Property Type

ZOM Living to Sell Azalea Apartments in Metro Tampa to Trilogy Real Estate for $85.8M

by John Nelson July 18, 2023

BRANDON, FLA. — ZOM Living has sold Azalea Apartments, a 289-unit luxury multifamily community that the developer is currently building in Brandon, for $85.8 million. Simon Banke and Jesse Wright of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer, Trilogy Real Estate Group. Azalea Apartments is located on a 13-acre site in Brandon’s East Tampa neighborhood and will feature one-, two- and three-bedroom units ranging in size from 700 to 1,400 square feet. Amenities will include a resort-style pool deck with cabanas, relaxation area with hammocks and a fire pit, event lawn, pool pavilion, gaming area with a pool table and corn hole, fenced dog park and pet salon, personal workstations, meeting rooms and a fitness center with a spinning studio and an outdoor yoga lawn. ZOM Living is managing the project through completion.

July 18, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $10.1M Sale of Retail Strip Center in Miami Gardens, Florida

by John Nelson July 18, 2023

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $10.1 million sale of Shoppes of Ives Dairy, a 24,517-square-foot retail strip center located at 19801 N.W. 2nd Ave. in Miami Gardens. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer and seller are both private investment firms that have requested anonymity. Shoppes of Ives Dairy’s tenant roster includes Wells Fargo, Smoothie King, The UPS Store, Subway, T-Mobile, Foot Locker and local restaurants and service retailers.

July 18, 2023

Illinois Loans Midwest Multifamily Seniors Housing

Greystone Provides Bridge Financing for $150M Acquisition of Supportive Living Portfolio in Metro Chicago

by Kristin Harlow July 18, 2023

CHICAGO — Greystone Monticello, a bridge lending platform serving as a one-stop-shop provider of capital finance products and services for the multifamily and seniors housing sectors, has provided bridge financing for the $150 million acquisition of a portfolio of eight supportive living facilities in Illinois. The portfolio was financed with a two-year bridge loan and is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 beds, the facilities are located in Elk Grove Village, Melrose Park, Country Club Hills, Bartlett, Vernon Hills and Chicago. The supportive living program in Illinois is an alternative to nursing home care for low-income persons requiring mid-range care needs. Eric Rosenstock of Greystone worked with both the buyer and seller and originated the bridge financing.

July 18, 2023

Acquisitions Industrial Iowa Midwest

Phoenix Investors Acquires 365,640 SF Industrial Building in West Burlington, Iowa

by Kristin Harlow July 18, 2023

WEST BURLINGTON, IOWA — An affiliate of Phoenix Investors has acquired a 365,640-square-foot industrial building in West Burlington, a city in Southwest Iowa. Constructed in 1955 with additions in 1964, 1966, 1980 and 1993, the building is located at 510 E. Agency Road. The Burlington Junction Railroad connects the property to the BNSF mainline about 1.5 miles north. The facility also features a variety of cranes. The sales price and seller were undisclosed.

July 18, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $7M HUD-Insured Loan for Rehabilitation of Minneapolis Affordable Housing Portfolio

by Kristin Harlow July 18, 2023

MINNEAPOLIS — Colliers Mortgage has provided a $7 million HUD 221(d)(4) loan for the rehabilitation of a 57-unit affordable housing portfolio in Minneapolis. The portfolio is comprised of two properties: Talmage Green (26 units), and Oakland Square (31 units). All the units are covered by project-based Section 8 Housing Assistance Payments (HAP) contracts, which have been renewed with 20-year terms. The portfolio is comprised of a variety of walk-up units, townhome units and single-family units. The properties will undergo $8.1 million in renovation work, including dwelling unit and community space upgrades. In addition to the 40-year HUD loan, the project will utilize 4 percent low-income housing tax credits and tax-exempt bonds. David Mullen of Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. Talmage Oakland LP was the borrower. Trellis Management Co. will continue to serve as property manager.

