Property Type

Bedrock Acquires 500,000 SF Office Building Along Detroit Riverfront

by Kristin Harlow May 18, 2021

DETROIT — Bedrock has acquired 300 River Place, a 500,000-square-foot office building along Detroit’s riverfront. The purchase price was undisclosed. Additionally, the acquisition includes a parking garage with 736 parking spaces and 4.4 acres of developable land. The Stroh Cos. Inc. was the seller. The office building will continue to house tenants such as the Associated Press, Belle Isle Conservancy, Michigan Minority Contractors and a number of departments within the Federal General Services Administration. The building was originally constructed in phases in 1928 and 1939 by pharmaceutical company Parke-Davis & Co. The Stroh Brewery Co. acquired the property in 1979 and renovated it over the years. Since its founding in 2011, Detroit-based real estate firm Bedrock has invested more than $5.6 billion for the acquisition and development of more than 100 properties in Detroit and Cleveland. The company is the real estate arm of Dan Gilbert’s Rocket Cos.

May 18, 2021

Loans Michigan Midwest Multifamily Seniors Housing

Greystone Provides $27.8M HUD-Insured Loan for Refinancing of Seniors Housing Property in Southfield, Michigan

by Kristin Harlow May 18, 2021

SOUTHFIELD, MICH. — Greystone has provided a $27.8 million HUD-insured loan for the refinancing of Solaire Apartments in Southfield. The 383-unit seniors housing property was built in 1970. The asset features two buildings with a variety of floor plans. Amenities include a clubhouse, pool, picnic area, beauty salon, library and fitness center. Dan Sacks of Greystone originated the loan on behalf of the borrower, Loop Investments. The HUD Section 223(a)(7) loan replaces an existing FHA loan and features a lower interest rate, a 35-year term and a 40-year amortization schedule.

May 18, 2021

Leasing Activity Michigan Midwest Retail

Crate & Barrel to Open New Location at Twelve Oaks Mall in Suburban Detroit

by Kristin Harlow May 18, 2021

NOVI, MICH. — Crate & Barrel is set to open a new location at Twelve Oaks Mall in the Detroit suburb of Novi. Twelve Oaks Mall is home to 180 specialty stores and 30 restaurants. Crate & Barrel is scheduled to open the 26,000-square-foot store on Thursday, June 3. The new location will showcase the largest kitchen department in the brand’s portfolio, a reimagined bedding department and a space for the services provided in its Design Studio. The store design incorporates locally sourced materials and high efficiency systems for reduced energy use, according to a news release.

May 18, 2021

Development Industrial Iowa Midwest

VanTrust to Build 75-Acre Industrial Development in Altoona, Iowa

by Kristin Harlow May 18, 2021

ALTOONA, IOWA — VanTrust Real Estate is developing Altus Commerce Center on 75 acres in Altoona. The project represents VanTrust’s first in Iowa. Construction on the first building is expected to commence within the next few weeks with completion slated for the second quarter of 2022. Building A will span 265,200 square feet with 148 parking spaces, unit heaters and LED interior lighting. Marcus Pitts, Austin Hedstrom and Tanner Hedstrom of JLL will lead leasing efforts.

May 18, 2021

Acquisitions Illinois Midwest Retail

Quantum Brokers $6.8M Sale of Retail Center in Vernon Hills, Illinois

by Kristin Harlow May 18, 2021

VERNON HILLS, ILL. — Quantum Real Estate Advisors Inc. has brokered the $6.8 million sale of Aspen Pointe, a multi-tenant retail center in Vernon Hills, a suburb of Chicago. Built in 2005, the 26,593-square-foot property is located at 271 Townline Road. It was fully occupied at the time of sale by Starbucks, For Eyes, Maciano’s Pizza, FedEx, Cold Stone Creamery and a few local tenants. Jason Lenhoff of Quantum, along with Beth Sansiper and Jeff Gurian of Becker & Gurian, represented the buyer, Newcastle Properties. Drew Trammell of Newcastle managed the underwriting and closing of the acquisition. The seller was a private real estate investment firm from Chicago.

May 18, 2021

Acquisitions Multifamily North Carolina Southeast

Magma Equities Purchases Richmond Hills Apartment Community in Raleigh for $6.2M

by Julia Sanders May 18, 2021

RALEIGH, N.C. — Magma Equities has purchased 51 apartments within Richmond Hills, a multifamily community located at 2251 Charles Drive in Raleigh. Sarah Godwin of JLL represented the seller, EYC Cos. LLC, in the $6.2 million sale. Magma Equities plans to update the community’s countertops, kitchen cabinets, pool and property exterior in the next year. Sitting on approximately 5.2 acres, the acquired site is also entitled for up to 330 new apartment units. The infill property is situated across the street from Crabtree Valley Mall and a half-mile from Interstate 440 and Raleigh Beltline, as well as 3.5 miles from Interstate 40. EYC is a privately held real estate firm based in the Carolinas. Manhattan Beach, Calif.-based Magma Equities is a real estate company focused on repositioning Class B apartment communities throughout the country.

