Property Type

NKF Arranges $56.2M Sale of Multifamily Community in West Palm Beach

by Alex Tostado August 13, 2020

WEST PALM BEACH, FLA. — Newmark Knight Frank (NKF) has arranged the $56.2 million sale of Visions at Willow Pond, a 300-unit multifamily community in West Palm Beach. The property comprises 17 two- and three-story buildings offering one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool and a fitness center. Built in 1987, the property is situated at 4860 Sand Stone Lane, seven miles west of downtown West Palm Beach. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of NKF brokered the transaction. New York City-based Axonic Properties LLC sold the asset to Miami-based Bar Invest Group.

August 13, 2020

Acquisitions Industrial North Carolina Southeast

Corporate Center Properties Sells Industrial Property Near Charlotte for $31.8M

by Alex Tostado August 13, 2020

MOORESVILLE, N.C. — Corporate Center Properties has sold Oates Crossing, a four-building, 235,400-square-foot industrial/flex asset in Mooresville. The seller delivered the property in 2005 and expanded the campus in 2018. At the time of sale, the portfolio was leased to 13 tenants. Oates Crossing is situated on 16 acres at 105 and 115 Corporate Center Drive and 120 and 128 Talbert Road, one mile from Interstate 77 and 32 miles north of downtown Charlotte. Patrick Nally, Hunter Barron and Pete Pittroff of JLL represented the seller in the transaction. Greenville, S.C.-based RealOp Investments acquired the asset.

August 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Housing Trust Group Breaks Ground on $22M Affordable Seniors Housing Community in Central Florida

by Alex Tostado August 13, 2020

EUSTIS, FLA. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando. Development costs for Phase II were estimated at $22 million. The project is scheduled for completion in May 2021. The project is the second phase of Valencia Grove, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 percent of the area median income (AMI). Rents range from $286 to $937 per month. HTG has partnered on the project with nonprofit AM Affordable Housing Inc., an organization founded by former Miami Heat player and NBA Hall of Famer Alonzo Mourning. This marks HTG’s third collaboration with AM Affordable Housing. Fifth Third Bank provided an $11.2 million construction loan, and Truist Bank provided a $7.2 million Freddie Mac loan. Additionally, Raymond James is providing $7.2 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Florida Housing Finance Corp. is providing a $5.8 million State Apartment Incentive Loan (SAIL), a $600,000 Extremely Low-Income (ELI) loan and a $742,000 National Housing Trust Fund (NHTF) loan. The project and design team …

August 13, 2020

Development Midwest Multifamily Wisconsin

CG Schmidt Breaks Ground on $40M Adaptive Reuse Project in Racine, Wisconsin

by Kristin Harlow August 13, 2020

RACINE, WIS. — CG Schmidt has broken ground on an adaptive reuse project at the site of the historic Horlick Malted Milk Co. plant in Racine, about 25 miles south of Milwaukee. The project will transform the industrial complex into 136 market-rate and affordable apartment units. The first $40 million phase will revamp buildings located at 2100 and 2200 Northwestern Ave., which date back to 1875. State and federal historic tax credits will help developer J. Jeffers finance Phase I. AG Architecture is the project architect. The Horlick plant shut down in 1975.

August 13, 2020

Acquisitions Illinois Industrial Midwest

Avison Young Negotiates Sale of 125,000 SF Industrial Building in Mokena, Illinois

by Kristin Harlow August 13, 2020

MOKENA, ILL. — Avison Young has negotiated the sale of a 125,000-square-foot industrial building in Mokena, about 35 miles southwest of Chicago. Located at 9000 W. 192nd St., the facility serves as a Midwest distribution center for Dunkin’. The seller, DCP Real Estate Group LLC, is a supply chain management company serving the franchisees of Dunkin’. Exeter Property Group was the buyer. Erik Foster and Mike Wilson of Avison Young represented the seller in a partial sale-leaseback of the facility. The duo worked in conjunction with Chris Lydon and Brian Pomorski of Avison Young.

August 13, 2020

Development Illinois Midwest Office

Skender Completes Interior Construction of American Library Association Headquarters in Chicago

by Kristin Harlow August 13, 2020

CHICAGO — Skender has completed interior construction of the 55,000-square-foot headquarters for the American Library Association in Chicago. Located on a single floor at 225 N. Michigan Ave., the office features a mix of private and open workspaces, meeting and focus spaces, podcasting and video conferencing rooms and a library. Skender collaborated with architect Nelson Worldwide, engineer Environmental Systems Design and owner’s representative Cushman & Wakefield.

August 13, 2020

Leasing Activity Midwest Ohio Retail

Ohio’s Deerfield Towne Center to Welcome Three New Tenants

by Kristin Harlow August 13, 2020

MASON, OHIO — Deerfield Towne Center, a shopping center in Mason near Cincinnati, is set to welcome three new tenants. COhatch is a coworking, meeting and social space with locations in Ohio and Indiana. AKT is a fitness studio that combines interval, strength and conditioning training with dance. Condado Tacos is a Mexican restaurant with a build-your-own taco concept and an extensive selection of tequilas and margaritas. The Columbus-based restaurant has expanded throughout the Midwest and Pennsylvania. Other recent tenant openings at Deerfield Towne Center include StretchLab, a wellness concept offering customized stretch sessions, and Japanese restaurant Genki Ramen. Built in 2004, Deerfield Towne Center is home to Whole Foods Market, Ashley Furniture, Dick’s Sporting Goods, Bed Bath & Beyond and Crunch Fitness.

August 13, 2020

Leasing Activity Midwest Office Wisconsin

Prescient Capital Moves to 3,000 SF Office in Delafield, Wisconsin

by Kristin Harlow August 13, 2020

DELAFIELD, WIS. — Prescient Capital Management, a boutique private equity firm, has moved its office to a new location in Delafield, about 27 miles west of Milwaukee. The street-level, 3,000-square-foot space better accommodates a growing team, according to Prescient. The office is located at 524 Milwaukee St. Prescient, which specializes in bridge loans ranging from $2 million to $15 million, formerly occupied space at 440 Wells St. in Delafield.

August 13, 2020

Acquisitions Industrial New Hampshire Northeast

Kane Co. Acquires 725,000 SF Distribution Center in Manchester, New Hampshire

by Taylor Williams August 13, 2020

MANCHESTER, N.H. — The Kane Company Inc., in partnership with a fund managed by DRA Advisors, has acquired Manchester Logistics Center, a 725,000-square-foot distribution center located near the New Hampshire-Massachusetts border. Developed in the 1970s as a build-to-suit for hardware retailer True Value, the property spans 38.1 acres and features 38-foot clear heights, 75 tailboard height docks and 111 trailer parking spaces. Chris Healey of CBRE represented the buyer in the transaction. The seller was not disclosed. Cushman & Wakefield has been tapped to lease the facility.

August 13, 2020

Development Massachusetts Multifamily Northeast

Nauset Construction Breaks Ground on 49-Unit Multifamily Project in East Boston

by Taylor Williams August 13, 2020

BOSTON — Nauset Construction has broken ground on ēbo Condominiums, a 49-unit multifamily project in East Boston that will also include 3,630 square feet of ground-floor retail space. Designed by Bargmann Hendrie + Archetype Inc., the property is located at 205 Maverick St. near the MBTA Blue Line Maverick station. Floor plans will consist of 12 studio, 17 one-bedroom and 20 two-bedroom units, seven of which will be designated as affordable. Completion is scheduled for fall 2021.

August 13, 2020

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