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Siena-Park-Arlington
AcquisitionsMultifamilySoutheastTop StoriesVirginia

JLL Negotiates $80.1M Sale of Siena Park Apartments in Arlington, Virginia

by Taylor Williams

ARLINGTON, VA. — JLL has negotiated the $80.1 million sale of Siena Park, a 188-unit apartment community located in the Washington, D.C., suburb of Arlington. The price equates to approximately $426,000 per unit. The property, which is located near multiple public transit stations and shopping and dining destinations, also houses 33,602 square feet of retail and 17,373 square feet of office space. Residential units feature studio, one- and two-bedroom floor plans and have an average size of 844 square feet. Units are also furnished with stainless steel appliances, contemporary cabinetry, granite countertops, kitchen islands and built-in bookshelves. Communal amenities include a fitness center and weight room, game room with billiards, clubhouse, outdoor pool, rooftop deck, coffee bar and cybercafé. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Zurich Alternative Management, in the transaction. The buyer was not disclosed. — Taylor Williams

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Oasis Grand II
AcquisitionsFloridaMultifamilySoutheast

Westside Capital Group Purchases Residential Tower in Downtown Fort Myers for $71M

by Julia Sanders

FORT MYERS, FLA. — Westside Capital Group, a Miami-based real estate investment firm, has purchased Oasis Grand II, a 32-story residential tower located in downtown Fort Myers. Westside acquired the property in an off-market transaction for $71 million, or approximately $268,000 per unit. Geosam, a Canadian-based developer, was the seller. Originally built by Related Group as a condominium in 2008, the Oasis Grand II features studio, one- and two-bedroom units ranging from 629 square feet to 1,700 square feet. The property also includes several two-story, three-bedroom waterfront townhomes with up to 1,800 square feet of space. Located at 3040 Oasis Grand Blvd., the property is situated on a 1.3-acre site along the Caloosahatchee River. The tower was 98 percent occupied at the time of the sale. Westside Capital will invest in improvements to the property, including enhancements to amenities, common areas and individual apartments. Community amenities include gated-entry; a fitness center; clubhouse and social lounge with wet bar, TV and Wi-Fi; a private boat launch ramp; gated pet run; library; a pool deck with poolside cabanas and lounges; private barbecue and picnic areas; and men’s and women’s spa facilities with saunas and showers. As part of the purchase, Westside Capital …

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Industrial
FloridaIndustrialLoansSoutheast

Phillips Realty Capital Secures $57.5M Loan for Industrial Portfolio in Metro Miami, Tampa

by Julia Sanders

HIALEAH AND TAMPA, FLA. — Washington, D.C.-based Phillips Realty Capital has secured a $57.5 million bridge loan for HighBrook Investors, which is acquiring and repositioning a four-property, 740,400-square-foot industrial portfolio located near Miami and in Tampa. The portfolio includes three buildings in metro Miami and one in Tampa. The metro Miami properties were delivered between 1959 and 1968, and the Tampa warehouse was built in 1987. The Miami-area properties include three industrial warehouses totaling 306,000 square feet. These properties are located at 3455 NW 54th St., 5400 NW 32nd Court and 5530 NW 32nd Court in Hialeah, which is two miles northeast of Miami International Airport and less than six miles northwest of downtown Miami and Port of Miami. Building amenities include reinforced concrete buildings on approximately 10.9 total acres of land with onsite access to a CSX freight rail line. Located at 6708 Harney Road in the East Tampa submarket, the fourth property is a 434,000-square-foot warehouse situated one mile northwest of Interstate 4, six miles northeast of downtown Tampa and eight miles east of Tampa International Airport. The property is located within three miles of two new Amazon fulfillment centers. Additionally, the property includes 13.2 acres of vacant …

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Miami Worldcenter
DevelopmentFloridaRetailSoutheast

CIM Group, Miami Worldcenter Associates Break Ground on 78,000 SF Jewel Box Retail Building

by Julia Sanders

MIAMI — CIM Group and Miami Worldcenter Associates have broken ground on the 78,000-square-foot “Jewel Box” building, one of the last retail components within the $4 billion Miami Worldcenter project. Slated for completion in the second quarter of 2022, the Jewel Box building will feature two levels of retail space. The property will also include a rooftop overlooking the development’s World Square, a 20,000-square-foot public plaza and park. Located at 150 NE Eighth Street, the Jewel Box is situated directly west of the upcoming citizenM boutique hotel and north of apartment tower known as Bezel at Miami Worldcenter. Miami Worldcenter is a 27-acre, master-planned mixed-use project in downtown Miami. More than 150,000 square feet of retail space at Miami Worldcenter has already been completed, with another 130,000 square feet currently under construction and nearing delivery.

