Property Type

Berkadia Arranges Sale of 141-Unit Apartment Property in Kansas City

by Kristin Harlow March 15, 2019

KANSAS CITY, MO. — Berkadia has arranged the sale of The Landings at River Market, a 141-unit apartment property in Kansas City. The sales price was not disclosed. Located at 213 Delaware St., the property is comprised of three historic buildings known as Askew Saddlery, Volker Place and Pacific House. The buildings were originally constructed for industrial use in the mid-to-late 1800s and were transformed to residential use in the 1990s. Michael Sullivan, Brett Meinzer and Alex Blagojevich of Berkadia brokered the transaction. A joint venture between Artemis Real Estate Partners and CRES Management LLC sold the asset to California-based Canyon View Capital.

March 15, 2019

Development Hospitality Midwest Minnesota

Midas Hospitality Opens Second Hotel in Brooklyn Park, Minnesota

by Kristin Harlow March 15, 2019

BROOKLYN PARK, MINN. — Midas Hospitality has opened a 107-room Home2 Suites by Hilton hotel in Brooklyn Park, its second hotel within the city. The nearly 58,000-square-foot hotel is part of a $28 million development. The property includes suites with fully equipped kitchens designed for extended-stay use. Amenities include an indoor pool, meeting room, fitness area and patio. MC Hotel Construction served as the general contractor.

March 15, 2019

Acquisitions Affordable Housing Illinois Midwest Multifamily

Interra Negotiates $7.8M Sale of Affordable Housing Portfolio in Chicago

by Kristin Harlow March 15, 2019

CHICAGO — Interra Realty has negotiated the $7.8 million sale of a two-property affordable housing portfolio in Chicago’s Washington Park neighborhood. The properties, spanning 99 units, include the two-building Michigan Corners and the six-building Michigan Plaza. The buildings were constructed in the late 1990s. David Goss, Jon Morgan and Lucas Fryman of Interra represented the buyer, Jarrell Housing Group, as well as the seller, St. Edmund’s Redevelopment Corp. Jarrell Housing Group plans to improve the properties and maintain the units as affordable for renters earning up to 60 percent of the area median income. Jarrell agreed to assume the seller’s existing city of Chicago and Illinois Housing Development Authority loans when it purchased the property. The buyer also obtained tax credits from CREA LLC, an Indianapolis-based full-service tax syndicator that specializes in affordable housing, for the planned renovations.

March 15, 2019

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 46,920 SF Industrial Facility in Arlington Heights, Illinois

by Kristin Harlow March 15, 2019

ARLINGTON HEIGHTS, ILL. — Colliers International has brokered the sale of a 46,920-square-foot industrial facility in Arlington Heights for an undisclosed price. The sales price was not disclosed, but the asking price was $2.4 million. Situated on 1.1 acres at 2605 Clearbrook Drive, the property features a clear height of 16 feet, 3,000 square feet of office space, two interior docks and LED lighting. The buyer, Misa Imports, is a wine distributor. Misa currently operates two separate buildings in Elk Grove Village, but plans to consolidate both at the Arlington Heights property. Kelly Joyce and Suzanne Serino of Colliers represented the seller, a private investor. Karla Thomas and Lina Zoraikat of Urb & Burb Realty represented the buyer.

March 15, 2019

Market Reports Retail Texas Texas Market Reports

Redevelopment Defined Fort Worth Retail Market in 2018

by Taylor Williams March 15, 2019

2018 was a year of redevelopment, adjustment and correction for the Fort Worth retail market. Some real estate professionals believe this activity was the result of the collective, pent-up demand among quality retailers for a store presence in Fort Worth. Some believed they that could duplicate the atmosphere created by The Domain, a 1.2 million-square-foot mixed-use destination in Austin that has achieved tremendous success. The previous three years saw more than 2.5 million square feet of new retail space delivered in Fort Worth, a figure that exceeds the combined total for the previous 10 years. For example, in September 2017 Simon Property Group, in partnership with Cassco Development Co., opened The Shops at Clearfork, a 500,000-square-foot, open-air luxury shopping, dining, entertainment and mixed-use destination situated in the heart of Fort Worth. The Shops at Clearfork also includes office space. Other retail projects that contributed to new supply included WestBend, Waterside, Left Bank and Presidio. This new development caused a spike in vacancy to 8.7 percent by the end of the year as landlords were all looking to stabilize their assets from the same tenant pool. At the same time, retailers, restaurants, service firms and experiential companies were cautious and calculated …

