Property Type

Orion Capital Partners Acquires Mixed-Use Property in Miami for $58M

by John Nelson September 20, 2023

MIAMI — Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, The UPS Store and Jamba Juice. The buyer purchased the development from an entity doing business as Cofe ZM Dadeland LLC for $58 million, a price that is subject to an assumption of an existing $39 million mortgage. Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building. Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller in the transaction. John Crotty and Michael Fay of Avison Young’s Miami office consulted with both parties.

September 20, 2023

Acquisitions North Carolina Retail Southeast

Klein Enterprises Purchases 140,000 SF Shopping Center in North Carolina’s Outer Banks Region

by John Nelson September 20, 2023

SOUTHERN SHORES, N.C. — Baltimore-based Klein Enterprises has purchased Southern Shores Marketplace, a 140,000-square-foot shopping center in North Carolina’s Outer Banks region. The grocery-anchored property is located at 5539 N. Croatan Highway in Southern Shores. Situated near the Wright Memorial Bridge, Southern Shores Marketplace is anchored by Food Lion and leased to tenants including Starbucks, Verizon Wireless, CVS, Jersey Mike’s, OBX Optical and Coastal Rehabilitation. The seller, Charlotte-based Aston Properties, recently redeveloped the shopping center and executed brand new leases with Marshalls, Rack Room Shoes and Five Below. An affiliate of Klein Enterprises purchased the property for an undisclosed price using acquisition financing from TD Bank. Berkeley Capital Advisors brokered the transaction. Southern Shores Marketplace represents Klein’s entry into North Carolina.

September 20, 2023

Development Industrial Loans North Carolina Southeast

TD Bank Provides $23.3M Loan to MDH Partners for Metro Charlotte Industrial Development

by John Nelson September 20, 2023

HUNTERSVILLE, N.C. — TD Bank has provided $23.3 million in construction financing to MDH Partners for the development of Phase II of Northcross Commerce Center in Huntersville, a suburb of Charlotte. The second phase will comprise two industrial facilities totaling approximately 254,000 square feet. Chris Drew, Taylor Allison and Jimmy Calvo of JLL arranged the financing, which is the first transaction between MDH Partners and TD Bank. The Atlanta-based developer plans to break ground on the project this month and complete the development in third-quarter 2024.

September 20, 2023

Acquisitions Florida Net Lease Restaurant Retail Southeast

SRS Brokers $4.6M Sale of New Restaurant Building in Jacksonville Leased to Panera Bread

by John Nelson September 20, 2023

JACKSONVILLE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a new 3,937-square-foot restaurant building located at 9725 Applecross Road in Jacksonville. Completed earlier this year as an outparcel to Oakleaf Town Center, the 1.5-acre site is triple-net leased to Panera Bread. The 15-year lease has scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development firm, in the transaction. The 1031 buyer was a private investor based in South Florida.

September 20, 2023

Development Midwest Minnesota Multifamily

Kraus-Anderson Completes Phase I of The Hallon Apartment Community in Hopkins, Minnesota

by Kristin Harlow September 20, 2023

HOPKINS, MINN. — Kraus-Anderson has completed Phase I construction of The Hallon, a luxury apartment community located adjacent to the future Blake Road Metro Green Line Extension Transit Station in Hopkins, a southwest suburb of Minneapolis. Developed by Trilogy Real Estate Group and designed by ESG Architects, the three-phase project will connect three buildings with 770 units. Located across from Cedar Lake Trail, the development features a public community space. The first phase consists of a seven-story building with 219 units, garage parking and retail space on the first level. Amenities include an outdoor pool, fitness center, sport simulator room, bike shop, clubroom, lounge, work-from-home spaces and a conference room. The second phase will feature a seven-story building with 250 units. Construction on Phase II has begun, and completion is slated for summer 2024. Details are still pending on the third phase.

September 20, 2023

Build-to-Rent Development Midwest Single-Family Rental Wisconsin

Heyday Breaks Ground on 130-Unit Build-to-Rent Community in Suburban Milwaukee

by Kristin Harlow September 20, 2023

OAK CREEK, WIS. — Heyday has broken ground on Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. The project marks Heyday’s second build-to-rent community in Wisconsin. Floor plans come in one-, two- and three-bedroom layouts ranging from 832 to 1,701 square feet. Each residence features an attached two-car garage with personal electric vehicle charging outlets. Private patios or covered porches accompany each home. Residents have access to bike and walking paths as well as a dog parka and community garden. Leasing is slated to begin in early 2024.

September 20, 2023

Development Industrial Iowa Midwest

Meridian Design Build Completes 479,000 SF Industrial Build-to-Suit in Cedar Rapids, Iowa

by Kristin Harlow September 20, 2023

CEDAR RAPIDS, IOWA — Meridian Design Build has completed construction of a 479,000-square-foot industrial build-to-suit in Cedar Rapids. Scannell Properties developed the project on behalf of a provider of global shipping and information services. Located at 1035 Commerce Park Drive SW, the building features 190 loading docks, 12 drive-in doors, 168 interior van loading positions and 31,977 square feet of office space. Meridian completed significant site improvements to accommodate a 660-car parking lot, 189 van staging spaces, 130 tractor parking spaces and a 330-stall trailer storage yard. Cornerstone Architects provided architectural design services, and Manhard Consulting handled the civil engineering design.

September 20, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers Sale of 41-Unit Apartment Building in Chicago’s Humboldt Park

by Kristin Harlow September 20, 2023

CHICAGO — Kiser Group has brokered the sale of a 41-unit apartment building in Chicago’s Humboldt Park neighborhood for an undisclosed price. The property at 3935-45 W. Division St. consists of 37 apartment units and four retail spaces. The asset was converted into condos in 2006, and then was transformed when 85 percent of its units were acquired through a bank sale following the market downtown in 2008-2009. The undisclosed buyer is poised to increase rents, seeking a value-add opportunity.

September 20, 2023

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Arranges Sale of 90-Room Holiday Inn Express Hotel in Indianapolis

by Kristin Harlow September 20, 2023

INDIANAPOLIS — Marcus & Millichap has arranged the sale of the Holiday Inn Express East Indianapolis for an undisclosed price. The 90-room hotel, built in 1999, is located at 7035 Western Select Drive. Jasdeep Sohi of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company. The property will undergo full renovations in accordance with IHG’s Formula Blue Package in the coming months.

September 20, 2023

Loans Multifamily Northeast Pennsylvania

Scope Capital Arranges $16M in Financing for Philadelphia Multifamily Complex

by Taylor Williams September 20, 2023

PHILADELPHIA — Scope Capital has arranged $16 million in bridge-to-HUD financing for The Washington, a newly built multifamily complex in Philadelphia’s Kensington neighborhood. The Washington will offer 72 units in one- and two-bedroom formats with an average size of 881 square feet. Amenities will include a fitness center, business center and a rooftop deck, as well as ground-floor commercial space. An undisclosed regional bank provided the three-year, interest-only loan to the borrower and developer, Philadelphia-based Trinity Realty Cos.

September 20, 2023

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