MOLINE, ILL. — SVN Chicago Commercial has brokered the sale of Paulsen Manor Apartments in Moline for $3.3 million. The 67-unit multifamily complex is located at 2424 41st St. within the Quad Cities. Reid Bennett and Cody Doran of SVN brokered the transaction. A local investor purchased the asset.
CLINTON TOWNSHIP, MICH. — Gerdom Realty & Investment has arranged the sale of a 2,822-square-foot retail property formerly occupied by Dunkin’ in Clinton Township, north of Detroit. The sales price was undisclosed. The building is located on Groesbeck Highway, just north of 15 Mile Road. Tjader Gerdom and Vicki Gutowski of Gerdom represented the seller. Matt Croswell of CBRE represented the buyer, a Captain D’s restaurant franchisee. This will be the first Captain D’s restaurant in Michigan.
CAPE GIRARDEAU, MO., CARUTHERSVILLE, MO., AND NEW CUMBERLAND, W.V. — VICI Properties Inc. (NYSE: VICI), a New York City-based REIT that specializes in casinos, has acquired three such properties in Missouri and West Virginia. Eldorado Resorts Inc. sold the assets for $278 million in an all-cash deal. In Missouri, Isle Casino Cape Girardeau is located in Cape Girardeau in the southern part of the state, while Lady Luck Casino is a riverboat casino in Caruthersville, located even further south near the Tennessee-Missouri border. Both cities are situated along the Mississippi River. In West Virginia, Mountaineer Casino, Racetrack & Resort is in New Cumberland, a city situated along the Ohio River in the northern part of the state. Isle Casino opened in 2012 and features 41,500 square feet of casino space, three dining venues, a pavilion and an entertainment center. Lady Luck opened 1995 and consists of a dockside casino spanning 21,500 square feet, two restaurants and a 40,000-square-foot pavilion. Mountaineer opened as a racetrack and resort in 1951. The casino debuted in 1994 and offers a 357-room hotel, five dining venues, 1,486 gaming machines and 36 table games. VICI Properties has also entered into an agreement with Colorado-based Century Casinos …
New Orleans (also known as Crescent City, The Big Easy and NOLA) is unique in many ways. The cuisine, architecture and music all set the city apart, but for the real estate industry, the geography is most important. In fact, it’s uniqueness among the great Southern cities is that the Mississippi River, Lake Pontchartrain and the wetlands to the east and west have created a barrier to entry unlike any other multifamily market in the country. These factors have limited development to a select few urban sites and redevelopment of historic structures. Garden-style product has been primarily confined to St. Tammany Parish located north of Lake Pontchartrain. The parish has an abundance of land as well as the demographic profile to support new market-rate construction. The multifamily market in metro New Orleans is further strengthened by the positive economic growth the city has experienced. The local and regional economies continue to see growth in the following sectors: energy, advanced manufacturing, international trade, healthcare, education, bio-science, tourism and technology. One example is DXC Technology’s new Digital Transformation Center located in downtown New Orleans. This new employer will create 2,000 well-paying jobs and provide further stability to the downtown multifamily market. The …
REDMOND, WASH. — San Francisco-based investor The Roxborough Group LLC has acquired Quadrant Willows, a 248,041-square-foot, Class A office complex in Redmond, an eastern suburb of Seattle. The purchase price was $73.6 million, according to the Seattle Daily Journal of Commerce. The four buildings of Quadrant Willows are located along Willows Road in the tech-dominated Redmond submarket. The seller, Equus Capital Partners Ltd., acquired the complex in 2016 and has since completed $850,000 worth of renovations. “We were able to assemble an attractive four-building portfolio, through two separate acquisitions, in one of the most dynamic office markets in the country and take the occupancy from a combined 78 percent at acquisition to 100 percent at the time of sale,” says Robert Butchenhart, vice president for Equus and manager for Equus’ West Coast office. Redmond benefits from Microsoft’s 8 million-square-foot corporate headquarters and the Eastlink Light Rail transit line. “The Redmond submarket is one of the most dynamic Eastside submarkets with 21.5 percent rent growth over the past 24 months. Vacancy, including Microsoft, is at 4.4 percent with overall Eastside vacancy at 4.3 percent,” says Joe Lynch, executive managing director of Newmark Night Frank (NKF), which represented the Equus in the …
