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Beach-View-Plaza-Oak-Harbor-WA
AcquisitionsOfficeWashingtonWestern

Marcus & Millichap Arranges Sale of 25,399 SF Beach View Plaza Office Building in Oak Harbor, Washington

by Amy Works

OAK HARBOR, WASH. — Marcus & Millichap has brokered the sale of Beach View Plaza, an office property located in Oak Harbor. A private investor sold the asset to an undisclosed buyer for $3.7 million. Brian Mayer and Stren Lea of Marcus & Millichap’s Seattle office represented the seller in the deal. Located at 275 SE Pioneer Way, the property features 25,399 square feet of office space. At the time of sale, Beach View Plaza was 92.4 percent occupied with 62.9 percent of the property leased to Washington State government entities and 27.3 percent to People’s Bank. Prior to closing, Washington State Department of Social & Health Services extended its lease for five years.

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IllinoisLoansMidwestMultifamily

Dwight Capital Provides $55M HUD-Insured Loan for Refinancing of Apartment Complex in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Dwight Capital has provided a $55 million HUD 223(a)(7) loan for the refinancing of Mallard Lake Apartments in the Chicago suburb of Wheeling. The 481-unit apartment complex consists of 52 buildings. Amenities include a fitness center, community room, tennis court and pool. Keith Hoffman of Dwight originated the loan, which represented the largest HUD 223(a)(7) refinance in the state of Illinois, according to Dwight. The loan benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. The borrower was undisclosed.

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IllinoisLoansMidwestMultifamily

Ready Capital Closes $12M Acquisition Loan for Condo Deconversion in Metro Chicago

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Ready Capital has closed a $12 million loan for the acquisition and deconversion of a 72-unit, Class B condominium property in the Chicago suburb of Arlington Heights. The undisclosed buyer will deconvert the units and lease the property as traditional multifamily space. The nonrecourse loan features a floating rate and a two-year term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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AcquisitionsMidwestMultifamilyWisconsin

Berkadia Arranges $10.5M Sale of Multifamily Property in Menomonee Falls, Wisconsin

by Kristin Harlow

MENOMONEE FALLS, WIS. — Berkadia has arranged the $10.5 million sale of Shady Lane Apartments in Menomonee Falls, a northwest suburb of Milwaukee. The garden-style property, which consists of 56 units across seven buildings, was 98 percent occupied at the time of sale. Richard Evans, Ralph DePasquale, Pete Evans and Jack Maloney of Berkadia represented the seller, Wisconsin-based Hilgart Property Group. RMJ Acquisitions LLC was the buyer.

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Leasing ActivityMidwestMissouriRetail

St. Louis Funny Bone Comedy Club Opens at Streets of St. Charles

by Kristin Harlow

ST. CHARLES, MO. — St. Louis Funny Bone Comedy Club has opened a new location at the Streets of St. Charles, a 27-acre mixed-use development in suburban St. Louis. The family-owned comedy club has operated in St. Louis for more than 30 years. The club hosts talent from the St. Louis area as well as nationally touring comedians, and hosts a weekly open mic night on Tuesdays. Jerry Kubach is the club’s owner. Cullinan Properties Ltd., the owner of Streets of St. Charles, also unveiled new tenants at the property such as The Socialite and Hot Box Cookies.

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AcquisitionsIowaMidwestRetail

NAI Legacy Acquires Retail Property Occupied by Hy-Vee in Iowa for $6.8M

by Kristin Harlow

AMES, IOWA — NAI Legacy has acquired a newly built, 27,490-square-foot retail property occupied by Hy-Vee just outside of Ames for $6.8 million. The Hy-Vee | Dollar Fresh store serves as one of the grocer’s new concepts, which offers discounted products, perishable goods, meats and a pharmacy. This store concept is being developed in more rural Iowa locations, according to NAI Legacy, which acquired the asset from the developer, Texas-based Embree Group.

