ATLANTA — OliverMcMillan has officially opened Buckhead Atlanta, a 1.5 million-square-foot mixed-use development in the heart of Atlanta’s Buckhead neighborhood. The completed district will include 300,000 square feet of upscale retail stores, restaurants and cafes, more than 100,000 square feet of office space and 370 luxury high-rise residences. The development is expected to employ approximately 800 people and house 600-625 residents. In the pipeline since 2006 as “Streets of Buckhead”, OliverMcMillan took the reins of the development in 2011 and rebranded it “Buckhead Atlanta”. The project was recently awarded the Project of the Year by the Atlanta District Council of the Urban Land Institute. The project features 36 confirmed tenants, such as Hermes, Jimmy Choo, Fado Irish Pub and Shake Shack. One restaurant or retailer is expected to open each week through the end of the year.
Property Type
TROY, MICH. — RAIT Financial Trust has acquired Oakland Square and Oakland Plaza in Troy for $51 million. The properties are adjacent to Oakland Mall, a 1.5 million square-foot regional mall. Urban Retail Properties, a wholly owned subsidiary of RAIT Financial Trust, manages the property. Oakland Square is a 236,070-square-foot big box center that is fully occupied with tenants such as Kohl’s, Bed Bath & Beyond, DSW, Home Good and ULTA.Oakland Plaza is a 160,665-square-foot community strip center that is 96 percent occupied with tenants such as TJ Maxx, Pier 1 Imports, Planet Fitness Panera Bread and Michaels. The properties are located adjacent to highway I-75.
BAKERSFIELD, CALIF. – The 160-unit Auburn Heights Apartments in Bakersfield has received a $10.6-million loan. The affordable housing community is located at 7000 Auburn Street. The loan will finance the property’s renovation. It was funded through HUD’s Section 223(f) Low Income Housing Tax Credit (LIHTC) Pilot Program. The non-recourse loan features a 35-year term, fixed-rate and full amortization. It was provided by CBRE Group through its FHA lending platform.
HOUSTON — NAI Houston has leased a 21,793-square-foot industrial building at 11505 Todd Street in Houston’s North West Industrial Corridor. John Ferruzzo and Darren O’Conor of NAI Houston represented the tenant, Superior Cladding LLC. Stuart Rosen of Greater Houston Commercial Properties represented the landlord, One Todd VHJT LLC.
PHILADELPHIA — CBRE Group Inc.’s Capital Markets Debt & Structured Finance team has arranged $2.4 million first mortgage refinancing secured by 449 East Tioga Street in Philadelphia. Constructed in the 1960s, the manufacturing and distribution center features 294,148 square feet of industrial warehouse space, 22-foot clear heights and 34-by-34-foot column spacing. Case Paper has used the property as a distribution center since 1999 and has a current lease expiration date of 2019. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the refinancing with a CMBS lender for the borrower, B&W Associates, for a five-year term.
COLUMBUS, OHIO AND ARLINGTON, VA. — Marcus & Millichap Capital Corp. has arranged two CMBS loans totaling $30.8 million for the refinancing of two hospitality properties. The properties include the Holiday Inn Capital Square in Columbus, Ohio and the Hampton Inn Crystal City in Arlington, Va. A $5.8 million CMBS loan was arranged to refinance the Holiday Inn Capital Square property. A $25 million CMBS debt placement loan was arranged to refinance the Hampton Inn. Keith Bauer of MMCC’s Washington, D.C. office arranged both loans for the undisclosed borrowers.
CHARLOTTE, N.C. — Lowe Enterprises Investors (LEI) has acquired the Aloft Charlotte Uptown @ the EpiCentre, a 175-room hotel located at 210 E. Trade St. in Charlotte’s Uptown district. LEI has tapped its affiliate Destination Management to manage the hotel, which will continue to operate under the Aloft brand. The hotel is within walking distance of Bank of America’s global headquarters, Bank of America Stadium, the NASCAR Hall of Fame and the Charlotte Convention Center. The property features a fitness center, indoor pool, 2,500-square-foot meeting facility, business center and the w xyz bar. Russell Munn of LEI led the acquisition team. Wells Fargo provided acquisition financing on behalf of LEI.
SAN DIEGO — Sharp Memorial Hospital Rehabilitation Center, a 14,172-square-foot rehab facility in the San Diego submarket of Kearny Mesa, has completed a $6.4-million renovation. The facility is located at 2999 Health Center Drive. The renovation transformed the inpatient wing into a modern healing environment, with more private rooms that contain in-suite bathrooms and showers, updated administrative areas and hallways and an expanded outdoor therapy gardens. The center provides rehabilitation services for patients who have suffered catastrophic strokes, brain and spinal cord injuries, neurological issues, sprains, strains and other injuries, and problems related to balance, speech, lymph edema and chronic pain. The design-build renovation was carried out by McCarthy Building Companies and designed by Cuningham Group Architecture. The companies worked in collaboration with Sharp Healthcare.
FORT WORTH — Marcus & Millichap has arranged the sale of The Brentwood, a 292-unit apartment complex in Fort Worth. Al Silva of Marcus & Millichap’s National Multi Housing Group in Fort Worth, marketed the property on behalf of the seller, a Texas-based LLC. Silva also secured the buyer, another Texas-based LLC. The Brentwood is located at 8300 Brentwood Stair Road in Fort Worth, 10 miles east of downtown. The property was built in 1984 and was given a $2 million renovation between 2011 and 2013.
NEW YORK CITY — JLL has brokered a new, direct lease for AKF Group LLC at One Liberty Plaza in Lower Manhattan. The engineering firm signed a 15-year lease for 57,018 square feet of space at the 2.3 million-square-foot commercial office building owned by Brookfield. AKF will occupy the entire 44,378-square-foot 22nd floor and a portion of the 23rd floor at the building, which is located across from the World Trade Center. The firm is consolidating its presence downtown from locations at 1501 Broadway and 330 West 42nd Street in Midtown. Paul Mas, Michael Shenot, Ruby Hwang and Roxanne Tehranian of JLL represented the tenant in the transaction. Brookfield was represented in-house by Jeremiah Larkin and Duncan McCuaig, along with David Falk, Peter Shimkin, Hal Stein and Nick Berger of Newmark Grubb Knight Frank.