MOORESTOWN, N.J. — Colliers International has brokered the sale of a 22,500-square-foot warehouse located at 353 Crider Ave. in the Southern New Jersey city of Moorestown. A partnership between Quinlan Development Group and Atrium Real Estate Group purchased the building for an undisclosed price. The seller, Court Street Ventures, acquired the asset a year ago and implemented capital upgrades. Ian Richman of Colliers brokered the deal.
Orlando’s industrial market emerged from the early panic of 2020 in solid shape, and both occupier and investment activity have continued in earnest ever since. While the preceding year has brought its share of pandemic-induced challenges to the Orlando market, the industrial sector itself has not been adversely affected, other than by labor shortages and the escalating prices of construction materials for new development. Sector fundamentals remain strong, with healthy leasing and positive net absorption of space, robust tenant activity and continued speculative development that is focused primarily along the 429 Corridor and in the Orlando Central Park and Airport/Southeast submarkets. Economic fundamentals are also sound. The unemployment rate in Orlando as of June 2021 was 6 percent, down an impressive 1,300 basis points from the height of pandemic unemployment in May 2020. Oxford Economics projects that Orlando is expected to see job growth of 2.1 percent in 2021, 9.1 percent in 2022 and should recover all of its lost jobs by third-quarter 2022, a majority of which are in the leisure and hospitality sector. Central Florida is the state’s fastest-growing region, and the U.S. Census Bureau expects its growth to outpace South Florida by a factor of two to …
ARVADA, COLO. — Capstone has arranged the sale of Mesa Verde Apartments, a multifamily property located at 9700 W. 51st Place in Arvada. An undisclosed buyer acquired the property for $64.5 million. Mesa Verde Apartments features 276 apartments in a mix of one-, two- and three-bedroom layouts with individually controlled heating and air conditioning and walk-in closets. The community includes volleyball and basketball courts, an outdoor swimming pool, playground and picnic area, as well as off-street parking for residents. The buyer plans to perform interior renovations, add additional units to the community, build a clubhouse for resident use, add a gate surrounding the property and resurface the parking lots. Brandon Kaufman of Capstone represented the buyer in the deal.
CHICAGO — Sterling Bay, Harrison Street and institutional investors advised by J.P. Morgan Global Alternatives have secured a $125 million construction loan for ALLY, a life sciences project in Chicago. Bank OZK provided the financing. Construction is slated to begin this month. Located at 1229 W Concord Place, ALLY will feature 280,000 square feet of Class A medical research lab and creative office space. The life sciences project will be in Lincoln Yards, a 53-acre, mixed-use development created by Sterling Bay. Lincoln Yards was formerly an industrial site that is being redeveloped into a mixed-use community with build-to-suit office developments, retail opportunities, proposed 606 bike trail extension and future residential and hospitality opportunities. When complete, Lincoln Yards will feature affordable housing, create over 23,000 permanent onsite jobs and generate $4.1 billion in economic output for the city of Chicago. ALLY at 1229 W Concord Place is located off the North Branch Chicago River and has private outdoor space on every floor. Mark Burkemper, senior managing director and head of North American transactions at Harrison Street, says the project brings many benefits. “Lincoln Yards is close to several of Chicago’s most notable medical research institutions, and we are excited to expand …
DELRAY BEACH, FLA. — Mesa West Capital has provided a $77 million loan for the acquisition of Alta Congress, a 369-unit multifamily property in Delray Beach. The borrower is an undisclosed, privately held real estate management and development firm. Built in 2013, Alta Congress, which has been rebranded as Congress Grove Apartments, is a four-story apartment community. The asset offers studio, one-, two- and three-bedroom apartments with stainless steel appliances, hardwood style plank flooring, breakfast bars, granite countertops, walk‐in closets, in‐unit stackable washers/dryers and hurricane impact-resistant windows. Community amenities include a fitness center, clubhouse, lounge, dog park, green courtyards, package room and a heated pool with cabana seating. Located on 9.3 acres at 250 Congress Park Drive, the property was 96 percent leased at closing. The property is 8.9 miles from Boca Raton, seven miles from the Boca Raton Airport and 12.3 miles from Deerfield Beach. Purvesh Gosalia of Newmark Knight Frank arranged the five-year, floating-rate, non-recourse loan.
