Property Type

Eastern Michigan University Unveils Plan to Relocate College of Business to Central Campus

by Kristin Harlow April 27, 2020

YPSILANTI, MICH. — Eastern Michigan University has unveiled plans to relocate the College of Business to its central campus. The move includes the selling of the Gary Owens Building, present home of the College of Business. The Board of Regents approved the sale of the 122,000-square-foot building to River Caddis Development for $2.7 million. Boone Hall will serve as the new location for the College of Business. The building will undergo a renovation beginning in April 2021, but the building’s size will remain at 45,210 square feet. The relocation will reduce utility, maintenance and transportation costs that the university currently incurs by housing the College of Business away from central campus.

April 27, 2020

Development Florida Multifamily Seniors Housing Southeast

Moorings Park Institute, London Bay Complete Phase I of Seniors Housing Community in Naples

by Alex Tostado April 27, 2020

NAPLES, FLA. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-reserved. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. Phase II of the project has just opened for preleasing, and includes a clubhouse scheduled to open in late 2021.

April 27, 2020

Development Georgia Industrial Self-Storage Southeast

Madison Capital Group to Develop Five-Story Self-Storage Facility in Metro Atlanta

by Alex Tostado April 27, 2020

KENNESAW, GA. — Madison Capital Group will develop a 714-unit Go Store It self-storage facility in Kennesaw. The property will stand five stories and will offer climate-controlled units and 69,550 square feet of net rentable space. A timeline for construction was not disclosed. Kim Bishop, Jim Davies, Eric Snyder and Lauren Maehler of Talonvest Capital Inc. originated a $6.2 million construction loan on behalf of the developer. An undisclosed regional lender provided the partial-recourse, four-year loan, which features interest-only payments at LIBOR plus 3 percent.

April 27, 2020

Acquisitions Kentucky Multifamily Southeast

Cushman & Wakefield Negotiates $28.2M Sale of Multifamily Community Near Cincinnati

by Alex Tostado April 27, 2020

FLORENCE, KY. — Cushman & Wakefield has negotiated the $28.2 million sale of Paddock Club, a 200-unit multifamily community in Florence. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, indoor basketball court, fitness center and a dog park. The community was originally built in 1995 and was renovated in 2019. Paddock Club is situated at 8000 Preakness Drive, 13 miles southwest of downtown Cincinnati. Mike Kemether, Craig Collins and Don Murphy of Cushman & Wakefield represented the seller, Spyglass Capital Partners LLC, in the transaction. PLK Communities acquired the property.

April 27, 2020

Acquisitions Loans Multifamily ORIX South Carolina Southeast

Hunt Real Estate Provides $24.5M Acquisition Loan for Apartment Complex in Lexington, South Carolina

by Alex Tostado April 27, 2020

LEXINGTON, S.C. — Hunt Real Estate Capital has provided a $24.5 million Freddie Mac acquisition loan for Lullwater at Saluda Pointe, a 280-unit apartment complex in Lexington. Built in 2007, the property spans 23 acres and comprises 11 three-story buildings and a one-story leasing office/clubhouse. The borrower, Lullwater DE Holdings LLC, acquired the property from Fickling & Co. through a 1031 exchange. Lullwater at Saluda Pointe offers one- through three-bedroom floor plans, as well as a pool, fitness center, spa, playground, conference room and a business room. The new owner plans to implement a $1.6 million renovation to include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors and screened porches. The borrower is also planning to install washers and dryers in 60 percent of units, replace exterior windows, paint, renovate the clubhouse, add a dog park and improve landscaping. John Sloot and Colin Cross of Hunt Real Estate Capital originated the loan on behalf of the buyer.

April 27, 2020

Acquisitions Loans Retail Southeast West Virginia

Uber Capital Arranges $11M Acquisition Loan for Shopping Center in Logan, West Virginia

by Alex Tostado April 27, 2020

LOGAN, W.VA. — Uber Capital Group has arranged an $11 million acquisition loan for Fountain Place Shopping Center, a 226,096-square-foot retail property in Logan. The five-year loan features a fixed 4.5 percent interest rate and a 20-year amortization schedule. Fountain Place was built in 1997 at 1103 George Kostas Drive, four miles west of downtown Logan. At the time of sale, the property was leased to tenants including anchors Lowe’s Home Improvement and Walmart Supercenter, as well as Rue 21, Burkes Outlet, Shoe Show Mega Store, Dollar Tree, Southern West Virginia Health System, Appalachian Regional Healthcare and McCoy Dental. A regional lender based in Virginia provided the loan to the undisclosed borrower, a private investor based in New York.

April 27, 2020

Acquisitions Multifamily Texas

Sun Holdings Group Acquires 330-Unit Apartment Community in San Antonio

by Taylor Williams April 27, 2020

SAN ANTONIO — Houston-based Sun Holdings Group has acquired Tradehouse at Bulverde Marketplace, a 330-unit apartment community located within the 104-acre Bulverde Marketplace mixed-use development in north central San Antonio. Built in 2018, the property features one- and two-bedroom units with dark wood cabinetry, stainless steel appliances and quartz countertops. Amenities include a pool with outdoor kitchens, a fitness center, billiards room and a social lounge. David Roth of Matthews Real Estate Investment Services represented the seller, The NRP Group, an Ohio-based development and investment firm, in the transaction. Cutt Abelson of Berkadia arranged an undisclosed amount of Freddie Mac acquisition financing for the transaction.

April 27, 2020

Leasing Activity Office Texas

Four New Office Users Sign Leases at Cypress Waters Mixed-Use Development in Coppell

by Taylor Williams April 27, 2020

COPPELL, TEXAS — Four new office tenants have signed leases at Cypress Waters, a 1,000-acre mixed-use development by Billingsley Co. that is located near DFW International Airport in Coppell. Goosehead Insurance has leased 12,348 square feet; Artisan Design Group LLC has inked a deal for 9,542 square feet; Northstar Builders Group has signed a lease for 5,819 square feet; and Robert Half has leased 6,217 square feet. Marijke Lantz represented Billingsley internally in all lease negotiations.

April 27, 2020

Acquisitions Industrial Texas

CBRE Negotiates Sale of 61,000 SF Industrial Property in Sherman, Texas

by Taylor Williams April 27, 2020

SHERMAN, TEXAS — CBRE has negotiated the sale of a 61,000-square-foot, three-building industrial property located at 2709, 2713 and 2717 Fallon Drive in the North Texas city of Sherman. Jared Aubrey, Michael Austry and Johnny Dunn of CBRE represented the buyer, Fallon Industrial LLC, in the transaction. The seller was Datavault Joint Venture.

April 27, 2020

Acquisitions Civic Texas

Marcus & Millichap Brokers Sale of 9,941 SF Frisco Store Leased to Kiddie Academy

by Taylor Williams April 27, 2020

FRISCO, TEXAS — Marcus & Millichap has brokered the sale of a 9,941-square-foot freestanding commercial property net-leased to Kiddie Academy in Frisco, located north of Dallas. Ron Hebert, Ryan Wolf and Vincent Knipp of Marcus & Millichap represented the seller in the transaction. Wolf and Knipp also procured the buyer, another private investor. Kiddie Academy is based in Abingdon, Maryland, and has more than 250 franchised locations across 30 states and Washington, D.C.

April 27, 2020

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