BLOOMINGTON, IND. — Bellwether Enterprise (BWE) has arranged a $36 million loan for the acquisition of The Monroe, a 796-bed student housing property at Indiana University in Bloomington. Christopher Carroll and Max Miller of BWE arranged the loan on behalf of the borrower, Campus Realty Advisors, which plans to make upgrades to the community. According to BWE, Indiana University had record freshmen enrollment in 2022 with more than 10,200 students.
YOUNGSTOWN, OHIO — Marcus & Millichap has brokered the sale of Boardman Center Plaza in Youngstown, a city in Northeast Ohio. The sales price was undisclosed. The 136,500-square-foot shopping center was 52 percent leased at the time of sale. Tenants include Guitar Center, Legends Food + Drink, FastSigns, Factory Boot Outlet and Harbor Pet Center. Included in the sale was a two-tenant building leased to Five Guys and Jimmy John’s. the property is located directly across the street from Southern Park Mall. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a Canadian private investor, and procured the buyer, a Texas-based private investor.
EDEN PRAIRIE, MINN. — Three new restaurants are opening at Eden Prairie Center, a 1.4 million-square-foot shopping mall in the Twin Cities suburb of Eden Prairie. A dual concept Japanese cuisine restaurant, Gyu Mai Japanese BBQ and Ichiddo Ramen, will occupy 7,996 square feet. The space will be divided to operate the two separate concepts. At the Japanese barbecue restaurant, guests will cook meats and vegetables on personal grills installed on the tables. The other portion is a noodle restaurant that serves authentic ramen noodle soups as well as other Japanese specialties in a counter-service environment. Completion is slated for December. Where’s the Flour?, a gluten-free fast-food restaurant, is slated to open this summer in the food court. The tenant, which is relocating from Blaine, Minn., offers an extensive selection of gluten-free breaded and fried comfort foods. Café Viola is opening an Italian coffee kiosk this month. The café will offer barista-made specialties and nitro cold brew made exclusively from beans from Lavazza, a brand that has been roasting and grinding espresso beans in Italy for over 120 years. Café Viola will also serve pastries and ready-to-eat prepared foods. Opened in 1976, Eden Prairie Center is home to more than …
NEW YORK CITY — JLL has arranged $520 million in financing for Sackett Place & Society Brooklyn, a waterfront multifamily development located in Brooklyn’s Gowanus neighborhood. The financing includes a $335 million construction loan and $165 million in limited partnership equity. The borrower and developer is a joint venture between two New York City-based investment firms, Property Markets Group (PMG) and Carlyle. Sackett Place & Society Brooklyn will ultimately consist of two 21-story residential towers totaling 517 units and 10,000 square feet of retail space. The two towers are situated on the corner of Bond and Union streets overlooking the Gowanus Canal. An undisclosed number of units will be reserved as affordable housing as part of a rezoning initiative for permanent affordable housing in the Gowanus area. Construction is slated for a 2025 completion. Christopher Peck, Andrew Scandalios, Peter Rotchford, Nicco Lupo, Rob Hinckley, Jeff Julien and Jonathan Faxon of JLL arranged the debt and structured the equity partnership between PMG and Carlyle. The direct lender on the construction loan was not disclosed. “Developments with an affordable component continue to make sense to lenders seeking to deploy equity in a highly fractured market,” says Peck. “With its best-in-class sponsors and …
Five blocks doesn’t seem that far. It’s about a quarter of a mile, or 560 steps. But, it’s just a hair past convenient for today’s office workers. Now more than ever, tenants are seeking an office experience that is dynamic and energized with amenities. They want great options for coffee, lunch or happy hour that are steps away, not blocks. If it’s not right outside the office, it’s not close enough. In Atlanta, the Midtown submarket is still where the action is. In 2022, Midtown had 775,652 square feet of positive absorption, which was the highest in the metro according to Cushman & Wakefield. In keeping with the flight-to-quality trend, Atlanta leasing activity last quarter was dominated by Class A product, which accounted for 75.6 percent of all transactions. Most of this activity occurred in Midtown. With a Walk Score of 87, Midtown is Atlanta’s most walkable submarket. But even there, it’s the vertically integrated office developments that bring a new layer of urban density that are rising above the rest. Not only are they seeing more leasing demand, but they are also experiencing a constant hum of activity and energy due to immediate access to great retail and restaurants. …
SARASOTA, FLA. — Belpointe OZ has secured a $130 million construction loan for the development of Aster & Links, a multifamily project in Sarasota. Bank OZK provided the financing. Upon completion, Aster & Links will comprise 424 apartments across two 10-story buildings, with units in one-, two-, three- and four-bedroom layouts. Amenities at the community will include more than 900 parking spaces, a clubroom, fitness center, courtyard, heated saltwater pool and outdoor grills. A construction timeline was not disclosed.
DULUTH, GA. — Cushman & Wakefield has brokered the $91 million sale of The Reserve at Sugarloaf, a multifamily community located at 2605 Meadow Church Road in Duluth, roughly 27 miles northeast of Atlanta. Built in 2002, the property comprises 333 units averaging 1,225 square feet in size. Amenities at the community include an indoor-outdoor fitness center, pool, pet park, internet café and car care center. Robert Stickel, Alex Brown, Ashlyn Warren and Wesley Lacefield of Cushman & Wakefield arranged the transaction on behalf of the seller, an institutional client of New York Life Real Estate Investors. Olen Properties acquired the asset.
REX, GA. — EverWest Real Estate Investors has purchased an industrial property located at 9485 Highway 42 North in Rex, roughly 20 miles outside Atlanta. InLight was the developer and seller. Situated on 21.1 acres, the development features two recently completed speculative distribution buildings totaling 268,400 square feet. The buildings span 130,000 and 138,400 square feet, respectively, and feature 32-foot clear heights, LED lighting, ESFR sprinklers, wide columns and 72 dock and four drive-in doors. Britton Burdette, Dennis Mitchell, Matt Wirth, Mitchell Townsend and Jim Freeman of JLL arranged the sale.
ASHEVILLE, N.C. — Newmark has arranged a $48 million construction loan for the development of Creekside Asheville, an apartment and townhome community in Asheville. Creekside Asheville will total 308,000 square feet and house 319 apartments and carriage homes. Amenities at the property will include a saltwater pool, fitness center, playground, clubhouse, cyber café and pet spa. Danny Matz, Nick Scribani, Jordan Roeschlaub and Dustin Stolly of Newmark secured the financing through Wintrust on behalf of the borrowers, URS Capital Partners and Advantis Development.
CHARLOTTE, N.C. — Northpond Partners has acquired Chadbourn Mill, an adaptive reuse project underway at a 1930s-era textile mill located within Charlotte’s Mill District. Northpond purchased the property from Federal Capital Partners (FCP) for $12.5 million, with plans to develop retail and restaurant space. Renovations will include the addition of two 7,000-square-foot patios and the installation of garage doors on the 18,000 square feet of ground-floor retail space at the property’s main building. Plans also include the addition of a lawn adjacent to the secondary, 2,100-square-foot retail building. The corporate headquarters for software developer Ekos will continue to occupy the second floor of the main building. Southwick Architecture + Interiors will serve as architect, and White Point Partners remains a partner on the development. Construction is expected to be complete in 2024. Stream Realty Partners arranged the sale on behalf of FCP and White Point.