Property Type

JLL Negotiates $23.3M Sale of The Shoppes at Southside in Jacksonville

by Alex Tostado October 16, 2019

JACKSONVILLE, FLA. — JLL has negotiated the $23.3 million sale of The Shoppes at Southside, a 112,613-square-foot retail center in southern Jacksonville. The property was fully leased at the time of sale to tenants including anchors Best Buy and Urban Air Trampoline, as well as Adventure Park, David’s Bridal, Cold Stone Creamery, Deerwood Jewelers, Moe’s Southwest Grill and three separate parcels leased to Starbucks, Chick-fil-A and Aspen Dental. Situated on 12.9 acres at 9930-9990 Southside Blvd., the center is located 14 miles south of downtown Jacksonville. Brad Peterson, Whitaker Leonhardt and Michael Brewster of JLL represented the seller, Brixmor Property Group, in the transaction. Core Investment Management acquired the property.

October 16, 2019

Development Multifamily Northeast Pennsylvania

HSR, Northwestern Mutual Complete 319-Unit Multifamily Building in Pittsburgh

by Alex Patton October 16, 2019

PITTSBURGH — High Street Residential, the multifamily development arm of Dallas-based Tramell Crow Co., and Northwestern Mutual have completed construction of Glasshouse, a 319-unit multifamily building in Pittsburgh’s South Shore neighborhood. The five-story property offers junior, one- and two-bedroom apartments ranging in size from 610 to 1,300 square feet and 3,000 square feet of ground-floor retail space. Amenities include a fitness center, clubroom and pool. Hord Coplan Macht designed the building and landscaping, and Rycon Construction was the general contractor.

October 16, 2019

Loans Multifamily New York Northeast

Greystone Provides $37M Loan for Refinancing of Multifamily Property in Queens

by Alex Patton October 16, 2019

NEW YORK CITY — Greystone Capital Advisors has arranged a $37 million permanent loan for the refinancing for 14-01 Broadway, an 82-unit multifamily building in the Astoria neighborhood of Queens. Amenities include a fitness center, roof terrace and outdoor lounge Greystone provided the 10-year Fannie Mae loan, which carried a fixed interest rate, for an affiliate of the Shirian Family’s Lions Group. The loan replaced a previous construction loan that was provided by Bank Leumi. Drew Fletcher, Matthew Klauer and Bryan Grover of Greystone handled the transaction.

October 16, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $3.6M Sale of Two Multifamily Properties in Boston

by Alex Patton October 16, 2019

BOSTON — Marcus & Millichap has brokered the $3.6 million sale of 338-342 Warren Street and 74-76 Rockland Street, two multifamily properties located in the Roxbury neighborhood of Boston. The asset at 338-342 Warren St., which comprises six three-bedroom apartments and two commercial spaces, sold for $2.2 million. The asset at 74-76 Rockland St., which comprises six apartments in two- and three-bedroom floor plans, sold for $1.3 million. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered both sales. The deal closed at a capitalization rate of 6.11 percent.

October 16, 2019

Development Northeast Pennsylvania Retail

Victory Brewing Co. to Open 14,000 SF Brewery, Taproom in Philadelphia

by Alex Patton October 16, 2019

PHILADELPHIA — Victory Brewing Co. will open a 14,000-square-foot brewery and taproom in the Logan Square neighborhood of Philadelphia’s Center City. The facility will feature a production brewing system, kitchen, three bars, street-level outdoor seating and a rooftop patio. Victory’s first location in Downingtown opened in 1996, and the company operates two other locations in Parkesburg and Kennett Square. The Philadelphia brewery will function as a new flagship taproom as well as an innovation hub for new beers. Local development firm Pearl Properties owns the building, and Gerner Kronick + Valcarcel is designing the facility in collaboration with Victory. The facility is slated to open in late 2020.