May 18, 2021

Acquisitions Development Industrial North Carolina Southeast

Merritt Buys Land Near Raleigh for $2.5M, Plans to Build Industrial Business Park

by Julia Sanders May 18, 2021

KNIGHTDALE, N.C. — Merritt Properties plans to build a light industrial business park in Knightdale, a metro Raleigh market near Interstates 540 and 87. The company bought 35 acres off Hinton Oaks Boulevard in the East Wake County town for $2.5 million. The development, known as Merritt Midway Business Park, will include up to five flex and light industrial buildings totaling 271,450 square feet. Properties will range from 28,800 to 84,700 square feet and feature 18-foot clear heights, with leasable bays starting at approximately 3,300 square feet. Merritt expects to deliver the park during the fourth quarter of 2021. Merritt Midway Business Park should help satisfy pent-up demand for industrial space as the northeast Wake County submarket is 95 percent occupied and has seen 4.4 percent rent growth over the past 12 months. Barry Bowling of CBRE represented Merritt in the land transaction, and Jimmy Barnes of NAI Tri Properties represented the undisclosed seller. Barnes, Ed Brown and Michael Wallace of NAI Tri Properties will help oversee leasing for Merritt Midway Business Park. Baltimore-based Merritt owns 736,740 square feet of flex/light industrial product across two developments in the Raleigh-Durham area. The company’s first project, Merritt TW Crossing in Durham, delivered …

May 18, 2021

Acquisitions Alabama Multifamily Southeast

Berkadia Brokers $38.3M Sale of 100 Inverness Apartments in Birmingham

by Julia Sanders May 18, 2021

BIRMINGHAM, ALA. — Berkadia has brokered the $38.3 million sale of 100 Inverness, a 322-unit, Class B multifamily property in Birmingham. David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia, with support from David Oakley of OG Capital, represented the seller, Colorado-based FPA Multifamily, in the transaction. Tucker Knight of Berkadia assisted the unnamed buyer in assuming an existing Berkadia-originated loan on the property as part of the transaction. Three seasoned multifamily investors from Texas syndicated the buyer group for this transaction, the first acquisition in Alabama for the new ownership. Located at 100 Iverness Lane, the property is situated on a 39-acre lakefront site in the Highway 280 submarket of Birmingham. 100 Inverness features 2,450 feet of shoreline on Lake Heather and frontage on the Iverness Country Club golf course. Community amenities include swimming pools, tennis courts, a 24-hour fitness center, two garage buildings and private balcony and patios. The property was built in two phases in 1974 and 1979 and has 62 townhomes spanning over 1,850 square feet. The apartments are 97 percent occupied. FPA Multifamily, a private equity group, acquired the property in 2015 and completed renovations over the past five years, including exterior updates, renovating the …

May 18, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 45,000 SF Best Buy-Leased Store in West Palm Beach

by Julia Sanders May 18, 2021

WEST PALM BEACH, FLA. — CBRE has arranged the sale of a 45,000-square-foot store situated on approximately four acres at 1880 Palm Beach Lakes Boulevard in West Palm Beach. Best Buy has operated at this location for 25 years. Will Pike, Chris Bosworth and Brian Pfohl of CBRE’s Atlanta office, along with Dennis Carson and Casey Rosen of CBRE’s National Retail Partners Florida Team, represented the seller, which was advised by Orion Investments based in Miami. The buyer was RK Centers, an owner of retail properties in both South Florida and Massachusetts.

May 18, 2021

Development Multifamily Texas

RightQuest Breaks Ground on 264-Unit Luckey Ranch Apartments in San Antonio

by Taylor Williams May 18, 2021

SAN ANTONIO — Dallas-based multifamily developer RightQuest Residential has broken ground on Luckey Ranch San Antonio, a 264-unit apartment community on the city’s west side. The property will be located on a 13-acre site adjacent to the Luckey Ranch master-planned community. Units will feature one- and two-bedroom floor plans and will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, business center, media room, outdoor grilling areas, package lockers, a pet park and onsite storage space. Project partners include Allen, Texas-based Cross Architects, San Antonio-based civil engineering firm Macina, Bose, Copeland & Associates Inc. and Houston-based general contractor Nations Construction. The Houston Group provided construction financing for the project. The first units are expected to be available for occupancy in spring 2022. Rents will start at $1,075 per month for a one-bedroom unit.

May 18, 2021

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