Property Type

SLIB Arranges Sale of 90-Unit RidgeCrest Health Campus in Jackson, Michigan

by Amy Works August 18, 2020

JACKSON, MICH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of RidgeCrest Health Campus, an assisted living and skilled nursing community in Jackson, approximately 75 miles west of downtown Detroit. Built in 2010, the community features 50 skilled nursing beds and 40 assisted living units. Totaling 54,696 square feet, the property was more than 90 percent occupied at the time of sale despite the ongoing COVID-19 pandemic. The seller was a regional owner-operator with communities across Indiana, Ohio, Michigan and Kentucky. The buyer was a Michigan-based company looking to grow its portfolio within the state. Ryan Saul of Senior Living Investment Brokerage (SLIB) facilitated the sale. The price was not disclosed.

August 18, 2020

Development Indiana Midwest Multifamily Student Housing

City of Whiting, Calumet College of St. Joseph Open 32-Unit Apartment Property in Indiana

by Amy Works August 18, 2020

WHITING, IND. — The City of Whiting and Calumet College of St. Joseph (CCSJ) have opened the Illiana, a residential property located at 1200 119th St. in Whiting. The development, which is a public-private partnership between the two parties, offers proximity to CCSJ, downtown Whiting shopping and restaurants, as well as Lake Michigan. The Illiana features 32 units in three floor plans. Each unit offers granite countertops, nine-foot ceilings, kitchen islands, private balconies, two bedrooms and two bathrooms. The five-story building also offers 3,600 square feet of ground-level retail space. CCSJ has master-leased 12 units for three years at The Illiana as part of an initiative to provide housing opportunities for students. Holladay Properties, a full-scale land development, design/build and fully integrated real estate company, developed the property.

August 18, 2020

Company News Market Reports New Jersey Northeast Northeast Market Reports Retail

Jersey Mike’s Sandwich Chain Invests in Delivery, Pick-Up

by Taylor Williams August 18, 2020

By Alex Patton During the business lull caused by the outbreak of COVID-19, fast casual sandwich chain Jersey Mike’s made news by rolling out a $150 million nationwide retrofit project for its stores. The project will include aesthetic and comfortability upgrades for 1,700 franchise stores, as well as expanded functionality for delivery and pick-up services — all paid for by the company. “Paying for the retrofits ourselves is a tactical move on our part,” says Peter Cancro, CEO of Jersey Mike’s. “Whenever you put money in your business, it always comes back. It’s an investment into our people — every dollar we put into the project we’ll get back in loyalty and trust from our franchise owners and our customers.” The Manasquan, New Jersey-based company operates approximately 1,750 stores across 48 states and plans to expand to 2,000 by the end of 2021. Though the company is growing its store count quickly, it is still a relatively small player in the national sandwich game. By comparison, Jersey Mike’s two closest competitors, Subway and Jimmy John’s, operate 24,000 and 2,800 stores in the United States, respectively. Amid state-mandated temporary closures of retail stores and restaurants, Jersey Mike’s was able to continue …

August 18, 2020

Acquisitions Arizona Development Industrial Top Stories Western

Merit Partners-Led JV Buys 611 Acres in Metro Phoenix to Develop $1.5B Industrial Park

by John Nelson August 18, 2020

GLENDALE, ARIZ. — Merit Partners is leading a joint venture to develop Camelback 303, a $1.5 billion industrial park in the northwest Phoenix suburb of Glendale. The Phoenix-based firm recently closed on the acquisition of 611 acres along the Loop 303 corridor for the project, which will total 9 million to 10 million square feet of logistics and manufacturing space upon completion. Merit’s joint venture partners include industrial REIT First Industrial Realty Trust Inc. (NYSE: FR) and equity partner Diamond Realty Investments, which is the real estate investment arm of Mitsubishi Corp. According to second-quarter 2020 research from JLL, industrial asking rents in metro Phoenix are up 1.8 percent and absorption has increased 39 percent from this time last year. The second quarter marks the 28th straight quarter of positive absorption for the market. “We are extremely excited to be building at this location and at a point in the cycle where demand for Class A industrial is exponential — and expected to continue to rise in the years ahead,” says Kevin Czerwinski, president of Merit Partners. Camelback 303 will sit along the west side of Loop 303 and feature freeway frontage between the Camelback Road and Bethany Home Road …

