Property Type

139-Unit Senior Living Community Opens in Stillwater, Minnesota

by Kristin Harlow July 8, 2019

STILLWATER, MINN. — The Lodge, a 139-unit senior living community, has opened in Stillwater, about 30 miles east of Minneapolis. The Lodge is the first phase of three planned phases at The Lakes at Stillwater, a $70 million senior campus near Long Lake managed by The Goodman Group. The Lodge offers independent living, assisted living, memory care and care suites for rent. The Goodman Family Operating Foundation and Intergenerational Living & Health Care Inc. are co-owners of ILHC of Stillwater LLC, the parent company of The Lodge at The Lakes at Stillwater. Phase II, Birchwood Landing, is underway and will offer 30 two-bedroom lake homes for rent. Phase III, Sandhill Shores, will offer 70 one- and two-bedroom luxury apartment residences for ages 55 and up. The Goodman Group expects to employ more than 70 individuals and serve more than 139 residents. JBG Design & Development is the development partner.

July 8, 2019

Development Indiana Industrial Midwest Self-Storage

U-Haul Transforms Former Kmart Property Into Self-Storage Facility in Indianapolis

by Kristin Harlow July 8, 2019

INDIANAPOLIS — U-Haul has transformed a former Kmart property located at 7425 E. Washington St. in Indianapolis into a self-storage facility. The 178,963-square-foot building now holds 598 climate-controlled units. Customers also have access to moving supplies and U-Box portable storage containers. U-Haul also plans to offer outdoor self-storage at the 12.5-acre site. Originally constructed in 1969, the building had stood vacant since 2014.

July 8, 2019

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $3.7M Sale of Net-Leased Bank Property in Hilliard, Ohio

by Kristin Harlow July 8, 2019

HILLIARD, OHIO — Marcus & Millichap has arranged the $3.7 million sale of a 5,525-square-foot property net leased to S&T Bank in Hilliard, a suburb of Columbus. The build-to-suit, completed this year, is located at 4599 Cemetery Road. Dan Yozwiak and John Reehil of Marcus & Millichap brokered the transaction. Both the buyer and seller were limited liability companies.

July 8, 2019

Leasing Activity Midwest Missouri Office

Law Organizations to Share Office Space in Kansas City’s Country Club Plaza

by Kristin Harlow July 8, 2019

KANSAS CITY, MO. — Kirkendall Dwyer LLP and Law Tigers have jointly signed a long-term office lease for 1,474 square feet at the Skelly Building in Kansas City’s Country Club Plaza. The organizations will occupy Suite 208 on the second floor. The building, located at 605 W. 47th St., is now 97 percent occupied. Other tenants include Panera Bread, Bo Lings Chinese restaurant, Footlocker, Roth Living, McDowell Rice Smith & Buchanan, House Park & Dobratz, Block & Co. Inc. Realtors and MegaStar Financial. Alex Block of Block & Co. handled the lease transaction on behalf of property ownership. Kirkendall Dwyer specializes in automotive personal injury. Law Tigers is a national network of motorcycle accident attorneys that focuses more specifically motorcycle personal injury. Block & Co. is the property manager for the Skelly Building.

July 8, 2019

Development Office Southeast Tennessee

Brasfield & Gorrie Delivers New Headquarters for Mars Petcare Near Nashville

by John Nelson July 8, 2019

FRANKLIN, TENN. — Brasfield & Gorrie has delivered the new North American headquarters for Mars Petcare, a leading pet care and products firm. Located in the southern Nashville suburb of Franklin, the pet-friendly campus includes a Wi-Fi-enabled dog park, two indoor dog play areas with options for daycare, coffee bars on every floor with designated “slurp stations” for pets, pet beds and toys throughout the campus, wide furniture that is upholstered with pet-friendly fabric and green space with walking paths. Mars Petcare employs 85,000 associates and features 50 brands, including Pedigree, Iams and Whiskas.

