Property Type

Stan Johnson Co. Arranges Sale of ComDoc Headquarters in Suburban Cleveland

by Kristin Harlow August 8, 2019

NORTH CANTON, OHIO — Stan Johnson Co. has brokered the sale of a newly constructed, 107,500-square-foot industrial building in North Canton, a suburb of Cleveland. The sales price was not disclosed. ComDoc, a subsidiary of Xerox, fully leases the property as its corporate headquarters. The build-to-suit is located at 8247 Pittsburg Ave. NW. Rob Gemerchak, Jeff Hughes and Jeff McKinney of Stan Johnson represented the seller, Industrial Commercial Properties LLC. A subsidiary of Global Net Lease, an institutional investor based in New York, purchased the building.

August 8, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.9M Sale of Retail Property in Woodstock, Illinois

by Kristin Harlow August 8, 2019

WOODSTOCK, ILL. — Marcus & Millichap has brokered the sale of a 10,336-square-foot, newly constructed retail property in Woodstock in northern Illinois for $4.9 million. Starbucks and Aspen Dental anchor the building. All of the tenants operate on a net-lease basis. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A local buyer completing a 1031 tax-deferred exchange purchased the asset.

August 8, 2019

Loans Midwest Missouri Mixed-Use

NorthMarq Secures $3M Acquisition Financing for Mixed-Use Property in St. Louis

by Kristin Harlow August 8, 2019

ST. LOUIS — NorthMarq has secured a $3 million loan for the acquisition of Wildwood Plaza in St. Louis. The 17,490-square-foot mixed-use property is situated on a one-acre site. Jeff Chaney and Dan Baker of NorthMarq arranged the loan on behalf of the borrower, Chez IX Wildwood Plaza LLC. Life insurance company StanCorp Financial Group provided the 10-year loan, which features a fixed rate and a 25-year amortization schedule.

August 8, 2019

Acquisitions Florida Hospitality Southeast Top Stories

Joint Venture Expands Beachfront Footprint with Acquisition of Two Hotels in Miami Beach for $139.9M

by Alex Tostado August 8, 2019

MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel, Richmond Apartments and South Seas Hotel for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming pool, poolside café and bar, business center, complimentary breakfast and concierge service. South Seas is located at 1751 Collins Ave., directly next to Richmond Hotel. Included in the $87.9 million Richmond Hotel sale was Richmond Apartments, an 18-unit apartment complex located at 1757 James Ave., one block from the two hotels, and the apartment’s parking lot. The joint venture bought Richmond Hotel, which has been family owned and operated since 1941, from Patti and Allan Herbert. The hotel is located at 1757 Collins Ave., directly next door to The Raleigh, which the joint venture acquired in February for $103 million. Lotus Capital Partners arranged a $100 million acquisition loan on behalf of the buyers from California-based Acore Capital for the purchase of Richmond and South Seas. These purchases mark the fourth and fifth purchases between SHVO, Bilgili Group and DFG. The joint …

August 8, 2019

Features Heartland Feature Archive Multifamily Northeast Feature Archive Southeast Feature Archive Student Housing Texas & Oklahoma Feature Archive Western Feature Archive

Generation Z Renters Reshaping Student Housing Market

by Katie Sloan August 8, 2019

With some of the oldest members of Generation Z coming onto the rental scene seeking out their first college and post-college apartments, developers and property owners must start paying closer attention to this new audience. While Gen Z and millennials have quite a bit in common, they also differ in some fundamental aspects and demand different standards of living in residential spaces. Just when owners and property managers are finding their footing with millennials, Gen Z will reshape the rules. Who is Gen Z? Gen Z is the population born in and after 1995. With the oldest members having just graduated college in the last few years, this is the beginning of their descent on the rental market. Since they came of age during the Great Recession and watched their parents struggle to make ends meet, Gen Z has a more conservative approach to spending compared to millennials. They are also less likely to uproot and relocate for a new job, as telecommuting and the freelance career path allows them to create their dream job right where they are. Gen Z is a generation that has grown up with standard two-day delivery, on-demand TV shows, movies downloaded within a minute …

