ARDSLEY, N.Y. — Houlihan-Parnes Realtors has secured a $1.7 million loan to refinance Ardsley Shopping Center in Ardsley. Located at 717-725 Saw Mill River Road, the center, which is anchored by a CVS Pharmacy, is approximately 19 miles north of Manhattan. James J. Houlihan, Christie L. Houlihan and Bryan J. Houlihan of Houlihan-Parnes secured the financing on behalf of the undisclosed borrower. The lender was a local bank. Terms of the financing included a five-year term with a 4.6 percent interest rate.
FENTON, MICH. — CAPREIT has acquired Silver Lake Hills, a 310-unit apartment community near Silver Lake Park in Fenton. The purchase price was not disclosed. Floor plans range from 700 to 1,810 square feet. CAPREIT plans to renovate the community with new flooring, appliances, countertops and fixtures. Upgrades will also be made to the clubhouse, fitness center, pool and dog park. This is CAPREIT’s second community in Michigan, joining Kensington at Beverly Hills in Southfield.
CINCINNATI — Messer Construction has purchased one-third of a development-ready industrial site from The Port of Greater Cincinnati Development Authority. In partnership with Terrex Development and Construction, Messer plans to build a 73,000-square-foot building. A groundbreaking is slated for this summer with completion in 2020. The project team also includes BHDP Architecture, Colliers International and Fifth Third Bank. The project represents a $6.5 million investment, according to Tim Steigerwald, Messer CEO. The site was formerly home to the Cincinnati Gardens property, which The Port purchased in July 2016.
LIBERTYVILLE, ILL. — Tide Cleaners will open its seventh Chicagoland location at Red Top Plaza in Libertyville. The property is situated at the southeast corner of Milwaukee Avenue and Red Top Drive. Allen Joffe of Baum Realty Group represented Tide in the lease transaction with the landlord, IRC. Tide offers 24-hour drop-off and pickup and has more than 128 locations nationwide.
BARTLETT, ILL. — Love Funding has provided a $4.7 million HUD loan for the refinancing of Victory Centre of Bartlett Senior Apartments. Built in 2007, the 104-unit property is dedicated to residents 55 and older. Amenities include a library, dining area, clinic, salon and fitness center. Ken Charbauski of Love Funding secured the loan through HUD’s 223(f) loan insurance program. The nonrecourse loan will be used to pay off the existing loan and fund some minor repairs to the property.
Through economic ebbs and flows, the self-storage sector continues to prove its strength. Although real estate industry players are wary about labeling any sector as recession-proof, the self-storage sector tends to be a stable asset class during economic booms and downturns, according to Paul Letourneau, manager of commercial real estate lending with Chicago-based Alliant Credit Union. And over the last decade, self-storage facilities have become more flexible spaces, which is driving greater demand for the product. Across the country, these facilities are being used in novel ways, such as short-term product warehousing for small businesses; incubator space; personal workspaces; and wine storage in climate-controlled units. These new uses, coupled with traditional storage needs, create increasing demand and stability in the self-storage sector. According to Letourneau, self-storage facilities have adjusted to urban environments and their residents’ needs with multi-story climate-controlled properties that feature customer lounges and high-tech monitoring and security systems. Meanwhile, suburban markets show greater demand for traditional single-story self-storage facilities with space for RV and vehicle storage. However many suburban facilities are adding climate-controlled units and more security to meet customers’ needs. “The bottom line is that customers — from baby boomers and millennials to small business owners — …
Austin’s retail and restaurant market is rapidly becoming one of the hippest and most dynamic scenes in the country, as new concepts are flocking to the state capital in lockstep with its remarkable job and population growth. The push by both new and established retailers and restaurants to grab a piece of the Austin pie has driven the city’s retail occupancy rate to roughly 93 percent. Annual rent growth has exceeded 10 percent at Class A properties in submarkets such as the Central Business District (CBD) and East Austin. But while demand for retail and restaurant space in Austin’s urban core is at an all-time high, so too are rates of turnover among these users. A Gentrified Market The driving factors behind these trends are fairly straightforward. Buoyed by the still-surging job growth in the tech industry, the median age of Austin’s population is getting lower, currently sitting at about 34 years. Many of these residents have high-paying jobs, are new to the city and are eager to take advantage of its thriving food, beverage and entertainment options. The gentrification of some of Austin’s historic neighborhoods is well underway and expected to continue in the near future as tech giants …
WASHINGTON, D.C. — A partnership between Metrovest Equities Inc. and BLDG Management has acquired the Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C., for $111 million. Located at 415 New Jersey Ave., the property is the closest hotel to the U.S. Capitol building. It is within walking distance of Union Station, the National Mall, Georgetown University Law Center and the Walter E. Washington Convention Center. Amenities include an on-site restaurant, swimming pool, patio with fire pit, meeting and event space, and fitness center. The buyer plans to convert the hotel into the Yotelpad Capitol Hill. Yotel is a lifestyle-oriented hospitality concept. This will be the first Yotel extended-stay project in Washington, D.C. Daniel Peek and Cyrus Vazifdar of HFF marketed the property on behalf of the seller, Pebblebrook Hotel Trust (NYSE: PEB). Scott Aiese and Chris Hew of HFF arranged a bridge loan with a life insurance company for the acquisition. Pebblebrook is a publicly traded real estate investment trust that acquires and invests in upscale, full-service hotels in urban markets. The Bethesda, Md.-based company owns 61 hotels totaling approximately 14,600 rooms. The company’s stock price closed at $31.60 per share on April …
ROSWELL, GA. AND LELAND, N.C. — Branch Properties has acquired two grocery-anchored shopping centers in the Southeast. The first, Roswell Market Place, is a 95,522-square-foot shopping center anchored by Sprouts Farmers Market. Branch Properties bought the asset for $32 million. The center, which is located at 10800 Alpharetta Highway, 24 miles north of downtown Atlanta, was built in 1986 and renovated two years ago. Roswell Market Place was 88 percent leased at the time of the sale. The second property is Waterford Village, a 108,249-square-foot shopping center anchored by Harris Teeter that was purchased for $25 million. Waterford Village sits on 15.8 acres at 2013 Olde Waterford Way in Leland, nine miles west of downtown Wilmington. The asset was 90 percent leased at the time of the sale.
ATLANTA — FleetCor Technologies Inc. will move its headquarters to Atlanta’s Buckhead District by the end of the year. Currently occupying 100,000 square feet in Norcross, Ga., FleetCor will move into a 46,000-square-foot space within Terminus 100 formerly occupied by Bain & Co. Terminus 100 is a 27-story, 660,000-square-foot office tower situated 10 miles north of downtown Atlanta. Kevin Carroll of CBRE represented FleetCor in the lease negotiations.