Property Type

Broder & Sachse Reopens Historic Apartment Building in Detroit Following $12M Rehabilitation

by Kristin Harlow October 19, 2018

DETROIT — Broder & Sachse Real Estate has reopened The Hamilton Midtown in Detroit. Originally designed as an apartment hotel that opened in 1913, the property now offers 97 apartment units. The $12 million rehabilitation of the property features new amenities, such as a lounge with gaming and other entertainment, living room with coffee station, fitness and wellness center, dog washing station, and bike repair station. The rehabilitation also included the restoration of the ballroom. Monthly rents start at $722 per month. Sachse Construction served as the construction manager and Hamilton Anderson Associates was the architect. The City of Detroit and United Community Housing Coalition helped create an inclusionary housing program for qualified residents so that, upon completion of renovations, more than 75 percent could return to the building at an affordable rental rate.

October 19, 2018

Acquisitions Midwest Missouri Office

Franklin Partners Acquires 174,965 SF Corporate Hill Office Building in St. Louis

by Kristin Harlow October 19, 2018

ST. LOUIS — Franklin Partners has acquired the 174,965-square-foot Corporate Hill IV office building in St. Louis for an undisclosed price. The six-story building was constructed in 1984 and renovated in 2015. Amenities include a full-service cafeteria, one loading dock and exterior balconies on the fifth and sixth floors. A single tenant previously occupied the property. TJ Redmond of CBRE represented the undisclosed seller. Mark Palmer and Artie Kerckhoff of CBRE represented Franklin Partners. The duo will also market the property for lease.

October 19, 2018

Development Illinois Industrial Midwest

J.C. Anderson Completes 108,000 SF Office, Warehouse Build-Out in Itasca, Illinois

by Kristin Harlow October 19, 2018

ITASCA, ILL. — J.C. Anderson has completed a 108,000-square-foot office and warehouse build-out for Glass Solutions Inc. in Itasca. The property is located at 960 Maplewood Drive. The scope of the project included a 23,000-square-foot office build-out and an 85,000-square-foot warehouse build-out. The office portion includes private offices, a collaboration area, executive conference room, break room and new locker rooms. The warehouse features new electrical, LED lighting and heating units. J.C. Anderson also reworked the dock and delivery areas to create a more efficient flow. Seth Erlich, Andrew Mott and Steve Perry of J.C. Anderson led the project team. Scot Ferguson of Antunovich Associates provided architectural services.

October 19, 2018

Kansas Loans Midwest Multifamily

Arbor Provides $1.6M Acquisition Financing for Multifamily Property in Hutchinson, Kansas

by Kristin Harlow October 19, 2018

HUTCHINSON, KAN. — Arbor Realty Trust Inc. has provided a $1.6 million Fannie Mae loan for the refinancing of Sandhill Properties in Hutchinson, about 50 miles northwest of Wichita. The 48-unit, garden-style property features amenities such as a swimming pool, basketball court and carports. Eugene Yanovskiy of Arbor originated the 12-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower was not disclosed.

October 19, 2018

Acquisitions Development North Carolina Retail Southeast

Willard Retail Buys Land for 150,000 SF Town Center Project in Raleigh’s Research Triangle Park

by Amy Works October 19, 2018

RALEIGH, N.C. — Chevy Chase, Md.-based Willard Retail has signed an agreement with the Research Triangle Foundation to acquire a 12-acre parcel located in Research Triangle Park. The site is at the convergence of Interstate 40, Highway 54 and Davis Drive in Raleigh. Willard Retail plans to develop a 150,000-square-foot town center to serve as the shopping and dining core of Park Center — a large mixed-use development project included more than 1,000 residential units, a hotel, conference center and more than 1 million square feet of office space. Expected to open in late 2020, the new retail component is slated to include a grocery store, health club and a mix of restaurants and small shops. Additionally, the development will feature outdoor public spaces for programmed events such as yoga classes, movie nights and live music. Willard Retail has engaged CBRE|Raleigh to lead the project’s leasing activities.

October 19, 2018

California Development Industrial Western

Rockefeller Group Delivers 1.9 MSF of Industrial Product in Inland Empire, Sells Two Buildings Totaling 1.1 MSF

