Property Type

Waterton Associates Acquires Apartment Complex in Houston

by Haisten Willis January 22, 2015

HOUSTON — Waterton Associates LLC has acquired Villas at Hermann Park, a 320-unit apartment complex in Houston near Hermann Park and the Texas Medical Center. Located on Almeda Road, just south of Houston’s Midtown neighborhood, the community offers one-, two- and three-bedroom units across 12 four-story buildings, as well as two parking garages. Amenities at Villas at Hermann Park include in-unit laundry rooms, private patios and balconies, access gates, a pool, two outdoor kitchens with grilling stations, a clubhouse, 24-hour fitness center, business center and two conference rooms. Waterton plans to make improvements to the community’s common areas and residential units, including kitchen and bathroom upgrades, and the addition of fenced-in backyards for 55 ground-level units.

January 22, 2015

M&M Arranges $18.6M Sale of Multifamily Property in Overland Park, Kan.

by Danielle Everson January 22, 2015

OVERLAND PARK, KAN. — Marcus & Millichap has arranged the $18.6 million sale of Town Center Apartments, a 156-unit apartment complex in Overland Park located 20 miles southeast of Kansas City. Built in 1997 on nearly 14 acres, the 176,904-square-foot property includes 20 two-story buildings. The complex’s one-, two- and three-bedroom apartments average 1,134 square feet and feature nine-foot ceilings with crown molding, in-unit washers and dryers and fully equipped kitchens. Select units have attached garages. The complex is located at 6233 W. 120th St. Alex Blagojevich of Marcus & Millichap’s Tampa office, David Gaines of the firm’s Chicago downtown office, and Michael Sullivan, Grant Kollman and Brett Meinzer of the firm’s Kansas City office represented the undisclosed seller and buyer.

January 22, 2015

Civic Midwest Missouri

McGrath Completes Construction on $8.5M Ameren Missouri Switching Station in St. Louis

by Danielle Everson January 22, 2015

ST. LOUIS — McGrath & Associates has completed construction work on Ameren Missouri’s $8.5 million switching station located at 1901 Martin Luther King Drive in downtown St. Louis. The entire switching project, estimated at $42.5 million, is part of a larger Ameren Missouri investment to upgrade electric service in downtown St. Louis over the coming decades. McGrath constructed 70 structural piers with eleven concrete pad foundations, a perimeter fence and a new city sidewalk. McGrath also provided site work on the project, removing abandoned sewer pipes and cisterns, including remedial soil excavating.

January 22, 2015

Illinois Midwest Retail

Mid-America Real Estate Brokers Sale of Carillon Court in Romeoville, Ill.

by Danielle Everson January 22, 2015

ROMEOVILLE, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 29,209-square-foot shopping center in Romeoville, a suburb of Chicago. Scottsdale-based Sand Capital purchased the property located at the northwest corner of 135th and Weber Road. Carillon Court features Allstate Insurance, Comcast, Stella’s Bar & Grill and Essential Chiropractic Center. Carly Gallagher and Ben Wineman of Mid-America brokered the transaction on behalf of a Chicago-based bank.

January 22, 2015

Midwest Office Retail Wisconsin

ALTUS Arranges 3,263 SF Lease of Retail/Office Space in Middleton, Wis.

by Danielle Everson January 22, 2015

MIDDLETON, WIS. — ALTUS Commercial Real Estate Inc. has arranged the lease of 3,263 square feet of retail/office space in Middleton, a northwestern suburb of Madison. The property is located at 6301 University St. Dr. Joe Cristoforo and Dr. Ken Neidhart have joined together to create The Center for Periodontics & Dental Implants Clinic, which will serve at this new location. The practice is set to open in March. Jeff Jansen represented the landlord in the transaction.

