Property Type

Clarion Partners Acquires 176-Unit Retreat at Weaverville Apartments in Asheville, North Carolina

by John Nelson March 14, 2023

ASHEVILLE, N.C. — Clarion Partners Real Estate Income Fund Inc., an investment vehicle sponsored by New York-based Clarion Partners, has acquired Retreat at Weaverville, a 176-unit apartment community in Asheville. The seller and sales price were not disclosed. Completed in 2021, the property sits on a 16.9-acre site within one mile of I-26. Community amenities include a clubhouse, coffee bar, dog park and dog wash station, fitness center, yoga and spin room, office workspaces and a swimming pool. The new, undisclosed property manager will complete numerous amenity upgrades over the next year at Retreat at Weaverville, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker and elevated landscaping.

March 14, 2023

Development Florida Leasing Activity Mixed-Use Retail Southeast

Fitness Concept Signs 38,400 SF Lease at Grove Central Mixed-Use Development in Miami

by John Nelson March 14, 2023

MIAMI — Club Studio, a fitness retail concept and part of Fitness International LLC, has signed a 38,400-square-foot lease at Grove Central, a mixed-use development underway in Miami’s Coconut Grove neighborhood. A joint venture between Miami-based developers Terra and Grass River Property is developing Grove Central, which is expected to open in 2024. The project will feature a 23-story residential tower with 402 multifamily, workforce and co-living units, a new 1,250-space public parking garage and a total of approximately 170,000 square feet of neighborhood-oriented retail space. Other retailers committed at the project include Target, Sprouts Farmers Market, Total Wine and Five Below. Grove Central is situated adjacent to the Coconut Grove Metrorail station, The Underline linear park and U.S. Highway 1.

March 14, 2023

Development Healthcare Illinois Midwest Mixed-Use

Unibail-Rodamco-Westfield to Add 200,000 SF of Healthcare Space at Westfield Old Orchard Mall in Skokie, Illinois

by Kristin Harlow March 14, 2023

SKOKIE, ILL. — Unibail-Rodamco-Westfield has unveiled plans to add up to 200,000 square feet of healthcare space to its redevelopment of Westfield Old Orchard mall in Skokie. The medical space is expected to be available for leasing in 2024. Greg Gerber and Chris Cummins of JLL will handle the leasing assignment. In 2022, Unibail-Rodamco-Westfield unveiled plans for the redevelopment of Westfield Old Orchard mall to include health and wellness amenities, luxury residences and open green space. Currently, there are 17 restaurants, 143 retailers, two fitness studios and 1.7 million square feet of retail space.

March 14, 2023

Acquisitions Industrial Michigan Midwest

Crestlight Capital Acquires 1.1 MSF Industrial Portfolio Near Detroit Metro Airport

by Kristin Harlow March 14, 2023

BELLEVILLE AND ROMULUS, MICH. — Crestlight Capital, in partnership with Sabal Investment Holdings, has acquired a four-property industrial portfolio totaling 1.1 million square feet near the Detroit Metropolitan Wayne County Airport. The purchase price was undisclosed. The buildings are located at 7525 and 6505 Cogswell St. in Romulus and 41133 and 41199 Van Born Road in Belleville. They are fully leased to various tenants. Crestlight has retained Dan Labes, Jack Coury and Chris Hill of Newmark to manage and lease the buildings.

March 14, 2023

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 782-Unit Multifamily Portfolio in Dallas Area

by Taylor Williams March 14, 2023

DALLAS — Marcus & Millichap has brokered the sale of a portfolio of three multifamily properties totaling 782 units in the Dallas area. Mercer Park is a 248-unit property in Arlington that was built in 1984. Timber Oaks in Grand Prairie, which was constructed in 2003, totals 264 affordable housing units, and Plum Meadow, located in the Redbird area of Dallas, consists of 270 market-rate units that were completed in 1984. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, NeuRock Capital, in the transaction. Additional terms of sale were not disclosed.