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Mallory Corners
AcquisitionsRetailSoutheastTennessee

JLL Arranges $24.9M Sale of Aldi-Anchored Retail Center in Metro Nashville

by Julia Sanders

BRENTWOOD, TENN. — JLL has arranged the $24.9 million sale of Mallory Corners, an Aldi-anchored, 70,000-square-foot shopping center in the Nashville suburb of Brentwood. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, Longpoint Realty Partners, a Boston-based real estate private equity firm. Pine Tree, a Chicago-based retail specialized real estate company, represented the buyer, a state pension fund. Located on 6.5 acres at 1701 Mallory Lane, Mallory Corners is situated 16 miles from downtown Nashville. Built in 1995 and acquired by Longpoint Realty Partners in 2018, Mallory Corners is a fully leased center with a variety of tenants, including Barnes & Noble, Play it Again Sports, AAA, Hoover Paint Store and Brilliant Sky Toys & Books. The property is shadow anchored by Costco.

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District of ColumbiaMultifamilySoutheast

NMHC Agrees with Supreme Court Ruling to End National Eviction Moratorium

by Julia Sanders

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has publicly shown support of the Supreme Court’s decision to end the nationwide eviction moratorium. In a statement released this morning, NMHC detailed its support of a short-term ban to evictions during the beginning of the COVID-19 pandemic, but it does not believe a long-term ban on evictions is going to help sustain the economy. At the beginning of August, the Centers for Disease Control and Prevention had extended the eviction ban once again to end on Oct 3. On Thursday, Aug. 26, The Supreme Court voted 6-3 to end the pandemic-related federal eviction ban. The Supreme Court ruled that the CDC had overstepped its authority, and Congress must be the one to implement any future eviction ban. During the onset of the pandemic, NMHC convinced Congress to create a federal rental assistance program to prevent a housing crisis, and so Congress created the Emergency Rental Assistance Program. The program, plus the rest of the $4 trillion of economic relief provided by the government, helped residents to pay their rent. About 80.2 percent of apartment renters made a full or partial rent payment by Aug. 6, according to NMHC’s latest Rent …

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DevelopmentIllinoisMidwestRetail

Illuminarium Experiences to Open 32,000 SF Venue at Chicago’s Navy Pier

by Kristin Harlow

CHICAGO — Illuminarium Experiences, an experiential entertainment company, has unveiled plans to open an Illuminarium at Chicago’s Navy Pier. The 32,000-square-foot entertainment venue, which combines projections and soundscapes to create virtual reality-like exhibits, will be situated inside the former Crystal Gardens venue. This is the fourth Illuminarium location announced in the U.S., following Atlanta, Miami and Las Vegas. The company plans to add dozens of its immersive experience venues in major cities across the globe over the next five years. In Chicago, architecture firms Rockwell Group and Perkins & Will have begun the design of the new location. Illuminarium plans to invest more than $30 million in the redevelopment of Navy Pier. Construction is expected to begin in early to mid-2022, with completion slated for one year after. At Navy Pier, Illuminarium’s inaugural spectacle will be “Wild: a Safari Experience.” The concept showcases Africa’s most exotic animals in their natural habitats via cinematic content shot by RadicalMedia. Following “Wild” will be “Spacewalk,” a journey through the solar system. Viewers will experience what it’s like to walk on the surface of the moon and Mars. Additionally, guests will enjoy The Bar at Illuminarium, designed and developed by the LAB at Rockwell …

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AcquisitionsIndustrialMidwestOhio

MAG Capital Partners Acquires Northern Ohio Industrial Property in Sale-Leaseback

by Kristin Harlow

MANSFIELD, OHIO — MAG Capital Partners LLC has acquired a three-building industrial property in Mansfield, about midway between Columbus and Cleveland. The purchase price for the sale-leaseback transaction was not disclosed. The 257,622-square-foot property sits on 23 acres at 150 E. Longview Ave. The seller, Nanogate North America, was recently acquired by Techniplas, a provider of highly engineered technical solutions for the automotive, transportation and industrial sectors. Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented the seller. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners, which is a Fort Worth, Texas-based private investment firm led by Dax Mitchell and Andrew Gi.

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AcquisitionsIndianaIndustrialMidwest

Ziff Real Estate Purchases 215,100 SF Flex Industrial Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Ziff Real Estate Partners has purchased a 215,100-square-foot flex industrial property known as Director’s Row in Indianapolis for an undisclosed price. The property features convenient access to I-465, I-70 and the Indianapolis International Airport. Ziff plans to make significant upgrades to the building, which was nearly 64 percent occupied at the time of sale. Tenants include Fiserv, Rocore Thermal Systems and Evens Time. Tyler Wilson of Colliers International will handle leasing on behalf of Ziff.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $2.9M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of 6710 S. Claremont Ave. in Chicago’s Marquette Park neighborhood for $2.9 million. Originally constructed in 1928, the building features 49 apartment units and six retail spaces. The apartment portion was 95 percent occupied at the time of sale. Ted Stratman, Lucas Fryman, David Goss, Jon Morgan and Jeremy Morton of Interra represented the seller, a local private investor. The team also secured and represented the buyer, a private out-of-state investor. The buyer plans to upgrade units as they turn over.

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