July 18, 2023

Development Iowa Midwest Office

WorldWide Logistics Opens New 76,000 SF Headquarters in Urbandale, Iowa

by Kristin Harlow July 18, 2023

URBANDALE, IOWA — WorldWide Logistics has opened its new 76,000-square-foot headquarters in Urbandale, a northwest suburb of Des Moines. The two-story building provides office space for corporate and customer service center teams that were previously housed in three separate buildings in Urbandale. Amenities include a café, collaborative areas, markets, outdoor patio and quarter-mile walking path. Established in 1999, WorldWide Logistics is a third-party logistics company. The Opus Group served as the design-builder, interior designer, architect and structural engineer.

July 18, 2023

Leasing Activity Office Texas

Omega Transactions Corp. Signs 4,055 SF Office Lease in Houston

by Taylor Williams July 18, 2023

HOUSTON — Omega Transactions Corp., a provider of electronic payment solutions, has signed a 4,055-square-foot office lease at 5858 Westheimer Road in Houston. According to LoopNet Inc., the eight-story building was constructed in 1981 and totals 130,104 square feet. John Zivley of Partners Real Estate represented the tenant in the lease negotiations. Kevin Nolan and Kurt Kitsler of Colliers represented the landlord, TCP Spectrum Partners Ltd.

July 18, 2023

Acquisitions Development Industrial Midwest Nebraska

Investors Realty Brokers 38.5-Acre Land Sale in Papillion, Nebraska

by Kristin Harlow July 18, 2023

PAPILLION, NEB. — Investors Realty has brokered the sale of 38.5 acres of land at 14289 Prairie Corners Road in Papillion, a southern suburb of Omaha. The sales price was undisclosed. Kevin Stratman of Investors Realty represented the buyer, Keizer Refrigeration/Mid States Utility, which plans to relocate its Omaha operations to a new 50,000-square-foot facility to be built on the site. Located just north of a new Amazon fulfillment center, the tract of land is one of the final undeveloped industrial sites on the Highway 50 corridor, according to Investors Realty. Denny Sciscoe of Cushman & Wakefield/The Lund Co. and Erin Pogge of Traction CRE represented the undisclosed seller.

July 18, 2023

Ellis-Street-Commons-New-Britain-Connecticut

Affordable Housing Connecticut Development Multifamily Northeast

WinnDevelopment Breaks Ground on $85M Affordable Housing Redevelopment in New Britain, Connecticut

by Taylor Williams July 18, 2023

NEW BRITAIN, CONN. — WinnDevelopment has broken ground on an $85 million redevelopment project in New Britain, located outside of Hartford, that will convert a historic industrial facility into a 154-unit affordable housing complex. The four-building site formerly housed the 115-year-old manufacturing facility for household appliances provider Landers, Frary & Clark. The new community will be known as Ellis Street Commons and will feature 79 one-bedroom units, 59 two-bedroom residences and 16 three-bedroom apartments. Units will be reserved for renters earning between 30 and 80 percent of the area median income. Amenities will include a fitness center, community room, game room and flexible workspaces. The Connecticut Department of Housing provided $4 million in state funding for the project, and the National Housing Trust Fund made a $3.8 million federal contribution. The Connecticut Housing Finance Authority provided an undisclosed amount of tax credit equity and tax-exempt bonds for the project. The first units are expected to be available for occupancy in mid-2025.

July 18, 2023

California Loans Multifamily Western

Slate Asset Management Provides $27M Senior Loan Facility for Lantana Uptown Apartments in Oakland

by Jeff Shaw July 18, 2023

OAKLAND, CALIF. — Slate Asset Management’s private credit business has closed a $27 million senior loan facility for Lantana Uptown, a Class A multifamily community in Oakland. The property offers high-end units and premium amenities. Charles Halladay and Lillian Roos of Jones Lang LaSalle Americas Inc. represented the undisclosed borrower.

July 18, 2023

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