Property Type

Sunshine Retirement Breaks Ground on Seniors Housing Community in Upstate South Carolina

by Amy Works October 1, 2018

MAULDIN, S.C. — Sunshine Retirement Living has broken ground on Maple Brook Terrace Retirement Community, a 133-unit seniors housing community in Mauldin, a suburb of Greenville in Upstate South Carolina. The three-story community will feature 150,000 square feet of living and communal space nearby to local shopping and entertainment centers. The project is scheduled for completion in late 2019. Based in Bend, Ore., Sunshine Retirement Living manages 21 retirement communities in 10 states, offering senior apartments, independent living, assisted living and memory care.

October 1, 2018

Acquisitions Florida Retail Southeast

The Shopping Center Group Brokers $12.2M Sale of Grocery-Anchored Retail Center in Southwest Florida

by Amy Works October 1, 2018

FORT MYERS, FLA. — The Shopping Center Group has brokered the sale of Pelican Preserve, a grocery-anchored neighborhood center in Fort Myers. An affiliate of Baltimore-based Continental Real Estate purchased the property from an institutional seller for $12.2 million. Completed in 2007 and situated on 18.4 acres, Pelican Preserve features 69,500 square feet of retail space. At the time of sale, the property was 95.7 percent leased to a variety of tenants, including Winn-Dixie, H&R Block, Pizza Hut, Suncoast Credit Union and Great Expressions. Also included in the transaction is a city-approved plan for a second phase of the shopping center. Ready for immediate development, the plan includes two outparcels that can accommodate nearly 35,000 square feet of retail and restaurant space. Anthony Blanco and Lynn De Marco led The Shopping Center Group team that represented the seller in the deal.

October 1, 2018

Acquisitions Florida Multifamily Southeast

Redwood Capital Sells 220-Unit Apartment Complex in Orlando

by Amy Works October 1, 2018

ORLANDO, FLA. — Chicago-based Redwood Capital Group has completed the disposition of Reserve at Conway, an apartment community located at 3149 Landtree Place in Orlando. Virginia-based Chandler Residential acquired the property for an undisclosed price. Reserve at Conway features 220 garden-style apartments in a mix of one- and two-bedroom floor plans, averaging 748 square feet. At the time of sale, the property was 98.2 percent occupied. ARA Newmark brokered the transaction.

October 1, 2018

Acquisitions Florida Industrial Southeast

Charles Wayne Properties Acquires Five-Building Industrial Property in Sanford, Florida for $9.6M

by Amy Works October 1, 2018

SANFORD, FLA. — Charles Wayne Properties has purchased Monroe CommerCenter South, a five-building industrial/flex campus located on 8.5 acres in Sanford, a Florida town in north Seminole County. Miami-based Monroe South RE LLC sold the asset for $9.6 million. Totaling 116,500 rentable square feet, the five buildings are located at 627-655 Progress Way, 663-691 Progress Way, 703-739 Progress Way, 4141-4186 Incubator Court and 4140 Flex Court. Built in 2013, Monroe CommerCenter South features office and warehouse space with grade-level roll-up doors. Ron Rogg and Chip Wooten of CBRE represented the seller in the deal. Charles Wayne Investment Management will handle asset and investment management functions for the property and its investors.

October 1, 2018

Development Hospitality Illinois Midwest

Broughton Hotels Completes Renovation of Three Historic Hotels in Chicago

by Kristin Harlow October 1, 2018

CHICAGO — Broughton Hotels has completed the renovation of its three historic boutique hotels in Chicago, including The Majestic Hotel, The Willows Hotel and City Suites Chicago. Initially built during the 1920s, each property now features new lobby furnishings, enhanced lighting, window treatments, linens, carpeting and artwork. City Suites also features new guestrooms. Anthony Laurino of California-based design firm ALD Designs created the concepts for each hotel’s renovation. The Majestic Hotel, which includes 52 rooms, features a baseball theme. The property is within walking distance of Wrigley Field. The Willows Hotel, which is home to 55 rooms, features a new lobby inspired by Lincoln Park Zoo. The 45-room City Suites Chicago features vibrant décor and urban art. The guestrooms are reminiscent of modern Chicago apartments.

