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200-Kent-Avenue-Brooklyn
DevelopmentNew YorkNortheastOfficeRetail

Cornell Tops Out 72,000 SF Retail, Office Building in Brooklyn

by Taylor Williams

NEW YORK CITY — Cornell Realty Management has topped out 200 Kent Avenue, a 72,000-square-foot retail and office building located in the Williamsburg area of Brooklyn. The property spans 50,000 square feet of retail space that will be anchored by a Trader Joe’s, 22,000 square feet of office and restaurant space and 45,000 square feet of parking. Manhattan-based Madison Realty Capital originally provided a $64 million construction loan for the project in November 2017, and Bluestone Group recently provided $8 million in mezzanine debt to finance additional capital expenditures.

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Cornerstone-at-Seaside-Heights
DevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Walters Completes 91-Unit Seniors Housing Community in Seaside Heights, New Jersey

by Taylor Williams

SEASIDE HEIGHTS, N.J. — Locally based developer Walters has completed Cornerstone at Seaside Heights, a 91-unit seniors housing community on the Jersey Shore. Apartments at the income-restricted community range from $995 per month for a one-bedroom unit and $1,250 per month for a two-bedroom apartment. In addition to quick access to the beach and boardwalk, residents can also enjoy a fitness center, clubroom, outdoor decks and other common gathering areas. An open house for the property will be held Saturday, June 15.

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AcquisitionsIllinoisMidwestMultifamily

TLC Management Acquires 250-Unit Townhome Community in St. Charles, Illinois

by Kristin Harlow

ST. CHARLES, ILL. — TLC Management Co. has acquired Prairie Winds of St. Charles, a 250-unit townhome community in suburban Chicago. The purchase price was not disclosed. Completed in 2018, the property includes a mix of one-, two- and three-bedroom rental units averaging 1,254 square feet. Community amenities include nature trails, a pool, bark park, playground, clubhouse, billiards room and fitness center. Sean Fogarty, Marty O’Connell, Wick Kirby, Kevin Girard and Kyle Butler of HFF marketed the property on behalf of the seller, Executive Capital Corp.

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DevelopmentIllinoisMidwestMultifamily

Opus Completes 164-Unit Apartment Project in Suburban Chicago

by Kristin Harlow

ELMHURST, ILL. — The Opus Group has completed construction of The Marke of Elmhurst, a 164-unit luxury apartment project in suburban Chicago. The six-story development includes one-, two- and three-bedroom units as well as 7,600 square feet of retail space. Previously an underutilized commercial site, the property is now home to amenities such as a fitness center, yoga room, pet spa and outdoor amenity deck. Hartshorne Plunkard Architecture and ESG Architects worked with Opus. The project was a joint venture with Principal Real Estate Investors. Greystar Property Management will manage the property.

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AcquisitionsMidwestOhioRetail

IPA Negotiates Sale of 127,645 SF Shopping Center in Cincinnati for $15.2M

by Kristin Harlow

CINCINNATI — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Western Hills Marketplace in Cincinnati for $15.2 million. The 127,645-square-foot shopping center is anchored by Dick’s Sporting Goods, Best Buy and Aldi, which recently signed a 10-year lease. Six of the property’s eight tenants have been in place since 2002 or longer. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, an Ohio-based developer. The team also procured the buyer, a New York-based private real estate company.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 395-Unit Self-Storage Facility in Plano, Illinois

by Kristin Harlow

PLANO, ILL. — Marcus & Millichap has brokered the sale of Store More, a 395-unit self-storage facility in Plano, about 50 miles west of Chicago. The sales price was not disclosed. The 49,500-square-foot property is located at 3980 Turner Ave., along Route 34. The nine-building facility features 17 climate-controlled units and 280 drive-up units as well as 97 boat and recreational vehicle (RV) parking spaces. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller. The team also represented the buyer.

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AcquisitionsIllinoisIndustrialMidwestRetail

Premier Commercial Realty Arranges $4.3M Sale of Industrial, Retail Portfolio in Cary, Illinois

by Kristin Harlow

CARY, ILL. — Premier Commercial Realty has arranged the $4.3 million sale of an industrial and retail portfolio in Cary. The properties include a 32,000-square-foot, multi-tenant industrial building at 615 Industrial Drive; a 36,000-square-foot, multi-tenant industrial building at 700 Industrial Drive; and a 15,000-square-foot retail property at 395 Cary Algonquin Road. All of the properties were fully leased at the time of sale. Three individual investors purchased the assets. Bruce Kaplan and Kevin Kaplan of Premier represented the sellers on all three transactions.

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One-Esterra-Park-Redmond-WA
DevelopmentLoansOfficeTop StoriesWashingtonWestern

Capstone Partners Receives $154.7M Construction Financing for Office Building in Metro Seattle

by Amy Works

REDMOND, WASH. — Capstone Partners has received $154.7 million in construction financing for One Esterra Park, a transit-oriented office development in Redmond, approximately 15 miles east of Seattle. The investment banking firm plans to break ground sometime this month. The Class A project is the next phase of the 3 million-square-foot Esterra Park live-work-play master-planned community. One Esterra Park will rise six stories and total 245,000 square feet. Being built to LEED Silver standards, the property will feature average floor plates of 40,000 square feet, robust amounts of power and mechanical infrastructure and collaborative common areas. The 2.2-acre site is immediately adjacent to Microsoft’s world headquarters and near many of the area’s large and expanding economic drivers such as Facebook, Amazon and Google. Additionally, the project is adjacent to the future Overlake Village Transit Station and the future State Route 520 off-ramp, providing connectivity to major area thoroughfares, including Interstates 405 and 90. Capstone expects One Esterra Park to be ready for occupancy in late 2020. Ben Bullock, Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson of HFF arranged the debt and equity for the project. US Bank provided the construction loan while a private equity investor …

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Market ReportsRetailTexasTexas Market Reports

Central Texas Retail to Benefit From Austin, San Antonio Convergence

by Taylor Williams

Twenty years ago, if you were to make the 100-mile drive along Interstate 5 from Los Angeles to San Diego, you’d be driving through crop fields, ranchlands and vast tracts of undeveloped land. Today, that same corridor in southern California is defined by commercial and residential development, so much so that it’s hard to tell where one city ends and another one begins. In recent years, California has become a feeder of the growing Texas population as businesses and households alike seek the tax benefits of relocating from the West Coast to Texas. Central Texas has been the landing spot for many of those firms and families as well. Consequently, the region’s overall population growth is laying the groundwork for a similar type of transformation along the Interstate 35 corridor connecting Austin and San Antonio. While retail normally follows rooftops, in Central Texas we see retail developers and investors — as well as their counterparts in the industrial space — targeting these markets in advance of the residential building boom that they feel is sure to come. In addition, the remarkable population growth of both of the corridor’s anchoring cities has cemented its role as a rising star in terms …

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AcquisitionsAffordable HousingFloridaGeorgiaLoansMultifamilyNorth CarolinaSouth CarolinaSoutheastVirginia

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte,  Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

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