Property Type

SRS Arranges $7.6M Sale of Hobby Lobby-Anchored Shopping Center in North Charleston

by Julia Sanders June 17, 2021

NORTH CHARLESTON, S.C. — SRS Real Estate Partners has arranged the $7.6 million sale of a two-tenant, 65,000-square-foot retail property located at 7800 Rivers Ave. in North Charleston. The fully occupied property includes a 55,000-square-foot Hobby Lobby store and a 10,000-square-foot Boot Barn store. Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant of SRS represented the seller, an active developer in the Southeast. SRS also handled the financing on behalf of the buyer, a New Jersey-based private investor who was in a 1031 exchange. Built in 1987 and renovated in 2016, the property is situated on six acres and is an anchor to a larger shopping center that includes Gander Outdoors, Party City and Ollie’s Bargain Market. The retail property is also across the street from Northwoods Mall, a super-regional mall that features more than 130 stores. The property is 8.2 miles from Charleston International Airport and 15 miles from downtown Historic Charleston.

June 17, 2021

Loans New Jersey Northeast Office

New York Life Provides $100M Acquisition Loan for Two Office Buildings in Warren, New Jersey

by Taylor Williams June 17, 2021

WARREN, N.J. — New York Life Real Estate Investors has provided a $100 million acquisition loan for two office buildings totaling 315,086 square feet that are located within the 176-acre Warren Corporate Center office campus in Warren, about 35 miles west of New York City. Both four-story buildings, which are situated on a combined 68 acres, recently underwent capital improvement programs. The loan carried a five-year term and a fixed interest rate. Lucas Borges, Michael Johnson and Matthew Pizzolato of JLL placed the debt on behalf of the borrower, a partnership between Miami-based Exan Capital and Mirabaud Group, an international banking group based in Geneva, Switzerland. Jaime Fink, Kevin O’Hearn and Jose Cruz of JLL represented the seller, a joint venture between affiliates of Rubenstein Partners LP and Vision Real Estate Partners, in the disposition of the two buildings. Warren Corporate Center serves as the headquarters campus of Everest Reinsurance Co. and features amenities such as a fitness center, full-service cafeteria, basketball court and a conference area.

June 17, 2021

Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $42.6M Construction Loan for New Jersey Industrial Project

by Taylor Williams June 17, 2021

LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $42.6 million construction loan for the second phase of Logan North Industrial Park, a 3.2 million-square-foot development in the Southern New Jersey community of Logan Township. The funds will finance construction of Buildings A and F, which will measure 164,112 and 326,937 square feet, respectively. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield placed the debt through Wells Fargo on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development. The first phase of the 415-acre project spanned 1.6 million square feet

June 17, 2021

Development Multifamily New York Northeast Seniors Housing

E.W. Howell Completes 90-Unit Seniors Housing Community on Long Island

by Taylor Williams June 17, 2021

HUNTINGTON STATION, N.Y. — E.W. Howell Construction Group has completed Sunrise of Huntington, a 90-unit seniors housing community on Long Island. The 108-bed property offers assisted living and memory care services. Units come in studio, one- and two-bedroom formats. Amenities include a wellness center, activity room and a salon. The property is the 11th on Long Island for owner-operator Sunrise Senior Living.

June 17, 2021

Acquisitions Multifamily Northeast Pennsylvania

CBRE Negotiates $13M Sale of Philadelphia Apartment Building

by Taylor Williams June 17, 2021

PHILADELPHIA — CBRE has negotiated the $13 million sale of a 35-unit apartment building in Philadelphia’s Northern Liberties neighborhood. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Trinity Realty Cos., in the transaction. The buyer, Pittsburgh-based Hudson Cos., has rebranded the property from Liberty Flats to Hudson Liberties.

June 17, 2021

Development Illinois Midwest Multifamily

Interforum Holdings Completes 364-Unit Luxury Apartment Complex in Warrenville, Illinois

by Kristin Harlow June 17, 2021

WARRENVILLE, ILL. — Northfield, Ill.-based Interforum Holdings has completed development of Arden of Warrenville, a 364-unit luxury apartment complex in Warrenville, a western suburb of Chicago. The project is situated within the larger Cantera community. Units are available in one- to four-bedroom layouts ranging from 833 to 1,201 square feet. Amenities include a fitness center, yoga room, business center, resident lounge, sauna, business center, library room, pool, rooftop terrace, dog park, outdoor courtyards, indoor parking and spa services. The project team included general contractor McShane Construction and architect Baranyk Associates. CIBC Bank, Inland Bank, Associated Bank, Great Southern Bank and Arbor Multifamily Lending provided financing for the project. Monthly rents start at $1,713. Residents can now receive up to two months of free rent.

June 17, 2021

Affordable Housing Development Iowa Midwest Multifamily

Annex Group to Develop 180-Unit Affordable Housing Community in Cedar Rapids

by Kristin Harlow June 17, 2021

CEDAR RAPIDS, IOWA — The Annex Group has unveiled plans to develop Union at Wiley, a 180-unit affordable housing community in Cedar Rapids. Located at 4227 21st Ave. SW in Linn County, the $31.8 million project will include one-, two- and three-bedroom floor plans for residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, gaming area, playground and fitness center. Completion is slated for May 2022. The project team includes Sebree Architects, Crockett Engineering, Ament Design, Summit LIHTC Consulting, Hayes Gibson Property Services and GLD Commercial. Annex will serve as general contractor. CREA will serve as the equity partner, providing nearly $13 million in low-income housing tax credit equity. Cedar Rapids Bank & Trust is providing a $27 million construction loan and an $18.3 million permanent loan.

June 17, 2021

Affordable Housing Illinois Loans Midwest Multifamily

KeyBank Provides $22.6M Bridge Loan for Two Affordable Housing Properties in Chicago

by Kristin Harlow June 17, 2021

CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided a $22.6 million bridge loan on behalf of Evergreen Real Estate Group. The loan will be utilized to acquire and preserve two contiguous affordable housing properties totaling 217 units in Chicago. All but two of the units operate with a Housing Assistance Payment contract. The transaction is part of a larger acquisition of six properties in Chicago that were built between 1920 and 1948. David Lacki and Alton Tinker of KeyBank’s CDLI team structured the 18-month loan.

June 17, 2021

Acquisitions Illinois Midwest Multifamily

JLL Brokers $20.7M Sale of Apartment Community in Barrington, Illinois

by Kristin Harlow June 17, 2021

BARRINGTON, ILL. — JLL Capital Markets has brokered the $20.7 million sale of 101 West, a 64-unit apartment community in Barrington, about 40 miles northwest of Chicago. Units average 982 square feet. Amenities include a community room, rooftop terrace, fitness center, pet grooming station and heated parking. The property is located at 101 W. Liberty St. and is a 10-minute walk from the Barrington Metra Station. Marty O’Connell, David Gaines and Kyle Butler of JLL represented the seller, Monroe Residential Partners LLC. HP Ventures Group LLC was the buyer.

June 17, 2021

Industrial Leasing Activity Midwest Ohio

Binkelman Corp. Leases 59,960 SF Industrial Facility in Bowling Green, Ohio

by Kristin Harlow June 17, 2021

BOWLING GREEN, OHIO — Binkelman Corp. has leased a 59,960-square-foot industrial facility in Bowling Green. The property sits on nearly 20 acres at 828 Van Camp Road. Ron Jurgenson of Reichle Klein Group represented both the tenant and the owner, P&J Thayer Family LP. Brinkelman, which is an industrial equipment supplier currently based in Toledo, will utilize the building for its new headquarters.

June 17, 2021

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