Property Type

Spaxel Acquires Workforce Housing Property in Marietta, Georgia for $45M

by Julia Sanders April 26, 2021

MARIETTA, GA. — New York City-based Spaxel has acquired the Hills at East Cobb, a 266-unit workforce housing property in Marietta, for $45 million. The multifamily residential complex is located at 1716 Terrell Mill Road, just 1.5 miles from Truist Park, home to the Atlanta Braves. John Kevill, Wes Boatwright, Dean Sands and Casey Keitchen of Avison Young arranged $16.4 million in limited partner equity from Sound Mark Partners, a Greenwich, Conn.-based commercial real estate investment firm. The Hills at East Cobb is a residential community with one-, two- and three-bedroom apartments. Community amenities include a swimming pool, dog park, fitness center, picnic area and clubhouse.

April 26, 2021

Affordable Housing Florida Loans Multifamily Southeast

Greystone Provides $43M in HUD-Insured Financing for Multifamily Property in Port St. Lucie, Florida

by Julia Sanders April 26, 2021

PORT ST. LUCIE, FLA. — Greystone has provided a $43 million HUD-insured loan to refinance a 396-unit multifamily property in Port St. Lucie known as Kitterman Woods. Reuben Dolny of Greystone’s New York office originated the loan on behalf of K&J Residential Group. The non-recourse loan carries a 35-year term and 35-year amortization schedule, along with a sub-3 percent fixed interest rate. The property is Energy Star-certified and qualified for HUD’s Green MIP program. Kitterman Woods includes 25 three-floor buildings with one-, two- and three-bedroom units. The property was built in 2007 by Florida-based KD Construction, an affiliate of K&J. Community amenities include an exercise room, community room, two swimming pools, tennis, basketball, and volleyball courts, dog park, playground and a car care center.

April 26, 2021

Acquisitions Florida Industrial Southeast

Boutique National Arranges Sale of 407,500 SF Industrial Facility in Winter Haven, Florida

by Julia Sanders April 26, 2021

WINTER HAVEN, FLA. — Boutique National has arranged the sale of a 407,500-square-foot industrial facility in Winter Haven. The property is situated on 22.3 acres and includes an adjacent 15.1 acres. Bobby Sampson with Boutique National represented the undisclosed buyer. David Murphy with CBRE represented the undisclosed seller.

April 26, 2021

Development Industrial Southeast Virginia

Amazon to Build 650,000 SF Fulfillment Center Near Richmond

by Julia Sanders April 26, 2021

HENRICO, VA. — Amazon plans to build a new robotics fulfillment center on 119 acres in Henrico, about 11 miles from Richmond. The Seattle-based company expects to create 1,000 new jobs at the facility, which is set to open in 2022. The multi-story, 650,000-square-foot property will be situated next to Richmond Raceway. In 2006, Amazon launched its first Virginia fulfillment operations in Sterling. Last year, Amazon started plans on a robotics fulfillment center in Suffolk and a processing center in Chesapeake, which are both expected to launch later this year. Since 2010, Amazon’s investments have contributed an additional $17.5 billion to Virginia’s economy, according to the company. The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority, The Port of Virginia and the Greater Richmond Partnership to secure the new Amazon facility.

April 26, 2021

Development Illinois Midwest Multifamily

Lendlease, Magellan Begin Pre-Leasing at Cascade Luxury Apartment Tower in Chicago

