New England Real Estate Journal
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March 9 - 15, 2012 15A
News Outside The Region News Outside the Region is sponsored by: Cushman & Wakefield handles $113.25m sale of Shops at Wisconsin Place
Bascom Group and BRT Realty Tr. acquire 207unit Ivy Ridge for $8.1m
Pembrook arranges $32m financing for apt. rehab project for Antheus Capital
Pressley Associates starts final phase at Point State Park’s fountain plaza
New Boston Fund buys 99,181 s/f Carolina Place Class A office building
CHEVY CHASE, MD On
ATLANTA, GA
The Bascom Group, LLC, in joint venture with BRT Realty Trust, has acquired Ivy Ridge, a 207-unit community for $8.1 million. The purchase price represented a 47% discount to the seller’s prior total cost basis and a 29% discount to the seller’s loan balance. Bascom worked with Jeff Gould and Lonnie Halpern from BRT Realty Trust for the equity financing. Debt financing was arranged by Gary Mozer and Josh Roseman from George Smith Partners. Kevin Geiger, Brad Simmel, and Shea Campbell from CBRE represented the seller. Ivy Ridge consists of two and three-bedroom units with large floor plans that have an average unit size of approximately 1,361 s/f. Built in 1973, the property is spread over approximately 17.31 acres. Ivy Ridge is located off Delk Rd. with access to I-285 and I-75, allowing accessibility to all of metro Atlanta.
KANSAS CITY, MO Pembrook
PITTSBURGH, PA According to Pressley
RALEIGH, NC New
behalf of New England Development, Cushman & Wakefield of Mass., Inc. handled the $113.25 million sale of The Shops at Wisconsin Place, the retail component of the mixed-use Wisconsin Place development. Cushman & Wakefield’s Capital Markets Group of Robert Griffin, Jr., Geoffrey Millerd and Allen Potts exclusively represented the seller and secured the buyer - TIAA-CREF - in the transaction. The Shops at Wisconsin Place, located just six miles from the Capitol, totals approximately 118,000 s/f and is 99% leased to 17 tenants. The institutional-quality trophy property is anchored by a Whole Foods Market which opened in 2010. Other tenants include Anthropologie, The Capital Grille, Talbots, P.F. Changs China Bistro and Sephora. The property is shadow-anchored by Bloomingdale’s. The Shops at Wisconsin Place is just one piece of the development that also includes a Class A office tower as well as a luxury apartment component. The Wisconsin Place complex is the result of the redevelopment of eight acres of land that was originally home to Woodward & Lothrop department store and subsequently Hecht’s department store.
EMB Management expands client portfolio BELLEVUE, WA EMB Management, an
Associa company, recently expanded its diverse client portfolio by adding three new communities in the Bellevue area. “It is a great privilege to be chosen as the community management company for Campen Springs, Enso and Vuecrest Community Association,” said Corey Recla, EMB CEO. “We welcome the opportunity to work with each of these communities for years to come.”
Fountain Residential Partners to develop off campus student housing DENTON, TX Fountain Residential Part-
ners, in association with Crosswind Development Partners, is expected to break ground this spring on a 139unit/427-bed student housing community adjacent to The University of North Texas. The project, 33 North, is expected to deliver for fall 2013. 33 North will be located on Eagle Dr. adjacent to the Greek Housing. The development will be 5-stories tall providing views of campus and controlled parking will be provided in an internal parking garage. 33 North will be a fully furnished community and with all utilities included and will be comprised of one, two, three, and four bedroom apartment homes.
