Property Type

HFF Brokers Sale of 112-Unit Apartment Community in Suburban Milwaukee

by Kristin Harlow October 8, 2018

GERMANTOWN, WIS. — HFF has arranged the sale and acquisition financing for River’s Cove Apartments in Germantown, a suburb of Milwaukee. The 112-unit apartment community is situated on 11 acres and overlooks the Menomonee River. Units average 1,062 square feet. Amenities include a picnic area, parking garage and access to nearby walking trails. The property was 98 percent occupied at the time of sale. Wick Kirby, Kevin Girard, Sean Fogarty, Marty O’Connell, Jaime Fink and Matthew Lawton of HFF represented the seller, Mandel Group Inc. Tom Wilson and Jason Bond of HFF arranged a 12-year Fannie Mae loan through M&T Realty Capital on behalf of the buyer, Weidner Apartment Homes.

October 8, 2018

Leasing Activity Midwest Ohio Retail

PEBB Enterprises Completes Lease-up of Redeveloped Sugarcreek Plaza in Dayton, Ohio

by Kristin Harlow October 8, 2018

DAYTON, OHIO — PEBB Enterprises has completed the lease-up of Sugarcreek Plaza in Dayton. PEBB acquired the retail property, formerly home to a Cub Foods grocery store, in January 2016 when it was completely vacant. PEBB renovated the façade and added 6,000 square feet of space as well as a new outparcel. The latest tenant to join the shopping center was Affordable Uniforms. Others include Bed Bath & Beyond, Buy Buy Baby and Planet Fitness. A KFC operator has signed a long-term ground lease for the outparcel.

October 8, 2018

Acquisitions Industrial Michigan Midwest

Brennan Purchases 90,121 SF Manufacturing Facility in Grand Haven, Michigan

by Kristin Harlow October 8, 2018

GRAND HAVEN, MICH. — Brennan Investment Group LLC has purchased a 90,121-square-foot industrial property in Grand Haven, about 33 miles west of Grand Rapids. The purchase price was not disclosed. The property serves as the headquarters and manufacturing facility for Lakeshore Fittings, which specializes in brass and aluminum machined components and fittings. The tenant has occupied the facility since its completion in 1989. The seller was not disclosed.

October 8, 2018

Illinois Loans Midwest Multifamily

ASC Arranges $3.8M Acquisition Loan for Multifamily Complex in Hanover Park, Illinois

by Kristin Harlow October 8, 2018

HANOVER PARK, ILL. — American Street Capital (ASC) has arranged a $3.8 million acquisition loan for a 64-unit multifamily complex in Hanover Park, a suburb of Chicago. Built in 1962, the property features four 16-unit buildings. Floor plans are all two-bedroom units. Igor Zhizhin of ASC arranged a 20-year, non-recourse loan that features a 30-year amortization schedule. A correspondent agency lender provided the loan.

October 8, 2018

Acquisitions Self-Storage Southeast Tennessee

US Storage Centers Buys Three Self-Storage Facilities in Metro Nashville

by Amy Works October 8, 2018

LA VERGNE AND NOLENSVILLE, TENN. — US Storage Centers has purchased three self-storage facilities in metro Nashville for an undisclosed price. The facilities include a 68,660-square-foot, 641-unit property at 5565 Murfreesboro Road and a 59,590-square-foot, 485-unit facility located at 211 New Paul Road in La Vergne. The third asset is a 67,113-square-foot, 528-unit property located at 2001 Johnson Industrial Blvd. in Nolensville. The properties feature climate-controlled units, ground-floor units and parking. US Storage Center was self-represented, while Ashley Compton of Colliers International’s Self Storage Group represented the undisclosed seller in the deal. US Storage Center currently owns and operates 11 self-storage facilities in Tennessee.

