Property Type

Taconic Capital Advisors, Eastern Real Estate Acquire 617,000 SF University Mall in Vermont

by Kristin Harlow March 23, 2022

SOUTH BURLINGTON, VT. — A partnership between Taconic Capital Advisors and Eastern Real Estate has acquired University Mall in South Burlington, a city in northwest Vermont. The 617,000-square-foot property is the largest mall in the state. A CMBS trust sold the asset for $60 million. The new owners say they are exploring a range of plans to reenergize the shopping center, which is located less than one mile from the University of Vermont, The University of Vermont Medical Center and Burlington International Airport. With more than 50 local and national shops and restaurants, the mall is 95 percent occupied and draws an estimated 3.9 million annual visitors, according to the buyers. University Mall is home to an 85,500-square-foot JC Penney, an 86,000-square-foot Kohl’s, a 48,000-square-foot Hannaford Brothers and a 60,000-square-foot Target, which is the only Target store in Vermont. “The property has been a gathering place for decades, and our commitment is to build on its success as a vital retail and economic asset for Vermont,” says Alex Fleming, director with Taconic. Andrew Hayes, director with Eastern, will oversee the planning, leasing strategy and overall repositioning of the mall. Local firm KeyPoint Partners, led by Heather Tremblay, will maintain its …

March 23, 2022

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Breaks Ground on 60-Unit Affordable Housing Community in Columbus

by Kristin Harlow March 22, 2022

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Lockbourne Greene, a 60-unit affordable housing community in Columbus. Completion is slated for mid-2023. Woda Cooper is building the $15.8 million project with co-developer Healthy Homes, which is affiliated with Community Development for All People (CD4AP) and Nationwide Children’s Hospital. The project is the transformation of a vacant and blighted Columbus Land Bank property. The three-story building will feature 12 one-bedroom units, 40 two-bedroom units and eight three-bedroom units. All of the units will be designated for residents who earn 40 to 80 percent of the area median income. Monthly rents are expected to range from $669 to $999, depending on the income category and size of the apartment. Lockbourne Greene will feature an onsite management office, fitness center and community room. SproutFive will operate an early learning center at the property for children ages 6 months to 5 years old. Residents will also have access to supportive services coordinated by CD4AP. A new $15 million Affordable Housing Linked Deposit Pilot Program from Franklin County supports funding for Lockbourne Greene at no out-of-pocket cost to taxpayers. The program places funds into an interest-yielding investment at three private banks — …

March 22, 2022

Acquisitions Illinois Industrial Midwest

Clear Height Properties, Blackbird Investment Group Sell 56,500 SF Industrial Building in Suburban Chicago

by Kristin Harlow March 22, 2022

ELK GROVE VILLAGE, ILL. — A joint venture between Clear Height Properties and Blackbird Investment Group has sold a 56,500-square-foot industrial building located at 1400 Greenleaf Ave. in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. The partnership acquired the property in January 2021 and invested $720,000 in renovations. Originally constructed in 1973, the building features a clear height of 18 feet, three loading docks and 9,500 square feet of office space. Justin Lerner of Transwestern represented both the sellers as well as the buyer, Ideal Property Investments. Avatar Financial Group provided a $1.5 million bridge loan for the acquisition.

March 22, 2022

Acquisitions Midwest Retail Wisconsin

Next Realty Acquires 44,000 SF Essex Square Retail Center in Madison, Wisconsin

by Kristin Harlow March 22, 2022

MADISON, WIS. — An affiliate of Next Realty LLC has acquired Essex Square, a 44,000-square-foot retail center in Madison. The purchase price and seller were undisclosed. The property is home to 15 tenants, including Concentra Health Services, Half Price Books, The Camera Store, Allstate, Great Clips and MOKA Coffee. Many of the tenants have operated at the property for more than 20 years. Built in 1987 and located along East Towne Boulevard, Essex Square is situated adjacent to the 790,000-square-foot East Towne Mall. Landmark Credit Union provided acquisition financing.

March 22, 2022

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Arranges $5M Sale of Retail Property in Madison, Wisconsin

by Kristin Harlow March 22, 2022

MADISON, WIS. — Marcus & Millichap has arranged the sale of Sauk Point Square in Madison for $5 million. The 26,350-square-foot retail center is located at 701 N. High Point Road and is home to a mix of local retailers. Marcus & Millichap’s Rowlett Group represented the seller, a group of local investors, as well as the buyer, an out-of-state limited liability company.