Capital Management, LLC arranged the completion of a $32 million taxexempt financing transaction that facilitates Antheus Capital’s redevelopment of a 600-unit apartment portfolio. Known as the Commonwealth Portfolio, the 600-unit group of 11 historic prewar buildings located along Armour Blvd. has been acquired by an affiliate of Antheus Capital, LLC for $60.5 million. The properties are largely unoccupied. Pembrook originated and participated in the purchase of a $32 million tax-exempt private activity bond, which was partially financed by a large financial institution. The bond was issued by the Industrial Development Authority of the City of Kansas City and is secured by a first mortgage on the portfolio. The proceeds of the bond issue will be used for ongoing renovations of the portfolio of properties. In addition to the tax-exempt piece arranged by Pembrook, the Commonwealth Portfolio is financed through equity from the sponsor as well as a grant from the city, and a federal and state historic tax credit equity commitment by U.S. Bancorp Community Development Corp., a wholly owned subsidiary of U.S. Bank. In addition, the city is providing an 18-year tax abatement for the properties.
Huff, Niehaus & Assoc. structures sale of Best Western Envoy Inn
According to Huff, Niehaus & Associates, Inc., the Best Western Envoy Inn & Suites has been sold. The buyers from Louisville, are currently involved in several other hospitality properties and plan to improve the hotel to a Best Western Plus and expect to spend over $200,000 on renovations. LOUISVILLE, KY
Associates, a landscape architecture and urban design firm based in Cambridge, Mass., Point State Park’s fountain plaza broke ground in late November 2011. This is the final phase of the 37-acre park’s rehabilitation to make it 100% universally accessible and more convenient to Pittsburgh’s urban center while respecting the historic integrity of this national historic site. Pressley, which began work on the park more than 10 years ago, will be rehabilitating the signature fountain’s central plaza, which acts as a welcoming public gathering space paved in 30,000 s/f of bluestone and reclaimed limestone cobbles. The fountain, with a central jet reaching up to 200 ft., will be made less susceptible to flood damage and more operational at fuller capacity. Located at Pittsburgh’s tip, where the Allegheny and Monongahela Rivers join to form the Ohio River, Point State Park marks the foundations of Fort Pitt (1784) and Fort Duquesne (1754), the site of a pivotal battle in the French and Indian War.
Boston Fund, Inc. has purchased Carolina Place, a 99,181 s/f Class A office building from a client advised by Invesco Real Estate. Situated on more than four acres, Carolina Place is a five-story building that includes a two-story structured parking deck containing a total of 318 parking spaces. The property is currently 86% occupied to national, regional and local companies. Originally developed in 1984, Carolina Place is located on Glenwood Ave., just over one mile from the I-440 Beltline, three miles from downtown Raleigh and 10 miles from Raleigh-Durham International Airport. The property is also adjacent to the Carolina Country Club and is nestled within the high-end executive housing neighborhoods of Raleigh. Major tenants include Cherry, Bekaert and Holland, LLP, one of the largest regional CPA firms headquartered in the Southeast, and Scott Madden, a general management consulting firm. Both tenants have leased space at Carolina Place for more than 20 years.
Trammell Crow and USAA Buildings designed by break ground on 700,000 Goody Clancy & Stevens s/f distribution facility & Wilkinson dedicated CARLISLE, PA According
to Trammell Crow Co. and USAA Real Estate Co., they are breaking ground on a 700,000 s/f Class A speculative distribution facility at Mountain Creek Distribution Center, a two building industrial project situated on 113 acres at Exit 44 of I-81. The project is approved for 1,302,500 s/f of Class A warehouse/ distribution space designed to achieve LEED Core & Shell (CS) certification. The first building is scheduled for completion in the summer of 2012. Trammell Crow Co., under the direction ofAndrew Mele and George Laigaie, will manage the day to day development responsibilities.
CHARLESTON, SC According to Goody
Clancy and Stevens & Wilkinson, two new research buildings on the campus of the Medical University of South Carolina were formally dedicated late in 2011. The two buildings add 208,000 s/f of collaborative research space to the campus. The James E. Clyburn Research Center comprises two buildings, the Drug Discovery Building and the Bioengineering Building. The research center brings together scientists, faculty and students from the state’s three research universities: MUSC, the University of South Carolina and Clemson University.
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