Acquisitions

NAP Sells New Mixed-Use Development Along Atlanta BeltLine to Connor Group for $110M

by Alex Tostado December 18, 2019

ATLANTA — North American Properties (NAP) has sold Edge, a mixed-use development that the firm recently delivered along the Atlanta BeltLine’s Eastside Trail, to The Connor Group, a multifamily owner based in Ohio. According to Atlanta Business Chronicle, Connor Group acquired Edge for $110 million. Located at 670 DeKalb Ave. NE in Atlanta’s Inman Park, Edge straddles both sides of the BeltLine’s Eastside Trail. The development offers studio, one-, two-, and three-bedroom apartments, as well as a pool, fitness center, parking garage and a clubhouse. The apartments are adjacent to Interstate 85 and the MARTA King Memorial station. The development also offers 29,000 square feet of retail, dining and loft office space. Current tenants include Shake Shack, Cold Beer and Rukus Cycling Studios. The property is less than two miles from Ponce City Market and less than one mile from Krog Street Market. Cincinnati-based NAP partnered with Atlanta BeltLine Inc. (ABI) and The Conservation Fund to transform the environmentally contaminated site.

December 18, 2019

Acquisitions Massachusetts Mixed-Use Northeast Retail

Finard Properties Acquires 308,863 SF Greendale Mall in Worcester, Massachusetts

by Alex Patton December 18, 2019

WORCESTER, MASS. — Finard Properties has acquired Greendale Mall, a 308,863-square-foot shopping mall in Worcester, located approximately 45 miles west of Boston. The mall was completed in 1987 and currently houses tenants such as TJ Maxx, Greendale Furniture and Reliant Healthcare. Located at 7 Neponset St., the mall offers immediate proximity to downtown Worcester and close access to metropolitan communities. Finard Properties plans to redevelop Greendale Mall as a mixed-use development. The project team includes architect Prellwitz Chilinski Associates and general contractor Bohler Engineering. Robert Griffin Jr. of Newmark Knight Frank represented the undisclosed seller in the transaction.

December 18, 2019

Acquisitions Multifamily New York Northeast

Trinity Place, TF Cornerstone to Acquire 234-Unit Apartment Building in Brooklyn

by Alex Patton December 18, 2019

NEW YORK CITY — Trinity Place Holdings and TF Cornerstone have entered into a joint venture agreement to acquire 250 North 10th Street, a 234-unit luxury apartment building in the Williamsburg neighborhood of Brooklyn. The six-story, 150,000-square-foot building features a mix of studio, one- and two-bedroom units and amenities such as a roof deck and fitness center. LCOR Inc. and the California State Teachers Retirement System developed the property in 2014 and sold it to Nuveen Real Estate in May 2015 for $169 million. A JLL team represented Nuveen Real Estate in the December 2019 acquisition agreement. The deal is expected to close by February 2020.

December 18, 2019

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of 154-Unit Multifamily Community on Long Island

by Alex Patton December 18, 2019

FARMINGDALE, N.Y. — Cushman & Wakefield has brokered the sale of The Jefferson at Farmingdale Plaza, a 154-unit multifamily community located in the western Long Island city of Farmingdale. Built in 2015, the property features two three-story buildings at 148 South Front St., adjacent to the Farmingdale LIRR rail station. Amenities include a health club with a yoga studio and aerobics center, business lounge, billiards room and a media center with a movie theater. The property also features 20,000 square feet of retail space leased to tenants including Starbucks, TAO Asian Bistro and Eastern Breeze spa. Kevin Donner and Brian Whitmer led the Cushman & Wakefield team that represented the seller, a joint venture between H.I.G. Realty Partners and JPI Cos. The team also procured the buyer, Fairfield Properties. The sales price was undisclosed.

December 18, 2019

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Arranges $40.7M Sales of Two Multifamily Properties in Metro Atlanta

by Alex Tostado December 18, 2019

ATLANTA — Berkadia has arranged the sales of The Reserve in Lithonia and Friendly Hills Apartments in Decatur. Texas-based Praxis Capital acquired both communities for a combined $40.7 million. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia represented the seller, Atlanta-based Benimax, in both transactions. The Reserve, which sold for $23.9 million, is a garden-style community offering studio through three-bedroom floor plans. Community amenities include a swimming pool, playground, picnic area and a fitness center. The property is located at 5650 Hillandale Drive, 17 miles east of downtown Atlanta. Jackson Cloak of Berkadia arranged a $19.8 million acquisition loan through Bridge Investment Group on behalf of Praxis for The Reserve. Friendly Hills Apartments is also a garden-style community that offers two- and three-bedroom floor plans. Community amenities include a basketball court, laundry facilities, swimming pool and a playground. Friendly Hills is located at 10 Friendly Hills Drive, 13 miles east of downtown Atlanta. Cloak originated a $12.3 million Freddie Mac loan on behalf of Praxis for Friendly Hills.

