Property Type

Portman Acquires 40 Acres Near Charleston, Plans 536,000 SF Industrial Development

by John Nelson July 27, 2023

SUMMERVILLE, S.C. — Atlanta-based Portman has purchased 40 acres along US Highway 78 in Summerville, a suburb of Charleston. Situated near I-26 and the Port of Charleston, the site will be home to Summerville Logistics Center, a two-building industrial development totaling 536,000 square feet. Lee Allen and Kevin Coats of JLL represented Portman with the acquisition of the Summerville land. Ryan Welch and Clarke Attaway with Lee & Associates represented the seller and will lead the leasing efforts for the Summerville Logistics Center on behalf of Portman. Once complete in February 2025, the center will feature two single-load facilities with a 210-foot shared truck court. In addition to Summerville Logistics Center, Portman is finishing the next phase of its Campus 4 at Camp Hall project, which is situated nine miles north. The next phase comprises a 1.1 million-square-foot facility that will deliver in September. Portman is also co-developing Magnolia, a 189-acre mixed-use, waterfront destination in Charleston, with Highland Resources.

July 27, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $1.6M Sale of Fourplex Apartment Building in Orange, California

by Jeff Shaw July 27, 2023

ORANGE, CALIF. — CBRE arranged the $1.6 million sale of a four-unit multifamily community located at 224 S. Oak St. in Orange. The fourplex was built in 1957 on a 10,809-square-foot site. The property offers one- and two-bedroom units, as well as four garage parking spaces and four tandem spaces. Dan Blackwell, Sean Farag and Amanda Fielder represented the Orange County-based 1031 exchange seller.

July 27, 2023

Acquisitions Georgia Industrial Southeast

J.P. Morgan REIT Purchases New Infill Industrial Facility in Savannah for $74.7M

by John Nelson July 27, 2023

SAVANNAH, GA. — J.P. Morgan Real Estate Income Trust Inc. has purchased a 136,240-square-foot infill industrial facility in Savannah. InLight Real Estate Partners, in a partnership with Black Salmon, sold the build-to-suit transload property to the REIT for $74.7 million. Britton Burdette, Patrick Nally, Dennis Mitchell, Matt Wirth, Mitchell Townsend and Jim Freeman of JLL represented InLight and procured the buyer in the transaction. Located at 4833 and 4835 Old Louisville Road, the 60-acre site features 134 dock doors, 884 trailer parking spaces and 69 automobile parking spaces. Situated south of the Savannah/Hilton Head International Airport and along U.S. Route 80, the facility is within a five-mile radius of I-95, I-16, the CSX and Norfolk Southern intermodals and both terminals of the Port of Savannah.

July 27, 2023

Development Loans Multifamily Southeast Virginia

BWE Arranges $50M Construction Loan for Apartment Development in Richmond

by John Nelson July 27, 2023

RICHMOND, VA. — BWE has arranged a $50 million construction loan for the development of 900 North Allen Apartments, a 300-unit multifamily development in Richmond. The property is being constructed within an opportunity zone in the city’s Newtowne West neighborhood. Charles DuBose, Adam Bieber and Alec Jenkins of BWE originated the financing through an unnamed regional bank on behalf of the borrower, Spy Rock Realty Group. Upon completion, 900 North Allen will comprise one-, two- and three-bedroom units along with high-end amenities, including a pool, fitness center, resident lounge, dog park, coworking booths and an internal parking garage. The construction timeline was not disclosed.

July 27, 2023

Acquisitions Florida Retail Southeast

SRS Brokers $7.5M Sale of Ollie’s-Anchored Shopping Center in Leesburg, Florida

by John Nelson July 27, 2023

LEESBURG, FLA. — SRS Real Estate Partners has brokered the $7.5 million sale of Leesburg Marketplace, an 81,071-square-foot shopping center located at 1101 W. North Blvd. in Leesburg. Kyle Stonis and Pierce Mayson of SRS represented the seller, a private investor based in Florida, in the transaction. The buyer was a Florida-based entity doing business as JTT Eagles LLC. Situated on 9.4 acres about 40 miles northwest of Orlando, Leesburg Marketplace was 90 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet and Dollar Tree.

