Property Type

Equus to Break Ground on 373,100 SF Industrial Building Near Inland Port Dillon

by Alex Tostado June 11, 2019

DILLON, S.C. — Equus Capital Partners Ltd. will break ground on a 373,100-square-foot speculative industrial building in Dillon in the third quarter of 2019. The site is situated off I-95 and one mile from Inland Port Dillon. The property will offer warehouse and logistics space, 32-foot clear heights, a 180-foot truck court, 189 parking spots, 58 loading spaces and 64 trailer parking spaces. The Philadelphia-based developer expects to deliver Phase I in 2020. Bob Barrineau and Brendan Redeyoff of CBRE as well as Drew Chaplin of Palmetto Commercial Real Estate are leading leasing efforts at the property on behalf of Equus. Phase II is proposed on a nearby site, which allows for the construction of multiple build-to-suit buildings with up to 1.5 million square feet of additional development capacity. A timeline for Phase II was not disclosed.

June 11, 2019

Acquisitions Georgia Multifamily North Carolina Southeast Tennessee

Carroll Organization Acquires Three-Property Apartment Portfolio in Southeast

by Alex Tostado June 11, 2019

ATLANTA — Carroll Organization has acquired a three-property multifamily portfolio located throughout the Southeast. The three properties include the 268-unit Hawthorne at Mooresville in Mooresville, N.C.; the 312-9unit Hawthorne at Wildwood in Marietta, Ga.; and the 323-unit Hawthorne South Oaks in downtown Nashville, Tenn. According to Atlanta-based Carroll Organization, all three properties will be rebranded under the ARIUM name. Additional terms of the sale were not disclosed.

June 11, 2019

Georgia Hospitality Loans Southeast

PMZ Realty Capital Provides $83.5M Loan for Refinancing of Embassy Suites in Downtown Atlanta

by Alex Tostado June 11, 2019

ATLANTA — PMZ Realty Capital LLC has provided an $83.5 million fixed-rate loan to Legacy Ventures for the refinancing of Embassy Suites Atlanta Centennial Park. The hotel offers 321 rooms and is situated next to Centennial Park, Mercedes-Benz Stadium, Georgia World Congress Center, Georgia Aquarium, the National Center for Civil and Human Rights Museum and the World of Coke. The hotel is located less than one mile from the future site of Centennial Yards, a $5 billion redevelopment that will bring more than 9 million square feet of new office space to downtown Atlanta over the next 10 years. The hotel recently underwent a $10 million renovation.

June 11, 2019

Development Florida Loans Multifamily Southeast

Hunt Provides Two Construction Loans Totaling $67M for Multifamily Projects in South Florida

by Alex Tostado June 11, 2019

MIRAMR AND PALM BAY, FLA. — Hunt Real Estate Capital has provided two HUD 221 (d)(4) construction loans for multifamily projects in South Florida totaling $67 million. Both loans will amortize over 40 years and will include two years of interest-only payments. Hunt Real Estate provided $42 million to Boardwalk 280 LLC for the development of Boardwalk 280 Apartments, which will offer 280 units. Community amenities will include two swimming pools, cabana beds, playground areas, a dog park, grilling areas, tennis tables, Wi-Fi connectivity/stations throughout the common areas, and a clubhouse that will have a lounge/social room, café bar, business center and a fitness center. Boardwalk 280 will be located in Miramar, two blocks from American Dream Miami, a 200-acre shopping and entertainment complex. According to a press release from Cushman & Wakefield, American Dream Miami will be the largest mall in the country. In the second transaction, Hunt Real Estate provided a $25 million loan to Alliance Palm Bay Holdings LLC and general partner Robert Cambo of Alliance Cos. for the construction of San Filippo Apartments in Palm Bay. San Filippo Apartments will be a 197-unit community spread across three- and four-story buildings. The project is classified as green/energy …

