Property Type

Fogelman, Thackeray Purchase 150-Unit Legacy at Lanier Apartments in Gainesville, Georgia

by Julia Sanders July 14, 2021

GAINESVILLE, GA. — Fogelman Properties, in a joint venture with Dallas-based Thackeray Partners, has purchased the Legacy at Lanier apartments in Gainesville. The sales price and seller were not disclosed. Built in 2004, Legacy at Lanier is a 150-unit multifamily community that offers one-, two- and three-bedroom apartment homes. The property was 98 percent occupied at the time of sale with rental rates ranging from $850 to $1,275. The new ownership will undertake community upgrades including the addition of a new fitness center, renovations to the clubhouse, pool area and all unit interiors. Located at 1750 Columns Drive, the property is situated nine miles away from Lake Lanier. The apartment transaction marks the 12th acquisition for the Fogelman-Thackeray partnership, now totaling more than 3,000 units.

July 14, 2021

Development New York Northeast Office

RFR Completes Renovation of 477 Madison Avenue Office Building in Manhattan

by Taylor Williams July 14, 2021

NEW YORK CITY — Locally based owner and investor RFR has completed the redesign and renovation of 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. The 24-story building was originally built in the mid-20th century and is currently leased to tenants primarily in the finance sector, including Kayne Anderson Capital Advisors LP, Rivkin Radler LLP, Atlas Merchant Capital and Atlantic Street Capital. As part of the redevelopment, RFR introduced a clubhouse amenity center, additional outdoor space and enlarged windows to allow more natural light. The new amenity space houses a fitness center with Peloton bikes and studio space for private training, as well as locker rooms, multiple conference rooms, a café, lounge and game area. In addition, 477 Madison Avenue features 15,000 square feet of outdoor terraces across multiple floors. New York City-based MdeAS Architects designed the project. Newmark has been tapped to lease the building.

July 14, 2021

Development Industrial Midwest Minnesota

Endeavor, PCCP to Develop Two Industrial Buildings Totaling 443,096 SF in Maple Grove, Minnesota

by Kristin Harlow July 14, 2021

MAPLE GROVE, MINN. — Endeavor Development and PCCP have formed a joint venture to develop two Class A industrial buildings in Maple Grove, a northwest suburb of the Twin Cities. Totaling 443,096 square feet, the project will serve as the second phase of Arbor Lakes Business Park. Duke Realty developed the first phase of the business park, which is now fully occupied. Both buildings will feature a clear height of 32 feet along with dock doors, drive-in doors and car parking stalls. The buildings will share a 180-foot truck court. Construction will commence at different times, with completion of the first building slated for June 2022 and completion of the second building scheduled for fall 2023. David Berglund and Colin Ryan of JLL arranged the joint venture equity partnership and also represented the partnership in the land purchase. Scott Loving of Colliers International handled the debt placement. Dan Swartz of CBRE will serve as leasing agent.

July 14, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 402-Unit Parc Grove Apartments in Stamford, Connecticut

by Taylor Williams July 14, 2021

STAMFORD, CONN. — CBRE has negotiated the sale of Parc Grove Apartments, a 402-unit, newly renovated apartment community in downtown Stamford. Residences feature one-, two- and three-bedroom floor plans and are equipped with stainless steel appliances, granite countertops, wood-style flooring and full-size washers and dryers. Amenities include a clubroom with a fireplace lounge, resort-style pool, two-story fitness center and cross training room and an indoor basketball court. Jeffrey Dunne, David Gavin, Gene Pride, Jeremy Neuer, Steve Bardsley and Eric Apfel of CBRE represented the seller, an undisclosed global real estate investment advisor, in the transaction. The team also procured the buyer, Pacific Urban Residential LLC.

