Property Type

Colliers Arranges $53M HUD-Insured Loan for Refinancing of Mixed-Income Community in Minnesota

by Kristin Harlow January 10, 2022

RICHFIELD, MINN. — Colliers Mortgage has arranged a $53 million HUD 223(f) loan for the refinancing of Chamberlain Apartments in Richfield, a southern suburb of Minneapolis. Of the apartment community’s 316 units, 20 percent are designated as affordable and are rented to residents who earn up to 50 percent of the area median income. The remaining units are rented at market rates. Amenities include a clubhouse, game room, fitness center, outdoor pool, playground and dog run. The 35-year loan is fully amortized. Chamberlain Apartments LLC was the borrower.

January 10, 2022

Acquisitions Michigan Midwest Restaurant Retail

Boulder Group Negotiates $2.8M Sale of Chipotle-Occupied Property in Royal Oak, Michigan

by Kristin Harlow January 10, 2022

ROYAL OAK, MICH. — The Boulder Group has negotiated the $2.8 million sale of a single-tenant retail property net leased to Chipotle in Royal Oak, a northern suburb of Detroit. Newly constructed in 2021, the 2,400-square-foot building is located at 305 W. 11 Mile Road. Chipotle has a 12-year lease at the property. Randy Blankstein and Jimmy Goodman of Boulder Group represented the buyer, a West Coast-based private individual. A Midwest-based real estate investment firm was the seller.

January 10, 2022

Acquisitions Multifamily North Carolina Southeast

AMAC Purchases Multifamily Property in Charlotte for $113M

by Julia Sanders January 10, 2022

CHARLOTTE, N.C. — New York City-based AMAC has purchased Steele Creek Rivergate, a 408-unit garden-style multifamily property in Charlotte, for $113 million. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Charlotte-based Capstone Apartment Brokers represented the seller, Lucas Development, in the transaction. Built in May 2021, Steele Creek Rivergate offers one-, two- and three-bedroom floorplans with units averaging 1,053 square feet. Unit features include stainless steel appliances, granite countertops, walk-in closets and plank flooring. Community amenities include a fitness center, clubhouse, cyber café, pool, grilling stations, playground and multiple pet parks. Located at 12509 Park Sharon Court, the Class A property is situated close to Uptown Charlotte and Charlotte Douglas International Airport, as well as Interstate 77 and Highway 49. Steele Creek Rivergate sits directly behind the Rivergate Shopping Center, providing renters direct access to a Super Target. AMAC plans to renovate the property, including adding outdoor amenity space, inserting a package room and creating work-from-home spaces for residents.

January 10, 2022

Acquisitions Midwest Ohio Retail

Legion Capital Sells 11,185 SF Property Leased to Family Dollar in Cleveland

by Kristin Harlow January 10, 2022

CLEVELAND — Legion Capital has sold an 11,185-square-foot retail property leased to Family Dollar in Cleveland. The buyer and sales price were undisclosed. The building is located at 650 Northfield Road. Cale Powers of Trinity Real Estate Investment Services represented Legion, which purchased a different Family Dollar property in New Orleans. Family Dollar operates more than 8,000 stores across the U.S.

January 10, 2022

Development Georgia Industrial Southeast

CRG Breaks Ground on 463,250 SF Spec Industrial Facility in Metro Savannah

by Julia Sanders January 10, 2022

ELLABELL, GA. — CRG has broken ground on Building E at The Cubes at Interstate Centre II, a 463,250-square-foot spec industrial facility in Ellabell, about 23 miles west of Savannah. CRG is slated to deliver the facility in July. JLL is overseeing the leasing at the project. Located on Interstate Centre Boulevard, The Cubes at Interstate Centre II is situated 1.5 miles from Interstate 16, approximately 15 miles from Interstate 95 and within 25 miles of the Port of Savannah and Savannah-Hilton Head International Airport. Upon full buildout, the Cubes at Interstate Centre II will offer approximately 4.3 million square feet of Class A industrial space. Building E will offer features such as 36-foot clear heights, an ESFR sprinkler system, 80 dock doors and four drive-in doors. The project will also provide truck courts with 185-foot depths, 131 trailer spaces and 225 auto spaces. CRG’s parent company Clayco is the builder for the project, while Lamar Johnson Collaborative is the architect. Building E will be the second facility CRG has built within the 300-acre Interstate Centre II. The first facility was Building A, a 700,000-square-foot building located on 56.3 acres that was fully leased to McKesson Medical-Surgical, a medical supplies …