March 22, 2022

Illinois Leasing Activity Midwest Retail

It Gym to Open 3,300 SF Facility at Bell Works Chicagoland

by Kristin Harlow March 22, 2022

HOFFMAN ESTATES, ILL. — It Gym, a locally owned fitness studio that offers personal training and group exercise classes, will open a 3,300-square-foot facility at Bell Works Chicagoland in Hoffman Estates. The gym, owned by local personal trainer Gina Kaiser, is slated to open this summer. Bell Works Chicagoland is a redevelopment of the former AT&T corporate campus. Somerset Development is the owner.

March 22, 2022

Affordable Housing Loans Multifamily Southeast Tennessee

KeyBank Provides $74M Bridge Loan for Affordable Housing Portfolio in Tennessee

by Julia Sanders March 22, 2022

CLEVELAND — Cleveland-based KeyBank Community Development Lending and Investment has provided a $74 million bridge loan for the acquisition of four Section 8 subsidized affordable housing properties in Tennessee. Matthew Haas, Timothy Gerstmann and Jonathan Woodland of KeyBank originated the financing. SDG Housing Partners, a Manhattan Beach, Calif.-based affordable housing development company, received the loan. The four properties include Ramblewood in Clarksville (112 units); Margaret Robinson in Hermitage (100 units); Ridgebrook in Knoxville (144 units); and Hickory Forest in Nashville (90 units). The borrower will be seeking bonds and 4 percent LIHTC credits to be moderately renovated and units upgraded in the next 12 to 18 months with agency financing provided by KeyBank.

March 22, 2022

Development Hospitality Loans South Carolina Southeast

Newmark Secures $53M Construction Loan for Hotel Development in Johns Island, South Carolina

by Julia Sanders March 22, 2022

JOHNS ISLAND, S.C. — Newmark has secured a $53 million construction loan for The Dunlin, Auberge Resorts Collection at Kiawah River, a 72-room hotel project in Johns Island. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the loan through United Bank on behalf of the borrower, Kiawah River Hospitality Group. Construction on the project is slated for completion by 2024. The Dunlin is located within the Kiawah River master-planned residential resort community. The project will be situated along the 12-mile riverfront, offering 2,000 acres of nature trails and marshlands. The hotel will feature a branded restaurant and lounge and over 10,000 square feet of event space, including a 5,200-square-foot wedding hall. Resort amenities will include a pool with cabanas, full-service spa and a riverfront swim and fitness facility. The Dunlin will be the newest addition to the Auberge Resorts Collection’s portfolio of luxury hotels, resorts and residences.

March 22, 2022

Development Multifamily Retail Texas

Public-Private Partnership Breaks Ground on $90M Multifamily, Retail Project in Metro Austin

by Taylor Williams March 22, 2022

KYLE, TEXAS — A partnership between Central Southwest Texas Development and the Kyle Economic Development Department has broken ground on a $90 million multifamily and retail project in the southern Austin suburb. The project, which will be developed on two parcels totaling 38.5 acres, represents Phase II of Kyle Crossing. The north tract will house 16 buildings, nine of which will feature retail and restaurant uses for a minimum total commercial footprint of 18,000 square feet. The south tract will also comprise multifamily and retail space, with a minimum of 15,000 square feet of the latter use.

March 22, 2022

Development Florida Loans Multifamily Southeast

Trez Capital Provides $42.2M Construction Loan for Ritz-Carlton Residences in Orlando

by Julia Sanders March 22, 2022

ORLANDO, FLA. — Trez Capital has provided a $42.2 million construction loan for The Ritz-Carlton Residences, Orlando, Grande Lakes project. Ben Jacobson of Trez Capital originated the loan on behalf of the borrower and project developer, Unicorp National Developments Inc. The Ritz-Carlton Residences will offer 37 three- and four-bedroom residences with pools in a gated community. Community amenities will include a private, owners-only clubhouse; full-service spa; 18-hole golf course; 11 restaurants and bars; water sports and hiking and nature trails. Located at 4012 Central Florida Parkway, the project is situated 20.2 miles from downtown Orlando and 9.3 miles from Orlando International Airport. The project is part of the Grande Lakes master-planned community, which includes the Ritz-Carlton Orlando Grande Lakes resort.

March 22, 2022

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