Acquisitions

Boulder Group Arranges $2.2M Sale of Andigo Credit Union Ground Lease in Streamwood, Illinois

by Kristin Harlow April 16, 2020

STREAMWOOD, ILL. — The Boulder Group has arranged the $2.2 million sale of an Andigo Credit Union ground lease in Streamwood, a northwest suburb of Chicago. Built in 2019, the single-tenant, net-leased property is located at 990 S. Barrington Road. Andigo has a 15-year lease at the building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate group. A Southwest-based private real estate company was the buyer. There are currently seven Andigo branches across metro Chicago. Andigo intends to merge with Consumers Credit Union later this year.

April 16, 2020

Acquisitions Office Texas

JLL Negotiates Sale of 248,045 SF Toll Hill Office Park in North Dallas

by Taylor Williams April 16, 2020

DALLAS — JLL has negotiated the sale of Toll Hill Office Park, a 248,045-square-foot campus located one block south of the LBJ Freeway in North Dallas. The two-building property was recently renovated and offers a deli, common area conference room, atrium seating areas with Wi-Fi and covered parking. Parker McCormack of JLL represented the locally based seller, Cawley Partners, in the transaction. Jason Piering and Will Mogk of JLL arranged acquisition financing through NXT Capital on behalf of the buyer, Balfour Pacific Capital. The new ownership will use a portion of the proceeds to fund capital expenditures and tenant improvements.

April 16, 2020

Acquisitions Industrial New Jersey Northeast

Saadia Group Acquires 135,668 SF Industrial Property in Plainfield, New Jersey

by Alex Patton April 16, 2020

PLAINFIELD, N.J. — Saadia Group LLC, a New York-based investor, has acquired a 135,668-square-foot industrial facility in Plainfield, a southwestern suburb of New York City. Located at 1700-1722 S. 2nd St., the property features convenient access to the Garden State Parkway as well as State Routes 287 and 78. The building was constructed in 1945. Jonathan Glick of Sheldon Gross Realty represented Saadia Group in the transaction. Second Street Associates sold the asset for an undisclosed price.

April 16, 2020

Acquisitions Multifamily New York Northeast

JLL Brokers $6.4M Sale of Residential Development Site in The Bronx

by Alex Patton April 16, 2020

NEW YORK CITY — JLL has brokered the $6.4 million sale of a residential development site located at 3041 Webster Ave. in The Bronx. The site currently houses a two-story, 15,140-square-foot warehouse that is owned and occupied by retailer Sam’s Carpet, but has been rezoned for a residential use. Karl Brumback, Eric Tiefen and Brian Streilein of JLL represented Sam’s Carpet in the transaction. Bolivar Development was the buyer. A construction timeline was not disclosed.

April 16, 2020

Acquisitions Florida Multifamily Southeast Student Housing Top Stories

Partnership to Complete $231M Student Housing Development Near Florida International University by Start of School Year

by Alex Tostado April 16, 2020

MIAMI — Construction is underway on The One at University City, a planned 1,244-bed student housing community located across the street from the Florida International University (FIU) campus in Miami. University Bridge provided a $231 million bond issuance for the project. A partnership between Global City Development, RER Ventures and Podium Developments is building the community, which is slated for completion before the 2020-2021 academic school year. Landmark Properties has been tapped to manage the community, which is 45 percent preleased to more than 500 students. The 886-unit community will offer studio, one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include a sundeck, pool, fitness center, study lounges on each floor and a resident clubroom. Rents will start at $1,275 per month for a studio, $1,320 per month for a one-bedroom unit, $1,085 per month per room for a two-bedroom, $1,080 per month per room for a three-bedroom and $1,015 per month per room for a four-bedroom unit. “As we work through these extremely challenging times, it is encouraging to look forward to an environment later this year where we can begin to welcome FIU’s students to The One,” says Diego Procel, principal of Global …

