Property Type

Katz Properties Retail Acquires Amberly Place Shopping Center in Cary, North Carolina for $28.4M

by Julia Sanders September 20, 2021

CARY, N.C. — Katz Properties Retail, a New York-based real estate firm, has acquired Amberly Place, a 77,675-square-foot shopping center located in Cary. Dennis Carson, Casey Rosen and Mike Burkard of CBRE represented the St. Petersburg, Fla.-based seller, The Sembler Co. The sales price was $28.4 million. Amberly Place is 98.6 percent leased and anchored by a 50,280-square-foot Publix grocery store. The Publix has been an anchor at Amberly Place since the property was constructed. Built in 2018, Amberly Place is situated at 10225 Green Level Church Road just two miles from Apple’s new Raleigh campus.

September 20, 2021

Acquisitions Kentucky Multifamily Southeast

Kirkland Negotiates Sale of 105-Unit Apartment Community in Bowling Green, Kentucky

by Julia Sanders September 20, 2021

BOWLING GREEN, KY. — The Kirkland Co. has negotiated the sale of The Enclave, a 105-unit multifamily complex located in Bowling Green. Brian Devlin, Brandon Wilson and John Seale of Kirkland brokered the transaction between the buyer, JBT Partners LLC, and the seller, Village Green Apartment Partners LLC. The sales price was $8 million. Built in 1964, The Enclave includes studios, one- and two-bedroom floorplans with a monthly rent range of $739 to $929, according to Apartments.com. The units include walk-in closets, granite countertops, stainless steel appliances and a patio. Community amenities include a pool, laundry facilities, grill, storage space and a property manager onsite. Located at 1132 Fairview Ave., the property is close to retailers including Burger & Bowl, Hibachi Grill & Supreme Buffet, China Express and Shell. The property is also about 0.3 mile from the Fairview Plaza Shopping Center.

September 20, 2021

6901-N.-Crescent-Blvd.-Pennsauken-New-Jersey

Industrial Leasing Activity New Jersey Northeast

Colliers Negotiates 63,347 SF Industrial Lease in Pennsauken, New Jersey

by Taylor Williams September 20, 2021

PENNSAUKEN, N.J. — Colliers International has negotiated a 63,347-square-foot industrial lease at 6901 N. Crescent Blvd. in Pennsauken, located in Southern New Jersey. Ian Richman and Marc Isdaner of Colliers represented the landlord, Velocity Venture Partners, in the transaction. Scott Mertz of NAI Mertz represented the tenant, TopPop, a provider of packaging for frozen alcoholic beverages. TopPop expects its new facility to be operational by January.

September 20, 2021

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $9.6M Acquisition Loan for Southern New Jersey Shopping Center

by Taylor Williams September 20, 2021

VINELAND, N.J. — Cronheim Mortgage has arranged a $9.6 million acquisition loan for Maintree Shopping Center, a 140,000-square-foot grocery-anchored retail property located in the Southern New Jersey city of Vineland. Andrew Stewart and David Poncia of Cronheim Mortgage arranged the fixed-rate loan, which carried a five-year term and a 25-year amortization schedule, on behalf of the borrower, Aspen Real Estate. The property was 80 percent leased at the time of the loan closing. The direct lender was an undisclosed, Philadelphia-based credit union.

September 20, 2021

Acquisitions Florida Multifamily Southeast

Marcus & Millichap Brokers $4M Sale of Apartment Property in Miami Beach

by Julia Sanders September 20, 2021

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $4 million sale of Abbott Arms, a 25-unit apartment property located in Miami Beach. Evan Kristol and Felipe Echarte of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, Richard Shindler, the Trustee of Abbott Arms Trust. The buyer was not disclosed. Abbott Arms is made up on two separate properties that will be combined into one. Located at 7830 & 7834 Abbott Ave., Abbott Arms is situated 11.7 miles from downtown Miami. Built in 1963, 7830 Abbott Ave. is an eight-unit, two-story building. Built in 1940, the 7834 property is a 17-unit building. At both properties, the units feature a total of 16 one-bedroom units, eight two-bedroom units and one studio. The buildings sit on a corner site that includes three lots and has the potential to add 5,077 of rentable square feet. The community amenities for both properties include 12 onsite parking spaces, a pool, sundeck and basement for laundry and storage.

