Property Type

Merritt Properties Plans 860,000 SF Tower Logistics Center in Suburban Maryland

by Alex Tostado June 12, 2019

PERRYMAN, MD. — Merritt Properties has announced plans for Tower Logistics Center, an 860,000-square-foot industrial building in Perryman. Delivery is expected in late 2020. The building will be located at 1225 S. Philadelphia Road, about 30 miles north of the Port of Baltimore. Tower Logistics Center will feature 40-foot clear heights, 60-foot speed bays, more than 150 dock bays and 200 trailer parking spaces. Truck courts will span 130 feet and the building will include four drive-in doors. The construction team includes Powers Brown Architecture as the architect and Morris & Ritchie Associates Inc. as the civil engineer. Merritt has engaged CBRE as a listing partner, with Bill Pellington and Jon Casella of CBRE leading leasing efforts.

June 12, 2019

Acquisitions Multifamily North Carolina Southeast

HFF Arranges $57.3M Sale of Multifamily Community in Charlotte

by Alex Tostado June 12, 2019

CHARLOTTE, N.C. — HFF has arranged the $57.3 million sale of Solis Berewick, a 275-unit multifamily community completed in 2017 in Charlotte. The property is located at 9550 Gannon Drive next to the grocery-anchored Berewick Town Center development, part of the 1,200-acre Berewick master-planned community in southwest Charlotte. Solis Berewick offers one-, two- and three-bedroom floor plans averaging 1,016 square feet per unit. Communal amenities include a saltwater swimming pool, outdoor grilling area with fire pit, gaming and entertainment lounge, fitness center, private yoga/spin studio, dog park and pet spa, electric car charging stations, community nature trail, and a playground. Allan Lynch, Justin Good, Caylor Mark and Jeff Glenn of HFF represented the seller, Terwilliger Pappas, in the transaction. The team also procured the buyer, RK Properties.

June 12, 2019

Acquisitions Florida Office Southeast

Savlan Capital Acquires Office Building Near Tampa for $15M

by Alex Tostado June 12, 2019

BRADENTON, FLA. — Savlan Capital has acquired Bradenton Financial Center, a 116,839-square-foot office building in Bradenton, for $15 million or $127.95 per square foot. Bradenton Financial Center was built in 1986 at 1401 W. Manatee Ave., 45 miles south of downtown Tampa. BFC Bradenton LLC sold the building, which was 90 percent leased at the time of sale to tenants including Mauldin Jenkins, Workforce Business Services, Fisher-Rosemount Systems, Bank of America, Merrill Lynch and Morgan Stanley. Amenities include a Sage Biscuit Café on the ground level and an adjacent five-story parking garage that is accessible via a covered-walkway from the main building. Savlan Capital plans to invest significant funds into the property for exterior renovations and common-area improvements. Savlan Capital has retained Debra Cooper and Angela Varga of SVN Commercial Advisory Group as leasing agents for Bradenton Financial Center. Rick Brugge, Mike Davis and Rick Colon of Cushman & Wakefield represented both seller and buyer in the transaction.

June 12, 2019

Acquisitions Midwest Missouri Multifamily

Timberland Partners Acquires 608-Unit Apartment Community in Hazelwood, Missouri

by Kristin Harlow June 12, 2019

HAZELWOOD, MO. — Timberland Partners has acquired Knollwood Apartments in Hazelwood for an undisclosed price. The garden-style, 608-unit apartment community was built in two phases in 1980 and 1984. Amenities include two outdoor pools, two dog parks, a fitness center and clubhouse. Timberland plans to implement a capital improvement plan and rebrand the property as The Finn. Renovations will include new cabinet fronts, faux wood flooring, stainless-steel appliances, updated lighting fixtures and hardware. This is Timberland’s sixth property in the St. Louis market. The seller was not disclosed.

June 12, 2019

Development Industrial Midwest Wisconsin

Zilber to Develop Industrial Build-to-Suit for Bio Fab in Pleasant Prairie, Wisconsin

by Kristin Harlow June 12, 2019

PLEASANT PRAIRIE, WIS. — Zilber Property Group is developing an industrial build-to-suit for Bio Fab Technologies Inc. in Pleasant Prairie. The 50,000-square-foot facility will be situated within LakeView Corporate Park. Kenosha-based Bio Fab is a provider of custom stainless-steel equipment and components for the pharmaceutical, biotechnology, semiconductor, architectural and food and beverage industries. Groundbreaking is scheduled for this summer with completion in spring 2020. Project partners include Riley Construction, Pinnacle Engineering Group, Partners in Design Architects, raSmith and Electrical Contractors Inc.

