Property Type

CA Ventures, Focus Break Ground on 241-Unit Apartment Building Near Northwestern University

by Kristin Harlow April 17, 2018

EVANSTON, ILL. — Developers CA Ventures and Focus have broken ground on 811 Emerson, an apartment building near Northwestern University in Evanston, Ill. The nine-story, 241-unit transit-oriented development is located at 811 Emerson St. One-, two- and three-bedroom floor plans will range in size from 400 to 1,100 square feet. Outdoor amenities will include a courtyard with a pool, fire pit and grilling stations. Indoor amenities will include a social lounge, business center and fitness center. Convenience store 7-Eleven will occupy a 3,300-square-foot retail space on the property’s ground floor. Focus is the general contractor, while bKL Architecture is providing architectural services. Pre-leasing will begin this fall, and the project is set for completion in the summer of 2019.

April 17, 2018

Acquisitions Office Washington Western

Colliers Brokers $7.5M Acquisition of Office Building in Mukilteo, Washington

by Amy Works April 17, 2018

MUKILTEO, WASH. — Colliers International has brokered the acquisition of an office property located at 12121 Harbor Reach Drive in Mukilteo. HPO Investment LLC purchased the building from Bocek/NCA for $7.5 million. The fully-leased, 33,387-square-foot property is Harbour Point’s Building A, North Campus. The building is one component of a 2,810-acre master-planned community that includes residential buildings, manufacturing facilities, a golf course, parks and a wildlife preserve. Derek Heed and Gregg Riva of Colliers represented the buyer in the transaction.

April 17, 2018

Illinois Industrial Leasing Activity Midwest

iHerb Signs 257,344 SF Industrial Lease in Elgin, Illinois

by Kristin Harlow April 17, 2018

ELGIN, ILL. — iHerb Inc. has signed a 257,344-square-foot industrial lease in Elgin. The company sells nutritional supplements, vitamins, personal care, baby care and other health products. The industrial building, Zilber Industrial I, is located at 2640 Auto Mall Drive with immediate access to I-90. Jack Brennan and John Hamilton of CBRE represented the tenant in the lease transaction. Dominc Carbonari and Frank Griffin of JLL represented the owners, Zilber Property Group.

April 17, 2018

Development Midwest Missouri Office

Save-A-Lot Selects The Crossings at Northwest in St. Louis for New Headquarters

by Kristin Harlow April 17, 2018

ST. LOUIS — Save-A-Lot has selected a new location in St. Louis for its corporate headquarters. Currently located in Earth City, the supermarket chain is planning to move to The Crossings at Northwest mixed-use development and expand its headquarters workforce by approximately 64 people. The Crossings at Northwest, formerly Northwest Plaza shopping mall, is now home to companies such as Charter Communications, Starbucks and Menards, as well as a wide range of St. Louis County government services. Save-A-Lot has been headquartered in St. Louis for more than 40 years.

April 17, 2018

Loans Michigan Midwest Multifamily

Love Funding Secures $7M HUD Loan for 232-Unit Affordable Seniors Housing Property in Detroit

by Kristin Harlow April 17, 2018

DETROIT — Love Funding has secured a $7 million HUD 223(f) loan for the refinancing of Central Towers Apartments in Detroit. The affordable seniors housing property features 232 units within two buildings. David Strachan and Bruce Gerhart of Love Funding secured the 35-year loan. Financing proceeds will be used to pay off current debt, complete repairs and fund the reserve account.

April 17, 2018

Loans Midwest Missouri Multifamily

Hunt Mortgage Provides $5M Acquisition Loan for 54-Unit Townhome Property in Kansas City

by Kristin Harlow April 17, 2018

KANSAS CITY, MO. — Hunt Mortgage Group has provided a $5 million Freddie Mac small balance loan for the acquisition of Holly Ridge Townhomes in Kansas City. The 54-unit apartment property consists of 27 three-story townhome buildings. Built in 2007, the property is currently 94 percent occupied. The 10-year loan features a 30-year amortization schedule. PI Holly Ridge LLC was the borrower.

April 17, 2018

Acquisitions Multifamily Northeast Pennsylvania Property Type Top Stories

Aimco Buys Six Apartment Communities in Metro Philadelphia from Developer for $445M

by John Nelson April 17, 2018

PHILADELPHIA — Apartment Investment and Management Co. (Aimco) (NYSE: AIV) has agreed to purchase six apartment communities in the metropolitan Philadelphia area for $445 million. The seller is the portfolio’s developer, Philadelphia-based Dranoff Properties Inc. “The timing is right to sell six of our premier properties to Aimco and become a major investor in the company,” says Carl Dranoff, founder and CEO of Dranoff Properties. “Aimco’s expansion and commitment to Philadelphia make it an ideal steward of these trophy assets that we carefully built, owned and managed. I am incredibly enthusiastic about the future of Dranoff Properties as we begin our third decade.” The portfolio comprises 1,006 existing apartment homes, 110 apartment homes under construction and 185,000 square feet of office and retail space. Three of the properties are situated in Philadelphia’s Center City district, and the others are located in University City, Lower Merion Township and Camden, N.J. The acquisitions are expected to close in the second quarter, except for the purchase of the Lower Merion asset, which is under construction and expected to close in the first half of 2019 following its completion. Aimco is initially funding the acquisition with $290 million of existing property debt, $65 million …

April 17, 2018

Acquisitions Industrial New Jersey Northeast Retail

Sheldon Gross Realty Arranges Sale of 41,500 SF Warehouse, Retail Facility in East Brunswick

by David Cohen April 16, 2018

EAST BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a 41,500-square-foot warehouse and retail facility in East Brunswick. New Jersey based HSJE Realty purchased the property, which is located at 2 Claire Road, for an undisclosed amount. Jonathan Glick and Glenn Jaffe of Sheldon Gross Realty represented the undisclosed seller in the transaction. Corporate America Realty & Advisors represented HSJE Realty. The facility, which is located approximately halfway between New York City and Philadelphia, currently has three tenants, each of which uses a portion of the building for warehousing and retail.

April 16, 2018

Multifamily Northeast Pennsylvania Seniors Housing

Bozzuto Group Completes 231-Unit Active Adult Community Near Philadelphia

by David Cohen April 16, 2018

KING OF PRUSSIA, PA. —The Bozzuto Group has completed the development of Canvas Valley Forge, a 231-unit active adult community in the Philadelphia suburb of King of Prussia. KTGY Architecture + Planning designed the apartment property, which targets residents over age 55. The community is part of King of Prussia Town Center, a mixed-use development. Residents of the community are within walking distance of a variety of grocery stores, restaurants, retail shops and other amenities.

April 16, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $1.5M Sale of Retail Property in New Jersey

by David Cohen April 16, 2018

ORANGE, N.J. — Marcus & Millichap has brokered the sale of a 13,500-square-foot retail property in Orange, about 18 miles west of Manhattan, for $1.5 million. The property, which is located at 206 Main St., is currently occupied by Kicks USA on a net-lease basis. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Kicks USA has 41 stores in the United States.

April 16, 2018

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