Property Type

M&M Arranges Sale of 240-Unit Apartment Building in Fort Worth

by Haisten Willis June 16, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Londonderry Apartments, a 240-unit apartment property located in Fort Worth. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, J Alexander Realty Group of Dallas. Silva also secured the buyer, a private investment group. Londonderry Apartments is located at 1401 Morrison Drive. The location offers access to I-30 and is located near AT&T Stadium. The new owner plans to make interior and exterior renovations to make the property more competitive in its rental market. The subject property was built in 1980 and consists of 18 buildings comprising pitched composition roofs with wood frames and brick and siding exteriors on concrete slab foundations. Amenities include a pool, a gazebo with a park area, washer/dryer connections, patios and outside storage.

June 16, 2015

HFF Arranges $41.5M Construction Loan for 7-Eleven Headquarters in Metro Dallas

by Haisten Willis June 16, 2015

IRVING AND DALLAS, TEXAS — HFF has secured a $41.5 million construction-to-permanent loan for the 325,000-square-foot corporate headquarters of 7-Eleven, which is under construction in the Cypress Waters master-planned community in Irving and Dallas. HFF worked on behalf of Billingsley Co. to secure the 12-year loan through Pacific Life Insurance Co. The new mid-rise office campus for 7-Eleven’s corporate headquarters is within Billingsley’s Cypress Waters master-planned community, a 1,000-acre waterfront development with office, multifamily and retail space in the central part of the Dallas-Fort Worth Metroplex. The campus will be situated on 21.6 acres at Beltline and I-635 in Irving. Cullen Aderhold, Trey Morsbach and Chad Russell led the HFF team in arranging the loan.

June 16, 2015

Office Retail Texas

Coldwell Banker Commercial Arranges Sale of Commercial Site in Metro Dallas

by Haisten Willis June 16, 2015

ARLINGTON, TEXAS — A local investor has acquired a commercially zoned 30,000-square-foot lot in Arlington. The site at 2317 W. Arkansas Lane is close to the Pantego-Arlington line and zoned for office, retail and select shop uses. Nearly 14,000 vehicles per day travel the north-south artery, used by local residents looking to avoid freeway congestion. Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW in Arlington represented the seller, the Schnitzer Grandchildren’s Trust. Steve Turnbow of MGM Equity Partners in Dallas handled negotiations for the buyer, TPS Family LP.

June 16, 2015

Industrial Midwest Minnesota

NAI Everest Arranges $13.7M Sale of Former Superior Plating Site in Minneapolis

by Katie Sloan June 16, 2015

MINNEAPOLIS — NAI Everest has arranged the sale of a 5.45-acre property located at 315 First Avenue NE, two blocks from the Mississippi River, in Minneapolis for $13.7 million. Superior Plating previously owned the site for nearly 90 years. The company went bankrupt in 2011. The property was then sold to First & University Investors LLC, which sold the site to Lennar Multifamily Communities. The first phase of development will include 278 apartment units as well as 22,000 square feet of commercial space.

June 16, 2015

Michigan Midwest Retail

Meijer Opens 200,000-Square-Foot Superstore in Detroit

by Katie Sloan June 16, 2015

DETROIT — Meijer has opened a new 200,000-square-foot supercenter located at the intersection of Grand River and McNichols avenues on Detroit’s northwest side. This is the second Meijer store to open in the city. The supercenter was built on the site of the former Redford High School campus. This new location is the latest of 11 new stores the retailer plans to open throughout the Midwest this year. This location offers more than 600 types of fresh produce and a full-service, drive-thru pharmacy. Detroit’s first Meijer store, which opened in July 2013, is located at Woodward Avenue and Eight Mile Road in the Gateway Marketplace.

