Property Type

Hunt Midwest Breaks Ground on 476,280 SF Logistics Facility Near Spartanburg

by John Nelson February 18, 2022

LYMAN, S.C. — Hunt Midwest has broken ground on Fort Prince Logistics Center, a 476,280-square-foot distribution building in Lyman, about 11.3 miles west of Spartanburg. The project, which will be situated within the master planned Fort Prince Industrial Park, is slated for completion in the fourth quarter. Fort Prince Logistics Center will include 189 surface parking stalls expandable to 385, up to 125 tractor trailer parking stalls, a 135-foot-deep truck court, 48 dock positions, 36-foot clear heights, mechanical dock equipment, 7-inch concrete slab flooring, an ESFR sprinkler system and motion-sensor LED lighting. The project team includes civil engineer Seamon Whiteside, architect LS3P and general contractor Evans General Contractors. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers are leading leasing on the project. Located on 47 acres at 1090 Fort Prince Blvd., Fort Prince Logistics Center has close access to Interstate 85, Inland Port Greer, GSP International Airport and BMW’s mega plant. Adjacent to the development is Walmart’s $450 million distribution facility that is anticipated to complete in 2024.

February 18, 2022

Acquisitions Illinois Midwest Multifamily

Artisan Capital Group Buys 309-Unit Apartment Complex in Suburban Chicago

by Kristin Harlow February 18, 2022

TINLEY PARK, ILL. — Artisan Capital Group has purchased Edenbridge Apartments in the Chicago suburb of Tinley Park for an undisclosed price. The 309-unit, midrise apartment complex features studio, one-, two- and three-bedroom floor plans. Amenities include a sundeck, clubhouse, playground and pool. John Schorgl of Berkadia arranged acquisition financing through Cohen & Co.

February 18, 2022

Acquisitions Midwest Minnesota Multifamily

Northland Acquires 186-Unit Multifamily Community in Rochester, Minnesota

by Kristin Harlow February 18, 2022

ROCHESTER, MINN. — Northland has acquired SoRoc on Maine, a 186-unit multifamily community in Rochester, for an undisclosed price. The garden-style property consists of three buildings. Amenities include a pool, bocce ball court and clubhouse. Residents of SoRoc on Maine have shuttle access to the Mayo Clinic headquarters in downtown Rochester. Northland is a real estate private equity firm with $7 billion of assets under management, including more than 26,000 units.

February 18, 2022

Acquisitions Georgia Retail Southeast

Connolly, Coro Realty Purchase Sprouts-Anchored Shopping Center in Metro Atlanta for $40.5M

by John Nelson February 18, 2022

SANDY SPRINGS, GA. — Connolly, in a joint venture with Coro Realty Advisors, has purchased Sandy Springs Gateway, a 121,370-square-foot, grocery-anchored shopping center in Sandy Springs, about 16.2 miles from downtown Atlanta. The two Atlanta-based firms purchased the center from Atlanta-based Core Property Capital for $40.5 million. Anchored by Sprouts Farmers Market, Sandy Springs Gateway was 82 percent leased at the time of sale to tenants including Snooze A.M. Eatery, Taka Sushi and Passion, Big B’s Fish Joint, Tupelo Honey Café, Blast fitness studio, Corks & Caps, The Whole Dog Market, Chipotle, Kale Me Crazy, Buttermilk Sky Pie Shop and CVS. The property also features 28,000 square feet of second-story boutique office space. Conor Lalor and Eric Zimmerman of Eastdil Secured brokered the sale. Walker & Dunlop secured an undisclosed amount of financing through Credit Union Business Services and Georgia’s Own Credit Union. Coro Realty will manage the property, and LaVista Associates Inc. will lease the retail space.

February 18, 2022

Indiana Leasing Activity Midwest Office

Swiss Re Signs 24,772 SF Lease at Office Property Under Development in Fort Wayne

by Kristin Harlow February 18, 2022

FORT WAYNE, IND. — Swiss Re, a provider of reinsurance and insurance, has signed a 24,772-square-foot lease to occupy the second and third floors of The Riverfront at Promenade Park in Fort Wayne. The office property is still under development but is slated for completion by the end of the year. Swiss Re will relocate its regional office, which employs nearly 200 people, from 1670 Magnavox Way in Fort Wayne. Brad Sturges, Neal Bowman and Philip Hagee of Sturges Property Group represented the undisclosed developer.

