Property Type

Grandbridge Arranges $35.2M in Acquisition Financing for Two Apartment Properties in Greenville

by Camren Skelton March 22, 2018

GREENVILLE, S.C. — Grandbridge Real Estate Capital has arranged two acquisition loans totaling $35.2 million for Metropolitan Apartments and 2900 North Apartments in Greenville. Mike Ortlip and Josh Davis of Grandbridge arranged the non-recourse loans with an initial period of interest-only payments and a 30-year amortization schedule through its lending platform, BB&T Real Estate Funding. The Charlotte-based firm is a subsidiary of BB&T. The financing included a $21.6 million, first mortgage loan for Metropolitan Apartments, a 246-unit community located at 660 Halton Road, and a $13.6 million loan for 2900 North Apartments, a 172-unit community located at 2900 E. North St. The names of the borrowers were not disclosed. Both properties feature swimming pools, fitness centers and grilling stations.

March 22, 2018

Illinois Leasing Activity Midwest Retail

Premier Veterinary Group to Open 10,000 SF Animal Hospital in Orland Park, Illinois

by Kristin Harlow March 22, 2018

ORLAND PARK, ILL. — Premier Veterinary Group will open a 10,000-square-foot animal hospital at 7000 W. 159th St. in the Chicago suburb of Orland Park. The company is relocating from Crestwood, Ill. Iris Construction Services is the general contractor for the project. Completion is slated for August. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented the tenant in the lease transaction.

March 22, 2018

Acquisitions Georgia Industrial Southeast

LRC Properties, Ladder Capital Acquire 644,040 SF Industrial Building in Metro Atlanta

by Camren Skelton March 22, 2018

LITHIA SPRINGS, GA. — LRC Properties, in a joint venture with Ladder Capital, has acquired 7705 Staples Drive, a 644,040-square-foot industrial building in Lithia Springs. The manufacturing and food processing facility is located on 40 acres roughly 18 miles west of Atlanta. The building, constructed in 2007 and renovated in 2015, features a wastewater treatment plant, air compressors, large electrical load capacity, air conditioned space and a laboratory. Colliers International arranged the transaction on behalf of the seller, a joint venture between Keurig and AB InBev. The sales price was not disclosed.

March 22, 2018

Development Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Feldman Equities, Two Roads Development to Build 50-Story Mixed-Use Tower in Downtown Tampa

by Katie Sloan March 22, 2018

TAMPA, FLA. — A partnership between Feldman Equities and Two Roads Development has announced plans for Riverwalk Place, a 50-story, mixed-use development located on Ashley Drive in downtown Tampa. The building will be the tallest on the west coast of Florida, according to the development team. The property will include 10 floors of office space and 33 floors housing more than 200 luxury condominiums accessed by private elevators. The property will also feature an integrated parking structure connected by plaza with up to five waterfront restaurants and retail tenants. The development may also feature an adjacent marina for use by residents. An existing building on the property has been vacated, and will be demolished soon in preparation for construction. A timeline for the development was not disclosed, and a rendering has not yet been released. Both parties of the joint venture have invested significant capital into the project, which is currently in the pre-construction phase. The next phase of development will include taking reservations and deposits, followed by going to market for construction funding. Reid Boren, managing partner of Two Roads Development, has noted that several banks are willing to provide financing prior to reservations being taken, but the developer prefers …

March 22, 2018

Features Georgia Hospitality Property Type Southeast Southeast Feature Archive

Battle for Market Share: Leading Hotel Companies Expand Via Acquisitions, New Brands

by John Nelson March 22, 2018

ATLANTA — The world’s largest hotel company, Wyndham Hotel Group, made a splash in January when parent company Wyndham Worldwide Corp. purchased La Quinta’s franchise and management business for nearly $2 billion. Speaking at the 30th annual Hunter Hotel Conference in Atlanta Wednesday, Geoff Ballotti, president and CEO of Wyndham Hotel Group, spoke about how the acquisition has helped expand the company’s platform. “It is our 21st brand. We’re the company that operates more hotels than any other company today at 9,100 hotels,” says Ballotti at the three-day conference, which is drawing 1,700 attendees. “La Quinta is a brand that franchises well — 85 percent of La Quinta’s franchisees score four stars or above on TripAdvisor. It’s a great value for our shareholders.” The past few years have seen mega transactions like this, none bigger than Marriott International’s $13 billion acquisition of Starwood Hotels & Resorts in 2016. Joining Ballotti on the stage during the President’s Panel, held at the Atlanta Marriott Marquis in downtown Atlanta, was Patrick Pacious, president and CEO of Choice Hotels International Inc. The Rockville, Maryland-based company is the second-largest hotel group by property count at 6,800 hotels in 40 countries. Similar to Wyndham, Choice Hotels …