January 22, 2015

University House Midtown Atlanta Inland Georgia Tech

Georgia Multifamily Southeast Student Housing

Inland American Communities to Top Off University House Midtown in Atlanta

by John Nelson January 22, 2015

ATLANTA — Inland American Communities Group (IAC) will top off University House Midtown, a 20-story student housing development in Midtown Atlanta, tomorrow. The 268-unit community is located at 930 Spring St., adjacent to Georgia Tech. The 706-bed property will feature more than 9,000 square feet of retail space, a resort-style pool on an elevated terrace, secured parking garage, business center, study rooms, fitness center and a lounge on the top floor with skyline views. IAC is working with local project partners, including architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin. University House Midtown, which is slated to open in August, is more than 50 percent pre-leased.

January 22, 2015

Industrial North Carolina Southeast

Westmount Realty Capital Sells 1.1M SF Industrial Complex in Charlotte

by John Nelson January 22, 2015

CHARLOTTE, N.C. — Dallas-based Westmount Realty Capital has sold Logistics Pointe/Charlotte, a 1.1 million-square-foot industrial/distribution complex at 2401 Nevada Blvd. and 12520 General Drive in Charlotte. The buyer was a joint venture between LRC Opportunity Fund and New York Life Real Estate Investors. Westmount Realty originally purchased the asset in June 2006, a year after Winn-Dixie filed for Chapter 11 bankruptcy and closed its Southeastern distribution center. The complex includes a 209,316-square-foot freezer building, 191,239 square feet of refrigerated space, a truck maintenance facility, 30,000-square-foot office building and approximately 650,000 square feet of rail-served dry warehouse/distribution space. Among the major tenants are Americold, West Logistics, Otto Environmental Systems, United Natural Foods (Albert’s Organics) and Provide Commerce (Pro Flowers, Shari’s Berries). Chris Norvell, Bill Simerville and Scot Humphrey of Cushman & Wakefield | Thalhimer’s capital markets team, along with Lane Holbert and Eric Ridlehoover of the firm’s Charlotte office, represented Westmount Realty in the transaction.

January 22, 2015

Florida Industrial Southeast

Prologis Signs Two Lease Agreements in Orlando Totaling 257,540 SF

by John Nelson January 22, 2015

ORLANDO, FLA. — Prologis Inc. has signed two lease agreements with tenants in Orlando totaling 257,540 square feet. UPS Supply Chain Solutions Inc. has signed a new lease for 112,000 square feet at Prologis Orlando Corporate Center, which features cross loading, extended truck courts and expanded trailer parking. Additionally, an undisclosed tenant has expanded an existing lease to occupy an entire 145,540-square-foot building at Prologis Beltway Commerce Center. As of Sept. 30, 2014, Prologis owns approximately 4 million square feet of logistics and distribution space in 33 buildings in the Orlando area.

January 22, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $6.2M Sale of Orlando Shopping Center

by John Nelson January 22, 2015

ORLANDO, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Rosemont Plaza, a 99,103-square-foot shopping center located at 5800 N. Orange Blossom Trail in Orlando. The property was 79 percent occupied at the time of sale to tenants such as dd’s Discounts, Save-A-Lot, Dollar Tree and Hungry Howies. Douglas Mandel and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale office represented the seller, an affiliate of Ram Realty Services, in the transaction. Jason Yukins, also with Marcus & Millichap’s Fort Lauderdale office, secured and represented the buyer, a partnership based in Opa Locka, Fla.

January 22, 2015

Loans New Jersey Northeast Office

HFF Secures $65.5M Loan for 351,684 SF Office Park in New Jersey

by Amy Works January 22, 2015

FLORHAM PARK, N.J. — HFF has secured $65.5 million in financing for Park Place, an office park located in Florham Park. The firm worked on behalf of the borrower, Normandy Real Estate Partners, to secure the loan with First Niagara Bank and Principal Real Estate Investors. The borrower plans to use loan proceeds to retire existing debt, upgrade amenities and fund leasing costs for new tenants. Situated on 30 acres at 200-230 Park Ave., the four-building park offers 351,684 square feet of Class A office space. On-site amenities include a cafeteria, fitness center, 70-seat conference center and parking for 1,045 vehicles. The park is occupied by a variety of tenants, including Fairleigh Dickinson University, M&T Bank, Sun Bank and several law firms. Jon Mikula and Mike Lachs of HFF represented the borrower in the transaction.

January 22, 2015

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