Property Type

CBRE Arranges $8.3M Sale of Nine Civic Properties in New Jersey

by Alex Patton September 16, 2019

NEW JERSEY — CBRE has arranged the $8.27 million sale of nine civic properties from the Youth Consultation Services (YCS) portfolio in New Jersey. The properties comprise a mix of youth centers and schools located in Montclair, Hackensack, Newark, Somerdale, Gloucester, Estell-Manor, Vineland and Blackwood. Three different buyers purchased the assets, one of whom bought seven buildings as part of a sale-leaseback with YCS. The two other buyers purchased buildings that had been recently vacated by YCS. CBRE’s Charles Berger and Elli Klapper, along with Randy Eigen and Donald Sperling of Brokerage Services, represented the seller in the transaction.

September 16, 2019

Acquisitions Indiana Midwest Multifamily Seniors Housing

Cushman & Wakefield Arranges $61M Sale of Continuing Care Retirement Community in Suburban Indianapolis

by Kristin Harlow September 16, 2019

CARMEL, IND. — Cushman & Wakefield has arranged the $61 million sale of The Barrington of Carmel, a 267-unit, entrance-fee continuing care retirement community in Carmel, a suburb of Indianapolis. The 372,000-square-foot campus includes 137 independent living units, 56 assisted living units, 26 memory care units and 48 skilled nursing beds. Amenities include a café, salon, fitness center, activity rooms, dining rooms and walking trails. Built in 2013, the property is situated on a nearly 20-acre site at 1335 S. Guilford Road. Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield represented the seller, Texas-based Senior Quality Lifestyles Corp. Prairie Landing Community Inc., an affiliate of Indianapolis-based BHI Senior Living, acquired the asset through a bankruptcy sale process.

September 16, 2019

Acquisitions Industrial Midwest Ohio

Colliers Brokers $35M Sale of Industrial Portfolio in Ohio

by Kristin Harlow September 16, 2019

CINCINNATI AND COLUMBUS, OHIO — Colliers International has brokered the $35 million sale of the Orange Point Portfolio, a six-property industrial portfolio within the Cincinnati and Columbus markets. The portfolio totals 591,695 square feet and has a combined occupancy level of 93.7 percent. The properties include: 2700-2758 Kemper Road and 2800-2888 Kemper Road in Sharonville; 6900-6918 Fairfield Business Drive in Fairfield; 4514-4548 Cornell Road in Blue Ash; and 7719 Graphics Way and 459 Orange Point Drive in Lewis Center. Boston-based Plymouth REIT purchased the portfolio from Orange Point SWS LLC. Steve Timmel, Jeff Johnston, Chris Prosser, Will Roberts, Matt Smyth and Jonathan Schuen of Colliers brokered the sale.

September 16, 2019

Development Illinois Midwest Multifamily

Opus Completes Construction of 113-Unit Apartment Complex in Des Plaines, Illinois

by Kristin Harlow September 16, 2019

DES PLAINES, ILL. — The Opus Group has completed construction of Ellison Apartments, a 113-unit apartment complex in Des Plaines. The project, which includes 1,349 square feet of street-level retail space, was a joint venture with Berkshire Residential Investments. Amenities include a fitness center, clubroom, pet spa, game lounge and outdoor amenity deck. A grand opening event is scheduled for Thursday, Sept. 26. Opus served as developer, design-builder and structural engineer. ESG Architects designed the property.

September 16, 2019

Development Midwest Multifamily Ohio

Casto, Homeport to Build 180-Unit Workforce Housing Community in Clintonville, Ohio

by Kristin Harlow September 16, 2019

CLINTONVILLE, OHIO — Casto and its nonprofit partner, Homeport, have unveiled plans to develop Graceland Flats, a workforce housing community in Clintonville near Columbus. Of the property’s 180 units, 50 percent will be designated for renters who earn between 80 and 100 percent of the area median income. Project financing comes from the Federal Housing Administration’s construction loan program and the Affordable Housing Trust for Columbus and Franklin County. Amenities at the property will include a pool, outdoor fireplace and bike storage. A timeline for completion was not disclosed.