October 16, 2019

Leasing Activity New Jersey Northeast Pennsylvania Retail

Wingstop Signs Two Retail Leases in Philadelphia, Ewing, New Jersey

by Alex Patton October 16, 2019

PHILADELPHIA AND EWING, NEW JERSEY — Dallas-based fast casual restaurant Wingstop has signed retail leases in Philadelphia and Ewing, New Jersey. Wingstop will open a 1,650-square-foot store in Philadelphia’s Morrell Plaza, a 103,251-square-foot retail center with tenants including ShopRite and T-Mobile. The company will also open a 2,200-square-foot store in Ewing, New Jersey’s Capitol Plaza, a 354,993-square-foot shopping center with tenants including Marshalls, Dollar Tree and Planet Fitness. David Dunkelman of Soloff Realty & Development Inc. represented Wingstop in the Philadelphia negotiations, and Sidney Singer of Levin Management Corp. (LMC) represented the landlord. Marta Villa of JLL represented Wingstop in the Ewing negotiations , and Andrea Kyriacou of LMC represented the landlord.

October 16, 2019

Development Illinois Midwest Multifamily Student Housing

Opus Completes 14-Story Student Housing Building Adjacent to University of Illinois at Urbana-Champaign

by Kristin Harlow October 16, 2019

CHAMPAIGN, ILL. — The Opus Group has completed Seven07, a new student housing building near the campus of the University of Illinois at Urbana-Champaign. The 14-story building is home to 218 units with 548 beds. Amenities include a fitness center, indoor basketball court, spa, lounge, café and study areas. The fourth-floor clubroom features pin ball machines, shuffle board and ping pong tables. The project was a joint venture between Opus and The Carlyle Group. Opus served as developer, design-builder, architect and structural engineer. Creative License was the interior designer. Asset Living will manage the property. SunTrust Commercial Real Estate provided project financing.

October 16, 2019

Acquisitions Midwest Minnesota Multifamily

Redwood Capital Sells 320-Unit Apartment Property in Burnsville, Minnesota

by Kristin Harlow October 16, 2019

BURNSVILLE, MINN. — Redwood Capital Group LLC has sold Southwind Village, a 320-unit apartment property in Burnsville. An Indianapolis-based investment firm purchased the asset. CBRE brokered the sale. Southwind Village consists of five two-story, townhome-style buildings. Amenities include a fitness center, two swimming pools, an outdoor kitchen, package delivery system and community room. Redwood has updated a portion of the units with new plumbing fixtures, countertops, appliances and lighting. The buyer and sales price were not disclosed.

October 16, 2019

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $45.7M Refinancing for Two Seniors Housing Communities in Illinois

by Kristin Harlow October 16, 2019

WESTMONT AND LAKE ZURICH, ILL. — CBRE has arranged a $45.7 million refinancing for Aspired Living of Westmont and Azpira Place of Lake Zurich, both seniors housing communities outside of Chicago.The borrower is a joint venture between Virtus Real Estate Capital and Pathway to Living, the latter of which will continue to operate the communities. Aspired Living of Westmont is a 107-unit assisted living and memory care community in the affluent submarket of Westmont, approximately 25 miles west of Chicago. Within a five-mile radius of the community the average household income is $126,000, according to CBRE. Azpira Place of Lake Zurich is a 120-unit assisted living community approximately 45 miles northwest of Chicago in Lake Zurich. Within a five-mile radius of the community the average household income is $158,000, according to CBRE. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing secured the five-year, floating-rate loan with 36 months of interest-only payments from a regional bank.

October 16, 2019

Development Illinois Industrial Midwest

Meridian Breaks Ground on Two Spec Industrial Buildings in Elgin, Illinois

by Kristin Harlow October 16, 2019

ELGIN, ILL. — Meridian Design Build has broken ground on two speculative industrial buildings on behalf of developer Scannell Properties in Elgin. The buildings are located at 2451 Bath Road and 1755 Britannia Drive. The Bath road facility will span 325,020 square feet and feature a clear height of 36 feet, four drive-in doors, 367 auto parking spaces and 56 trailer parking stalls. The Britannia Drive facility will span 80,400 square feet and feature a clear height of 32 feet, two drive-in doors and 93 auto parking spaces. Paul Woody Architects and Manhard Consulting make up the project team. Kenneth Franzese and John Cassidy of Lee & Associates will market the properties for lease.

October 16, 2019

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