Property Type

Flaherty & Collins Begins Construction of $80M Luxury Apartment Project in Cleveland Heights

by Alex Patton May 8, 2020

CLEVELAND HEIGHTS, OHIO — Flaherty & Collins Properties, an Indiana-based developer, has started construction of The Ascent at Top of the Hill, an $80 million luxury apartment project in Cleveland Heights. The 261-unit community will also include 11,000 square feet of retail space and a 500-space parking garage. The 460,056-square-foot development is situated on a four-acre parcel at the intersection of Cedar Road and Euclid Heights Boulevard. Amenities will include a rooftop pool and lounge, public green space, coworking areas, a dog park, fitness center and bike storage area. Residential floorplans will include studio, one-bedroom and two-bedroom units, as well as premium three-bedroom penthouses. Goldman Sachs Private Bank provided a $52.6 million construction loan for the project and a public-private partnership with the City of Cleveland Heights provided additional financing. Cleveland Heights is a first-ring suburb just east of Cleveland proper. “The city has been a tremendous partner through this process and the Top of the Hill project is going to be a transformative and catalytic gateway project that complements the existing district that is already thriving,” says Deron Kintner, general counsel for Flaherty & Collins Properties and lead project developer. Construction began this week following financial closing. Completion is …

May 8, 2020

Loans Multifamily North Carolina Southeast

Newmark Knight Frank Arranges $43M Refinancing Loan for New Apartment Complex in Charlotte

by Alex Tostado May 8, 2020

CHARLOTTE, N.C. — Newmark Knight Frank (NKF) has arranged a $43 million refinancing loan for Arlo Apartment Homes, a 286-unit community in Charlotte. The property, which was built in 2018, offers studio through three-bedroom floor plans. Communal amenities include a pool, outdoor kitchen, rooftop lounge, fitness center, club room with a gaming lounge, courtyard, pet spa and grooming lounge and a bike storage and repair station. The community is situated at 1331 W. Morehead St., two miles west of downtown Charlotte. Chris Caison and Josh Davis of NKF arranged the loan through an undisclosed insurance company on behalf of the borrower, Bluerock Residential Growth REIT Inc.

May 8, 2020

Company News Retail Southeast

Sprouts Farmers Market Expands Grocery Pick-Up Service to 46 Stores Across Southeast

by Alex Tostado May 8, 2020

PHOENIX — Sprouts Farmers Market has expanded its grocery pick-up service to 46 stores in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee as the grocer faces heightened demand amid the COVID-19 outbreak. The service allows customers to plan grocery pick-up for the same day or to schedule several days in advance. Their personal shopper will bring the groceries to a designated pickup parking spot when the customer arrives and checks in. A list of specific stores offering the service was not disclosed. The Phoenix-based grocer recently expanded this service to 30 of its stores across Texas. Sprouts also partners with Instacart for same-day delivery services.

May 8, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $37.3M Refinancing Loan for Multifamily Community in Orlando

by Alex Tostado May 8, 2020

ORLANDO, FLA. — Berkadia has provided a $37.3 million Freddie Mac refinancing loan for Advenir at Polos East Apartments, a 308-unit multifamily community in Orlando. The seven-year loan offers a fixed interest rate with interest-only payments for the full term at a 70 percent loan-to-value ratio. The property offers one- through three-bedroom floor plans averaging 877 square feet. Communal amenities include a pool; 24-hour fitness center; sauna; basketball, volleyball, tennis and racquetball courts; internet café; and a game room. Advenir at Polos East is situated at 1700 Woodbury Road, 13 miles east of downtown Orlando. Charles Foschini and Christopher Apone of Berkadia originated the loan on behalf of the borrower, Aventura, Fla.-based Advenir Real Estate.

May 8, 2020

Leasing Activity Office Southeast Virginia

Colliers Negotiates 38,400 SF Office Lease for City of Richmond

by Alex Tostado May 8, 2020

RICHMOND, VA. — Colliers International has negotiated a 38,400-square-foot office lease for the City of Richmond to relocate its Office of the General Registrar. The property is situated at 2134 W. Laburnum Ave., five miles northwest from downtown Richmond. The office is adjacent to where Interstates 195 and 64 merge. The previous office is located at 900 E. Broad St. in downtown Richmond. Harrison Hall and Will Bradley of Colliers represented the landlord, DAR Enterprises LLC, in the transaction.

