Property Type

Greystone Brown Negotiates $54.1M Sale of Multifamily Community Near Hilton Head

by Alex Tostado September 3, 2020

PORT ROYAL, S.C. — Greystone Brown Real Estate Advisors has negotiated the $54.1 million sale of Preserve at Port Royal, a 400-unit multifamily community in Port Royal. The property, which was built in 2006, offers one- and two-bedroom floor plans. Communal amenities include a fitness center, two pools, library, two business centers, playground, dog park, storage units, car care center, laundry center, two outdoor kitchens with grilling areas and a bird sanctuary. The asset is situated at 1 Preserve Ave. W., 30 miles north of Hilton Head Island. Jim Jarrell, Steve Mack and Walter Miller of Greystone Brown represented the seller, Norcross, Ga.-based Prominent Realty Group, in the transaction. The buyer was not disclosed.

September 3, 2020

Acquisitions North Carolina Retail Southeast

JLL Arranges $34.9M Sale of Wegmans-Leased Property in Raleigh-Durham

by Alex Tostado September 3, 2020

CARY, N.C. — JLL has arranged the $34.9 million sale of Wegmans West Cary, a 103,000-square-foot building in Cary fully leased to New York-based supermarket chain Wegmans. The seller, Leyland Twin Lakes LLC, an affiliate of LeylandAlliance, delivered the asset earlier this year. The freestanding grocery store is situated on 11 acres at 3710 Davis Drive, 13 miles southeast of downtown Durham. Wegmans West Cary anchors Twin Lakes Center, a mixed-use project that Leyland Twin Lakes has been developing since 2018. Tom Kolarczyk, Ryan Eklund and Chris Angelone of JLL represented the seller in the transaction. San Diego-based Realty Income Corp. purchased the property.

September 3, 2020

District of Columbia Multifamily Southeast

NMHC ‘Disappointed’ in Federal Order to Temporarily Halt Residential Evictions

by Alex Tostado September 3, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has issued a statement expressing its disappointment in the Centers for Disease Control and Prevention (CDC) and the Trump Administration for ordering the temporary halt in residential evictions nationwide through the end of the year. “We are deeply disappointed that this moratorium is being enacted, particularly without the backup of a meaningful rental assistance program,” a statement from the Washington, D.C.-based organization read. The order, which was issued Tuesday, Sept. 1, applies to renters who make $99,000 or less per year or families making less than $198,000 per year. Additionally, to avoid eviction, renters must prove they are unable to pay rent due to COVID-19-related hardship and that being evicted would lead to them being homeless or living in close quarters with people from outside their household.

September 3, 2020

Acquisitions Industrial North Carolina Southeast

CIP Real Estate Acquires Industrial Property in South Charlotte for $28M

by Alex Tostado September 3, 2020

CHARLOTTE, N.C. — CIP Real Estate has acquired Whitehall Tech Center in Charlotte for $28 million. The property comprises two buildings totaling 205,000 square feet. The acquisition also includes a 7.5-acre parcel for the development of up to 75,000 square feet of warehouse space. At the time of sale, one of the two buildings was fully leased to an undisclosed tenant while the other building was nearly vacant. CIP plans to implement a $3.2 million renovation of the nearly vacant building from a call center to a multi-tenant industrial space. Further details and the timeline of the renovation were not disclosed. Whitehall Tech Center is located within the Whitehall master-planned community, nine miles south of downtown Charlotte and Charlotte Douglas International Airport. CIP acquired the property from a joint venture between CrossHarbor Capital Partners and a separate CIP Real Estate entity.

September 3, 2020

Development Illinois Midwest Multifamily

McShane Completes Construction of The Elaine Luxury Apartments in Northbrook, Illinois

by Kristin Harlow September 3, 2020

NORTHBROOK, ILL. — McShane Construction Co. has completed construction of The Elaine, a 304-unit luxury apartment complex in Northbrook, a northern suburb of Chicago. Finger Cos. was the developer and Niles Bolton Associates served as architect. Located at 1000 Skokie Blvd., the five-story property features a fitness center, business center, conference room, golf simulator, dog run, two pools and three courtyards. Floor plans range from 689 to 1,229 square feet.

September 3, 2020

Acquisitions Midwest Ohio Retail

Gosula Realty Acquires 100,999 SF Shopping Center in Delaware, Ohio

by Kristin Harlow September 3, 2020

DELAWARE, OHIO — Gosula Realty Ltd. has acquired Glennwood Commons in Delaware, about 30 miles north of Columbus. The purchase price was undisclosed. Tenants include OfficeMax, Dollar Tree and Pet Supplies Plus. CBRE’s National Retail Partners Midwest team represented both Gosula and the seller, Principal Real Estate Investors.

September 3, 2020

Development Illinois Midwest Multifamily

Montessori Elementary School Opens at Optima Signature Apartment Tower in Chicago

by Kristin Harlow September 3, 2020

CHICAGO — Guidepost Montessori has opened at Optima Signature, an apartment tower in Chicago’s Streeterville neighborhood. The 14,000-square-foot elementary school will serve grades one through six. The new location is part of Guidepost Montessori’s larger growth in Chicago, with three new early childhood campuses opening in Lincoln Park, Schaumburg and Edgewater for a total of seven schools. Optima Inc. is the developer and owner for the 57-story, 490-unit Optima Signature. Other retail tenants at the property include Egg Harbor Café, GoodVets, Runaway Fitness and Bedazzled Nails & Spa.

September 3, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers Sale of 9,900 SF Dollar General-Occupied Property in Polo, Illinois

by Kristin Harlow September 3, 2020

POLO, ILL. — Marcus & Millichap has brokered the sale of a 9,900-square-foot retail property occupied by Dollar General in Polo in northwest Illinois. Renovated for Dollar General in 2009, the building is located at 107 E. Dixon St. Daniel Hurd and Edward Kemp of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.

September 3, 2020

Industrial Leasing Activity Texas

Swiss American CDMO Signs 131,670 SF Industrial Lease in Carrollton, Texas

by Taylor Williams September 3, 2020

CARROLLTON, TEXAS — Swiss American Contract Development & Manufacturing Organization (CDMO), a locally based provider of first aid products, has signed an industrial lease in the northern Dallas suburb of Carrollton. The firm is effectively doubling its footprint in North Texas by occupying 131,670 square feet of warehouse and distribution space located at 1540 Luna Road, within a half-mile from its headquarters.

September 3, 2020

Affordable Housing Development Multifamily Texas

NHP Foundation to Develop 149-Unit Affordable Housing Project in Midtown Houston

by Taylor Williams September 3, 2020

HOUSTON — The NHP Foundation, a nonprofit developer based in New York City, will build a 149-unit affordable housing community at 3300 Caroline St. in the Midtown area of Houston. While all residences will be reserved for renters earning less than the area median income, 20 percent of the units will be set aside for homeless people going through transitional housing programs. Magnificat Houses Inc. is the landowner and NHP Foundation’s equity partner on the project. The City of Houston Department of Housing & Community Development has provided $15 million in financing for the project, which has a target completion date of December 2022.

September 3, 2020

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