Property Type

Opus Completes 164-Unit Apartment Project in Suburban Chicago

by Kristin Harlow June 7, 2019

ELMHURST, ILL. — The Opus Group has completed construction of The Marke of Elmhurst, a 164-unit luxury apartment project in suburban Chicago. The six-story development includes one-, two- and three-bedroom units as well as 7,600 square feet of retail space. Previously an underutilized commercial site, the property is now home to amenities such as a fitness center, yoga room, pet spa and outdoor amenity deck. Hartshorne Plunkard Architecture and ESG Architects worked with Opus. The project was a joint venture with Principal Real Estate Investors. Greystar Property Management will manage the property.

June 7, 2019

Acquisitions Midwest Ohio Retail

IPA Negotiates Sale of 127,645 SF Shopping Center in Cincinnati for $15.2M

by Kristin Harlow June 7, 2019

CINCINNATI — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Western Hills Marketplace in Cincinnati for $15.2 million. The 127,645-square-foot shopping center is anchored by Dick’s Sporting Goods, Best Buy and Aldi, which recently signed a 10-year lease. Six of the property’s eight tenants have been in place since 2002 or longer. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, an Ohio-based developer. The team also procured the buyer, a New York-based private real estate company.

June 7, 2019

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Brokers Sale of 395-Unit Self-Storage Facility in Plano, Illinois

by Kristin Harlow June 7, 2019

PLANO, ILL. — Marcus & Millichap has brokered the sale of Store More, a 395-unit self-storage facility in Plano, about 50 miles west of Chicago. The sales price was not disclosed. The 49,500-square-foot property is located at 3980 Turner Ave., along Route 34. The nine-building facility features 17 climate-controlled units and 280 drive-up units as well as 97 boat and recreational vehicle (RV) parking spaces. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller. The team also represented the buyer.

June 7, 2019

Acquisitions Illinois Industrial Midwest Retail

Premier Commercial Realty Arranges $4.3M Sale of Industrial, Retail Portfolio in Cary, Illinois

by Kristin Harlow June 7, 2019

CARY, ILL. — Premier Commercial Realty has arranged the $4.3 million sale of an industrial and retail portfolio in Cary. The properties include a 32,000-square-foot, multi-tenant industrial building at 615 Industrial Drive; a 36,000-square-foot, multi-tenant industrial building at 700 Industrial Drive; and a 15,000-square-foot retail property at 395 Cary Algonquin Road. All of the properties were fully leased at the time of sale. Three individual investors purchased the assets. Bruce Kaplan and Kevin Kaplan of Premier represented the sellers on all three transactions.

June 7, 2019

Development Loans Office Top Stories Washington Western

Capstone Partners Receives $154.7M Construction Financing for Office Building in Metro Seattle

by Amy Works June 7, 2019

REDMOND, WASH. — Capstone Partners has received $154.7 million in construction financing for One Esterra Park, a transit-oriented office development in Redmond, approximately 15 miles east of Seattle. The investment banking firm plans to break ground sometime this month. The Class A project is the next phase of the 3 million-square-foot Esterra Park live-work-play master-planned community. One Esterra Park will rise six stories and total 245,000 square feet. Being built to LEED Silver standards, the property will feature average floor plates of 40,000 square feet, robust amounts of power and mechanical infrastructure and collaborative common areas. The 2.2-acre site is immediately adjacent to Microsoft’s world headquarters and near many of the area’s large and expanding economic drivers such as Facebook, Amazon and Google. Additionally, the project is adjacent to the future Overlake Village Transit Station and the future State Route 520 off-ramp, providing connectivity to major area thoroughfares, including Interstates 405 and 90. Capstone expects One Esterra Park to be ready for occupancy in late 2020. Ben Bullock, Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson of HFF arranged the debt and equity for the project. US Bank provided the construction loan while a private equity investor …

June 7, 2019

Market Reports Retail Texas Texas Market Reports

Central Texas Retail to Benefit From Austin, San Antonio Convergence

by Taylor Williams June 7, 2019

Twenty years ago, if you were to make the 100-mile drive along Interstate 5 from Los Angeles to San Diego, you’d be driving through crop fields, ranchlands and vast tracts of undeveloped land. Today, that same corridor in southern California is defined by commercial and residential development, so much so that it’s hard to tell where one city ends and another one begins. In recent years, California has become a feeder of the growing Texas population as businesses and households alike seek the tax benefits of relocating from the West Coast to Texas. Central Texas has been the landing spot for many of those firms and families as well. Consequently, the region’s overall population growth is laying the groundwork for a similar type of transformation along the Interstate 35 corridor connecting Austin and San Antonio. While retail normally follows rooftops, in Central Texas we see retail developers and investors — as well as their counterparts in the industrial space — targeting these markets in advance of the residential building boom that they feel is sure to come. In addition, the remarkable population growth of both of the corridor’s anchoring cities has cemented its role as a rising star in terms …

June 7, 2019

Acquisitions Affordable Housing Florida Georgia Loans Multifamily North Carolina South Carolina Southeast Virginia

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado June 6, 2019

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

June 6, 2019

Leasing Activity North Carolina Office Southeast

Honeywell Leases Nine Floors at Charlotte’s Legacy Union Project for Corporate Relocation

by Alex Tostado June 6, 2019

CHARLOTTE, N.C. — Honeywell has signed a long-term lease with Lincoln Harris to occupy on a 23-story office tower in downtown Charlotte. Honeywell will occupy 280,000 square feet of space spanning nine floors. The company plans to house 700 employees there by the end of 2024. The building is located at 700 S. Mint St., directly across the street from Bank of America Stadium and will offer ground-floor retail, approximately 800 parking spaces and a rooftop terrace. In December 2018, Honeywell announced it would move its headquarters from New Jersey to Charlotte, relocating up to 200 jobs and creating up to 500 jobs. Lincoln Harris is expected to break ground on the new building in September. Legacy Union will span two city blocks and feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade. In May, Charlotte-based Parker Poe law firm signed an 86,000-square-foot office lease at 620 S. Tryon within Legacy Union. Completion is slated for 2021.

June 6, 2019

Acquisitions Florida Retail Southeast

CREC Capital Purchases Retail Center Near Miami for $62.3M

by Alex Tostado June 6, 2019

HOMESTEAD, FLA. — CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike and was fully leased at the time of sale to tenants including Ross Dress for Less, T.J. Maxx, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden. Casey Rosen, Dennis Carson and Paul Ahmed of CBRE represented the seller, RVT Homestead Pavilion, in the transaction.

June 6, 2019

Acquisitions Florida Industrial Southeast

CBRE Arranges $14.8M Sale of Eight-Building Industrial Campus in Metro Orlando

by Alex Tostado June 6, 2019

ALTAMONTE SPRINGS, FLA. — CBRE has arranged the $14.8 million sale of Altamonte Commerce Center, an eight-building industrial property in Altamonte Springs. The property is located at 217-311 Altamonte Commerce Blvd. and 620-658 Douglas Ave., 10 miles north of downtown Orlando. SunCap Opportunity Fund acquired the 185,000-square-foot property from EastGroup Properties. Altamonte Commerce Center is situated near Interstate 4 between state roads 436 and 434. David Murphy and Monica Wonus of CBRE represented the seller in the transaction.

June 6, 2019

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