September 16, 2019

Development Illinois Industrial Midwest

Premier Delivers 407,338 SF Build-to-Suit Warehouse in Elwood, Illinois

by Kristin Harlow September 16, 2019

ELWOOD, ILL. — Premier Design + Build Group has delivered a new warehouse for Midwest Warehouse & Distribution System in Will County’s Elwood. This is the second project Premier has completed for Midwest Warehouse, a full-service logistics company based in Woodridge. Built on a 24-acre site, the new 407,338-square-foot warehouse features a clear height of 36 feet, 70 exterior truck docks, three drive-in doors, 104 trailer parking stalls and 95 car parking stalls. It also includes offices, a conference room, training room and lounge. The build-to-suit project is located at 21157 Walter Strawn Drive, south of Joliet. The project team included Cornerstone Architects Ltd., Manhard Consulting Ltd. and Structures Unlimited.

September 16, 2019

Acquisitions California Multifamily Western

Bascom, Artemis Buy 248-Unit Phoenix Townhomes Apartment Community in Fresno for $35M

by Amy Works September 16, 2019

FRESNO, CALIF. — The Bascom Group, in partnership with Artemis Real Estate Partners, has acquired Phoenix Townhomes, a condominium-style apartment complex located at 5355 N. Valentine Ave. in Fresno. An undisclosed seller sold the asset for $35 million, or $141,129 per unit. Constructed in 2004, Phoenix Townhomes features 248 apartments in a mix of two- and three-bedroom layouts. The property is located six miles northeast of downtown Fresno and within minutes of Fresno State University, as well as State Highways 99, 41 and 180. Mark Mimm of SVN/MJM & Associates brokered the transaction.

September 16, 2019

Arizona Development Mixed-Use Multifamily Office Restaurant Retail Western

CCR North Starts Construction of Phase II at Crismon Gateway Village in Mesa, Arizona

by Amy Works September 16, 2019

MESA, ARIZ. — CCR North LLC has started construction on Phase II of Crismon Gateway Village, an approximately $40 million mixed-use project situated at the northeast corner of Crismon and Baseline roads in Mesa. The second phase will bring a mix of tenants, including Martin Dental, Vantage West and Sassy’s Café & Bakery. Current tenants include Black Rock Coffee, Bella Nail Bar, Filiberto’s, Radius Fitness and Doc’s Artisan Ice Cream. Upon completion, the master-planned community will include 22,040 square feet of retail, restaurant and office space and a 128-unit multifamily property with individual suite patios. Mary Nollenberger and Nicole Ridberg of SVN/Desert Commercial Advisors are handling leasing efforts for the development.

September 16, 2019

California Loans Multifamily Western

KeyBank Arranges $39M in Financing for Monte Vista Apartment Homes in Southern California

by Amy Works September 16, 2019

LA VERNE, CALIF. — KeyBank Real Estate Capital has secured $39 million in Fannie Mae Green financing for San Diego-based MG Properties Group. The borrower will use the loan to refinance Monte Vista Apartment Homes in La Verne. Built in 1972 and renovated in 2018, the 207-unit community comprises 18 two-story apartment buildings on 14 acres. Since 2016, MG Properties has spent more than $6 million on exterior renovations and interiors renovations for 151 units. MG plans to finish renovations, which will cost approximately $1 million, to the remaining 56 units. Peter Kurzeka of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing.

September 16, 2019

Acquisitions California Office Western

Voit Brokers $8.7M Sale of Southport Office Park in San Diego

by Amy Works September 16, 2019

SAN DIEGO — Voit Real Estate Services has arranged the sale of Southport Office Park, an eight-building office complex located in San Diego’s National City submarket. Dan Floit, a San Diego-based private investor, acquired the asset from San Diego-based H.G. Fenton Co. for $8.7 million. Totaling 33,894 square feet, the office park is located at 102, 132 and 202 Miles of Cars Way; 2403, 2435, 2425 and 2427 Hoover Ave.; and 2405 Transportation Ave. Michael Mossmer and Curt Perry of Voit Real Estate Services represented the seller, while Mark Caston and Spencer Kerrigan, also of Voit, represented the buyer in the deal.

September 16, 2019

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