Property Type

CBRE Affiliates Arrange $23.2M Sale of Office Park in North Carolina’s Triad Region

by Alex Tostado March 18, 2019

GREENSBORO, N.C. — CBRE|Triad and CBRE|Raleigh have arranged the sale of CentrePort Office Park, a four-building, 264,847-square-foot office park in Greensboro, to Deep River LLC. The sales price was not disclosed, though Triad Business Journal reports the sales price was $23.2 million. The buildings are located at 101, 200 and 202 CentrePort Drive and 7336 McCloud Road, about 12 miles west of downtown Greensboro and about six miles south of Piedmont Triad International Airport. Amenities include a fitness center, conference rooms and rotating food trucks. The CBRE|Triad and CBRE|Raleigh team of Ben Kilgore, Greg Wilson, Dodson Schenck and Matt King represented the seller, Petrus Partners, in the transaction.

March 18, 2019

Alabama Loans Multifamily Southeast Student Housing

Hunt Real Estate Provides $17.9M Refinance Loan for Student Housing Portfolio Near University of Alabama

by Alex Tostado March 18, 2019

TUSCALOOSA, ALA. — Hunt Real Estate Capital has provided a $17.9 million loan to refinance a 12-building student housing portfolio in Tuscaloosa, home of the University of Alabama. The properties include the seven-building Preston Place (240 beds) and the one-building Alexandria (22 beds), Georgian (20 beds), St. Charles (48 beds), St. George (24 beds) and 317 Reed (eight beds). The Freddie Mac loan has a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The borrower is Roar IV LLC, which acquired the properties between 1994 and 1999. The assets were built between 1988 and 1992 and have undergone various renovations under multiple owners.

March 18, 2019

Acquisitions Alabama Multifamily Southeast

Colliers Brokers Sale of 376-Unit Apartment Community in Montgomery

by Alex Tostado March 18, 2019

MONTGOMERY, ALA. — Colliers International has brokered the sale of Barrington Place at Somerset, a 376-unit apartment community in the Eastchase submarket of Montgomery. Amenities include two fitness centers, two swimming pools, a 16-seat movie theater, children’s play room, playground, car care center and a jogging trail. Will Mathews, Carter Brehm and Austin Weathington of Colliers represented both the buyer and seller — Core Pacific Advisors and Barrington Place LLC, respectively — in the transaction. Built in 2002, the value-add property is Core Pacific’s first purchase in Alabama. The sales price was not disclosed.

March 18, 2019

Development Illinois Midwest Multifamily Seniors Housing

SWIDA, Bywater Development Open $11M Affordable Seniors Housing Community Near St. Louis

by Kristin Harlow March 18, 2019

SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group, along with Bi-State Development and other key stakeholders, have opened Metro Landing of Swansea, a 62-unit affordable seniors housing community in Swansea. The $11 million, three-story development is a transit-oriented project connecting to St. Louis via the adjacent Swansea MetroLink Station. More than 40 of the 62 affordable one- and two-bedroom units have already been leased, with full occupancy expected by the end of March. Rents start at $565 per month for a one-bedroom apartment and $705 for a two-bedroom apartment. SWIDA and Bywater, which jointly developed the project, secured the majority of the financing from the Illinois Housing Development Authority (IHDA), with further construction financing provided by PNC Bank. Additional support came from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department. The Federal Transit Administration also played a role in the project, providing the necessary approval for Bi-State Development to sell the ground at the transit center to the developers for this project. St. Louis-based Altman Charter served as general contractor for the project. Chicago-based Worn Jerabek Wiltse Architects is the project architect, and the …

March 18, 2019

Acquisitions Hospitality Iowa Midwest Wisconsin

HREC Brokers Sale of Three-Property Hampton Inn Portfolio in Iowa, Wisconsin

by Kristin Harlow March 18, 2019

IOWA AND WISCONSIN — HREC Investment Advisors has brokered the sale of a three-property Hampton Inn portfolio in Iowa and Wisconsin. The portfolio included a 135-room hotel in West Des Moines, a 122-room hotel in Appleton and a 119-room hotel in Brookfield. Denver-based Walker Reynolds acquired the select-service portfolio. HREC represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, Wis.

March 18, 2019

Acquisitions Illinois Midwest Multifamily

Timberland Partners Acquires 232-Unit Multifamily Property in O’Fallon, Illinois

by Kristin Harlow March 18, 2019

O’FALLON, ILL. — Timberland Partners has acquired Parkway Lakeside, a 232-unit multifamily property in O’Fallon near St. Louis. The purchase price was not disclosed. Built in 2011, the Class A property consists of one- and two-bedroom townhome-style floor plans. Amenities include a saltwater pool, fitness center, fire pit, clubhouse and two dog parks.