March 14, 2023

Indiana Industrial Loans Michigan Midwest

iBorrow Provides $13.5M Loan for Refinancing of Two Industrial Properties in Michigan, Indiana

by Kristin Harlow March 14, 2023

ALMA, MICH. AND MUNSTER, IND. — iBorrow has provided a $13.5 million loan for the refinancing of two industrial properties in Alma and Munster. The two manufacturing facilities are fully leased and total 301,000 square feet. The loan will enable the borrower to refinance $12 million in existing debt on the portfolio, as well as recapitalize the ownership structure by buying out an equity partner. The properties are located at 2000 Michigan Ave. in Alma, a city in central Michigan, and 9325 Kennedy Court in Munster, a city in Northwest Indiana.

March 14, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $9.5M Sale of Retail Property in Woodridge, Illinois

by Kristin Harlow March 14, 2023

WOODRIDGE, ILL. — Marcus & Millichap has arranged the $9.5 million sale of Main Street at Seven Bridges in the Chicago suburb of Woodridge. The 49,115-square-foot retail property is located at 6440 Main St. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.

March 14, 2023

Affordable Housing Illinois Loans Midwest Multifamily

Hunt Capital Partners Provides $9M in Acquisition Financing for 74-Unit Affordable Housing Community in Illinois

by Kristin Harlow March 14, 2023

PETERSBURG, ILL. — Hunt Capital Partners has provided $9 million in federal Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Lukin’s Landing. Located in Petersburg, about 24 miles north of Springfield, Lukin’s Landing is a 74-unit affordable housing property. Central Illinois Services and Windsor Development Group plan to rehabilitate the community and set aside 12 units for households with disabilities or those who are prone to homelessness. Lukin’s Landing was originally built in 1981 as part of a 126-unit scattered public housing site known as Menard Family Homes. In 2018, under the Rental Assistance Demonstration program, Menard County Homes converted Lukin’s Landing from public housing to Section 8 housing. The project team for the rehabilitation includes Bedrock Housing Consultants as development consultant, Windsor Homes Inc. as general contractor and Designed Architecture Inc. as architect. Christian County Development Corp. will serve as property manager. Completion is slated for August 2024. The total development cost for the project is $12.8 million. Hunt Capital Partners syndicated the federal tax credits through its multi-investor funds, Hunt Capital Partners Tax Credit Funds 37 and 41. Carrollton Bank provided an $8.3 million construction loan and a $1.2 million permanent loan. The …

March 14, 2023

Acquisitions Multifamily Texas

SPI Advisory Sells 240-Unit Canopy at South Lakes Apartments in Denton

by Taylor Williams March 14, 2023

DENTON, TEXAS — SPI Advisory, a private equity firm with offices in Dallas and Austin, has sold Canopy at South Lakes, a 240-unit apartment community in the North Texas city of Denton. Residences come in one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, walk-in closets, full-size washers and dryers and private balconies/patios. Amenities include a pool, volleyball court, clubhouse, coffee bar and a package locker system. SPI Advisory acquired the property in February 2021 and implemented a value-add program. Drew Kile, Taylor Hill, Michael Ware and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented SPI Advisory in the deal. The team also procured the buyer, Bridwell Capital.

March 14, 2023

Loans Multifamily Seniors Housing Texas

CBRE Provides $18.2M Agency Loan for Refinancing of Austin Seniors Housing Property

by Taylor Williams March 14, 2023

AUSTIN, TEXAS — CBRE has provided an $18.2 million Freddie Mac loan for the refinancing of Village on the Park Onion Creek, a 124-unit seniors housing community in Austin. The borrower is Bridgewood Property Co. Operated by The Aspenwood Co., the property sits on nine acres and predominantly offers independent living services. Aron Will, Tim Root and Michael Cregan of CBRE arranged the 10-year, floating-rate loan, which carried five years of interest-only payments.

March 14, 2023

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