August 8, 2019

Market Reports Midwest Midwest Market Reports Ohio Retail

Cleveland Adapts to Changing Retail Landscape

by Kristin Harlow August 8, 2019

“The retail landscape is changing.” How many times have we, industry professionals especially, heard these words over the past several years? But the reality is, it’s true. There have been countless articles, blogs and lectures blitzing us with arguments supporting or arguing against the notion that brick-and-mortar retail is fighting a losing battle against a burgeoning e-commerce industry. As many of us in the industry know, brick-and-mortar stores still hold a 90 percent market share of retail sales. While that number is shrinking, it is shrinking at a slower pace with each passing quarter. So, rather than talking about e-commerce and its potential negative impact on physical stores, I’d prefer to focus on the categories that are thriving, and in many cases benefiting from e-commerce. The fact is that pressures of e-commerce, coupled with changing consumer preferences driven by millennials and Gen Z, have forced retailers to adapt. The Cleveland market is an excellent microcosm of this retail evolution that has swept through the U.S. Here are the most notable retail trends in Cleveland. Health and beauty Perhaps the hottest category in retail right now is health and beauty. In plain terms, Americans today, more than ever, value being healthy …

August 8, 2019

Development North Carolina Office Southeast

White Point, FCP to Redevelop Historic Mill in Charlotte for Adaptive Office Project

by Alex Tostado August 7, 2019

CHARLOTTE, N.C. — White Point and FCP have unveiled plans to redevelop historic Chadbourn Mill, a former hosiery and textile mill in Charlotte, into an adaptive office project. The new development will feature 40,000 square feet of office space and 2,000 square feet of restaurant space and retail space. JLL will be leasing the office component of the development, with Thrift Commercial Services handling the retail leasing. Construction is expected to be complete in 2020. The site is within walking distance to NoDa’s (North of Davidson) retail and entertainment venues as well as the LYNX Blue Line 25th St. station. Chadbourn Mill produced mostly women’s clothing from the 1930s to 1970s but has been out of use since.

August 7, 2019

Acquisitions Multifamily North Carolina Southeast

Lantower Acquires New Apartment Complex in Northeast Charlotte for $62.8M

by Alex Tostado August 7, 2019

CHARLOTTE, N.C. — Lantower Residential has acquired Garrison Park, a 322-unit apartment complex in northeast Charlotte, for $62.8 million. The seller, The Spectrum Cos., delivered the asset in spring 2019. The property offers studio through three-bedroom floor plans and communal amenities such as a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and outdoor grilling areas. Garrison Park was 45 percent occupied at the time of sale. Lantower will rebrand the property as Lantower Garrison Park. Caleb Troop and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.

August 7, 2019

Acquisitions Loans Maryland Multifamily Southeast

NKF Provides $61.8M Acquisition Loan for Multifamily Community in Suburban Maryland

by Alex Tostado August 7, 2019

LAUREL, MD. — Newmark Knight Frank (NKF) has provided a $61.8 million Freddie Mac acquisition loan for Concord Park at Russett, a 315-unit multifamily community in Laurel. Kevin Mignogna and Charlie Haggard of NKF originated the 10-year, interest-only loan at 70 percent loan-to-value. Concord Park was built in 2005 and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool with wading pool, outdoor lounge, business center, fitness center with yoga studio and a game room and media room. The unnamed borrower is a repeat NKF and Freddie Mac sponsor.

August 7, 2019

Acquisitions Industrial Kentucky Self-Storage Southeast

Marcus & Millichap Negotiates Sale of 452-Unit Self-Storage Facility in Glasgow, Kentucky

by Alex Tostado August 7, 2019

GLASGOW, KY. — Marcus & Millichap has negotiated the sale of Glasgow Self Storage, a 66,075-square-foot, 452-unit self-storage facility in Glasgow. The facility was built in 2010 at 908 Happy Valley Road. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. The buyer and seller were both undisclosed limited liability companies. Colby Haugness of Marcus & Millichap, the broker of record, assisted the team in the transaction. The sales price was not disclosed.

August 7, 2019

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