October 8, 2018

Development Florida Mixed-Use Southeast Top Stories

Joint Venture Breaks Ground on $200M Mixed-Use Project in South Florida

by Taylor Williams October 8, 2018

BOCA RATON, FLA. — A trio of developers — Giles Capital Group, Rosemurgy Properties, Schmier Property Group — in partnership with Wheelock Street Capital have broken ground on Uptown Boca, a $200 million mixed-use project in South Florida. The development, which will be located at the corner of Glades Road and 95th Avenue South in Boca Raton, will feature 150,591 square feet of retail space. Lucky’s Market and Silverspot Cinema will anchor the project. In addition, Uptown Boca will offer 456 Class A apartments. Additional tenants will include Bolay, a healthy restaurant concept, and Chick-fil-A. Marc Wiener Architecture, a local firm, provided design services for the retail portion of the project. Roxanne Register and Nicole Fontaine of the Boca Raton office of Katz & Associates are the leasing agents for the retail portion of the project. Retailers are expected to open their doors in summer 2019, and multifamily units are projected to be available for occupancy by early 2020. “With no new significant development in over two decades, this type of lifestyle component is long overdue in West Boca,” says Alexander Rosemurgy, CEO of Rosemurgy Properties. “It will truly create the complete shop-dine-live experience that this area deserves.” — Taylor …

October 8, 2018

Florida Market Reports Multifamily Southeast Southeast Market Reports

Orlando Sustains High Level of Multifamily Demand, Leading to New Construction

by John Nelson October 8, 2018

Fundamentals in the Orlando multifamily market are exceptionally strong and should remain healthy as long as this economic cycle continues. Following a period of no construction after the recession, new supply is finally starting to catch up with pent-up demand held in check during the downturn. Even with over 7,000 units projected to be delivered annually for the next several years, occupancy rates should hold strong between 95 and 96 percent. Supported by continued economic expansion in the Orlando metro area as well as strong population and job growth, we remain bullish on the multifamily market and do not see the potential risk of oversupply any time in the near future. The justification for continued new construction makes sense given Orlando’s history. As in most markets throughout the country, the recession halted new multifamily development in Orlando. From 2007 to 2009, there was virtually no new supply added to the market. It was not until 2010 that construction picked up again, and by that time, post-recession job creation had already taken off, causing a tremendous amount of pent up demand for housing. Each year since, new supply has been quickly leased, and it has not yet slowed. As of July …

October 8, 2018

Features Retail

Mattress Firm Files for Bankruptcy Protection, Will Close Up to 700 Stores

by Taylor Williams October 5, 2018

HOUSTON — Mattress Firm has filed for Chapter 11 bankruptcy protection as part of the Houston-based retailer’s plan to restructure its balance sheet and ultimately close up to 700 stores across the country. The U.S. Bankruptcy Court in Delaware has appropriated approximately $250 million in debtor-in-possession financing to Mattress Firm to support the company’s operations during the Chapter 11 proceedings. Mattress Firm has also received commitments for $525 million of senior secured credit facilities to support its post-bankruptcy operations. The company expects to complete the restructuring process within the next 60 days. Mattress Firm currently has more than 3,000 stores in the U.S., and will remain the largest specialty mattress retailer in the country following the Chapter 11 proceedings. The company will close 200 underperforming stores immediately and then will determine the fate of the remaining 500 stores in the coming weeks. According to Jeff Green, partner with Hoffman Strategy Group, one positive aspect about the Mattress Firm locations are that they are typically on the pad of a shopping center, which makes them more visible and therefore more valuable. However, the chain is significantly overbuilt given the company’s “propensity to locate stores too close to existing stores and the …

October 5, 2018

Development Loans Multifamily New York Northeast

NKF Capital Markets Arranges $66M Mezzanine Loan for 60-Story Condominium Tower in Manhattan

by David Cohen October 5, 2018

NEW YORK CITY — NKF Capital Markets has arranged a $66 million mezzanine loan for 1 Seaport, a 60-story, 98-unit luxury condominium tower in the Financial District of Manhattan. Dustin Stolly, Jordan Roeschlaub and Nick Scribani of NKF Capital Markets secured financing on behalf of borrower Fortis Property Group through lender Mack Real Estate. The property features two floors of amenities, including a hydrotherapy area and pool that spans the entire 30th floor, as well as a Spa with 360-degree views of Manhattan. The anticipated sellout of the building exceeds $275 million.

October 5, 2018

Acquisitions Industrial New Jersey Northeast

Marcus & Millichap Brokers $10.9M Sale of Industrial Facility in Elmwood Park, New Jersey

by David Cohen October 5, 2018

ELMWOOD PARK, N.J. — Marcus & Millichap has brokered the sale of a 117,000-square-foot industrial facility in Elmwood Park. The five-acre property, which is located at 1 Paul Kohner Place, sold for $10.9 million at a 6 percent capitalization rate. Donovan Mackey, Mark Taylor, David Beyel, Mitch Cowan and Joe Batres of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.

October 5, 2018

Newer Posts

Older Posts