February 18, 2022

Illinois Leasing Activity Midwest Retail

Caton Commercial Completes Retail Lease-Up of Central Park Place in Naperville, Illinois

by Kristin Harlow February 18, 2022

NAPERVILLE, ILL. — Caton Commercial Real Estate Group has completed the retail lease-up of Central Park Place in downtown Naperville. Pizza chain Gia Mia has leased the historic Old Nichols Library that anchors the four-story residential and retail development. The 4,433-square-foot space features a restored fireplace and a 1,412-square-foot patio. Christina Caton Kitchel and Steve Caton of Caton Commercial negotiated the lease. Beyond the first-floor retail space, Central Park Place is comprised of 17 luxury condos. Other retail tenants at the property include Sweetwaters Coffee & Tea, The NOW Massage and James & Sons Fine Jewelers. Barbara Montes of Caton Commercial oversees the property’s management.

February 18, 2022

Acquisitions Georgia Multifamily Southeast

Crown Bay Group Sells Apartment Community in Southwest Atlanta for $37.1M

by John Nelson February 18, 2022

ATLANTA — Crown Bay Group has sold FortyThree 75 Apartments, a 260-unit multifamily community in southwest Atlanta, for $37.1 million. Chandler Brown, Barden Brown and Taylor Brown of Global Real Estate Advisors represented the seller in the transaction. The Beach Co. was the buyer. Built in 1974, FortyThree 75 offers one-, two- and three-bedroom floorplans. Unit features include hardwood floors, home alarms, walk-in closets and washer and dryer connections. Community amenities include a leasing office, clubhouse, fitness center, swimming pool, grilling/picnic pavilion, laundry center playground and a dog park. The buyer plans to complete interior and exterior renovations, as well as add amenities. Located at 4375 Cascade Road, the property is situated 12.1 miles west from downtown Atlanta and 12.3 miles from the Hartsfield-Jackson Atlanta International Airport.

February 18, 2022

Loans Multifamily Texas

Colliers Mortgage Provides Agency Acquisition Loan for 224-Unit Multifamily Asset in Temple

by Taylor Williams February 18, 2022

TEMPLE, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of The Retreat Apartments, a 224-unit multifamily asset located in the Central Texas city of Temple. The property comprises 20 two-story garden-style buildings, a leasing office, pool, laundry facility, fitness center and a picnic and BBQ area. Colliers Mortgage originated the 10-year loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.

February 18, 2022

Acquisitions Florida Office Southeast

CBRE Arranges Sale of 42,442 SF Office Building in Fort Lauderdale

by John Nelson February 18, 2022

FORT LAUDERDALE, FLA. — CBRE has arranged the $7 million sale of a 42,442-square-foot office building in Fort Lauderdale known as the 5100 Building. The buyer, medical office user Hall Consolidated Group LLC, plans to eventually occupy the property. Benjamin Silver with CBRE represented the seller, an entity known as 5100 Realty LLC, in the transaction. The seller is an affiliate of Cambridge Security, the property’s anchor tenant that plans to eventually vacate the office building. Originally built in 1972, the four-story office building received several capital improvements last year, including a new roof, exterior waterproofing, lobby upgrades and the replacement of several air conditioning units. The buyer plans to make further improvements Located at 5100 N. Federal Highway, the property is situated close to the area’s largest medical provider, Holy Cross Hospital, a 557-bed healthcare facility. The property also has nearby access to Interstates 95, 441 and Florida Turnpike from East Commercial Boulevard.

February 18, 2022

Development Multifamily Seniors Housing Texas

Journey Capital, SilverPoint Complete Phase I of Seniors Housing Project in Saginaw, Texas

by Taylor Williams February 18, 2022

SAGINAW, TEXAS — A partnership between Journey Capital and SilverPoint Senior Living has completed Phase I of Edition of Saginaw, a 6.2-acre senior living campus in Saginaw, a northern suburb of Fort Worth. Phase I comprised 22 one- and two-bedroom independent living cottages. The development team has also broken ground on Phase II of the project, which will add 74 assisted living and memory care apartments. The 57,000-square-foot expansion is slated for a fall-2023 completion.

February 18, 2022

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