Property Type

JMG Realty to Open New Multifamily Property in Bluffton, South Carolina

by Alex Tostado February 14, 2020

BLUFFTON, S.C. — JMG Realty Inc. will open Enclave at Bluffton Park, a 110-unit multifamily property in Bluffton, on Monday, March 2. The property will offer a mix of one-, two- and three-bedroom floor plans across one-story garden-style buildings and two-story townhomes. Communal amenities will include a pool with covered entertainment pavilion, a clubhouse with 24-hour fitness center and outdoor recreational areas with grills and TVs. There will also be a complimentary rental bike service for residents. The property is situated at 12 Wilkinson Way, eight miles west of Hilton Head Island. A grand opening event will be scheduled for the spring.

February 14, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $26M Acquisition Loan for Multifamily Community Near Atlanta

by Alex Tostado February 14, 2020

JOHNS CREEK, GA. — Walker & Dunlop has provided a $26 million Fannie Mae acquisition loan for The Reserve at Johns Creek Walk, a 210-unit multifamily community in Johns Creek. The 10-year loan features five years of interest-only payments. The borrower was JLL Income Property Trust. The Reserve at Johns Creek Walk is situated on nine acres at 6215 Johns Creek Commons, 29 miles northeast of downtown Atlanta in north Fulton County. The property offers one-, two- and three-bedroom floor plans and communal amenities such as a 24-hour cyber café, 24-hour fitness center, conference room, pool, outdoor kitchen, pet spa, playground and a car care center. Jim Cope and Benjy Krosin of Walker & Dunlop originated the loan on behalf of the borrower.

February 14, 2020

Acquisitions District of Columbia Multifamily Southeast

Greysteel Arranges $13.7M Sale of Apartment Complex in D.C.

by Alex Tostado February 14, 2020

WASHINGTON, D.C. — Greysteel has arranged the $13.7 million sale of Glenwood Apartments, a 90-unit apartment complex in Washington, D.C.’s Edgewood neighborhood The property was originally built in 1942 at 2315-2321 Lincoln Road NE, two miles northeast of downtown D.C. The community offers studio, one- and two-bedroom floor plans and amenities including a courtyard, package services, dog park and a grilling area. The seller, Stonebridge Investments, recently invested $1.5 million to upgrade the lobbies, hallways, leasing office, courtyard, dog park and approximately 37 units prior to the sale. Ari Firoozabadi, Kyle Tangney, Herbert Schwat and Dutch Seitz of Greysteel represented the seller in the transaction. The buyer was not disclosed.

February 14, 2020

Acquisitions Illinois Midwest Multifamily

Cagan’s Realty Brokers $94M Condo Deconversion Sale in Des Plaines, Illinois

by Kristin Harlow February 14, 2020

DES PLAINES, ILL. — Cagan’s Realty Inc. has brokered the condo deconversion sale of Heritage Village Pointe in Des Plaines for $94 million. The transaction represents the largest deconversion sale by units in the state of Illinois, according to Cagan’s. The 154-building, 924-unit property sits on six acres and was originally developed in 1973. It will be renovated from condos into apartments via a planned, multi-year schedule. Current residents will be able to stay in their units until their buildings come up for rehabilitation. New Jersey-based CLK LLC was the buyer. Mirela Dulu and Heather Gallagher of Cagan’s, an affiliate of Cagan Property Management Inc., represented CLK and worked closely with the condominium association. Unit owners were motivated by the above-market purchase price offer as well as the prospect of expensive monthly assessments that would be required for deferred maintenance at the property, according to Dulu.

February 14, 2020

Development Midwest North Dakota Retail

CBL Properties Unveils Redevelopment Plans for Former Herberger’s Store in Bismarck, North Dakota

by Kristin Harlow February 14, 2020

BISMARCK, N.D. — CBL Properties has unveiled the first phase of redevelopment plans for the former Herberger’s department store at Kirkwood Mall in Bismarck. Three fast-casual restaurants, including Five Guys, Blaze Pizza and Chick-fil-A, will join the mall. As part of the project, roughly 40,000 square feet of the former Herberger’s will be demolished. The remaining 52,000 square feet will be utilized in future phases of redevelopment. An additional pad site will be created in the parking area. Construction is set to begin this spring.

February 14, 2020

Acquisitions Midwest Missouri Retail

Block & Co. Arranges $9.2M Sale of Grocery Asset in Grain Valley, Missouri

by Kristin Harlow February 14, 2020

GRAIN VALLEY, MO. — Block & Co. Inc. Realtors has arranged the $9.2 million sale of a 60,000-square-foot shopping center in Grain Valley, about 25 miles east of Kansas City. Price Chopper and Starbucks occupy the property, which is situated on 7.3 acres on McQuerry Road. William Glasgow of Block & Co. represented the undisclosed buyer as well as the seller, Star Development Corp., which constructed the building in 2017.

February 14, 2020

Acquisitions Civic Midwest Missouri

Avison Young Brokers Sale of Historic School Building in St. Louis

by Kristin Harlow February 14, 2020

ST. LOUIS — Avison Young has brokered the sale of 9221 Minnesota Ave., a 22,259-square-foot, historic school building in St. Louis, for an undisclosed price. Known as Carondelet School, the property was built in 1871 and is listed on the National Register of Historic Places. It underwent a $4.8 million renovation in 2009. The buyer, goBrandgo, is a marketing and brand management firm. Steve Stradal of Avison Young represented the seller, Carondelet Holdings LLC. Gershman Commercial Real Estate represented the buyer.

February 14, 2020

Illinois Leasing Activity Midwest Office

Hometown America Signs 9,443 SF Office Lease at Bank of America Tower in Chicago

by Kristin Harlow February 14, 2020

CHICAGO — Hometown America LLC has signed a 9,443-square-foot office lease at the new Bank of America Tower under development at 110 N. Wacker Drive in Chicago. The privately held company, which owns and operates more than 120 residential land-lease communities across the United States and Australia, will relocate to the 45th floor of the tower in May 2021 from its current space at 150 N. Wacker Drive. Michael Marrion of Colliers International represented the tenant in the lease transaction.

February 14, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires Lutheran Crossings Community in Moorestown, New Jersey

by Alex Patton February 14, 2020

MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community in Moorestown, an eastern suburb of Philadelphia. Situated on 14 acres, the property features 201 beds of skilled nursing and a 63-unit assisted living campus. The new ownership will implement a two-phase, $12 million capital improvement campaign and will rebrand the property as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced Senior Living. Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Further improvements will include the incorporation of a therapy gym, renovations to the facility’s lobby and common areas and upgrades to mechanical systems and roofs. Marquis Health Services, Tryko Partners’ healthcare affiliate, will manage the community. The sales price was undisclosed.

February 14, 2020

Development New York Northeast Retail

Topgolf to Open $25M Facility on Long Island

by Alex Patton February 14, 2020

HOLTSVILLE, N.Y. — Dallas-based sports and entertainment company Topgolf will open a $25 million driving range and restaurant facility in Holtsville, a city located on the eastern part of Long Island. The facility will feature three levels of entertainment and dining space on a 26.6-acre site. The facility will be Topgolf’s first venue in New York and is expected to bring 500 new full-time jobs to the state. Construction is slated for completion in early 2021.

February 14, 2020

Newer Posts

Older Posts