DALLAS — Texas Digestive Disease Consultants has expanded its headquarters office in the Dallas Medical District. The Elmbrook Medical Plaza tenant has expanded to 16,576 square feet, of which 7,760 square feet is new space, and extended its term seven-plus years. Paul Richter and Leigh Richter of Dallas-based Bradford Commercial Real Estate Services represented the landlord, LoaLoa Partners LP. The tenant operates 23 offices throughout North Texas. The headquarters office, located at 8267 Elmbrook Drive, is a centralized location for the medical group, which hosts on-site monthly conferences for its physicians. The existing office and new space are located on the top floor of the two-story building.
SAINT PAUL, MINN. — Marcus & Millichap has brokered the $4.1 million sale of Phalen Shores, a 53-unit apartment property located in Saint Paul. Phalen Shores is located at 985 East Ivy Ave. The 53-unit building includes 24 one-bedroom units, 29 two-bedroom units and was 97 percent occupied at the time of sale. Dan Linnell, Mox Gunderson and Annie Arneberg of Marcus & Millichap’s Minneapolis office listed the property on behalf of the seller, a partnership. Linnell and Gunderson also represented the buyer, a private investor.
COLUMBUS — Lee & Associates has opened its second office in Ohio. Lee & Associates — Columbus is a merger between commercial real estate firm Ruscilli Real Estate Services and Lee & Associates. Tim Kelton, Mike Spencer, Dax Hudson and Todd Spencer, founders and principals of Lee & Associates — Columbus, will lead the office. Combined, the team has 85 years of commercial real estate experience in Central Ohio. In the last 10 years, the team has leased or sold more than 22 million square feet of space and developed or sold more than 750 acres of office, industrial and retail assets. In July, Lee & Associates opened its first office in Ohio, Lee & Associates Cleveland, which was followed by new offices in Denver and Houston.
LIBERTYVILLE, ILL. — I.M. Construction Group (IMCG) will renovate a new space for the Illinois Bone & Joint Institute (IBJI) located at 724 Florsheim Drive in Libertyville. A provider of orthopedic care, the firm currently operates a branch at 720 Florsheim Drive and has purchased an adjacent building to accommodate its operational needs. Construction on the 75,000-square-foot, single-story, masonry building will begin in April with completion scheduled for July 2015. Construction will include the demolition of the existing interior and the build-out of new medical office space. Once complete, IBJI will relocate its physical and occupational therapy space to the new building, which will also include additional exam rooms. Bob Nomellini, president of IMCG, will lead the firm’s construction team. In addition, Kent Nepras will serve as project manager and Angelo Christopher will serve as the superintendent. Brubaker Architects is providing architectural services. IMCG is an affiliate of The Missner Group.
OAK BROOK TERRACE, ILL. — Holladay Properties has arranged a medical office lease with Loyola University Medical Center at the Oak Brook Terrace Medical Center located at 1S224 Summit Ave. in Oak Brook Terrace. Nashville-based HCP Inc. owns the 92,000-square-foot, two-building medical campus. Loyola is expanding its presence on the campus through the addition of a conference center. Once completed, Loyola University Medical Center will occupy nearly 55,000 square feet at the Oakbrook Terrace Medical Center campus. Holladay Properties will provide construction management services for the project, which is set to be complete in July. Jeffrey Fischer of NAI Hiffman represented Loyola in the lease transaction. Michael O’Connor of Holladay Properties represented HCP.
WASHINGTON, D.C. — Fundrise has announced that the first-ever crowdfunded real estate project has opened in Washington, D.C.’s H Street Corridor. The project is known as Maketto, a communal food and retail market located at 1351 H St. N.E. The property will include a new restaurant from chef Erik Bruner-Yang of Toki Underground in D.C.; a DURKL retail store; gourmet coffee shop; bakery; and outdoor vendor stalls. Fundrise raised $325,000 from 175 individual, unaccredited investors who invested anywhere from $100 to $10,000 into the project. Maketto was not only Fundrise’s first offering when the platform launched in 2012, but the first real estate project in the country to allow investment from individuals online. Since its founding, Fundrise has activated more than 50,000 investors for real estate projects in top markets around the country, including landmark developments such as 3 World Trade Center in Manhattan. For a video on the Maketto project, click here.
MIAMI — Crocker Partners has completed a $15 million makeover of its 31-story SunTrust International Center, a 449,000-square-foot office tower in Miami’s central business district (CBD). The renovation includes a redesigned lobby and streetscape, 4,000-square-foot bayview sky terrace, complimentary tenant fitness center and a new conference facility. The renovation also includes 20,000 square feet devoted to fully finished office suites for companies new to the market and for growing start-ups. The building is LEED Silver-certified, has 11 high-speed elevators and on-site amenities including a restaurant, pharmacy and banking. Among recent leasing activity at SunTrust Center, the Daily Business Review, Marcum LLP, US Legal and BastAmron recently renewed and/or expanded their leases along with several other long-time tenants totaling approximately 72,000 square feet. SunTrust Center will have the largest contiguous block of space available in the CBD — 116,000 square feet — when Akerman LLP vacates later this year. Jon Blunk, Cristina Glaria and Laurel Oswald of Cushman & Wakefield are the leasing agents for the office tower.
HEBRON AND WILDER, KY. — NorthMarq Capital has arranged the refinancing of two properties in Hebron and Wilder totaling $18.1 million. The properties include Shoppes at Worldwide Park in Hebron and Aspen Pines Apartments in Wilder. Shoppes at Worldwide Park is a 13,174-square-foot unanchored retail property located at 2010 N. Bend Road. Aspen Pines is a 245-unit Class A apartment community located at 1700 Aspen Pines Drive. Susan Branscome of NorthMarq’s Cincinnati office arranged the $16.8 million loan for Aspen Pines through PPM and the $1.3 million loan for Shoppes at Worldwide Park through Symetra.
ROSWELL, GA. — Crossman & Co. has brokered the $8.6 million sale of Market Center, an 82,225-square-foot shopping center located on Holcomb Bridge Road in Roswell, a suburb of Atlanta. The Office Depot-anchored center was built in 1990 and was 56 percent leased at the time of sale. Brian Carolan and John Zielinski of Crossman & Co. represented the institutional seller in the transaction. The buyer was an unnamed investment fund.
TAMPA, FLA. — ANDA Global Co. Ltd. has partnered with Fairlead Commercial Real Estate to purchase Sabal VI, a two-story, 97,527-square-foot office building located at 3611 Queen Palm Drive in Tampa. The partnership purchased the Class A asset for an undisclosed price with equity from ANDA Global and Fairlead’s investment fund, Mandalay-FCRE Fund I. Dale Peterson, Courtney Decker and Donald Jennewein of CBRE represented the undisclosed seller in the transaction. The asset was fully leased at the time of sale. ANDA Global is an affiliate of South Korea-based ANDA Asset Management Co. Ltd.