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District of ColumbiaIndustrialMarket ReportsSoutheastSoutheast Market Reports

Mid-Atlantic is Where Labor, Ports and Transportation Infrastructure Intersect

by John Nelson

Speaking at the Port of Baltimore on Nov. 10, President Joe Biden touted the now passed $1 trillion infrastructure bill as a “once-in-a-generation investment” designed to help us push past the COVID-19 pandemic. The $17 billion earmarked specifically for port improvements is welcome news as on Nov. 15, the day the bill was signed, 90 container ships carrying goods valued at $85 billion were still waiting to dock off the coast of California. Throughout the pandemic, the transportation infrastructure and labor supply for the East Coast and the Mid-Atlantic specifically have demonstrated efficiency and productivity. The two main ports — the Port of Virginia and Port of Baltimore — processed record container volumes of imports and exports through cargo ship, rail and barge at record “turn times” of under one hour, meeting and overcoming many of the challenges within the supply chain. Connecting the dots As we approach the 2021 gift-giving season and beyond, it is crucial to focus on the “why I should care” factor. The Port of Virginia for example, which by 2024 will be the only 55-foot-deep port on the East Coast, experiences cargo movements that occur 64 percent by truck, which is nearly double the next …

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High Street
DevelopmentGeorgiaMixed-UseMultifamilyOfficeRetailSoutheast

GID Breaks Ground on $2B High Street Development in Atlanta’s Central Perimeter

by Julia Sanders

ATLANTA — GID Development Group, a real estate developer, owner and operator, has broken ground on the first phase of High Street, a $2 billion, 36-acre mixed-use development in Atlanta’s Central Perimeter submarket. Phase I of High Street will deliver 150,000 square feet of retail and restaurants, approximately 600 apartments, 90,000 square feet of new office space, 222,000 square feet of existing office and an approximately 7,500-square-foot lawn. Located at the intersection of Perimeter Center Parkway and Hammond Drive, High Street will be situated close to the Dunwoody MARTA Station and surrounded by the largest office submarket in the Southeast, according to GID. Upon completion of all phases, High Street will encompass 672,000 square feet of Class A office space; a 400-key hotel; 400,000 square feet of shopping, dining, fitness and entertainment; and 3,000 residential units. In September, Puttshack, a mini-golf bar and restaurant destination, was the first anchor tenant to be announced for the project, and will open as part of the first phase of High Street. The retailer will occupy a 26,000-square-foot space and feature four tech-driven, mini golf courses. Molly Morgan and Allie Spangler of JLL are leading leasing efforts for the retail portion of High Street. …

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AcquisitionsFloridaMultifamilySoutheast

Starwood REIT Acquires 15,460-Unit Multifamily Portfolio in Southeast from Strata Equity

by Julia Sanders

MIAMI BEACH, FLA. — Starwood Real Estate Income Trust Inc. (Starwood REIT) has acquired a 15,460-unit multifamily portfolio from Strata Equity Group for an undisclosed price. Scott Wittman and Andrew Gordon of Strata Equity were responsible for the structuring and execution of the transaction. The portfolio includes 62 communities located across 10 states — primarily in the Southeast states of Georgia, Tennessee and North Carolina. The portfolio’s units are priced affordably with high-quality amenities, according to Starwood REIT. The Miami Beach-based firm will retain Strata Equity to manage the portfolio under terms of the transaction. As of Sept. 30, Starwood REIT’s portfolio had a total asset value of $12.6 billion across 246 properties. Starwood Capital Group manages Starwood REIT via a subsidiary doing business as Starwood REIT Advisors LLC. Strata Equity Group is a San Diego-based, privately held real estate investment and management company. The firm has sold in excess of $4 billion worth of multifamily assets this year through multiple transactions.

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industrial
AcquisitionsIndustrialMarylandSoutheast

Trout Daniel & Associates Brokers Sale of 91,175 SF Industrial Center in Baltimore

by Julia Sanders

BALTIMORE — Trout Daniel & Associates (TD&A) has brokered the sale of 1870 & 1900 Frankfurst Ave., a combined 91,175-square-foot industrial property in Baltimore’s Fairfield industrial submarket. Steven Cornblatt and Jared Engel of TD&A represented the seller, an entity doing business as WFP-Port Liberty LLC, in the transaction. New York-based Criterion Group purchased the properties for $7 million. The two properties sit near each other and total 12.3 acres. The site is located close to Interstate 895 and the Port of Baltimore. Many years prior, the properties were used to manufacture Liberty Ships to transport cargo in the Allies’ World War II efforts. In 2003, WFP-Port Liberty LLC purchased the properties, and TD&A shortly thereafter executed a long-term lease with Amports, an automotive services provider. Amports remained a tenant at the site until this past July.

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