Property Type

Capitol Seniors Housing Opens 96-Unit Community in Andover, Massachusetts

by Alex Patton August 21, 2019

ANDOVER, MASS. — Capitol Seniors Housing, a developer based in Washington D.C., has opened Stone Hill at Andover, a 96-unit community located about 25 miles north of Boston. The 81,500-square-foot community offers one- and two-bedroom units and provides independent living, assisted living and a specialized program focusing on Alzheimer’s disease and dementia care. Additional amenities include a bistro, activity room, fitness room, theater, salon and courtyard. Pennsylvania-based Meyer Senior Living Studio designed the property.

August 21, 2019

Leasing Activity New Jersey Northeast Office

Dickstein Negotiates 5,175 SF Office Lease in Red Bank, New Jersey

by Alex Patton August 21, 2019

RED BANK, N.J. — Dickstein Real Estate Services, a New Jersey-based brokerage firm, has negotiated a 5,175-square-foot office lease in Red Bank, a coastal city about 50 miles south of New York City. The property is located within a two-building complex at 322 Highway 35 South, which was 90 percent occupied at the time of leasing. Larry Dickstein of Dickstein represented the tenant, New Jersey-based Xela Communications, in the lease negotiations. Kristin Hurlbut of Denholtz Properties represented the landlord on an internal basis.

August 21, 2019

Acquisitions Multifamily Texas

Passco Acquires 384-Unit Apartment Community in Metro Houston

by Taylor Williams August 21, 2019

BAYTOWN, TEXAS — California-based apartment investment firm Passco Cos. has acquired Boterra Bay Apartments, a 384-unit multifamily community located in the eastern Houston suburb of Baytown. The Class A property will be rebranded Sapphire Bay Apartments. Floor plans consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and walk-in closets. Amenities include a pool with a tanning deck, a fitness center with yoga and spin studios, outdoor kitchen with grilling stations, dog park, business center and a resident clubhouse. Thomas Alleman and Brandon Miller of Newmark Knight Frank represented the seller, a joint venture between Houston-based The Boterra Group and Dallas-based Edison Capital Holdings, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing on behalf of Passco.

August 21, 2019

Acquisitions Office Texas

CIM Group Purchases 390,000 SF Office Building in Austin

by Taylor Williams August 21, 2019

AUSTIN, TEXAS — Investment firm CIM Group has purchased Chase Tower, a 21-story, 390,000-square-foot office building located at 221 W. Sixth St. in downtown Austin. Built in 1974, the property spans a full city block and is surrounded by an abundance of restaurant, retail, entertainment and hotel options. Chase Tower is also located near hiking and biking trails fronting Lady Bird Lake. The seller was not disclosed.

August 21, 2019

Loans Multifamily Texas

NXT Capital Provides $28.5M Loan for Refinancing of San Antonio Apartments

by Taylor Williams August 21, 2019

SAN ANTONIO — Chicago-based NXT Capital has provided a $28.5 million loan for the refinancing of a 278-unit apartment community in San Antonio. The property is located within a master-planned community featuring over 10 million square feet of retail space and 5 million square feet of office space within a five-mile radius. Communal amenities of the multifamily property include a resort-style pool with a tanning ledge, cabanas with grilling stations, an outdoor fire pit, dog park, clubroom, cybercafé, 24-hour fitness center and an indoor/outdoor lounge. Jason Bond and Dan Kearns of JLL placed the loan with NXT Capital on behalf of the undisclosed borrower.

August 21, 2019

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 24,464 SF Industrial Property in Plano

by Taylor Williams August 21, 2019

PLANO, TEXAS — Marcus & Millichap has arranged the sale of a 24,464-square-foot industrial property located at 1304 Summit Ave. in Plano. The asset was built on 2.3 acres in 1981. Adam Abushagur of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were private investors.

August 21, 2019

Development Illinois Midwest Office

Morgan/Harbour Construction Begins Phase II of Hub Group Headquarters in Oak Brook, Illinois

by Kristin Harlow August 21, 2019

OAK BROOK, ILL. — Morgan/Harbour Construction has broken ground on a new 135,000-square-foot, four-story build-to-suit for Hub Group on Clearwater Drive in Oak Brook. The project serves as Phase II for the headquarters of Hub Group, a supply chain solutions provider. In the second phase, Morgan/Harbour will construct a replica of the Phase I building with open work areas, private offices, conference rooms and a fitness center. The buildings will be connected via an underground walkway. Solomon Cordwell Buenz is the architect. Completion is slated for September 2020. Morgan/Harbour completed Phase I in 2014.

August 21, 2019

Acquisitions Industrial Midwest Self-Storage Wisconsin

Strategic Storage Growth Trust Acquires 770-Unit Self-Storage Facility in Milwaukee

by Kristin Harlow August 21, 2019

MILWAUKEE — Strategic Storage Growth Trust II Inc. (SSGT II) has acquired a newly constructed, 770-unit self-storage facility in Milwaukee for an undisclosed price. Located at 3420 W. Capitol Drive, the facility is situated on 3.9 acres and comprised of approximately 83,000 rentable square feet. The property features drive-up units, climate-controlled units, a covered loading area and gate access. SSGT II is a private real estate investment trust sponsored by an indirect subsidiary of SmartStop Self Storage REIT Inc.

August 21, 2019

Illinois Leasing Activity Midwest Retail

The RoomPlace Opens Two-Story, 84,000 SF Store at Lincolnwood Town Center in Northern Illinois

by Kristin Harlow August 21, 2019

LINCOLNWOOD, ILL. — The RoomPlace, an Illinois-based furniture store, has opened at Lincolnwood Town Center in northern Illinois. The retailer replaces a former Carson’s store. The 84,000-square-foot space incorporates three brands — The RoomPlace, The MattressPlace and RP Outlet. The location marks The RoomPlace’s largest store to date. Washington Prime Group Inc. owns Lincolnwood Town Center. Other retailers at the shopping mall include Kohl’s, Old Navy, Bath & Body Works, Foot Locker, Express and Champs Sports.

August 21, 2019

Loans Midwest Ohio Retail

NorthMarq Arranges $7M Acquisition Loan for Southland 75 Shopping Center in Dayton, Ohio

by Kristin Harlow August 21, 2019

DAYTON, OHIO — NorthMarq has arranged a $7 million loan for the acquisition of Southland 75 Shopping Center in Dayton. The 117,410-square-foot retail center is located at 8265-8361 Springboro Pike. Major tenants include Dollar Tree, Hobby Lobby and Get Air Trampoline Park. Noah Juran of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A regional bank provided the loan for the undisclosed borrower.

August 21, 2019

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