Saturday, August 8, 2026
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RetailSoutheast

JV ACQUIRES SHOPS AT PEMBROKE GARDENS FOR $188M

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PEMBROKE PINES, FLA. — A joint venture between Jeffrey A. Anderson Real Estate Inc. and an institutional investor has acquired The Shops at Pembroke Gardens for $188 million. The 395,000-square-foot property houses more than 70 shops, including Banana Republic, Bebe, Sur La Table and Victoria's Secret. The property, currently 90 percent leased, is also home to some of the highest grossing restaurants in Broward County, including Brio Tuscan Grill and Cheesecake Factory. Danny Finkle, Jim Batjer, Luis Castillo and Robert Saracco of HFF represented the seller, Duke Realty, in the transaction.

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OfficeSoutheast

CROCKER BUYS MIDTOWN ATLANTA OFFICE TOWER

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ATLANTA — Crocker Partners has acquired Atlantic Center Plaza, a 23-story office tower in Atlanta's Midtown submarket. A joint venture between Crocker and the Distressed Real Estate Opportunities Fund, managed by Siguler Guff & Co. LP, recapitalized the 500,000-square-foot building. Crocker now owns 1.7 million square feet in the Atlanta market. Last year, the firm acquired the 18-story Prominence building in Buckhead and an adjacent 6.4-acre parcel for a proposed 700-unit apartment project. Crocker had previously owned Atlantic Center Plaza, but had sold it in 2005. It is one of several assets the firm previously owned and recently re-acquired. No brokers were involved in the deal.

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IndustrialSoutheast

ENGINEERED FLOORS TO INVEST $450M IN GEORGIA FACILITIES

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DALTON, GA. — Engineered Floors LLC, a Dalton-based carpet manufacturer, will invest $450 million and create 2,000 new jobs during the next five years through the construction of new facilities in northwest Georgia. The company will build manufacturing and distribution plants in Whitfield County and a manufacturing facility in Murray County. “The exemption of sales tax on energy in the manufacturing process that the Legislature put in place under Gov. Deal's leadership during the 2012 legislative session makes a significant difference to manufacturers looking to grow and succeed,” says Robert E. Shaw, chairman and CEO of Engineered Floors. The Georgia Department of Economic Development (GDEcD) partnered with Dalton-Whitfield County Joint Development Authority and Dalton-Whitfield Chamber of Commerce to manage the expansion. Carl Campbell, regional project manager at GDEcD, led the expansion project for the state. Georgia Quick Start, a workforce training program, will provide assistance to the company.

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Mixed-UseSoutheast

CONSTRUCTION BEGINS ON 25-ACRE ALPHARETTA CITY CENTER

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ALPHARETTA, GA. — Construction is underway on the 25-acre Alpharetta City Center in Alpharetta. The development will include a City Hall building, municipal parking deck and a five-acre park, along with five development sites for future retail. The project is scheduled for a late July 2015 completion. Alpharetta City Center aims to transform Alpharetta's historic downtown into a blend of commercial, residential and community uses. Jones Lang LaSalle is managing the development of the project. Smallwood, Reynolds, Stewart and Stewart is the master architect for the project with primary architectural design services provided by David M. Schwarz Architects of Washington, D.C.

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MidwestMixed-Use

MAVERICK ARRANGES $75.5M LOAN FOR MIXED-USE PROJECT

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CHICAGO — Maverick Commercial Mortgage Inc. has arranged $75.5 million in first mortgage debt and mezzanine financing for a mixed-use project located at 1400-1460 North Halsted in Chicago. A limited liability company sponsored by Structured Development was the borrower. In 2007, Structured Development developed the project, which encompasses an entire city block in the Clybourn Corridor. The project includes educational, retail, medical office and parking uses within the development. The project is 94 percent occupied with a variety of tenants including British Schools of Chicago, Advocate Health Centers, Northwestern Memorial Hospital, Diamond Headache Center, Town & Country Pediatrics, Pine Dental and REI. Deutsche Bank and Prime Finance provided the financing. The five-year, fixed-rate loan and additional capital allowed for Structured Development to refinance and recapitalize the project and buy out the former equity partner in the transaction. New York-based Kaye Scholer represented Deutsche Bank and Prime Finance in the transaction. Attorneys from Kaye Scholer included Aaron Lehrfield, Jeannie Bionda, Michael Dougherty and Christine O’Connell. Kathryn K. Arnold of Shefsky & Froelich represented the borrowers. Mid-America Real Estate Corp handles the leasing and management for Structured Development.

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MidwestMultifamily

IRET PROPERTIES BUYS APARTMENT COMMUNITY FOR $28.3M

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OMAHA — Investors Real Estate Trust’s operating partnership, IRET Properties, has completed its acquisition of Whispering Ridge Apartments, a nine-building, 336-unit apartment property in Omaha, for $28.3 million. The apartment community, which is situated on 18 acres, was constructed in 2010. With the acquisition, IRET Properties now owns approximately 1,370 apartment units in the Omaha/Lincoln area. IRET Properties will manage Whispering Ridge Apartments.

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MidwestMultifamily

NORTHMARQ ARRANGES $11M LOAN FOR APT. COMMUNITY

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VALLEY PARK, MO. — NorthMarq Capital has arranged an $11 million first mortgage loan to refinance Forest Woods Apartments, a 260-unit multifamily property in Valley Park, a southwest suburb of St. Louis. Financing was based on a 10-year term and a 30-year amortization schedule. Forest Equities LLC was the borrower. Jeff Chaney of NorthMarq arranged the loan through Freddie Mac. The market-rate community is located at 101 Forest Parkway.

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IndustrialMidwest

JLL TO MARKET TWO CHICAGO INDUSTRIAL PARKS

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CHICAGO — Jones Lang LaSalle has been selected by Venture One Real Estate as the marketing agent for two of the developer’s industrial parks — Rock 39 Industrial Park and Loves Park Corporate Center — located along the I-39 Industrial Corridor west of Chicago. The two parks have a combined total of 340 acres. Shovel-ready sites of up to 120 acres with build-to-suit opportunities are available, ranging from 50,000 to 1.5 million square feet. Current tenants/owners include PepsiCo Inc., Con-way Inc. and Danfoss Group.

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NortheastRetail

CITIBANK PORTFOLIO IN NYC AREA SELLS FOR $97.2M

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NEW YORK CITY — A private Irish investment group has sold a 47-property, net-leased bank branch portfolio in the New York City metropolitan area for $97.2 million. All of the properties, which total 157,000 square feet, are triple-net-leased to Citibank under a long-term lease agreement. The portfolio was sold to Path Land Holdings LLC, an entity owned by a group of individual investors. Citibank leases include an annual rent increase, and the portfolio was sold free of debt or mortgage financing. Savills LLC, a real estate investment firm, advised the seller in the transaction.

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MultifamilyNortheast

BERKADIA ORIGINATES $60M REFINANCING OF APT. PROPERTY

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PHILADELPHIA — Berkadia Commercial Mortgage LLC has arranged $60 million in refinancing for 1500 Locust Apartments, a multifamily high-rise property in Philadelphia. Ernie Katai of Berkadia worked with borrower, Capri Capital Partners, to secure the 10-year, fixed-rate loan through Fannie Mae. The interest-only loan features a 3 percent interest rate and a 30 percent loan-to-value ratio. Located in City Center Philadelphia, 1500 Locust sits on a half-acre of land and was 95 percent occupied at the time of sale. It features studios and one-, two- and three-bedroom apartments. The building also includes an outdoor sundeck, a heated pool and a restaurant and fitness center.

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