April 16, 2020

Acquisitions Loans Multifamily ORIX Southeast Tennessee

Hunt Real Estate Provides $27.4M Acquisition Loan for Multifamily Community in Chattanooga

by Alex Tostado April 15, 2020

CHATTANOOGA, TENN. — Hunt Real Estate Capital has provided a $27.4 million acquisition and renovation loan for Rise at Signal Mountain, a 280-unit multifamily community in Chattanooga. The property spans 42.9 acres and comprises 19 two- and three-story buildings that were built in 1986. The community features one- and two-bedroom floor plans and communal amenities such as a pool clubhouse, dog park, fitness center storage space and a business center. The buyer and borrower, Birmingham, Ala.-based StoneRiver Co. LLC, plans to invest an additional $2 million in the property’s exteriors, amenity spaces and landscaping. The upgrades are scheduled to start this month. and the buyer expects the renovations to last for six to nine months. Hunt provided the non-recourse loan, which features interest-only payments and a 30-month term with three extension options. Rise at Signal Mountain is situated at 1185 Mountain Creek Road, six miles north of downtown Chattanooga. The seller was not disclosed.

April 15, 2020

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $9.8M Sale of Retail Center, Outparcel in Florida’s Panhandle

by Alex Tostado April 15, 2020

FORT WALTON BEACH, FLA. — Marcus & Millichap has arranged the sale of Choctaw Plaza, a 93,650-square-foot retail center in Fort Walton Beach, as well as an outparcel property that is triple-net-leased to Compass Bank. The properties sold for a combined $9.8 million to different buyers. A private personal trust acquired Choctaw Plaza, located at 111 Racetrack Road NW, four miles north of downtown Fort Walton Beach. A Big Lots anchors the property, which was 89 percent leased at the time of sale to tenants including Dollar General, Rent-A-Center, Coldwell Banker, Little Caesars, the Department of Juvenile Justice and the U.S. government. An undisclosed private trust acquired Compass Bank, which is situated at 101 Racetrack Road NW as the outparcel to Choctaw Plaza. James Medefind and Cory Gross of Marcus & Millichap represented the seller, an undisclosed private investor, in the transactions.

April 15, 2020

Acquisitions Development North Carolina Retail Southeast

CBRE|Triad Brokers Land Sale in Kernersville for Planned Lightning McClean Car Wash

by Alex Tostado April 15, 2020

KERNERSVILLE, N.C. — CBRE|Triad has brokered the sale of a 3.3-acre lot at 811 N.C. Highway 66 in Kernersville. The buyer is Lightning McClean Car Wash, an express car wash company with locations in Durham, N.C.; and Lynchburg and Danville, Va. Lightning McClean offers a three-minute car wash and free vacuum use for customers. A timeline for construction was not disclosed. Brian Craven of CBRE|Triad represented the seller, Red Cherry Capital LLC, in the transaction. The seller sold the land for an undisclosed amount.

April 15, 2020

Acquisitions Multifamily Texas

FourPoint Negotiates Sale of 300-Unit Stone Hill Apartments in Metro Austin

by Taylor Williams April 15, 2020

PFLUGERVILLE, TEXAS — FourPoint Investment Sales Partners has negotiated the sale of Stone Hill Apartments, a 300-unit multifamily community located in the northern Austin suburb of Pflugerville. Units at the property feature stainless steel appliances, hardwood floors and private balconies. Amenities include a pool, movie theater, fitness center and a dog park. Kevin Dufour and Kyle Peco of FourPoint represented the locally based seller, Journeyman Group, in the transaction. A Seattle-based investor acquired the asset for an undisclosed price.

April 15, 2020

Acquisitions Industrial Texas

Colliers Brokers Sale of 6.2-Acre Industrial Property in Houston

by Taylor Williams April 15, 2020

HOUSTON — Colliers International has brokered the sale of a 6.2-acre industrial property that houses 41,076 square feet of warehouse space in Houston. Tom Condon Jr. of Colliers represented the buyer, Tomball Economic Development Corp., in the transaction. Natalie Hurley of Register Real Estate Advisors represented the seller, South Live Oak Associates LP.

April 15, 2020

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