Property Type

American Street Capital Arranges $13.6M Refinancing for 20-Property Multifamily Portfolio in Chicago

by Kristin Harlow October 30, 2019

CHICAGO — American Street Capital (ASC) has arranged $13.6 million in permanent debt for the refinancing of a 20-property multifamily portfolio in Chicago. The 214 units within the portfolio are located on the city’s south side in various neighborhoods such as Bronzeville, Kenwood and Southshore. The portfolio was approximately 95 percent leased at the time of loan closing. Igor Zhizhin and Alexander Rek of ASC secured three separate loans on behalf of the borrower, a Chicago-based REIT. A correspondent agency lender provided the loans, each of which featured a 10-year, fixed-rate term and a 30-year amortization schedule.

October 30, 2019

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Negotiates Sale of 553-Unit Self-Storage Facility in Bloomington, Illinois

by Kristin Harlow October 30, 2019

BLOOMINGTON, ILL. — Marcus & Millichap has negotiated the sale of U-Lock-It Mini Storage, a 553-unit self-storage facility in Bloomington. The sales price was not disclosed. The property is located at 2427 S. Main St. and spans 69,110 square feet on 6.3 acres. Of the 553 units, 441 are non-climate-controlled and 112 are climate-controlled. Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Delaney also secured and represented the buyer, a limited liability company.

October 30, 2019

Acquisitions Illinois Midwest Retail

Block & Co. Brokers Sale of 11,458 SF Retail Center in Champaign, Illinois

by Kristin Harlow October 30, 2019

CHAMPAIGN, ILL. — Block & Co. Inc. has brokered the sale of an 11,458-square-foot retail center in Champaign for an undisclosed price. Located at 1006 W. Anthony Drive, the property is near Marketplace Regional Mall. Sam’s Club and Rural King shadow-anchor the asset. David Block and Phil Peck of Block represented the sellers, Bloomfield 2005 LLC and Metcalf Arlington SPE LLC. A local investment buyer purchased the property. This is Block’s 12th shopping center sale on behalf of the same ownership group.

October 30, 2019

Acquisitions Connecticut Northeast Office

CBRE Brokers $7.6M Sale of Office Complex in Danbury, Connecticut

by Alex Patton October 30, 2019

DANBURY, CONN. — CBRE brokered the $7.6 million sale of 4 Mountainview Terrace, a 64,255-square-foot office complex in Danbury, located approximately 30 miles west of New Haven. The property was 81 percent occupied at the time of the sale. Louis Zuckerman and Patrick Colwell of CBRE represented the landlord, 101 East Ridge LLC, and procured the undisclosed buyer in the transaction.

October 30, 2019

Development Hospitality Kentucky Southeast Top Stories

Dual-Branded Hotel Distil, Moxy Opens on Louisville’s Whiskey Row

by Kristin Harlow October 30, 2019

LOUISVILLE, KY. — A 12-story, dual-branded Hotel Distil and Moxy has opened on Louisville’s historic Whiskey Row. Poe Cos., White Lodging and REI Real Estate Services jointly developed the 315-room project. Louisville Business First reports project costs of roughly $100 million. The 205-room Hotel Distil is part of Marriott’s Autograph Collection Hotels, a portfolio of independent and upscale hotels comprising more than 180 properties. Many of Hotel Distil’s design cues are taken from bourbon barrels and the distilling process, with the intent of paying homage to Louisville’s bourbon heritage. Examples include wood tones, staves, black metal accents and copper fixtures. The hotel design incorporates an original 1860s-era façade, which was saved following a fire in 2015 and served as the original location and barrel house for J.T.S. Brown & Sons, a Kentucky bourbon whiskey produced by the Heaven Hill Distillery company. Hotel Distil will offer guests a nightly celebration of Prohibition. Guests will receive an invitation at check-in to join the hotel’s lobby for a nightly toast at 7:33 p.m., which is 19:33 Universal Time, the year Prohibition was repealed. Attendees will receive a celebratory whiskey cocktail. The hotel’s event space totals more than 11,000 square feet across its ballroom, three meeting rooms and …