January 10, 2022

Acquisitions Multifamily Southeast Tennessee

Olympus Property Acquires 248-Unit Village at Apison Pike in Metro Chattanooga

by Julia Sanders January 10, 2022

OOLTEWAH, TENN. — Fort Worth, Texas-based Olympus Property has acquired The Village at Apison Pike, a 248-unit multifamily community in Ooltewah, about 18.2 miles east of Chattanooga. The Class A property is the third in Olympus Property’s 12th fund, Olympus Property XII LLC. The seller and sales price were not disclosed. Completed in 2015, Village at Apison Pike offers one-, two- and three-bedroom floorplans with units that range in size from 807 to 1,466 square feet. Unit features include granite countertops, nine-foot ceilings and stainless steel appliance packages. Community amenities include a pool with cabanas, fitness center, fully equipped clubhouse and a dog park. Located at 8605 Tradewind Circle, the apartment property is located about nine miles from the Chattanooga Metropolitan Airport and 16.3 miles from the Tennessee Aquarium. The property is also located close to restaurants including Fat Boy’s Roadside Eats and Couch’s Barbecue. Olympus plans to renovate the property with an additional $1 million in capital improvements over the next few years. Renovations will include exterior paint, minor upgrades to the clubhouse and amenity enhancements.

January 10, 2022

Acquisitions Retail Southeast Virginia

SRS Arranges $4M Sale of Two-Tenant Retail Property in Arlington, Virginia

by Julia Sanders January 10, 2022

ARLINGTON, VA. — SRS National Net Lease Group has arranged the $4 million sale of a two-tenant retail property in Arlington, about five miles southwest of Washington, D.C. Andrew Fallon and Rick Fernandez of SRS represented the seller, Chicago-based McCaffery Interests Inc. The undisclosed, Virginia-based private buyer purchased the property in a 1031 exchange. The sales price represented $1,286 per foot. Built in 1979, the 3,100-square-foot, two-story property is occupied by Wireless Rxx and Starbucks. The property is positioned on Clarendon Boulevard, across the street from a Whole Foods Market. The Starbucks has been at this location since the location was redeveloped into The Crossing Clarendon, a mixed-use destination featuring open-air retail, restaurants, residential and office buildings.

January 10, 2022

Acquisitions Louisiana Retail Southeast

Trinity REIS Brokers Sale of Family Dollar-Occupied Retail Property in New Orleans

by Julia Sanders January 10, 2022

NEW ORLEANS — Trinity Real Estate Investment Services (Trinity REIS) has brokered the sale of a Family Dollar-occupied retail property in New Orleans. Trinity REIS represented the seller, Legion Capital, in the sale. The sales price was not disclosed. The Family Dollar-occupied property spans 9,180 square feet. Located at 7437 Westbank Expressway, the property is situated about 10 miles from downtown New Orleans and 19.1 miles from the New Orleans Lakefront Airport.

January 10, 2022

Acquisitions Massachusetts Multifamily Northeast Top Stories

CBRE Arranges $114M Sale of Neponset Landing in Quincy, Massachusetts

by Taylor Williams January 10, 2022

QUINCY, MASS. — CBRE has arranged the $114 million sale of Neponset Landing, a 280-unit apartment community located at 2 Hancock St. in the South Shore Boston suburb of Quincy. The sales price equates to approximately $407,000 per unit. Built in 2007, the 12-story building offers a mix of one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a lounge with an entertainment kitchen, fitness center, billiards room, leasing office, private media room and concierge services. In addition, residents have access to shuttle service to the North Quincy MBTA station. Neponset Landing is also near Interstate 93, which provides direct access to downtown Boston. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an entity doing business as Neponset Landing LLC, in the transaction. The seller is an affiliate of Oregon-based Green Cities Co. that secured LEED Certification status for the property in 2018. The CBRE team also procured the buyer, a joint venture between Boston-based Synergy Investments and an undisclosed foreign investment partner. The new ownership plans to implement a capital improvement program, specific details of which were not released. “This transaction marked the successful conclusion …

January 10, 2022

Acquisitions California Multifamily Western

IPA Negotiates $80.7M Sale of Benson Apartments in Upland, California

by Amy Works January 7, 2022

UPLAND, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Benson, a multifamily community located at 850 N. Benson Ave. in Upland. An affiliate of Abacus Capital Group sold the property to New Standard Equities for $80.7 million, or $342,161 per unit. Located 1.4 miles from the Los Angeles County border, The Benson features 236 apartments in one-, two- and three-bedroom units spread across 32 residential buildings. Amenities include two resort-style swimming pools with furnished sundecks, a spa, fitness center, dog park, playground and more than 350 on-site parking spots. The asset was built in 1973 on a 516,578-square-foot lot. Joseph Grabiec, Alexander Garcia Jr., Kevin Green, Greg Harris and Chris Zorbas of IPA represented the seller and procured the buyer in the transaction.

January 7, 2022

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