October 1, 2018

Acquisitions Michigan Midwest Multifamily Student Housing

Berkadia Arranges $19M Sale of Student Housing Property in Kalamazoo, Michigan

by Kristin Harlow October 1, 2018

KALAMAZOO, MICH. — Berkadia has arranged the sale of 700 SoHo near Western Michigan University in Kalamazoo for $19 million. The 488-bed student housing property, located at 700 S. Howard St., consists of four-bedroom units. Amenities include a resort-style pool and renovated clubhouse. Kevin Larimer and Greg Gonzalez of Berkadia brokered the sale. A Pittsburgh-based real estate company acquired the asset.

October 1, 2018

Acquisitions Illinois Industrial Midwest

Entre Commercial Brokers Sale-Leaseback of 122,048 SF Industrial Facility in Lake Zurich, Illinois

by Kristin Harlow October 1, 2018

LAKE ZURICH, ILL. — Entre Commercial Realty has brokered the sale-leaseback of a 122,048-square-foot industrial facility in Lake Zurich. Brian Bocci of Entre represented the buyer, Exeter Property Group. Kris Keller of Keller Williams represented the seller, 1300 Rose Road LLC. The seller plans to lease back approximately 65 percent of the building on a long-term lease. The remaining portion of the property has another tenant in place. Built in 2005, the property features a clear height of 28 feet.

October 1, 2018

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $3.7M Condo Deconversion Sale in Evanston, Illinois

by Kristin Harlow October 1, 2018

EVANSTON, ILL. — Interra Realty has negotiated the $3.7 million deconversion sale of 122-130 Callan Ave. in Evanston. The undisclosed buyer plans to convert the building’s 25 condominiums back into apartment rental units. Built in 1923, the building includes 13 two-bedroom units and 12 one-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented both the buyer and the sellers, Evanstonian Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

October 1, 2018

Acquisitions Industrial Midwest Wisconsin

Founders 3 Brokers $1.7M Sale of Industrial Building in New Berlin, Wisconsin

by Kristin Harlow October 1, 2018

NEW BERLIN, WIS. — Founders 3 Real Estate Services has brokered the sale of Western Racquet Club’s 58,320-square-foot industrial building in New Berlin for $1.7 million. An affiliate of Milwaukee investor LCM Funds Real Estate LLC purchased the property with plans to renovate and re-lease the building. UNITS Moving and Portable Storage will partially occupy the facility. Brett Deter of Founders 3 represented the buyer and lessee.

October 1, 2018

Acquisitions California Industrial Top Stories Western

RAF Pacifica Group Sells 1 MSF Industrial Portfolio in Metro San Diego for $170M

by Taylor Williams October 1, 2018

CARLSBAD, VISTA, SAN MARCOS AND TEMECULA, CALIF. — RAF Pacifica Group has completed the disposition of a 12-asset industrial portfolio in San Diego County. An undisclosed buyer acquired the properties for $170 million. Totaling more than 1 million square feet, the portfolio consists of institutional-quality assets in the southern California cities of Carlsbad (3261, 3266 and 3193 Lionshead Ave. and 2281 Las Palmas); Vista (1125 Joshua Way, 1385 Park Center Drive, 2641 and 2651 La Mirada Drive); San Marcos (120 Mata Way, 195 Bosstick Blvd., and 2946, 2950 and 2954 Norman Strasse Road); and Temecula (26201 Ynez Road and 42259 Rio Nedo Road). The Class A properties feature highly efficient warehouse designs and loading capabilities, low office build-out percentages, expansive clear heights and strategic layouts for parking, loading and truck traffic flow. Aric Starck of Cushman & Wakefield’s San Diego office represented the seller, while the buyer was self-represented in the transaction. “The RAF portfolio incorporates a remarkable mix of existing core assets, fully renovated warehouse/distribution centers, as well as newly developed, state-of-the-art projects,” said Starck. “Each asset is strategically positioned in sought-after locations characterized by superior access to freeways, amenities, airports and residential communities.” According to Starck, the deal …

October 1, 2018

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