July 14, 2021

Leasing Activity Midwest Ohio Restaurant Retail

Six New Tenants Open at Easton Town Center in Columbus, Ohio

by Kristin Harlow July 14, 2021

COLUMBUS, OHIO — Six new retailers and restaurants have joined the tenant lineup at Easton Town Center, a retail destination in Columbus co-developed by The Georgetown Co., L Brands and Steiner + Associates. UpWest has opened its fourth store and its first in Ohio. The brand offers apparel, sleep, wellness and home goods products for men and women. Brassica, now open, is a Columbus restaurant known for its sandwiches and salads that are inspired by Eastern Mediterranean cuisine. Buff City Soap has opened its first location in Columbus. The retailer offers scented soaps that are made with plant-based ingredients. The breakfast, brunch and lunch restaurant Another Broken Egg will open at Easton Town Center this fall. Afra Grill, also opening this fall, offers dishes inspired by authentic African flavors, spices and sauces. Lastly, Boss Gal Beauty Bar is scheduled to open in September. This will be the third central Ohio location for the tenant, which offers a facial bar and private medical treatment rooms. Easton Town Center spans 2.9 million square feet.

July 14, 2021

Acquisitions Industrial Iowa Midwest

Phoenix Investors Acquires 364,000 SF Manufacturing Facility in Iowa City

by Kristin Harlow July 14, 2021

IOWA CITY, IOWA — Phoenix Investors has acquired a 364,000-square-foot manufacturing and distribution center in Iowa City for an undisclosed price. The property is located at 2500 Highway 6 East. Phoenix acquired the asset from International Automotive Components, which used the facility for manufacturing of various automotive parts. The property features 19 loading docks, three drive-in doors and clear heights ranging from 25 to 37 feet. Phoenix now owns more than 2 million square feet of industrial assets in the state of Iowa.

July 14, 2021

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $10M Loan for Refinancing of Michigan Multifamily Property

by Kristin Harlow July 14, 2021

BROWNSTOWN, MICH. — Bernard Financial Group has arranged a $10 million loan for the refinancing of a 394-unit multifamily property in Brownstown Charter Township, about 20 miles southwest of Detroit. Dennis Bernard and Joshua Bernard of Bernard Financial arranged the loan on behalf of the borrower, Hamptons of Brownstown LP. Securian Life Insurance Co. provided the loan, terms of which were undisclosed.

July 14, 2021

Acquisitions Healthcare Illinois Midwest

Quantum Brokers $3.3M Sale of Medical Office Building in Decatur, Illinois

by Kristin Harlow July 14, 2021

DECATUR, ILL. — Quantum Real Estate Advisors Inc. has brokered the $3.3 million sale of a single-tenant medical office building in the central Illinois town of Decatur. The occupant, Memorial Health System, has roughly 10 years remaining on its lease. Dan Waszak of Quantum represented the seller, a Midwest-based real estate investor and developer. A California-based fund was the buyer.

July 14, 2021

Acquisitions Multifamily New York Northeast Student Housing

Aptitude Development Sells 287-Bed Student Housing Building to Syracuse University

by Taylor Williams July 14, 2021

SYRACUSE, N.Y. — New York City-based Aptitude Development has sold The Marshall, a 287-bed student housing building in Upstate New York, to Syracuse University for an undisclosed price. The property opened in 2018 at the site of a former strip mall and is located within two blocks of campus. The Marshall’s 147 units come in studio, one-, two-, three- and four-bedroom floor plans and are furnished with built-in desks, quartz countertops and stainless steel appliances. Amenities include a fitness center, private and open study rooms and a resident lounge and bistro café. The Marshall also houses retail space that is leased to Five Guys and Kung Fu Tea.

July 14, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

WinnCos. Completes $30.2M Mixed-Income Project in East Boston

by Taylor Williams July 14, 2021

BOSTON — Developer WinnCos. has completed a $30.2 million project that converted the waterfront site of an obsolete public housing development in East Boston into a 52-unit mixed-income complex. The site now houses 22 apartments to be rented to low-income households and 30 condominiums to be sold at market-rate prices. The rental units feature one-, two-, three- and four-bedroom floor plans. MassHousing provided a $6.6 million permanent mortgage and $3.6 million in bridge loan financing for the development. Bank of America provided an $11.6 million construction loan and served as the Low-Income Housing Tax Credit investor. Enterprise Bank contributed an $8.6 million construction loan for the condo portion of the project.

July 14, 2021

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