oshkosh. The freestanding building, subject to a ground lease with a 15-year primary term, is currently under construction on 1.68 acres at I-41 and Highway 21. Panera Bread expects the bakery-cafe to open this fall. Neighboring tenants include a newly constructed Dick’s Sporting Goods, McDonald’s, Lowe’s, Menards and Festival Foods. Ed Bowen of The Morgan Partners represented the development side of the transaction, while Joe Kleiman of Mid-America Real Estate Group represented the tenant.

July 16, 2015

District of Columbia Office Southeast

Skanska USA to Build, Develop $116M Office Building in D.C.

by John Nelson July 16, 2015

WASHINGTON, D.C. — Skanska USA plans to break ground on a new 11-story, Class A office building in Washington, D.C.’s Capitol Riverfront submarket. Skanska will build and develop the 236,806-square-foot property, as well as invest $116 million into the project. The property will include ground-floor retail space and four levels of below-grade parking. Construction manager Skanska USA Building is aiming for LEED Gold certification for the project. Construction will begin later this summer and is scheduled to be completed in the fourth quarter of 2017.

July 16, 2015

Kentucky Multifamily Southeast Student Housing

University of Kentucky Trustees Approve Phase V of EdR’s $74M On-Campus Housing Expansion

by John Nelson July 16, 2015

LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved the next phase of the university’s on-campus housing revitalization that will bring the total number of beds delivered or currently under development to 6,504. Scheduled for completion in 2017, University Flats will comprise a seven-story building at University and Complex drives on the University of Kentucky’s (UK) Lexington campus. Designed to provide separate living communities for upper-level undergraduate students, and graduate and professional students, it will provide 771 beds in 312 apartments in various styles and sizes, from studios to four bedrooms. Each apartment will include furnishings and a full kitchen. EdR will finance the previously announced $74 million development through its On-Campus Equity Plan — The ONE PlanSM — which uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single partner and helps create long-term financial benefits for EdR and UK. EdR will provide financing, oversee development and construction, and will be responsible for maintenance and management, while UK provides residence life services.

July 16, 2015

Georgia Multifamily Southeast

Air Realty Breaks Ground on Transit-Oriented Multifamily Project Near Atlanta Airport

by John Nelson July 16, 2015

COLLEGE PARK, GA. — Air Realty has broken ground on ThePad on Harvard, a mixed-use, transit-oriented multifamily project located roughly 400 feet from the College Park MARTA station. The property, located at 1777 Harvard Ave., is the first multifamily community to break ground in College Park in the past 40 years. Phase I of construction comprises 109 apartment units. The Atlanta Aerotropolis Alliance, a nonprofit organization that works to leverage the growth of Hartsfield-Jackson Atlanta International Airport to the surrounding neighborhoods, sees ThePad on Harvard as the cornerstone of the revitalization of the communities around the airport. Air Realty is partnering with HJ Russell & Co. on the project, which is slated for a spring 2016 completion.

July 16, 2015

Georgia Healthcare Southeast

Triad Properties Taps Choate Construction to Build $26M Medical Office Building in Alpharetta

by John Nelson July 16, 2015

ALPHARETTA, GA. — Huntsville, Ala.-based Triad Properties has selected Atlanta-based Choate Construction to build a four-story, 106,000-square-foot medical office building in Alpharetta. The $26 million facility will be situated on a 11.7-acre site at the northeast corner of Old Milton Parkway and GA 400, which is adjacent to Northside Hospital’s 140-acre Alpharetta Medical Campus. The site will feature both the Class A medical office building and either an ambulatory care center or urgent care center. Atlanta-based HealthAmerica Realty Group has begun pre-leasing and marketing the property. The design team includes architect Smallwood, Reynolds, Stewart, Stewart & Associates and civil engineer Wolverton & Associates. Choate Construction expects to complete the property in the fall of 2016.

July 16, 2015

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