KNOXVILLE, TENN. — Cushman & Wakefield has brokered the $18.3 million sale of Evergreen at the Bluffs, a 161-unit apartment community in Knoxville. Robbie O’Bryan, Nelson Abels and Brad Boston of Cushman & Wakefield represented the seller, Evergreen Residential, in the transaction. Hudson Capital Investments acquired the property. Constructed in 2009, Evergreen at the Bluffs features a business center, clubhouse, fitness center, pool and storage units.
KIAWAH ISLAND, S.C. — Big Rock Partners, in a joint venture with Kiawah Partners, has unveiled plans to develop a $125 million seniors housing community on Kiawah Island, a barrier island located 21 miles southwest of Charleston. The 200-unit community will be for residents ages 55 and older and will include independent living, assisted living and memory care units. The unnamed project will be built overlooking a lake next to the Freshfields Village shopping center. “There’s been exponential growth in the active senior population in the Charleston area,” says Richard Ackerman, senior managing partner at Big Rock. “We wanted to bring a state-of-the-art senior living experience to the Lowcountry.” The community will feature its own movie facility, multiple pools, a fitness center with a yoga studio, and multiple food and beverage options. “There are current Kiawah homeowners who are aging, who want to downsize and require higher degrees of service levels,” says Chris Randolph, partner at Kiawah Partners. “They don’t want to lose touch with their social circles by moving off the island. Senior living on Kiawah allows them to keep their ties to the island, and for many, to the Kiawah Island Club.” Kiawah Partners is the master developer …
Like many other Midwestern markets, Milwaukee is experiencing a mixed bag in retail. While headlines have been dominated primarily by closures, there has also been an abundance of new activity in the market. While it’s taken its hits, the retail market has fought back and retail vacancy has actually decreased slightly to 4.4 percent in the first quarter, according to CoStar Group. Rents are edging up and Class A space is difficult to find. The inventory of Class B and C space is more robust. Due to low demand, landlords are not enjoying much negotiating leverage. Market turbulence On the surface, multiple big box closings that have occurred in metro Milwaukee this year paint a gloomy picture of the retail marketplace. Grocery, wholesale, apparel, toys, restaurants and other categories of retailers have closed fairly rapidly. These include Pick ‘n Save (Kroger) in Cudahy, Sendik’s in West Milwaukee, Sam’s Club in West Allis, Toys ‘R’ Us and Babies ‘R’ Us in Brookfield and iPic Theater at Bayshore Town Center in Glendale. Another ominous cloud is the Bon-Ton bankruptcy and the closure of seven area Boston Store locations, including the company’s clearance center and furniture gallery in metro Milwaukee. Compound that with …
ROCHESTER, N.Y. — Marcus & Millichap has brokered the $45 million sale of a two-property office portfolio in Rochester. The office properties are Corporate Crossing, a five-building, 212,839-square-foot office complex completed in 2002; and Canal View, a three-building, 118,375-square-foot office complex completed in 2003. The two properties are less than eight miles apart. Marcus & Millichap represented the seller, a private Rochester partnership, in the transaction. The buyer was a New York family office. Tenants at the office parks include the University of Rochester, The Bonadio Group, KeyBank, Oracle Corp., Gatehouse Media Inc., Level 3 Communications, and NetApp Inc.
SOUTH WINDSOR, CONN. — KeyBank has provided a $39.5 million Freddie Mac, first mortgage loan to refinance the existing debt of Tempo Evergreen Walk Apartments in South Windsor. The 200-unit, garden-style apartment complex was built in 2018 and is made up of nine, four-story residential buildings. Tom Peloquin of KeyBank arranged the fixed-rate, non-recourse loan with an 11-year term, three years of interest only payments and a 30-year amortization schedule for the undisclosed borrower.
YORK, PA. — Endurance Real Estate Group and Thackeray Partners have acquired a 174,572-square-foot warehouse/distribution building in York for $8.2 million. The property, located at 2075 Loucks Road, is fully leased to York Wallcoverings Inc., a global manufacturer of residential and commercial wallpaper. Rock Commercial Real Estate represented the seller, the former long-time owner of York Wallcoverings, in the transaction. Built in 1980, the property was expanded in 1986 and 1995 and features ceiling heights up to 30 feet as well as 13 dock-high loading doors and two drive-in doors.
BRIDGEWATER, N.J. — LCS has acquired Arbor Glen, a continuing care retirement community (CCRC) in Bridgewater, for an undisclosed price. Located southwest of New York City, the community sits on 23 acres and features 183 independent living units, 19 independent living villas, 23 assisted living units, 10 memory care units and 64 skilled nursing beds. LCS changed the community’s name to Laurel Circle and plans to implement an $8 million capital improvement plan at the property. The seller and former operator was Friends Retirement Concepts. Based in Des Moines, Iowa, LCS Real Estate currently has an ownership stake in 37 seniors housing communities nationwide.
CARLSTADT, N.J. — NAI James Hanson has arranged a 40,000-square-foot industrial lease at 223 Veterans Blvd. in Carlstadt. NAI Hanson’s Kenneth Lundberg and Patrick Lennon represented the tenant, NIS CP Corp., in the transaction. United Realty Advisors represented the landlord, Sitex. The property was renovated in 2017 and now features 5,000 square feet of office space as well as modern warehouse lighting. The building also features a clear height of 16 feet plus four dock doors and parking for 34 cars.
NEW YORK — New York-based PMZ Realty Capital LLC has arranged a $32 million loan for the refinancing of a three-property hotel portfolio located throughout Georgia. The portfolio includes the 150-room Hyatt Place Airport North in Atlanta, the 132-room Hampton Inn Atlanta/Norcross in Norcross and the 80-room Fairfield Inn & Suites in Commerce. The 10-year loan was arranged on behalf of the borrower, Elite Hotel Management Group LLC. The loan features a fixed interest rate below 4.85 percent.
PLANTATION, FLA. — Avison Young has arranged the $18.5 million sale of Southpointe, a 79,719-square-foot office building located at 7901 S.W. 6th Court in Plantation. The sales price equates to $232 per square foot. TA Realty sold the asset, according to local media reports. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller. The Green Cos. acquired the asset, which was 98 percent leased at the time of sale. Balfour Beatty Construction is the lead tenant at the building.