by Kristin Harlow April 26, 2021

CHICAGO — Lendlease and Magellan Development Group have begun pre-leasing at Cascade, a 37-story, 503-unit luxury apartment tower in Chicago’s Lakeshore East neighborhood. First move-ins are expected this summer, coinciding with the opening of the adjacent Cascade Park, a publicly accessible green space that will connect the property to the lakefront and Chicago Riverwalk. Floor plans will range from 509 to 1,332 square feet. Monthly rents for studios will start at $1,650, $2,050 for one-bedrooms, $3,300 for two-bedrooms and $5,750 for three-bedrooms. Cascade will offer more than 45,000 square feet of indoor and outdoor amenity space across three levels. The building’s 32nd floor features a terrace overlooking Navy Pier and Lake Michigan. The design team includes bKL Architecture for the tower and Claude Cormier + Associés for the park. Cascade residents who plan to transition into homeownership can take advantage of a program that enables them to sign a contract for a condo at Cirrus, the adjacent 47-story, 350-unit condominium tower. Half of the rent paid (up to 2.5 percent of the purchase price) can be recouped as a credit at closing.

April 26, 2021

Acquisitions Midwest Ohio Retail

CBRE Brokers Sale of 1.4 MSF SouthPark Mall in Suburban Cleveland

by Kristin Harlow April 26, 2021

STRONGSVILLE, OHIO — CBRE’s National Retail Partners Midwest Team has brokered the sale of SouthPark Mall in Strongsville, a suburb of Cleveland. The sales price was undisclosed. The 1.4 million-square-foot regional mall is located at 500 Southpark Center. Anchor tenants include Dick’s Sporting Goods, Cinemark, Kohl’s, Macy’s, Dillard’s and JC Penney. CBRE represented the seller, a private equity firm. Kize Capital LP and Spinoso Real Estate Group purchased the asset and plan to implement a repositioning program.

April 26, 2021

Illinois Industrial Leasing Activity Midwest

Yahee Technologies Signs 306,918 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow April 26, 2021

BENSENVILLE, ILL. — Yahee Technologies has signed a 306,918-square-foot industrial lease at 1010 Foster Ave. in Bensenville. Mark Baumhart of Lee & Associates represented the owner, Prologis. Terry Herlihy of NAI Hiffman represented the tenant, which is relocating from Arlington Heights.

April 26, 2021

Acquisitions Michigan Midwest Multifamily

Marcus & Millichap Arranges $4.2M Sale of Manufactured Home Community in Michigan

by Kristin Harlow April 26, 2021

NORTON SHORES, MICH. — Marcus & Millichap has arranged the $4.2 million sale of Bel Air Estates in the western Michigan town of Norton Shores. The 116-site manufactured home community is located at 2481 W. Sherman Blvd., one mile from Muskegon Beach. Glenn Esterson and Vasili Arvanitidis of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Dylan Hellberg, Glenn Esterson and Parker Kelly of Marcus & Millichap secured and represented the buyer, a limited liability company.

April 26, 2021

Acquisitions New Jersey Northeast Office

Princeton Insurance Co. Sells 110,000 SF Office Complex in New Jersey

by Taylor Williams April 26, 2021

PRINCETON, N.J. — Princeton Insurance Co. has sold 742 and 746 Alexander Road, the company’s two-building, 110,000-square-foot office complex in its namesake town. Kevin O’Hearn, Jose Cruz, Thomas Romano, Michael Oliver and Steve Simonelli of JLL represented the owner and tenant in the transaction. The complex consists of a 50,000 and 60,000-square-foot building and amenities such as a fitness center and a cafeteria. Strategic Funding Alternatives LLC purchased the property for an undisclosed price.

April 26, 2021

Development Multifamily Northeast Pennsylvania Seniors Housing

Capitol Seniors Housing Breaks Ground on 87-Unit Project in Evesham Township, New Jersey

by Taylor Williams April 26, 2021

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on Arbor Terrace Marlton, a project in Evesham Township near Philadelphia that will consist of 60 assisted living apartments and 27 memory care units. The 76,500-square-foot community will be located near several major medical facilities and will offer amenities such as a private dining area, theater, bistro, hair salon, lounges and outdoor amenity spaces with artwork and a pond. Meyer Senior Living Studio is designing the project, and IMC Construction is the general contractor. The opening is scheduled for early 2022.

April 26, 2021

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