Property Type

Non-Alcoholic Bottle Shop Opens in Grand Rapids, Michigan

by Kristin Harlow January 10, 2023

GRAND RAPIDS, MICH. — Alt City NA Bottles & Beer, a non-alcoholic bottle shop, has opened an 846-square-foot store at 434 Leonard St. NW in the West Grand neighborhood of Grand Rapids. Alt City offers a wide selection of zero-proof mixers, spirits, beer and wines. Brothers Paul and Chad Clark started the company in 2019 after realizing that there weren’t many non-alcoholic options in Grand Rapids. CityWide Real Estate Services owns the building, which is also home to Trinity Chiropractic, FURN on Leonard and Captain Bizzaro’s Treasure World. Alt City also maintains a location in the Grand Rapids Downtown Market that serves non-alcoholic beverages in addition to coffees, teas and smoothies.

January 10, 2023

Development Florida Loans Mixed-Use Multifamily Office Retail Southeast

Bank OZK Provides $252M Construction Loan for Mixed-Use Condominium Tower in St. Petersburg, Florida

by John Nelson January 10, 2023

ST. PETERSBURG, FLA. — Bank OZK has provided a $252 million construction loan for The Residences at 400 Central, a 46-story mixed-use residential tower underway in downtown St. Petersburg. New York-based Red Apple Real Estate is the developer behind the 1.3 million-square-foot project, which will feature 301 luxury condos, as well as shops, restaurants and 40,000 square feet of office space. The Residences at 400 Central will also feature 35,000 square feet of private indoor and outdoor amenities. The general contractor, Suffolk Construction Co. Inc., recently finished the project’s foundation and plans to start vertical construction in March. Michael Saunders & Co. and Red Apple established a sales gallery for the community nearby in October.

January 10, 2023

Affordable Housing Development Florida Mixed-Use Multifamily Southeast

Atlantic Pacific Cos. Breaks Ground on 616-Unit Mixed-Income Residential Development in Miami

by John Nelson January 10, 2023

MIAMI — Atlantic Pacific Cos. (A|P) has broken ground on Atlantic Station, a 616-unit mixed-income rental community located at 151 NW 7th St. in Miami. The Boca Raton, Fla.-based developer says the project is the largest, single-phase, transit-oriented mixed-income community in Miami-Dade County. Atlantic Station will comprise 256 market-rate apartments and 360 workforce housing units, as well as 25,000 square feet of shops and restaurants on the ground level. Amenities will include a sunset-view recreation deck with two pools, dog park, fitness center, outdoor kitchen, club lounge and a work-from-home center. A|P and Miami-Dade County held a groundbreaking ceremony for Atlantic Station on Monday, Jan. 9. The construction timeline was not disclosed.

January 10, 2023

Loans Maryland Multifamily Southeast

JLL Secures $28.4M Loan for Lake Arbor Towers Apartments in Metro D.C.

by John Nelson January 10, 2023

MITCHELLVILLE, MD. — JLL has secured a $28.4 million loan for Lake Arbor Towers, a 209-unit apartment community located at 11411 Lake Arbor Way in Mitchellville, about 14 miles east of Washington, D.C. Jamie Leachman, Jacqueline Meagher, Madeline Joyce and David Sloan of JLL arranged the 10-year, fixed-rate loan through Eastern Bank on behalf of the borrower, The Dolben Co. Built in 1989 and renovated in 2010, Lake Arbor Towers overlooks Northampton Lake. The community features 110 one-bedroom and 99 two-bedroom units, ranging in size from 675 square feet to 1,100 square feet. Community amenities include a swimming pool, sundeck, social room and a fitness center.

January 10, 2023

Loans Seniors Housing South Carolina Southeast

Greystone Arranges $27.1M Financing for Seniors Housing Community in Columbia, South Carolina

by John Nelson January 10, 2023

COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a 120-unit seniors housing community in Columbia. The five-year loan for the independent living and assisted living community featured a floating interest rate, 30-year amortization schedule, three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong of Greystone worked with the client in placing the regional bank loan on behalf of the borrowers, AEW Capital Management and Merrill Gardens, a seniors housing owner-operator based in Seattle.

