MIDLAND, MICH. — The Boulder Group has brokered the $1.4 million sale of a 9,002-square-foot property occupied by Dollar General in Midland, about 28 miles east of Mount Pleasant. The single-tenant building is located at 3401 James Savage Road. Dollar General has a 15-year lease at the newly built property. A Midwest-based developer sold the asset to a Midwest-based real estate investor. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction.
NOVI, MICH. — Motor City Floors and Coatings has purchased a new 8,180-square-foot building on Grand River Avenue in Novi that will serve as the company’s headquarters. The company, which specializes in concrete coatings for residential, commercial and industrial uses, is relocating from Commerce Township. Michael Murphy of Gerdom Realty & Investments represented Motor City. Jim Montgomery of Signature Associates represented the seller. The sales price and seller were undisclosed.
Over the course of the past six months, the student housing industry has grappled with a variety of challenges. For colleges and universities, the largest hurdle heading into the fall semester was deciding the safest route to take for reopening campus. This included decisions on everything from whether or not in-person learning would be allowed, to whether students would be welcomed back into residence halls at normal volumes. These questions was deliberated over throughout the summer, sending a ripple effect through the industry as transactional volume slowed while investors waited to see how universities would proceed. As we move toward the close of October, universities have selected their path forward, and while these choices haven’t been set in stone due to the changing nature of the coronavirus, the industry is now able to get a better view of the pandemic’s impact on the fall semester and the outlook moving forward. Leaders in market analytics and multifamily research sat down for an early afternoon panel yesterday at the NMHC/InterFace Student Housing Conference to provide a comprehensive update on the economy at large with a focus on the student housing sector. Economic Update “COVID-19 ended almost an 11-year expansion period for the …
CUMMING, GA. — A joint venture between Terwilliger Pappas and Mill Green Partners will break ground this month on Solis Cumming Town Center, a $70 million apartment development in downtown Cumming. The development will include 300 apartment units and 20 townhome units. The asset will be the multifamily component of Mashburn Village, a mixed-use development that will feature 193,000 square feet of retail space and 85 single-family homes in addition to Solis Cumming Town Center. Dwell, E&M, B&C Studio and Kimley-Horn designed the community, and New South served as the general contractor. Cadence Bank provided construction financing, and Atlanta-based Preferred Apartment Communities provided a mezzanine loan. Terwilliger Pappas and Mill Green Partners expect to deliver the community in 2022.
WASHINGTON, D.C. — Retail sales increased 1.9 percent month-over-month in September, the U.S. Commerce Department reports. The most recent figure is 70 basis points higher than what economists surveyed by MarketWatch had forecast. Total sales reached $549.3 billion in September, which marked the fifth consecutive month of retail sales growth amid the coronavirus pandemic. In February, the total monthly spending reached $527 billion. According to the National Retail Federation (NRF), the sectors with the largest gains were clothing and accessories (11 percent), sporting goods stores (5.7 percent) and general merchandise stores (1.8 percent). Electronics and appliance store sales declined 1.6 percent month-over-month. “Retail sales are continuing to build on the momentum we’ve seen through the summer and have been boosted by an improving labor market, a rebound in consumer confidence and elevated savings,” says Jack Kleinhenz, NRF’s chief economist. “A significant number of people remain unemployed, but more are going back to work, and that makes them confident about spending.” Matthew Shay, NRF president and CEO, says he is optimistic spending will be strong this holiday season. “While it’s been a challenging year for everyone, there’s been an enormous amount of innovation within the retail industry, and retailers have demonstrated …
CASSELBERRY, FLA. — McLean, Va.-based Jefferson Apartment Group has delivered Jefferson at Lake Howell, a 384-unit multifamily community in Casselberry. The property comprises 16 three-story buildings spanning 22 acres. The community offers one-, two- and three-bedroom floor plans ranging from 727 to 1,410 square feet. Unit interiors feature nine-foot ceilings, stainless steel appliances, wine refrigerators, quartz countertops and screened-in balconies. Communal amenities include two pools, fitness center, clubhouse, dog park, playground, paddleboard storage and a private dock on Lake Howell. Rents will range from $1,310 per month to $2,245 per month. The asset is situated 1124 Shoreview Circle, 13 miles northeast of downtown Orlando.
FORT LAUDERDALE, FLA. — Whole Foods Market will open a 47,000-square-foot store in Fort Lauderdale on Wednesday, Oct. 28. The new location will be situated at 501 SE 17th St., two miles south of downtown Fort Lauderdale and within CURV, Ram Realty’s 243-unit multifamily community. The store will include a coffee bar featuring cold-brew, nitro tea, wine and beer. This will be Whole Foods’ second Fort Lauderdale location, with the first being located at 2000 N. Federal Highway.
AUSTIN, TEXAS — Southern California-based investment firm Greens Global has acquired a 1,152-unit, CubeSmart-branded self-storage facility located at 8023 W. Parmer Lane in Austin. The five-story property was built in 2019 and spans 110,505 square feet. C.W. Sheehan and Alastair Barnes of JLL arranged an undisclosed amount of acquisition financing for the off-market transaction through Happy State Bank. The loan was structured with a five-year term and a fixed interest rate. CSW Development sold the asset for an undisclosed price.
PLANO, TEXAS —San Francisco-based investment firm Hamilton Zanze has sold Fountains at Steeplechase, a 368-unit apartment community in Plano. Built in 1985, the property features one- and two-bedroom units averaging 857 square feet. Amenities include a pool, fitness center, business center, playground, clubhouse and a dog park. Hamilton Zanze acquired the property in 2013 and implemented a valued-add program that upgraded the appliances, flooring, countertops and hardware of the units, as well as the building exteriors and amenity spaces. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, worked with Bard Hoover and Nick Fluellen of Marcus & Millichap’s Dallas office to represent Hamilton Zanze in the sale. The team also procured the buyer, Bridge Partners.
AUSTIN, TEXAS — JLL has arranged a $27.1 million acquisition loan for Cannon Oaks Apartments, a 230-unit multifamily community in south Austin. Built in 2001, the property consists of 12 residential buildings that are situated on 18 acres and offer two-, three- and four-bedroom floor plans. Amenities include a recently renovated clubhouse, pool and fitness center. Marko Kazanjian, Chris McColpin, Rob Hinckley, Jackson Finch and Andrew Cohen of JLL arranged the loan through Prime Finance on behalf of the borrower, Old Three Hundred Capital. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented the seller, Arizona-based Sterling Real Estate Partners, in the transaction.
