Property Type

JLL Arranges $114M Construction Loan for Spec Industrial Project in Metro Philadelphia

by Taylor Williams August 16, 2023

BUCKS COUNTY, PA. — JLL has arranged a $114 million construction loan for Lower Bucks Logistics Hub, an 814,567-square-foot speculative industrial project in Bucks County. The address of the site was not disclosed, but the development’s two buildings will be located at I-295, with one building on either side of Route 213 in Middletown Township, New Jersey. The buildings will have rear-load and cross-deck configurations, clear heights of 40 feet, six total drive-in doors and over 800 car and trailer parking spaces. Mike Pagniucci led the JLL team that originated the financing through Mesa West Capital on behalf of the borrower, Foxfield LLC. A construction timeline was not disclosed.

August 16, 2023

Development Florida Loans Multifamily Seniors Housing Southeast

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Residential Project in Port St. Lucie, Florida

by John Nelson August 16, 2023

PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.

August 16, 2023

Development Georgia Multifamily Southeast

Joint Venture to Develop 330-Unit Apartment Community in Acworth, Georgia

by John Nelson August 16, 2023

ACWORTH, GA. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and PointOne Holdings plans to develop a 330-unit apartment community in Acworth. The unnamed, 20-acre project will be located at 5950 Highway 92, about 29 miles northwest of Atlanta. In addition to traditional apartments, the community will feature 20 carriage homes with private garages. City National Bank is providing construction financing to the joint venture. The design-build team includes architect Dynamik Design and general contractor Stratus Construction. The developers expect first units to be delivered in October 2024.

August 16, 2023

Acquisitions Georgia Multifamily Southeast

CBRE Negotiates Sale of 256-Unit Latitude at Godley Station Apartments Near Savannah

by John Nelson August 16, 2023

POOLER, GA. — CBRE has negotiated the sale of Latitude at Godley Station, a 256-unit apartment community located at 1502 Benton Blvd. in Pooler, a suburb of Savannah. The property was built in 2015 and features one-, two- and three-bedroom apartments ranging in size from 734 to 1,494 square feet, according to Apartments.com. Amenities include a clubhouse, coffee bar, business center, pool, fitness center, lounge, game room, picnic area, car wash area, laundry facilities and a pet play area. Jim Sewell and Dave Lansbury of CBRE’s Charleston office, along with Erika Maston of the firm’s Savannah office, brokered the transaction. Atlas Real Estate Partners purchased Latitude at Godley Station and plans to invest in capital improvements. The seller and sales price were not disclosed.

August 16, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $6.9M Sale of Miami Store Leased to Walgreens

by John Nelson August 16, 2023

MIAMI — Marcus & Millichap has brokered the $6.9 million sale of a single-tenant retail property located at 1699 N.W. 7th St. in Miami. The store is net-leased to Walgreens. An unnamed individual/personal trust purchased the property from the undisclosed seller. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the buyer in the transaction. The store, which is located directly across the street from LoanDepot Park, the home ballpark for the Miami Marlins, is situated on land zoned for 180 multifamily units up to eight stories.

August 16, 2023

Acquisitions Georgia Industrial Southeast

Atlanta Property Group Purchases 50,000 SF Industrial Building in Marietta, Georgia

by John Nelson August 16, 2023

MARIETTA, GA. — Atlanta Property Group (APG) has purchased 1900 West Oak, a 50,000-square-foot industrial building located at 1900 W. Oak Circle in Marietta, a northern suburb of Atlanta. Built in 1990 roughly two miles from I-75, the facility was 50 percent leased at the time of sale and features 12 dock-high doors and 20-foot clear heights. The property is APG’s 12th distribution facility purchased since 2022. The seller and sales price were not disclosed.

August 16, 2023

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

Heyday Opens 170-Unit Build-to-Rent Community in Sun Prairie, Wisconsin

by Kristin Harlow August 16, 2023

SUN PRAIRIE, WIS. — Heyday has opened the first phase of Heyday Sun Prairie, a 170-unit build-to-rent community in the Madison suburb of Sun Prairie. Homes feature attached garages with electric vehicle charging outlets, private patios, keyless entry and green spaces. Monthly rents range from $1,700 for one-bedroom homes to $2,800 for three-bedroom homes. New leases include a six-month membership to nearby Sun Prairie Athletic Club. Daniel Management Group is the property manager.

August 16, 2023

Acquisitions Healthcare Massachusetts Northeast

Thomas Park Investments Buys 125,000 SF Healthcare Property in Southborough, Massachusetts

by Taylor Williams August 16, 2023

SOUTHBOROUGH, MASS. — Thomas Park Investments has purchased Reliant Healthcare Southborough, a 125,000-square-foot healthcare property located in Worcester County in the central part of the Bay State. Reliant Medical Group, which recently signed a 97,000-square-foot extension, as well as UMass Memorial and Walgreens, anchor the outpatient facility. Brannan Knott and Mindy Berman of JLL represented Thomas Park Investments, which acquired the asset in a joint venture with an undisclosed partner, in the transaction. The seller and sales price were not disclosed.

August 16, 2023

Development Industrial Midwest Ohio

CRG Begins Development of 250,020 SF Spec Distribution Center in Etna, Ohio

by Kristin Harlow August 16, 2023

ETNA, OHIO — CRG and an affiliate of its capital partner, LXP Industrial Trust, have begun development of a 250,020-square-foot speculative distribution center in Etna, an eastern suburb of Columbus. The project is known as Building D at The Cubes at Etna 70, a 305-acre industrial park near I-70. Building D will feature a clear height of 36 feet, 62 trailer stalls, 32 dock positions and a 60-foot speed bay. The property offers a 15-year, 100 percent tax abatement. Contegra Construction is the general contractor, and Lamar Johnson Collaborative is the architect. The industrial park has three remaining pad-ready sites. The Cubes is a North American industrial brand owned and developed by CRG.

August 16, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development, Wall Cos. Open 143-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow August 16, 2023

MINNEAPOLIS — Lupe Development and Wall Cos. have opened The Flats at Malcolm Yards, a 143-unit affordable housing community in Minneapolis. A grand opening celebration will take place Thursday, Aug. 17. The project is the latest addition to the new Malcolm Yards neighborhood, following The Market, an urban food hall, and The Station, a 210-unit market-rate apartment project. The Flats features a mix of studios, one- and two-bedroom units, all of which are reserved for residents who earn 60 percent or less of the area median income. Amenities include underground parking, a fitness center, business center, coffee bar and sky lounge with views of the Minneapolis skyline. The development is situated near the Green Line LRT station and the University of Minnesota transitway. The project received funding support from the City of Minneapolis Affordable Housing Trust Fund and the Minnesota Department of Employment and Economic Development as well as Hennepin County’s Affordable Housing Incentive Fund, Transit Oriented Development Program and Environmental Response Fund. Other investors include Allianz Life and R4 Capital, which was the tax-exempt lender.

August 16, 2023

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