September 20, 2021

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Arranges Sale of 544-Unit Multifamily Property in Terre Haute, Indiana

by Kristin Harlow September 20, 2021

TERRE HAUTE, IND. — Marcus & Millichap has arranged the sale of The Village Quarter Apartments in Terre Haute, located approximately 77 miles southwest of Indianapolis and five miles east of the Illinois state line. The sales price was undisclosed. The multifamily property at 100 Village Drive includes 544 units across 56 buildings. Amenities include a pool, fitness center, internet café, laundromat, basketball courts and tennis courts. The property was sold by the original developer who had owned and operated it since 1984. Since 2018, the owner invested more than $2.9 million in capital improvements for siding, unit renovations, roofing, landscaping and sport courts. Aaron Kuroiwa and Austin Meeker of Marcus & Millichap’s Indianapolis office represented the seller. The duo also secured and represented the buyer, a limited liability company.

September 20, 2021

Acquisitions Illinois Midwest Retail

JLL Brokers Sale of 91,535 SF Prairie Point Shopping Center in Aurora, Illinois

by Kristin Harlow September 20, 2021

AURORA, ILL. — JLL Capital Markets has brokered the sale of Prairie Point Shopping Center in Aurora for an undisclosed price. Anchored by Mariano’s Fresh Market, the property spans 91,535 square feet. Other tenants include Pet People, Prairie Point Dental, Buchar Family Chiropractic and Hair Cuttery. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, Walton Street Capital. Buyer information was not provided.

September 20, 2021

Development Illinois Midwest Multifamily

LG Development Purchases Land in Chicago for $32M, Plans Apartment Development

by Kristin Harlow September 20, 2021

CHICAGO — LG Development has paid more than $32 million for a 1.3-acre land site at 1143 W. Lake St. in Chicago. LG plans to develop two apartment buildings with 665 units and 290 parking spaces. Both buildings will include ground-floor retail space. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the undisclosed seller.

September 20, 2021

Acquisitions Healthcare Indiana Midwest Office

Next Realty Acquires 39,000 SF Westridge Office Park in Suburban Indianapolis

by Kristin Harlow September 20, 2021

AVON, IND. — An affiliate of Next Realty LLC has acquired Westridge Office Park in Avon, a western suburb of Indianapolis. The purchase price was undisclosed. The office and medical complex consists of two single-story buildings. Tenants include Indiana University Health Care Associates Inc., Indiana Department of Child Services, Kindred Hospice, Midwest Behavioral Health LLC, Allergy Partners and St. Vincent Medical Group. The acquisition marks the 12th and final acquisition made on behalf of Next Realty Fund IX LP. Kevin Dick, Paul Dick and Nicholas Miller of Bradley Co. represented the seller, Westridge Investments LLC.

September 20, 2021

Development Midwest Missouri Office

Knoebel Construction to Expand Headquarters in Chesterfield, Missouri

by Kristin Harlow September 20, 2021

CHESTERFIELD, MO. — Simultaneous with its 40th anniversary, general contractor Knoebel Construction is expanding its headquarters in Chesterfield by 19,210 square feet. Knoebel, which employs more than 90 people, has purchased a three-acre parcel adjacent to its headquarters at 18333 Wings Corporate Drive. Construction is scheduled to begin this winter with completion slated for next fall. Plans call for an expanded educational and training area, a rooftop terrace, numerous meeting and gathering areas, a gym and offices for all team members. Knoebel specializes in the construction of retail, restaurant, grocery and automotive projects. The company’s anticipated revenue for 2021 is $106 million.

September 20, 2021

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