FAYETTEVILLE, ARK. — Newmark Knight Frank Multifamily (NKF) has arranged the sale of and acquisition financing for the Cottages on Hollywood, a 652-bed student housing community located near the University of Arkansas in Fayetteville. Construction on the property was completed this fall. Ryan Lang, Brandon Buell and Jack Brett of NKF represented the seller, Barrett Development Group, in the sale of the property to Inland for an undisclosed price. Joel Simmons, Matt Williams, James Maynard and Kyle Schlitt of NKF Multifamily Capital Markets Debt & Structured Finance arranged acquisition financing on behalf of the buyer. The community offers two-, three-, four- and five-bedroom units. Shared amenities include study lounges and private study spaces, a computer and printing station, coffee bar and vending market, two-story fitness center with resort-style locker rooms, sauna and steam rooms, tanning beds, two-story clubhouse, indoor and outdoor gaming lounge, resort-style swimming pool and cabana, hammock garden, water and sand volleyball, dog park, outdoor kitchens and grills, fire pit, putting green, an activity field with horse shoes and bocce ball and access to the Town Branch Walking Trail.
ATLANTA — Coro Realty and Southeastern Capital Cos. are transforming the 118-year-old Excelsior Mill buildings in Atlanta’s Old Fourth Ward into 30,000 square feet of office space. The two companies purchased the building in 2016 when it was known as the music venue, The Masquerade. The partnership has teamed with designer Smith Dalia Architects to open the floor plan and add natural light. Much of the manufacturing equipment will remain in place, including an extensive heavy-duty gear and pulley system originally used at the property. Completion is slated for first quarter of 2020. The property is located across from Ponce City Market along the Atlanta BeltLine’s Eastside Trail. Scott DeMeyer and Emily Richardson with Colliers International are leading the office leasing efforts.
WALTON, KY. — Trez Forman Capital has provided a $38.8 million construction loan for two spec industrial buildings totaling 776,820 square feet in Walton, a city in northern Kentucky approximately 20 miles south of downtown Cincinnati. The borrower, SFG Walton KY LLC, is developing the buildings on a 55-acre site within Logistics Park 75, near the intersection of Interstates 75 and 71. The first building will span 544,320 square feet and feature two tenant bays of equal size. The second will span 232,500 square feet also with two bays of the same size. The space has the ability to be subdivided to accommodate a wide variety of tenants. Each structure features 36-foot clear ceiling heights and multiple dock-high doors. The lot is situated 15 miles from Amazon’s Prime Air Cargo Hub at Cincinnati/Northern Kentucky International Airport. A timeline for completion was not disclosed. Brett Forman and Russ Holland of Trez Forman Capital originated the loan on behalf of the borrower.
LEXINGTON, S.C. — Publix Super Markets Inc. has opened a GreenWise Market store within Lexington Marketplace in Lexington. The new 20,400-square-foot grocery store is located at 5336 Sunset Blvd., 10 miles west of downtown Columbia. TSCG announced in April that Publix’s organic brand would be moving into the shopping center. This is second location for GreenWise in South Carolina. The 156,000-square-foot Lexington Marketplace is 94 percent leased to tenants including Hobby Lobby, Ulta Beauty, Brain Balance Achievement Centers, Fit Body Boot Camp, Smoothie King, MOD Pizza, Aiden Lane Boutique and Code Ninjas. Darrell Palasciano of TSCG represented the landlord and developer, Columbia Development, in the lease transaction.
MCKINNEY, TEXAS — Atlanta-based Core5 Industrial Partners has broken ground on Core5 Logistics Center of McKinney, an industrial project being developed on 65 acres north of Dallas. The initial phase of the project will deliver 431,710 square feet of space across two buildings, with completion scheduled for early summer 2020. Dallas-based Citadel Partners will handle leasing of the buildings.