October 30, 2019

Affordable Housing Market Reports Multifamily Northeast Northeast Market Reports

Making Up for Lost Time Can Be Costly for Affordable Housing Developers

by Taylor Williams October 30, 2019

Despite evidence of their own experience, developers of affordable housing can still minimize the incidence of unforeseen delays and underestimate their costs. Capital One has 75 such developments under construction, and more than half are in some way behind schedule. This is neither unusual nor a comment on our partners’ skills as developers of much-needed affordable housing. The point is that making up for lost time can be particularly costly. While unforeseen delays are no more common in affordable housing than in other building types, developers of this product type run the unique risk of losing crucial tax credits when they miss a place-in-service deadline. Loss of tax credits as a funding source, which can account for as much as half the capital funding project costs in some cases, upends the carefully crafted funding structure of the development. Other developers might be content to pay an extra month’s interest on their construction loan while addressing the source of delay, as this constitutes a less-significant sacrifice at today’s rates than in the past. But affordable housing developers must incur extra expenses and do whatever is necessary to get the project back on track. Unforeseen Bedrock A case in point is the …

October 30, 2019

Acquisitions Multifamily South Carolina Southeast

Continental Realty Purchases Apartment Complex Near Hilton Head for $69.3M

by Alex Tostado October 29, 2019

BLUFFTON, S.C. — Continental Realty Corp. (CRC) has purchased The Bluestone, a 360-unit apartment complex in Bluffton, for $69.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include two swimming pools, sundecks, outdoor kitchens, fitness center, grilling areas, clubhouse, coffee bar, yoga studio and a fireplace lounge area. The Bluestone was constructed in phases between 2004 and 2007 and is located six miles from Hilton Head Island. CRC purchased the asset from a joint venture between Charleston, S.C.-based Blaze Partners and The Carlyle Group, a global investment firm based in Washington, D.C.

October 29, 2019

Acquisitions Industrial Leasing Activity Southeast Virginia

Cushman & Wakefield Arranges $60.3M Sale-Leaseback for National Industrial Portfolio

by Alex Tostado October 29, 2019

RICHMOND, VA. — Cushman & Wakefield has arranged the $60.3 million sale-leaseback of a seven-property national industrial portfolio on behalf of owner and seller The C.F. Sauer Co. The seven properties total 791,000 square feet. There are four buildings in Mauldin, S.C.; one in Orange, Fla.; one in San Luis Obispo, Calif.; and one in New Century, Kan. Ben Cooper, Larry Wilks, Keith Bell and Ben Pugh of Cushman & Wakefield represented Richmond-based C.F. Sauer, which is now controlled by the private equity partnership Falfurrias Capital Partners and operates as Sauer Brands. A public REIT acquired six of the properties while a separate public REIT purchased the remaining building. Sauer Brands manufactures a broad line of flavor-enhancing condiments, spices, seasonings and extracts, including well-known brands Duke’s Mayonnaise, The Spice Hunter, Sauer’s, Gold Medal and BAMA.

October 29, 2019

Acquisitions Georgia Multifamily Southeast

Urban Realty, Case Pomeroy Sell Two Adjacent Apartment Complexes in East Atlanta for $48.2M

by Alex Tostado October 29, 2019

ATLANTA — A joint venture between Urban Realty Partners and Case Pomeroy Properties has sold two neighboring apartment complexes totaling 217 units in Atlanta’s Grant Park neighborhood for $48.2 million. The George and The Leonard are located at 275 Memorial Drive SE and 301 Memorial Drive, respectively, less than a mile east of downtown Atlanta. The communities offer one- and two-bedroom floor plans. Communal amenities include 11,581 square feet of retail space, a clubhouse, business center, pet play area, pet washing area, fitness center and a swimming pool. Mike Kemether, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller in the transaction. Grubb Properties acquired the buildings.

October 29, 2019

Development Florida Retail Southeast

Publix Opens 49,000 SF Store Within Central Florida Shopping Center

by Alex Tostado October 29, 2019

LOUGHMAN, FLA. — Publix Super Markets Inc. has opened a 49,000-square-foot store within Loughman Crossing in Loughman. The prototype location includes a drive-thru pharmacy. Halvorsen Holdings is developing Loughman Crossing, which is also home to Publix Liquors, AT&T, Great Clips, Erlyn’s Taxes and Encore Nails. Loughman Crossing spans 78,200 square feet and includes six outparcels. Located at the intersection of U.S. Highway 17-92 and Ronald Reagan Parkway, the property sits 15 miles southwest of Walt Disney World and 30 miles southwest of downtown Orlando.

October 29, 2019

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