May 8, 2020

Development New York Northeast Retail

Sanders Equities to Convert Long Island Retail Asset into 153,000 SF Industrial Building

by Alex Patton May 8, 2020

WESTBURY, N.Y. — Sanders Equities, a New York-based developer, will convert a retail asset in the Long Island city of Westbury as a 153,000-square-foot industrial building. Located at 1085 Old Country Road, the property is situated on a seven-acre site and includes a 192,000-square-foot building, which is currently occupied by a Century 21 department store. Upon Century 21’s exit in spring 2021, Sanders plans to downsize the property to 153,000 square feet and remove the second floor, which will increase the ceiling height to 32 feet. Paul Leone and Margaret Tutone of CBRE will lead the leasing effort of the new industrial asset. The terms and sales price of the acquisition were undisclosed.

May 8, 2020

Development Multifamily Northeast Pennsylvania

Equus Capital Partners to Develop 300-Unit Multifamily Project Near Philadelphia

by Alex Patton May 8, 2020

FORT WASHINGTON, PENN. — Equus Capital Partners will develop a 300-unit multifamily project in Fort Washington, a northern suburb of Philadelphia. The developer has acquired a 60,000-square-foot office building located at 1125 Virginia Drive for $5.9 million and plans to demolish it to construct the apartment building in its place. The first phase of construction will include 200 residential units in a five-story building that will incorporate amenities such as a pool and a fitness center, as well as both indoor and outdoor resident lounge areas. Barton Partners designed the project. No plans for the construction schedule have been announced.

May 8, 2020

Connecticut Industrial Leasing Activity Northeast

NKF Negotiates 26,600 SF Office, Industrial Lease in Trumbull, Connecticut

by Alex Patton May 8, 2020

TRUMBULL, CONN. — Newmark Knight Frank (NKF) has arranged a 26,600-square-foot office lease for Power Home Remodeling Group in Trumbull, a western suburb of New Haven. The space is located at 60 Commerce Drive, within a 67,000-square-foot building that houses a three-story office building and an adjacent warehouse with a 30-foot ceiling height. Tim Rorick, Torey Walsh and Jack McDermott of NKF represented the owners, CH Commerce Drive Associates LLC and City Park Commerce Drive LLC, in the transaction. Jay Hruska and Brian Scruton of Cushman & Wakefield represented the tenant.

May 8, 2020

Leasing Activity Retail Texas Video Webinar

Webinar: Texas Retail Reboot

by Sarah Daniels May 8, 2020

On May 7, Texas Real Estate Business and Shopping Center Business magazines hosted “Texas Retail Reboot,” a webinar taking an in-depth look at what the Texas retail real estate community needs as the state reopens after statewide shutdowns due to COVID-19. The coronavirus pandemic isn’t over, but Texas is adjusting to a new normal, including figuring out what retail will look like going forward. What will the future of Texas retail look like? Find out what industry experts have to say about these topics and more: How will Texas retailers adapt after COVID-19? What do they need to do to ensure customer and staff safety? What is the financial impact of changed traffic patterns? What do retailers need to succeed? How will landlords and retail property owners support tenants and customers affected by the coronavirus? What can they do to ensure the success of their tenants and their properties? What do Texas brokers need to know about the retail landscape? How will rents and property values be impacted? What are the predictions for retail vacancy rates in the coming year? Webinar sponsor: Hart Advisors Group, a commercial real estate advisory firm founded in 2009 that has completed over $5 billion in …

May 8, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $10M Construction Loan for Multifamily Project in Everett, Massachusetts

by Alex Patton May 8, 2020

EVERETT, MASS. — Cornerstone Realty Capital has arranged a $10 million loan for the construction of a 51-unit multifamily project in Everett, a Northern suburb of Boston. A local lender provided the loan at a fixed interest rate, which features 24 months of interest-only payments and a 30-year amortization schedule. Massachusetts-based developer United Properties Inc. was the borrower. The project, the name of which has yet to be determined, will repurpose an existing three-story brick structure on the property, expanding it to six stories and constructing one-bedroom units that will range between 460 and 895 square feet. Amenities will include an outdoor lounge area with benches and a firepit, a fitness center and a rooftop deck.

May 8, 2020

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