by Amy Works October 19, 2018

PERRIS AND SAN BERNARDINO, CALIF. — Rockefeller Group has completed construction of two projects totaling 1.9 million square feet of industrial space in the Inland Empire. Upon completion, the company sold two of the of four buildings, totaling 1.1 million square feet. Located in Perris, Optimus Logistics Center includes two speculative buildings totaling approximately 1.5 million square feet. Ferguson Enterprises, a U.S. distributor of plumbing supplies, PVF, waterworks and fire and fabrication products, acquired a 1 million-square-foot distribution facility at the center. The company plans to move and expand its Ontario, Calif., operations to the new facility. The move will enhance Ferguson’s distribution capabilities from 600,000 square feet to more than 1 million square feet. Additionally, Rockefeller Group sold an 81,286-square-foot industrial building at Tri-City Industrial Complex in San Bernardino to 4F Capital. Optimus Logistics Center features a 407,000-square-foot building available for sale or lease, and Tri-City Industrial has a 344,249-square-foot property available. Both buildings can be subdivided to approximately 138,000 square feet to accommodate a variety of end-user requirements. Mike McCrary, Peter McWilliams and Sharon Wortmann of JLL represented Rockefeller Group in the Optimus transaction, while Darla Longo, Bill Pellington, Len Santoro, Joey Sugar and Kevin Wille of CBRE …

October 19, 2018

Acquisitions California Retail Western

Lucescu Realty Arranges Sale of 326,608 SF Clovis Commons Shopping Center in California for $45M

by Amy Works October 19, 2018

CLOVIS, CALIF. — Lucescu Realty has brokered the sale of Clovis Commons Shopping Center in Clovis. Brixmor Property Group sold the retail center to an affiliate of a Southern California-based privately held investment and management company for $45 million. Target, Best Buy, T.J. Maxx, PetSmart, Office Depot and Dollar Tree anchor the 326,608-square-foot community shopping center. The five anchor tenants, included in the sale, together occupy approximately 64 percent of the gross leasable area in the center. Additional tenants include Round Table Pizza, Farmer Boys, Massage Envy, Sequoia Sandwich Co., El Pollo Loco, Chronic Taco, Verizon Wireless, Starbucks Coffee, Subway, GameStop, Kumon, Menchie’s, Cost Cutters and GNC. Mark Lucescu of Lucescu Realty represented the seller in the transaction.

October 19, 2018

Development Healthcare Kentucky Office Southeast

Fairmount Properties, Northern Kentucky University Break Ground on Medical Office Building

by Amy Works October 19, 2018

HIGHLAND HEIGHTS, KY. — Fairmount Properties has broken ground on St. Elizabeth Medical Office building at the main entrance to Northern Kentucky University in Highland Heights. Fairmount is developing the property in partnership with Northern Kentucky University, St. Elizabeth Healthcare, OrthoCincy, the City of Highland Heights and Campbell County. The project team includes Bialosky, Casler Design Group, Danis, The Kleinger Group, KLH Engineers, Realm Collaborative and THP Limited. Located on Nunn Drive, the 65,000-square-foot facility will offer urgent care, primary care and specialty physicians space, as well as OrthoCincy’s on-site orthopaedical office, physical therapy and other orthopaedical services. The facility is slated to open in early 2020. The medical office is the first phase of a more than $100 million NKU Gateway mixed-use development. Upon complete build-out, the property will include restaurants, retail space, market-rate apartments, a hotel, parking and new public gathering spaces.

October 19, 2018

Colorado Loans Multifamily Western

Hunt Real Estate Capital Provides $39M Loan for Manufactured Housing Community in Boulder, Colorado

by Amy Works October 19, 2018

BOULDER, COLO. — Hunt Real Estate Capital has provided a Fannie Mae conventional multifamily loan in the amount of $39 million to refinance a manufactured housing community in Boulder. The borrower is a diversified real estate investment firm. The 10-year loan has a 30-year amortization and 114-month yield maintenance. Developed in 1970, Boulder Meadows MHC is a 638-unit multifamily/mobile home park community. On-site amenities include a swimming pool, tennis court, playground, clubhouse/recreational building, basketball court, security, leasing office and public water/sewer. At the time of financing, the property was 99 percent leased.

October 19, 2018

California Loans Multifamily Western

Wilshire Skyline Receives $25M in Financing for 82-Unit Line Lofts Apartments in Hollywood

by Amy Works October 19, 2018

LOS ANGELES — Wilshire Skyline has received $25 million in refinancing for The Line Lofts, a newly completed multifamily community in Los Angeles’ Hollywood neighborhood. Mark Wintner of HFF arranged the 10-year, 4.45 percent fixed-rate loan through a correspondent life insurance company for the borrower. Located at 1737 N. Las Palmas Ave., The Line Lofts feature 82 lofts and flats, ranging from 415 square feet to 1,477 square feet, featuring luxury kitchens and baths, double-pane architectural windows, wood-grain plank flooring and atrium-style outdoor balconies. Zoltan Pali of SPF:architects designed the property. Common area amenities include The Sky Lounge, a penthouse-level lounge providing views of the city; The Retreat, an indoor/outdoor recreation center with a kitchen and lofted library, which opens to the outdoor pool and spa deck; The Wellness Spot, a lobby-level gym; and ground-floor retail.

October 19, 2018

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