July 8, 2019

Development Loans Multifamily Southeast Virginia

Berkadia Provides $22.6M HUD Construction Loan for Multifamily Community in Fishersville, Virginia

by John Nelson July 8, 2019

FISHERSVILLE, VA. — Berkadia has provided a $22.6 million construction loan for the development of Goose Creek Apartments, a multifamily community planned along Goose Point Lane in Fishersville. The project is Phase II of the apartment community being developed by Virginia-based Denstock. Amy Gay of Berkadia’s Richmond office originated the 40-year loan through HUD’s 221(d)(4) program on behalf of Denstock. The loan was underwritten with a fixed 4.49 percent interest rate and an 85 percent loan-to-cost ratio.

July 8, 2019

Development Multifamily North Carolina Southeast

Alliance Residential to Develop 336-Unit Apartment Community in Southeast Charlotte

by John Nelson July 8, 2019

CHARLOTTE, N.C. — Alliance Residential Co. has acquired 25.5 acres in southeast Charlotte for the development of Broadstone Lemmond Farm, a 336-unit apartment community. Situated at the intersection of Interstate 485 and Albermarle Road, the community will anchor the Lemmond Farm master-planned development that the Helms family and Stanchion Asset Partners are co-developing. In addition to apartments, Lemmond Farm will include 50,000 square feet of retail and office space. Alliance Residential plans to begin construction later this year and open the community in 2020. Cline Design Associates designed Broadstone Lemmond Farm, which will feature a mix of one-, two- and three-bedroom apartments averaging 924 square feet.

July 8, 2019

Loans Maryland Multifamily Southeast

Hunt Originates Fannie Mae Loan to Refinance 223-Unit Apartment Community in Baltimore

by John Nelson July 8, 2019

BALTIMORE — Hunt Real Estate Capital has provided a Fannie Mae loan to refinance Porter Street Apartments, a 223-unit multifamily community located at 1401 Porter St. in Baltimore. The 12-year loan features a 30-year amortization schedule. Porter Street Apartments includes a 600-space parking garage and its unit mix comprises 57 studios, 107 one-bedroom apartments and 59 two-bedroom units. Hunt’s John Hurley originated the loan in connection with David Strouse of Birchwood Capital Partners on behalf of the borrower, a partnership between Mark Sapperstein and Kinsley Equities. The LEED Silver-certified property opened in 2017 as part of McHenry Row, a mixed-use project in Baltimore’s Locust Point neighborhood that is anchored by Harris Teeter.

July 8, 2019

Acquisitions Florida Retail Southeast

NAI Realvest | Charles Wayne Arranges $2.7M Sale of Beachside Retail Center Near Daytona Beach

by John Nelson July 8, 2019

ORMOND BEACH, FLA. — NAI Realvest | Charles Wayne Commercial has brokered the $2.7 million sale of Aliki Plaza, a 29,730-square-foot beachside shopping center near Daytona Beach. Built in 1985 at 378-404 S. Atlantic Ave. in Ormond Beach, the retail property was 90 percent leased at the time of sale to 18 tenants, including Daytona Beach Welcome Center, Weichert Hallmark Properties and Coldwell Banker Premier Properties. Charles Lichtigman and Brad Gifford of NAI Realvest | Charles Wayne negotiated the sale on behalf of the seller, Sunbelt Holdings Daytona LLC. Carl Lentz of SVN Alliance represented the buyer, Aliki Plaza of Ormond Beach LLC, which is led by local investor Ty Lohman.

July 8, 2019

Development Multifamily Washington Western

Binjiang, Molasky Buy Multifamily Development Site for $11.3M in Bellevue, Washington

by Jeff Shaw July 8, 2019

BELLEVUE, WASH. — Holly Yang and Mike Yeh of Kidder Mathews have negotiated the $11.3 million sale of a 16,674-square-foot multifamily development site at 10050 NE 10th St. in downtown Bellevue. Binjiang Limited Partnership and The Molasky Group of Companies purchased the property. Binjiang is a subsidiary of Binjiang Real Estate, a Chinese publicly traded real estate company. Aotong Bellevue 10th Street LLC, a private real estate investor located in Kirkland, Wash., was the seller. Aotong and architecture firm Link Design Group obtained approval in February for a seven-story, 102-unit residential apartment building with underground parking for 111 vehicles. A demolition permit has also been issued.

July 8, 2019

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