June 11, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $26.3M Sale of Multifamily Community in Tampa

by Alex Tostado June 11, 2019

TAMPA, FLA. — Cushman & Wakefield has arranged the sale of Bay Oaks, a 176-unit multifamily community located in south Tampa. The Related Group acquired the property for $26.3 million, or $149,148 per unit. Bay Oaks was built in 1974 on 4.7 acres at 3105 Bay Oaks Court, four miles south of downtown Tampa. The complex offers one- and two-bedroom floor plans and was 97 percent occupied at the time of the sale. Communal amenities include a 24-hour fitness center, swimming pool, community grilling stations, clubhouse, on-site management, a car care center and laundry facilities. Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield represented the seller, Nashville-based Carter-Haston, in the transaction. Chris Lentz and Robert Kaplan of Cushman & Wakefield arranged acquisition financing through Barings Multifamily Capital on behalf of The Related Group.

June 11, 2019

Acquisitions Midwest Missouri Multifamily

Partnership Acquires 624-Unit Apartment Community in Kansas City

by Kristin Harlow June 11, 2019

KANSAS CITY, MO. — A partnership between L5 Investments, Odyssey Properties Group and BH Equities has acquired The Crossing at Barry Road Apartments in Kansas City for an undisclosed price. The buyers plan to begin a three-year, $13.8 million renovation of the 624-unit apartment community. Built in 1997, the garden-style community is situated on nearly 41 acres and includes 54 three-story buildings. Amenities include a clubhouse, fitness center, business center, Starbucks coffee bar, two pools, two lakes and a lighted tennis court. The asset was 95 percent occupied at the time of sale. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller, a joint venture led by GoldOller Real Estate Investments.

June 11, 2019

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $42M Fannie Mae Loan for Refinancing of Apartment Property Near Minneapolis

by Kristin Harlow June 11, 2019

SHOREVIEW, MINN. — Dougherty Mortgage LLC has provided a $42 million Fannie Mae loan for the refinancing of Loden SV, a 206-unit apartment property in Shoreview, about 12 miles northeast of Minneapolis. Constructed in 2018, the pet-friendly property features a community room, conference room, theater room, fitness center, pet grooming area and pool. The 10-year loan features a 30-year amortization schedule. The borrower was not disclosed.

June 11, 2019

Acquisitions Illinois Midwest Multifamily

Essex Brokers $15M Sale of Multifamily Building in Suburban Chicago

by Kristin Harlow June 11, 2019

PARK RIDGE, ILL. — Essex Realty Group Inc. has brokered the sale of The Parker in Park Ridge for $15 million. The 46-unit apartment building features two-bedroom floor plans. Amenities include a fitness center, car washing area, pet run and grilling area. A joint venture between CA Residential and Orchard Development Group developed the property in 2016. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex represented the developers in the sale. Doug Imber, Kate Verde and Clay Maxfield of Essex represented the buyer, a private investor completing a 1031 tax-deferred exchange.

June 11, 2019

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of 50,080 SF Warehouse in Bartlett, Illinois

by Kristin Harlow June 11, 2019

BARTLETT, ILL. — Colliers International has arranged the sale of a 50,080-square-foot warehouse in Bartlett for an undisclosed price. Located in Brewster Creek Business Park, the property sits on 2.8 acres at 1291 Humbracht Circle. Built in 2003, the facility features a clear height of 24 feet and 66 car parking spaces. Bremskerl, a Germany-based producer of abrasives for industrial applications, occupies the facility for its North American headquarters. John D’Orazio of Colliers represented the private seller in the transaction. Cabot Properties purchased the property.

June 11, 2019

Acquisitions Healthcare Indiana Midwest

Marcus & Millichap Negotiates $3.6M Sale of Property Net Leased to Fresenius in Northwest Indiana

by Kristin Harlow June 11, 2019

EAST CHICAGO, IND. — Marcus & Millichap has negotiated the $3.6 million sale of a 9,109-square-foot property net leased to Fresenius Medical Care in East Chicago, about 23 miles southeast of the Windy City. Fresenius has signed a new 15-year lease at the building, which is located at 4016 Main St. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. An out-of-state buyer purchased the asset. Fresenius specializes in the production of medical supplies for dialysis.

June 11, 2019

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