March 22, 2018

Market Reports Midwest Midwest Market Reports Minnesota Retail

From Pop-Up Shops to Escape Rooms, Minneapolis Embraces Experiential Retail

by Kristin Harlow March 22, 2018

The retail sector in metro Minneapolis continues to adapt to changing consumer preferences, fast-moving economic opportunities and new state laws. Over the course of 2017, the retail real estate market showed positive growth in every category. Absorption of 1.4 million square feet surpassed the 1.3 million square feet of deliveries, according to CoStar Group. The rising cost of construction, low vacancy rate (3.1 percent) and increasing rental rates are creating new barriers to entry for retail businesses. The aforementioned factors, along with a newfound confidence in the rising economy, are causing landlords of all magnitude to become more selective with the quality of tenants they accept. Landlords will continue to become more reserved with regard to the tenant allowances they provide for new tenants. We have seen retail giants such as Walmart and Target add new services that emphasize both value and convenience and bring shoppers back for quick fill-in trips. Minneapolis-based Target Corp. announced the public rollout of its Target Restock program, a next-day delivery service for household essentials that is designed to compete with Amazon’s Prime Pantry. After being beta-tested by its employees, the program is currently only available in about nine markets, but plans are to slowly …

March 22, 2018

Loans Massachusetts Northeast Office

Fantini & Gorga Arranges $30M Loan to Refinance 61,000 SF Office Building in Cambridge

by David Cohen March 21, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has arranged a $30 million loan to refinance a 61,000-square-foot office building in Cambridge. The property, located at 784 Memorial Drive and owned by an affiliate of the Bullfinch Companies, was originally built in 1937 and underwent renovations in 1999 and 2014. Harvard University recently executed a long-term lease for the entire building with plans to house a technology services department there. Wayne Clough and Despina Hixon of Fantini & Gorga arranged the financing with one of its correspondent life insurance companies. The building is located along the Charles River in the Cambridgeport neighborhood, halfway between the campuses of Harvard and the Massachusetts Institute of Technology.

March 21, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

Castle Square, WinnDevelopment to Redevelop 102-Unit Senior Housing Community in South End.

by David Cohen March 21, 2018

BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Tremont St. in Boston’s South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year renovation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council.

March 21, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates Sale of 42-Unit Multifamily Building in Upper West Side for $18.3M

by David Cohen March 21, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of 410 West End Ave., a seven-story apartment building in the Riverside-West End Historic District on Manhattan’s Upper West Side. The sales price was $18.3 million. The 42-unit, 20,272-square-foot building contains 14 studios and 28 one-bedroom apartments. The property also retains 25,415 square feet of excess air rights. Hall Oster, Mitchell Levine and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction.

March 21, 2018

Acquisitions Multifamily New York Northeast

Besen & Associates Brokers Sale of 70,000 SF Apartment Building in Bronx for $11M

by David Cohen March 21, 2018

NEW YORK CITY — Besen & Associates has brokered the sale of 1422 Nelson Avenue in the Highbridge section of the Bronx for $11 million at a cap rate of 4.2 percent. The 70,500-square-foot, six-story building contains 72 apartments that are each 1,000 square feet. GF Financial, an experienced operator with an already established portfolio in the Bronx, purchased the property. The sellers, Steve Zervoudis & Richard Sica of Galaxy General, acquired the building in 1992 for $700,000. Currently, the property is operating under a regulatory agreement governed by the Low-Income Housing Tax Credit program. Jonathan Shainberg, Shallini Mehra, and Amit Doshi of Besen & Associates arranged the transaction.

March 21, 2018

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