June 12, 2019

Acquisitions Indiana Industrial Midwest

Plymouth Industrial REIT Purchases Facility in Indianapolis for $17.1M

by Kristin Harlow June 12, 2019

INDIANAPOLIS — Plymouth Industrial REIT Inc. has purchased a multi-tenant, Class B industrial building in Indianapolis for $17.1 million. Located on Sam Jones Expressway, the 484,879-square-foot property is situated in the Southwest submarket in close proximity to the Indianapolis International Airport. The facility is fully leased by Phoenix Material Management, a provider of container management solutions, and Quemetco Inc., a subsidiary of RSR Corp. that recycles lead-based batteries.

June 12, 2019

Loans Midwest Multifamily Seniors Housing Wisconsin

Associated Bank Secures Construction Financing for Age-Restricted Property in Madison, Wisconsin

by Kristin Harlow June 12, 2019

MADISON, WIS. — Associated Bank has secured $4.7 million in new construction financing and $6.2 million in low-income housing tax credit equity for Point Place Senior Apartments in Madison. The new property will be situated on a 1.3-acre site at 7945 Tree Lane. The four-story community will contain 54 units, all of which will be restricted to persons age 55 and older. Three of the units will be market rate, while the rest are reserved for households earning between 30 and 60 percent of the area median income. Eleven units will be designated supportive housing for homeless persons with special needs with a priority on veterans. Construction is scheduled to begin this month with completion in May 2020. CommonBond Communities will develop and manage the building. The tax credit equity group of RBC Capital Markets is the tax credit syndicator for the project.

June 12, 2019

Acquisitions Healthcare Indiana Midwest

Strawberry Fields REIT Sells Medical Office Building in Indiana for $6.1M

by Kristin Harlow June 12, 2019

VALPARAISO, IND. — Strawberry Fields REIT LLC has sold The Glendale Medical Center in Valparaiso for $6.1 million. The property features a 20,207-square-foot main building constructed in 1967 and an 8,630-square-foot annex building constructed in 2007. The main building was renovated in conjunction with the construction of the annex building. Strawberry Fields sold the property because it was not within the company’s core investment strategy of owning and managing skilled nursing facilities, according to CEO Moishe Gubin. The buyer was not disclosed.

June 12, 2019

Acquisitions Massachusetts Multifamily Northeast

DSF Group Acquires 1,020-Unit Apartment Community in Metro Boston

by Taylor Williams June 12, 2019

FRAMINGHAM, MASS. — An affiliate of DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Jefferson Hills Apartments, a 1,020-unit multifamily community in the western Boston suburb of Framingham. The property is situated on 27 acres and consists of four six-story apartment buildings and a clubhouse. The unit mix comprises 180 studio units, 551 one-bedroom apartments and 289 two-bedroom residences. Unit features include stainless steel appliances, quartz countertops, walk-in closets and private balconies. Communal amenities include a pool with a sundeck, fitness center, turf soccer field, basketball and tennis courts, a dog park, internet café, business center, game room and a children’s play area. The seller and sales price were not disclosed.

June 12, 2019

Loans Northeast Office Pennsylvania Retail

JLL Arranges Financing for Leasehold Interest in 186,000 SF Retail, Office Building in Philadelphia

by Taylor Williams June 12, 2019

PHILADELPHIA — JLL’s Capital Markets group has arranged an undisclosed amount of permanent financing on behalf of Alliance Partners HSP, which owns the leasehold interest in the SoNo commercial building in Philadelphia. Located at 456 N. Fifth St., the 186,000-square-foot former warehouse property was fully leased at the time of the loan closing to tenants such as Yards Brewing Co. (70,000 square feet), the City of Philadelphia Archives Dept. (68,000 square feet) and Target (48,000 square feet). Tristate Capital Bank provided the loan to Alliance, which acquired the property in 2015 and recently completed its redevelopment in 2017. Chad Orcutt of JLL placed the debt.

June 12, 2019

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