June 16, 2015

Industrial Midwest Missouri

Hilliker Corp. Arranges Sale of 114,000-Square-Foot Industrial Property in Missouri

by Katie Sloan June 16, 2015

HAZELWOOD, MO. — Hilliker Corp., a St. Louis-based commercial real estate company, has arranged the sale of a 114,000-square-foot property located on more than 11 acres in the St. Louis suburb of Hazelwood. The building is located at 5800 Fee Fee Road and contains 18-foot clear ceiling heights, 16 docks with five drive-in doors and a partially fenced parking area for large trucks and trailers. Meade Summers of Hilliker Corp. represented the buyer, Fenton Heavy Manufacturing LLC, and Mark McNulty of CBRE represented the seller, Jefferson Bank and Trust, in the transaction. A logistics company currently leases 75,000 square feet of the property.

June 16, 2015

Illinois Industrial Midwest Retail

NGKF Arranges Sale of Chicago Loop Property for $7.1M

by Katie Sloan June 16, 2015

CHICAGO — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a triple-net, ground-leased property located at 137 S. State Street in Chicago for $7.1 million. NGKF’s Geoffrey Kasselman, Andy Gallas, Gino Tabbi and Boris Shraybman led the brokerage team on behalf of the seller, a local family trust. The property was sold to a California-based private investor at a capitalization rate of 3.1 percent. A 50,530-square-foot cooling plant operated by Enwave Energy Corp., a division of Brookfield Infrastructure Partners LP, occupies the property. The ground floor of the property is leased to CVS/pharmacy; with floors two through four reserved for the plant’s chillers, pumps and ice machines. The plant provides chilled-water cooling services to more than 100 commercial buildings throughout the Loop via an underground network of pipes. The ground lease extends through December 2043 and Enwave has a one-time, 49-year lease option.

June 16, 2015

Industrial Michigan Midwest

Signature Associates Arranges 18,300-Square-Foot Industrial Lease in Michigan

by Katie Sloan June 16, 2015

ROMULUS, MICH. — Signature Associates has brokered the lease of 18,300 square feet of industrial space located at 28420-28448 Highland Road in Romulus. Brad Viergever and Larry Kelly of Signature Associates represented the tenant, Morse Moving & Storage Inc., in the transaction. Signature Associates is an independently owned and operated company that is a member of the Cushman & Wakefield Alliance.

June 16, 2015

Georgia Mixed-Use Southeast

Westbridge, Martin Family to Bring Office/Retail Space to West Midtown Atlanta in Adaptive Reuse

by John Nelson June 16, 2015

ATLANTA — Westbridge Partners and the Martin family — also known as the Midtown West Associates/Brickworks — have formed a partnership to retrofit the last buildings of the historic Miller Union Stockyards in Atlanta’s West Midtown neighborhood. The Martin family has owned the three-acre property located at the corner of 10th Street and Brady Avenue for more than 50 years. The tract includes two former meat-packing buildings constructed in the early 1900s. Westbridge and the Martin family will transform the historic property into 130,000 square feet of office and retail space known collectively as Stockyards Atlanta. The Martin family has redeveloped several historic properties in West Midtown, including The Brickworks at 1000 Marietta St. Cushman & Wakefield will lease the office space on behalf of the owners, which are hoping to attract tech firms, entrepreneurs and startup companies coming out of nearby Georgia Tech. Construction is expected to begin in the fourth quarter, with a targeted opening date of summer 2016. Atlanta-based ai3 is the architect for Stockyards Atlanta.

June 16, 2015

Georgia Mixed-Use Southeast

ARA Newmark Completes $72.5M Pre-Sale of Mixed-Use Project in Atlanta

by John Nelson June 16, 2015

ATLANTA — ARA Newmark has brokered the $72.5 million sale of Inman Quarter, a new mixed-use development in Atlanta’s Inman Park neighborhood. Still under construction, the development will include 200 apartment units, a 575-space parking garage and 38,957 square feet of retail space. The asset was 80 percent pre-leased at the time of sale. TriBridge Residential and Coro Realty Advisors purchased the property from a development partnership between Atlanta-based JPX Works, South City Partners and ELV Associates. John Weber and Dan Phelan of ARA Newmark represented the development partnership in the transaction, which was structured as a pre-sale contract with targeted leasing and rent parameters agreed upon by both the buyer and seller.

June 16, 2015

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