August 18, 2020

Development Mixed-Use Southeast Tennessee

Third & Urban, FCP Open Sylvan Supply Development in Nashville

by Alex Tostado August 17, 2020

NASHVILLE, TENN. — Third & Urban and FCP have opened Sylvan Supply, a 194,000-square-foot adaptive reuse project in Nashville’s Sylvan Park neighborhood. The property offers 162,000 square feet of office space and 32,000 square feet of retail and restaurant space. Sylvan Supply is located at 401 Charlotte Ave., three miles west of downtown Nashville. The site is home to the former Madison Mill. Office tenants include consulting firm Accenture, Keller Williams Realty Nashville and consulting firm FortyAU. Retail and restaurant tenants include Radish Kitchen, fitness center Row House, Woodland Wine Merchant, Bearded Iris Brewing, Pure Barre and Otaku Ramen. Bill Adair and Ashley Albright Marshall of JLL handle the office leasing efforts at Sylvan Supply, while Elliott Kyle of Equitable Property Co. oversees retail leasing. Centric Architecture designed the property, and Hodgson Douglas was the landscape architect.

August 17, 2020

Acquisitions Multifamily South Carolina Southeast

Marcus & Millichap Brokers $25.5M Sale of Multifamily Community in Columbia

by Alex Tostado August 17, 2020

COLUMBIA, S.C. — Marcus & Millichap has brokered the $25.5 million sale of 34 Crestmont Apartments, a 250-unit multifamily community in Columbia. Built in 2003, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, fitness center, breakfast/coffee concierge and a picnic area. The asset is located at 34 Woodcross Drive, 10 miles northwest of downtown Columbia and the University of South Carolina. Drew Babcock of Marcus & Millichap brokered the transaction between the buyer, Southwood Realty, and the undisclosed Charleston, S.C.-based seller.

August 17, 2020

Development Loans North Carolina Office Southeast

JLL Arranges $21M Construction Loan for Office Building in Chapel Hill

by Alex Tostado August 17, 2020

CHAPEL HILL, N.C. — JLL has arranged a $21 million construction loan for The Gwendolyn, a four-story office building in Chapel Hill totaling 1106,000 square feet. Bank OZK provided the funds to the developer, Charlotte, N.C.-based Grubb Properties. The building is expected to open by the end of this year and will offer 25,000-square-foot floor plates, onsite property management, a café on the ground level, a fitness center and 432 parking spaces. The Gwendolyn is part of Phase I of the Glen Lenox redevelopment, a 70-acre planned community that will include retail, office and residential space. Glen Lenox is situated one mile from the University of North Carolina-Chapel Hill and 13 miles south of downtown Durham. Hal Kempson and John Gavigan of JLL originated the loan on behalf of the borrower.

August 17, 2020

Development Multifamily Seniors Housing South Carolina Southeast

Watercrest, Waypoint Deliver 107-Unit Seniors Housing Community Near Charlotte

by Alex Tostado August 17, 2020

INDIAN LAND, S.C. — Watercrest Senior Living Group and equity partner Waypoint Residential have opened Watercrest Fort Mill-Indian Land Assisted Living and Memory Care. The seniors housing community is located in Indian Land, 20 miles south of Charlotte just across the North Carolina-South Carolina border. The property features 75 assisted living units and 32 memory care units. General contractor Shiel Sexton built the community, which is the second senior living development partnership between Watercrest Senior Living Group and Waypoint Residential. The first project, Watercrest Newnan Assisted Living and Memory Care, recently opened in Newnan, Ga.

August 17, 2020

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Negotiates $2.7M Sale of Retail Property in Suffolk, Virginia

by Alex Tostado August 17, 2020

SUFFOLK, VA. — Cushman & Wakefield | Thalhimer has negotiated the $2.7 million sale of Obici Shops, a 7,600-square-foot retail property in Suffolk. The property is located at 1910 N. Main St., two miles north of downtown Suffolk. The asset was leased to Chartway Federal Credit Union and Jersey Mike’s at the time of sale. Clark Simpson of Cushman & Wakefield | Thalhimer represented the buyer, Battlefield Consolidated Properties LLC, in the transaction. Venture Obici LLC sold the property.

August 17, 2020

Development Industrial Texas

NorthPoint Development to Build 859,000 SF Industrial Project in Metro Austin

by Taylor Williams August 17, 2020

KYLE, TEXAS — Kansas City-based NorthPoint Development will build Plum Creek Industrial Center, an 859,000-square-foot project that will be located on a 74-acre site in Kyle, a southern suburb of Austin. The Class A development will consist of four buildings that will be developed in two phases. Phase I will consist of two buildings totaling 440,000 square feet. Colliers International will handle leasing of the project, which will be NorthPoint’s first in the Austin area.

August 17, 2020

Newer Posts

Older Posts