March 15, 2019

Development Illinois Midwest Mixed-Use Top Stories

JDL Development to Break Ground on $850M Mixed-Use Tower in Chicago

by Kristin Harlow March 15, 2019

CHICAGO — JDL Development Corp. has received construction financing for One Chicago Square, an $850 million mixed-use tower in Chicago. The 76-story, 1.5 million-square-foot development will be located in the city’s River North submarket. The project’s senior construction lender is Bank OZK. Other sources of financing for this project include an investment from equity partner Wanxiang America Real Estate Group, as well as $260 million in preferred equity and mezzanine financing from Square Mile Capital Management LLC. One Chicago Square will include 735 apartment units and 77 condominium units. The project’s 193,000 square feet of retail space is largely pre-leased to Whole Foods Market and Life Time Athletic. Plans also call for office space, event space and 1,000 parking spaces. The property will occupy a full city block on the site of a former parking lot that JDL purchased from the Archdiocese of Chicago. Construction is expected to take three years, with completion slated for year-end 2022. Project architects include Goettsch Partners and Hartshorne Plunkard Architecture. JDL is a Chicago-based residential developer founded by Jim Letchinger. Wanxiang America Real Estate Group is a unit of a Chinese auto-parts company. New York-based Square Mile Capital is an integrated institutional real estate …

March 15, 2019

Loans Multifamily North Carolina Southeast Student Housing

Public-Private Partnership Closes on Financing for 2,100-Bed Student Housing Development at Appalachian State University

by Alex Tostado March 14, 2019

BOONE, N.C. — A public-private partnership between RISE: A Real Estate Co., Beyond Owners Group and Appalachian State University has closed on financing for the development of a 2,100-bed community on the university’s campus in Boone. The three-phase development will include the demolition and replacement of six existing residence halls totaling 1,800 beds, as well as the addition of 300 new beds and a 477-space parking deck. The communities will offer a mix of unit types ranging from apartments to shared suites primarily serving freshman students. Shared amenities will include 13,000 square feet of community space, living-learning programming, study rooms and lounge spaces. Construction began on Phase I of development in February, with full delivery scheduled for 2022. The project team includes architect Niles Bolton Associates; design consultant Jenkins-Peer Architects; general contractor Choate Construction; civil engineer Stanley D. Lindsey & Associates; and project management firm Brailsford & Dunlavey. The Public Finance Authority has issued tax-exempt project revenue bonds to the ownership group to fund the development. RBC Capital Markets was the bond underwriter.

March 14, 2019

Development Multifamily Seniors Housing Southeast Tennessee

Hunt Midwest Acquires Development Site Near Nashville, Plans to Build Two-Story Seniors Housing Facility

by Alex Tostado March 14, 2019

GALLATIN, TENN. — Hunt Midwest has acquired a six-acre plot in Gallatin, approximately 27 miles northeast of Nashville, with plans to build a seniors housing community on the site. The Capstone at Station Camp will be a two-story, 76,000-square-foot seniors housing community featuring 88 units of assisted living and memory care. Site work is expected to begin in late March 2019. Infrastructure enhancements are scheduled for completion this summer, followed by vertical construction. The full project is slated to be delivered in August 2020. Upon completion, Integral Senior Living will operate the community. Pi Architects is the designer, Civil Site Design Group will perform land planning and civil engineering and Hardaway Construction will be the general contractor for the project. Hunt Midwest collaborated with ISL Ventures, a division of Integral, and Leading Light Development and Construction Consulting for site selection.

March 14, 2019

Loans North Carolina Retail Southeast

Cohen Financial Arranges $11.3M Acquisition Loan for Lowes Foods-Anchored Shopping Center in Metro Raleigh

by Alex Tostado March 14, 2019

CARY, N.C. — Cohen Financial, a subsidiary of SunTrust Bank, has arranged an $11.3 million acquisition loan on behalf of a Florida-based retail investor for Wellington Park Shopping Center in Cary. The 102,487-square-foot shopping center is anchored by Lowes Foods and is situated at the intersection of Tryon Road and S.E. Cary Parkway, about nine miles southwest of downtown Raleigh. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the 10-year loan through Rialto Mortgage Finance.

March 14, 2019

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $7.5M Sale of Office Building in Richmond

by Alex Tostado March 14, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $7.5 million sale of Windsor I, a single-story, 58,000-square-foot office/flex building situated at 8550 Magellan Parkway within Windsor Business Park in Richmond. The asset was built in 1999 and was 100 percent leased at the time of the sale to Bon Secours Nursing School and Patterson Dental Supply. Windsor I is one of six buildings in the 62-acre business park, which is located about eight miles north of downtown Richmond. Eric Robinson and Evan Magrill of Cushman & Wakefield | Thalhimer represented the seller, Magellan Investors LLC, in the transaction. Gregg Beck of Thalhimer represented the buyer, JBW Winsdor Investment Co.

March 14, 2019

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