December 18, 2019

Acquisitions Maryland Office Southeast

Zamir Equities Buys Value-Add Office Building in Baltimore’s CBD for $26.9M

by Alex Tostado December 18, 2019

BALTIMORE — Zamir Equities has purchased 36 S. Charles St., a 25-story office building located in Baltimore’s Central Business District (CBD), from an undisclosed seller. The 314,000-square-foot building currently houses the Baltimore U.S. Attorney’s Office, The Law Offices of Peter T. Nicholl and the City of Baltimore Development Corp. One block away from Baltimore’s Inner Harbor, 36 S. Charles is situated less than a block from the Metro SubwayLink Charles Center station. The location also provides nearby access to Interstates 95 and 83 and the city’s Light RailLink system. The Camden Station of the Maryland Area Regional Commuter (MARC), which provides high-speed access to Washington, D.C. and other major East Coast cities, is less than one mile away. The office building currently features cafes, onsite storage and a parking garage. The previous ownership invested $6.5 million into base building improvements and updates to the lobby, conference center and elevators. Zamir Equities plans to make additional capital improvements, including further improvements to the elevators, upgrades to the common areas, enhanced building security and a new coffee shop.

December 18, 2019

Acquisitions Iowa Midwest Multifamily South Dakota

IRET Sells 970-Unit Multifamily Portfolio in Iowa, South Dakota for $78M

by Kristin Harlow December 18, 2019

SIOUX CITY, IOWA AND SIOUX FALLS, S.D. — IRET has sold a 10-property, 970-unit multifamily portfolio in Sioux City and Sioux Falls for $78 million. Monarch Investment and Management Group purchased the three Sioux City properties, which total 444 units. The communities were built between 1970 and 1998. Monitor Finance acquired the seven Sioux Falls properties, which total 526 units. They were completed between 1985 and 2000. At the time of sale, the occupancy for the entire portfolio was 93 percent. Mox Gunderson, Dan Linnell, Josh Talberg, Adam Haydon and David Gaines of JLL represented IRET in the sale.

December 18, 2019

Acquisitions Illinois Midwest Multifamily

JVM Acquires 115-Unit Apartment Complex in Downers Grove, Illinois

by Kristin Harlow December 18, 2019

DOWNERS GROVE, ILL. — JVM Realty Corp. has acquired Maple & Main, a 115-unit luxury apartment complex in Downers Grove, from an undisclosed seller. Completed in 2018, Maple & Main is home to a fitness center, yoga room, rooftop lounge, clubroom, package room, pet spa and heated pool. The community’s ground floor features The FoxTail, a 4,289-square-foot restaurant that is slated to open in January. JVM Management Inc. will manage the property. JVM also announced it will close two equity funds that are expected to raise a combined $115 million. The two funds, Fund 7 and Premier Fund III, are currently co-invested in five apartment communities: The Landing at Briarcliff in Kansas City; Summit Ridge Apartments in Lee’s Summit, Mo.; Randall Highlands in North Aurora, Ill.; Uptown LaGrange in LaGrange, Ill.; and Maple & Main. The total acquisition cost of the five properties was $291.4 million.

December 18, 2019

Acquisitions Illinois Industrial Midwest

NKF Brokers Sale-Leaseback of Suburban Chicago Industrial Property

by Kristin Harlow December 18, 2019

AURORA, ILL. — Newmark Knight Frank (NKF) has brokered the sale-leaseback of 1175 S. Frontenac St., a 120,000-square-foot industrial building in Aurora. The sales price was undisclosed. Elise Couston and Adam Marshall of NKF represented the seller, design studio Embossed Graphics Inc., which will lease back the property from Exeter Property Group. Located in the Meadow Lakes Corporate Park, the facility was constructed in 1999 as a build-to-suit for Embossed Graphics. The building features a clear height of 24 feet, 10,000 square feet of office space and parking for 135 vehicles.

December 18, 2019

Acquisitions Hospitality Texas

NewcrestImage Acquires 148-Room SpringHill Suites Hotel in Downtown Dallas

by Taylor Williams December 18, 2019

DALLAS — Hospitality development and investment firm NewcrestImage has acquired the 148-room SpringHill Suites by Marriott hotel in downtown Dallas. The hotel is an adaptive reuse of a historic 10-story building and features a fitness center, complimentary breakfast and 615 square feet of meeting space. NewcrestImage will undertake further renovations to the property that will take about four months to complete, during which time the hotel will remain open. The seller of the hotel was not disclosed.

December 18, 2019

Newer Posts

Older Posts