Property Type

JLL Arranges $49M Sale of Multifamily Community in D.C.

by Alex Tostado July 31, 2020

WASHINGTON, D.C. — JLL has arranged the $49 million sale of The Shaw, an eight-story, 69-unit multifamily community in Washington, D.C.’s Shaw neighborhood. The property offers studio to four-bedroom floor plans. Communal amenities include a virtual front desk, a rooftop terrace and package lockers. Delivered this year, the asset is located at 618 T St. NW, one mile northeast of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, Monument Realty, in the transaction. A joint venture between Shimizu Realty Development Inc. and Capital Security Advisors LLC acquired the property in an all-cash deal.

July 31, 2020

Development Industrial South Carolina Southeast

Rooker to Develop $22M Speculative Industrial Property in Upstate South Carolina

by Alex Tostado July 31, 2020

PELZER, S.C. — Rooker Co. will develop Pelzer Point Commerce Center Building One, a 212,500-square-foot speculative industrial property in Pelzer. The Atlanta-based developer expects to break ground Aug. 5 and deliver the property in the third quarter of 2021. Rooker expects total development costs to total $22 million. The property is situated at 1630 Easley Highway, 15 miles southwest of downtown Greenville. The asset will feature 32-foot clear heights, 50 dock doors and office space. The building will be Anderson County’s first speculative industrial building with Interstate 85 frontage, according to Colliers International. Pelzer Point can also accommodate an additional 187,000-square-foot development. Garrett Scott, John Montgomery and Brockton Hall of Colliers will lead the leasing and marketing effort on behalf of Rooker.

July 31, 2020

Acquisitions Florida Healthcare Southeast

IRA Capital Acquires Surgery Center in Fort Myers for $7M

by Alex Tostado July 31, 2020

FORT MYERS, FLA. — IRA Capital has acquired Paramount Surgery Center, a 9,000-square-foot surgery center in Fort Myers. The property is located at 2565 Cleveland Ave., across the street from Lee Memorial Hospital. The asset was completed in 2012 and features three operating rooms, step-down recovery, a nurse station, consultation room and a reception area. John Krzyminski and Max Krzyminski of JLL represented the seller, 8250 Realty LLC, in the transaction.

July 31, 2020

Michigan Midwest Restaurant Retail

Detroit Casinos to Reopen at 15 Percent Capacity Starting August 5

by Kristin Harlow July 31, 2020

MICHIGAN — With a new executive order, Michigan Gov. Gretchen Whitmer has enabled Detroit casinos to reopen on Wednesday, Aug. 5 at 15 percent capacity. Casinos must also conduct a daily entry screening protocol for customers and employees. Patrons must wear a face covering except while eating and drinking. The governor has also limited statewide indoor gatherings to 10 people, citing a “resurgence in cases connected to social gatherings across the state.” Bars across the state are closed for indoor service beginning Friday, July 31. There were 89,026 confirmed coronavirus cases and 6,426 deaths in the state of Michigan as of Wednesday, July 29.

July 31, 2020

Acquisitions Affordable Housing Indiana Midwest Multifamily

Colliers Brokers $8.5M Sale of Affordable Housing Property in Shelbyville, Indiana

by Kristin Harlow July 31, 2020

SHELBYVILLE, IND. — Colliers International has brokered the sale of Shelby’s Crest in Shelbyville for $8.5 million. The 120-unit affordable housing property is situated about 30 miles southeast of Indianapolis. The Section 42 low-income housing community was fully occupied at the time of sale. Monthly rents start at $817. Kevin Morris, Christopher Rivera and Amy Burmeister of Colliers’ Affordable Housing Services Group represented the seller, Dominium Group Inc. The team also procured the buyer, Harmony Housing Advisors Inc.

July 31, 2020

Illinois Loans Midwest Multifamily

American Street Capital Arranges $6.6M Refinancing for Multifamily Property in Naperville, Illinois

by Kristin Harlow July 31, 2020

NAPERVILLE, ILL. — American Street Capital (ASC) has arranged a $6.6 million cash-out refinancing loan for a 60-unit multifamily building in Naperville. Built in 1986, the three-story property features two-bedroom units averaging 1,082 square feet. The property includes 127 car parking spaces and laundry facilities. The building was fully occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 10-year, fixed-rate loan with a CMBS lender. The loan features a 30-year amortization schedule.

July 31, 2020

Illinois Leasing Activity Midwest Office

Wildlife Conservation Nonprofit Renews 8,373 SF Office Lease in Chicago

by Kristin Harlow July 31, 2020

CHICAGO — Openlands, a wildlife conservation nonprofit organization, has renewed its 8,373-square-foot office lease at 25 East Washington in Chicago. Openlands occupies space on the 16th floor and has resided in the building for over 20 years. Jonathan Seeley and Merrick Wells of Bradford Allen represented the tenant in the lease transaction. Aspire Properties is the landlord for the 22-story office building. Founded in 1963 as a program of the Welfare Council of Metropolitan Chicago, Openlands is one of the oldest metropolitan conservation organizations in the nation. It has helped to protect more than 55,000 acres of land for public parks, forest preserves, wildlife refuges, urban farms and community gardens in northeastern Illinois.

July 31, 2020

Leasing Activity Midwest Missouri Restaurant Retail

Napoli III to Join Tenant Lineup at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow July 31, 2020

ST. CHARLES, MO. — Napoli III will join the tenant lineup at Streets of St. Charles, a 27-acre mixed-use development owned by Cullinan Properties in suburban St. Louis. Napoli III is the third restaurant from the Pietoso family and an extension of the family’s original Café Napoli. The new restaurant will occupy 4,500 square feet and feature a private room as well as outdoor dining. The menu will offer fresh seafood and pasta as well as favorites such as the veal chop and penne a la vodka. Buildout of the space for Napoli III is set to begin in August. An opening date has not yet been released.

July 31, 2020

Development Mixed-Use Multifamily Nevada Retail Western

TRU Development, MultiGreen Properties to Build 336-Unit Apartment Community Near Las Vegas

by Amy Works July 31, 2020

HENDERSON, NEV. — TRU Development, in partnership with capital partner and real estate operating company MultiGreen Properties, has acquired a 19-acre land parcel at the southeast corner of Galleria Drive and Boulder Highway in Henderson. Terms of the acquisition were not released. The partnership plans to develop theAPEX @galleria, a 336-unit apartment community with 3.8 acres of retail development available for sale, ground lease or build to suit. Apartments will be available for lease in March 2021. The Henderson development is the first of many planned theAPEX-branded communities throughout Nevada. In the next 12 months, TRU is slated to break ground on a total of 670 units under theAPEX brand in southern Nevada, 358 units under the KAKTUSlife brand and more than 600 units under theAPEX brand in northern Nevada.

July 31, 2020

Acquisitions California Healthcare Loans Office Western

CIT Provides $25M in Acquisition Financing for MLK Community Hospital Medical Office Building in Los Angeles

by Amy Works July 31, 2020

LOS ANGELES — CIT Group and its Healthcare Finance unit has funded a $25 million loan supporting Seavest Healthcare Properties’ acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles. Established in 2015, MLK Community Hospital is part of a public-private partnership with Los Angeles County created to meet the needs of the South Los Angeles community, including the uninsured and underinsured. The private, nonprofit hospital provides healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.

July 31, 2020

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