January 10, 2023

Acquisitions Georgia Retail Southeast

Northmarq Brokers $7.3M Sale of Retail Strip Center Near Savannah

by John Nelson January 10, 2023

POOLER, GA. — Northmarq has brokered the $7.3 million sale of Shops at Tanger Parkway, a 15,600-square-foot retail strip center located at 240 Tanger Outlets Blvd. in Pooler, a suburb of Savannah. David Annett and Anne Perrault of Northmarq’s Tulsa office represented the seller, a Utah-based developer, in the transaction. Mark Lovering of Northmarq’s Chicago office represented the buyer, a private equity firm based in Mexico City. Built in 2020, Shops at Tanger Parkway was fully leased at the time of sale to Tropical Smoothie Café, Tin Drum Asian Kitchen, LAX, T-Swirl Crepe, Wayback Burgers, Which Wich?, America’s Best Contacts & Glasses and Pita Mediterranean Street Food. The property is shadow-anchored by Tanger Outlets Savannah, an open-air outlet mall developed in 2015.

January 10, 2023

Acquisitions Florida Kansas Midwest Multifamily Southeast Top Stories

JRK Property Holdings Initiates Newly Closed $1B Multifamily Fund with $168.5M in Acquisitions

by Jeff Shaw January 10, 2023

LEAWOOD, KAN. AND SARASOTA, FLA. – JRK Property Holdings has acquired Residences at Park Place, a 258-unit mid-rise apartment and townhome community in the Kansas City suburb of Leawood, from VanTrust Real Estate. JRK is also under contract to purchase a luxury high-rise community located in downtown Sarasota from a separate seller. The total acquisition price for both properties $168.5 million. Los Angeles-based JRK is acquiring the properties through its newest multifamily value-add fund: the $1 billion JRK Platform V, which targets multifamily investments built after 1990. JRK presently owns and operates $7 billion in multifamily assets through its predecessor funds. Built in phases between 2014 and 2019 by the seller, Residences at Park Place is the residential component of Park Place Village, a mixed-use development offering retail, restaurants and nearly 500,000 square feet of office space. The property comprises three mid-rise apartment buildings offering one-, two- and three-bedroom apartment homes and a separate four-story residential building offering one- and two-bedroom loft units. Community amenities include a saltwater pool with grilling area, media and game rooms, coworking space, two 24-hour fitness facilities and customized concierge services. The property was 98 percent leased at closing. “The dramatic rise in interest rates …

January 10, 2023

Acquisitions Colorado Industrial Office Western

Flywheel Capital Divests of 289,018 SF Flex Portfolio in Colorado Springs for $54.3M

by Amy Works January 9, 2023

COLORADO SPRINGS, COLO. — Flywheel Capital has completed the disposition of a mission critical Class A office/flex and industrial manufacturing/distribution portfolio in Colorado Springs. A private partnership acquired the asset for $54.3 million. Totaling 289,018 square feet, the portfolio includes two two-story buildings located at 10125 and 10205 Federal Drive within Interquest Business Park. Building A (10125 Federal) is a fully leased, 191,924-square-foot, multi-tenant office building. Building B (10205 Federal) is a fully leased, 97,094-square-foot, industrial manufacturing and distribution facility occupied by a single tenant. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller in the transaction.

January 9, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $42M Construction Financing for Affordable Housing Property in La Mesa, California

by Amy Works January 9, 2023

LA MESA, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has provided a $31.9 million construction loan and a $10.9 million bridge loan to USA Properties Fund for the construction of an affordable housing community in La Mesa. Jeremiah Drake and Keven Ruf of KeyBank structured the financing. The property, 8181 Allison Apartments, will feature 147 one- and two-bedroom residences that meet income restriction requirements of 30 percent, 50 percent and 70 percent or less of the area median income. Onsite amenities will include social services to assist in income, employment and stabilization. The property will also include a two-bedroom, non-revenue manager unit. Additional funding included a $25.3 million federal low-income housing tax credit provided by WNC and $7 million in subsidy financing and $20.7 million in permanent financing from the California Housing Financing Agency Mixed Income Program. The City of San Diego provided a cost-free lease of the land for 65 years, valued at $6.6 million.

January 9, 2023

Acquisitions Arizona Hospitality Western

Sethi Management Sells Hyatt Place in Gilbert, Arizona to HWC Hospitality for $19.5M

by Amy Works January 9, 2023

GILBERT, ARIZ. — Sethi Management has completed the disposition of Hyatt Place Gilbert, a six-story hotel located at 3275 S. Market St. in Gilbert. HWC Hospitality acquired the asset for $19.5 million. Bill Murney and Jesse Heydorff of Cushman & Wakefield represented the seller in the deal. The hotel features 127 guest rooms, 1,100 square feet of event space, a 24-hour business center, express check-in/check-out and free onsite self-parking.

January 9, 2023

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