March 18, 2019

Acquisitions Illinois Industrial Midwest

Black Creek Group Purchases Three Industrial Buildings in Metro Chicago

by Kristin Harlow March 18, 2019

CHICAGO — Black Creek Group has purchased three industrial buildings in metro Chicago for an undisclosed price. The properties include 2770 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings Drive in Buffalo Grove. Each of the facilities is fully leased. Black Creek Group is a Denver-based real estate investment manager and development firm.

March 18, 2019

Acquisitions Multifamily Northeast Pennsylvania Southeast Top Stories Virginia

Morgan Properties Acquires Multifamily Portfolio in Philadelphia, Northern Virginia for $890.5M

by Taylor Williams March 18, 2019

KING OF PRUSSIA, PA. — Morgan Properties, a Pennsylvania-based investment and management firm, has acquired a portfolio of 10 apartment communities totaling 4,130 units in the metro areas of Philadelphia and Northern Virginia. The sales price was not disclosed, but The Philadelphia Inquirer reports that the portfolio fetched a price of $890.5 million. The Philadelphia assets consist of seven properties totaling 2,346 units, which makes the transaction the largest multifamily acquisition in the city’s history. Two communities, Stonegate at Devon and Villas at Bryn Mawr, account for 947 units. The remaining five properties are located in the suburban submarkets of Conshohocken, West Chester, Downington, Jeffersonville and Bensalem. The portfolio’s Northern Virginia assets comprise three communities and 1,784 units. The bulk of those residences (1,387) are housed within a single property — Mount Vernon Square in Alexandria — while the other two are located in Fairfax and Sterling, both near Dulles International Airport. Morgan Properties, which is based in King of Prussia, Pa., will invest a combined $20 million in renovations and upgrades to the 10 Class B properties. Capital improvement plans will focus on both unit interiors and amenity spaces. “This acquisition is a game-changer for our organization,” says principal Jason …

March 18, 2019

Industrial Market Reports North Carolina Southeast Southeast Market Reports

High Demand, Barriers to Entry Push Raleigh-Durham’s Industrial Rental Rates

by Alex Tostado March 18, 2019

The Raleigh-Durham industrial/flex market, totaling approximately 135 million square feet, continues to be strong with overall positive absorption. Absorption for industrial totaled 1.6 million square feet and flex was over 3 million square feet for 2018. Vacancy is trending lower, helping make the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any region in North Carolina. Our rental rate for new industrial product is currently in the mid to high $5 per square foot range and trending higher. Some developers and brokers speculate the Triangle may become a $6 per square foot market for institutional-grade warehouse space in 2019. Ground zero for the region’s warehouse market is in the general vicinity of Raleigh-Durham International Airport (RDU). Most distributors that locate here are delivering to the local market and need the central location and access to Interstate 40. The historical barriers to entry near the airport have been high land costs and lack of land not encumbered with wetland or easements. Another barrier to entry that has crept into the picture are some local municipalities desiring a “higher end” product than warehouse and …

March 18, 2019

Development North Carolina Retail Southeast

Lincoln Harris Plans $50M Renovation, Expansion of Phillips Place in Charlotte

by Alex Tostado March 15, 2019

CHARLOTTE, N.C. — Lincoln Harris will invest $50 million over the next five years to renovate and expand Phillips Place in Charlotte’s SouthPark district, according to Charlotte Business Journal. The renovation will include expanding RH’s current 8,850-square-foot location to a 41,000-square-foot gallery space. RH Charlotte, The Gallery at Phillips Place will also include a rooftop restaurant, one of seven RH locations in the world to have one. Other renovations for Phillips Place will include indoor and outdoor gathering places, reconfigured traffic and parking patterns and a pedestrian walkway that will connect Phillips Place to surrounding neighborhoods. Additionally, Lincoln Harris has taken over full ownership of Phillips Place by buying an interest from Regency Centers. According to Charlotte Business Journals, Jacksonville, Fla.-based Regency Centers bought its 50 percent stake in the property in 2013 from Peter Pappas and Pat Clayton, who were key members of the Lincoln Harris-led ownership group known as Phillips Place Partners. Current tenants at Phillips Place include The Palm, Wolfgang Puck, P.F. Chang’s, Taylor Richards & Conger, Brooks Brothers, Orvis, J. McLaughlin, Eileen Fisher and Paper Source. The property also includes a 10-screen Regal Cinemas and Hampton Inn & Suites. RH offers furniture, lighting, textiles, rugs, bathware, décor and outdoor, as …

March 15, 2019

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