July 27, 2023

Development Midwest Minnesota Multifamily

Opus Opens 167-Unit Dash Downers Grove Apartment Complex in Metro Chicago

by Kristin Harlow July 27, 2023

DOWNERS GROVE, ILL. — The Opus Group has opened Dash Downers Grove, a 167-unit apartment complex in the Chicago suburb of Downers Grove. The seven-story, 259,000-square-foot building is located at 926 Maple Ave. Residents have started moving in. Amenities include work-from-home suites, a clubroom, fitness center, conference room, coffee bar, outdoor pool, pet spa, outdoor dog run and gaming areas. Monthly rents start at $1,917. As part of the development, Opus is providing 71 dedicated covered parking spaces to neighboring First Baptist Church of Downers Grove. Opus served as developer, design-builder, interior designer, architect and structural engineer. Greystar is the property manager. Opus has completed 15 projects in Downers Grove over the last 40 years.

July 27, 2023

Affordable Housing Development Illinois Midwest Multifamily

POAH Breaks Ground on Fifth City Commons Affordable Housing Development in Chicago

by Kristin Harlow July 27, 2023

CHICAGO — Preservation of Affordable Housing (POAH) has broken ground on Fifth City Commons, an affordable housing development located on a long-vacant site in the city’s East Garfield Park area. Phase I will consist of 4,300 square feet of commercial space and 43 one-, two- and three-bedroom apartment units. Completion is slated for mid-2024. The City of Chicago selected POAH for this project in 2019 as part of the C40 Reinventing Cities competition, an international competition designed to attract highly sustainable development examples to urban sites. POAH has used the time since then for extensive community outreach to ensure the final product reflects the community’s desires. The project is named for The Fifth City Human Development Project, a community development organization active in the area. Fifth City Commons, located blocks from the Chicago Transit Authority’s Green Line and the Blue Line Kedzie train stations, will be reserved for families earning 30 to 80 percent of the area median income. The three-story building part of Phase I will include community rooms, a resident terrace, fitness room, three laundry rooms and onsite management offices. Phase II will be built across the street on the north side of Fifth Avenue and is slated …

July 27, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $18.3M HUD-Insured Loan for Rehabilitation of St. Paul Affordable Housing Property

by Kristin Harlow July 27, 2023

ST. PAUL, MINN. — Colliers Mortgage has provided an $18.3 million HUD 221(d)(4) loan for the substantial rehabilitation of Sherman Forbes Housing in St. Paul. The Section 8 multifamily property features 104 one- and two-bedroom units. Amenities include onsite laundry, a playground, community patio and leasing office. In addition to the HUD-insured first mortgage, the project will utilize 4 percent Low Income Housing Tax Credits and tax-exempt bonds. Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. The 40-year loan features a 40-year amortization schedule. Sherman Forbes Housing Partners LLC, an affiliate of Vitus Group LLC, was the borrower.

July 27, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $4M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow July 27, 2023

CHICAGO — Kiser Group has brokered the sale of a four-building, 53-unit multifamily portfolio in Chicago for $4 million. Situated in the city’s Chicago Lawn neighborhood, the portfolio features seven one-bedroom units, 34 two-bedroom units, 10 three-bedroom residences, one four-bedroom apartment and one five-bedroom unit. All are fully occupied. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

July 27, 2023

Leasing Activity Michigan Midwest Retail

New 48,700 SF Ashley Furniture Store to Open in Shelby Township, Michigan

by Kristin Harlow July 27, 2023

SHELBY TOWNSHIP, MICH. — The Dufresne Spencer Group LLC dba Ashley HomeStore has signed a lease for 48,700 square feet of retail space in Shelby Township, a northern suburb of Detroit. Dufresne Spencer Group is the largest Ashley Furniture licensee globally, owning and operating more than 163 Ashley retail stores, 29 distribution centers and three corporate offices. The Shelby Township store is slated to open in the fourth quarter. Brian Whitfield of Colliers Detroit represented the tenant in the lease.

July 27, 2023

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