KISSIMMEE, FLA. — Parkview Financial has provided a $28.5 million loan to CS-ICM 5 LLC for the firm to convert a former 436-room hotel and resort property into a 351-unit apartment complex with retail and restaurant space in Kissimmee. The loan has an 18-month term and is non-recourse. Located at 8660 W. Irlo Bronson Highway, the property will be situated near employment centers, including Disney World, which is 5.8 miles away. Construction is underway, with completion slated for summer 2022. Originally built in 1977, the property is situated on 16 acres and includes 11 two-story buildings, three swimming pools, a fitness room, patios, garden areas, a seven-acre nature preserve and a 7,000-square-foot commercial building that has frontage along HWY 192. Phase I of the project will be the conversion of the existing hotel room buildings into an apartment complex that will feature 251 studios averaging 350 square feet and 100 one-bedroom units averaging 700 square feet. The units will feature new kitchens with stainless steel appliances, granite counter tops and stainless steel sinks; walk-in closets for the one-bedroom units; new bathrooms; vinyl plank flooring in living areas; and carpeting in the bedrooms. The second phase will include the conversion of …
HAMPTON, VA. — Berkadia has arranged the sale of The Heritage at Settlers Landing, a 140-unit multifamily property in Hampton. Drew White, Carter Wood and David Hudgins of Berkadia completed the $27.7 million sale on behalf of the seller, Virginia-based Levco Management. New York-based Milrose Capital and VTS were the buyers. Located at 553 Settlers Landing Road, The Heritage at Settlers Landing features one-, two- and three-bedroom floor plans with various renovated units, in-unit washers/dryers and a private patio or balcony in select units. Community amenities include a fitness center, clubhouse, onsite maintenance and a business center. The property is located close to Interstate 64.
CLEARWATER BEACH, FLA. — Trez Capital has funded a $21.5 million construction loan for Azure, a 46-unit bayside condominium project in Clearwater Beach. Construction is now underway on the project, and is slated for completion by the second quarter of 2023. Located on a 1.4-acre waterfront parcel at 415 Island Way, Azure will feature residences with prices ranging from the $600,000 to $1.1 million. The four-story building is approximately 70 percent sold. The property will offer three- and four-bedroom units that range in size from 1,552 square feet to 2,608 square feet. The units will offer smart thermostats and lighting fixtures. Community amenities will include a sun deck with swimming pool and spa tub, a gym/yoga studio and a private meeting room. There is also a private marina with 15 boat slips for sale. Brett Forman and Scott Mehlman of Trez Capital arranged the loan for the borrower, Azure Development Group LP.
WOODBURY, MINN. — Ryan Cos. US Inc. has begun construction of Talamore Senior Living Woodbury, a 200-unit senior living community in Woodbury, an eastern suburb of the Twin Cities. The four-story, 245,000-square-foot property will include 90 independent living units, 70 assisted living units, 26 memory care units and 14 care suites. Along with multiple dining venues, amenities will include a library, wellness and fitness center, spa, clubroom, activity room and large gathering space. Ryan is the developer, builder and capital markets partner. Ryan Architecture + Engineering is the design architect and provided interior design, landscape architecture and civil engineering services. UrbanWorks will serve as the architect of record. Bell Bank is the lender. Upon completion, Ryan will own the property in partnership with Great Lakes Management and Artemis Real Estate Partners. Great Lakes Management will handle day-to-day operations and Ryan will provide asset management services.
BLOOMINGTON, ILL. — Berkadia has negotiated the $39 million sale of Traditions Bloomington, a 396-unit apartment community in the Chicago suburb of Bloomington. Located at 901 Valley View Circle, the garden-style property consists of one-bedroom floor plans. Amenities include a fitness center, business center, conference room, two pools, community playgrounds and an outdoor grilling area. Ralph DePasquale, Jeff Irish and Brandon Grisham of Berkadia represented the seller, Minnesota-based Dominium. Georgia-based Traditions Harmony Housing LLC was the buyer.