Property Type

Greystone Provides $29.2M Freddie Mac Loan for Refinancing of Apartment Asset in Raleigh

by Camren Skelton April 19, 2018

RALEIGH, N.C. — Greystone has provided a $29.2 million Freddie Mac loan for the refinancing of Andover at Crabtree, a 368-unit apartment community in Raleigh. Dale Holzer of Greystone originated the seven-year loan with two years of interest-only payments through Freddie Mac’s Green Up program on behalf of the borrower, a publicly traded REIT. The program provides attractive terms for borrowers that commit to energy or water savings. Andover at Crabtree features two swimming pools with lake views, a deck, gazebo and a clubhouse.

April 19, 2018

Development Hospitality Southeast Virginia

Suburban Capital to Develop $26.3M Hyatt Place Hotel in Virginia Beach

by Camren Skelton April 19, 2018

VIRGINIA BEACH, VA. — Virginia Beach-based Suburban Capital Inc. has unveiled plans to build a 127-room Hyatt-branded hotel in Virginia Beach. Hyatt Place at Pembroke Park will be located at 281 Independence Blvd. and will serve as a catalyst for the redevelopment of the 14-acre Pembroke Park into a higher density mixed-use development, according to the project’s developers. The Virginia Beach Development Authority has approved an Economic Development Investment Program Grant in the amount of $200,000 based on Suburban Capital’s $26.3 million investment. The funds will be used for enhanced streetscape improvements. The 92,000-square-foot hotel is slated for completion in April 2019.

April 19, 2018

Development Hospitality South Carolina Southeast

Hilton Grand Vacations, Strand Capital to Develop New Hotel in Downtown Charleston

by Camren Skelton April 19, 2018

CHARLESTON, S.C. — Hilton Grand Vacations Inc. (HGV), in a joint venture with Strand Capital Group LLC, has unveiled plans to build a new hotel in downtown Charleston. The hotel will be located at 475 E. Bay St., within walking distance of The Battery and the South Carolina Aquarium, as well as the city’s dining, shopping and entertainment options. The hotel, dubbed Liberty Place Charleston by Hilton Club, will be HGV’s first property in the historic city. HGV will invest $10 million in the hotel, which will include 100 rooms and feature a fitness center, lobby bar and owners’ lounge. HGV and Strand plan to start construction on the hotel in the fourth quarter, with an estimated completion in the second quarter of 2020. In addition to an ownership stake in the project, HGV will market, sell and manage the property under a fee-for-service agreement with the HGV/Strand joint venture.

April 19, 2018

Florida Industrial Leasing Activity Southeast

Weiss Realty Arranges 47,000 SF Industrial Relocation for T-Shirt Company in Miami

by Camren Skelton April 19, 2018

MIAMI — Weiss Realty has arranged the relocation of Hard Ten Tree Shirt Cos.’ production operations from Brooklyn, N.Y., to Miami. The one-story industrial building is located at 3360 N.W. 110th St. Jaime Weiss of Weiss Realty, along with Fred Meyer of NAI Mertz and Mike Waite of The Easton Group, arranged the 10-year, 47,000-square-foot lease on behalf of Hard Ten. Edison Vasquez of Com-Real Miami-Doral represented the landlord, Calico 2017 LLC. The T-shirt company will move into the new space this spring.

April 19, 2018

Acquisitions Midwest Minnesota Office

CBRE Arranges Sale of 101,568 SF Office Building in Edina, Minnesota for $14.4M

by Kristin Harlow April 19, 2018

EDINA, MINN. — CBRE Capital Markets has arranged the sale of Edinborough Corporate Center in Edina for $14.4 million. The seven-story, 101,568-square-foot office building was built in 1986 as part of a mixed-use development that includes Edina’s Edinborough Park, a one-acre indoor city park. The office building is also connected to the 135-room Marriott Residence Inn and Brookdale Edina, a 203-unit luxury senior apartment complex. The Class A building was 91 percent occupied at the time of sale. Ryan Watts, Sonja Dusil, Tom Holtz and Judd Welliver of CBRE represented the seller, EverWest Real Estate Partners. Altus Properties purchased the asset.

April 19, 2018

Development Illinois Midwest Multifamily Seniors Housing

Pathway to Living, Caddis Open 96-Unit Seniors Housing Community in Orland Park, Illinois

by Kristin Harlow April 19, 2018

ORLAND PARK, ILL. — Pathway to Living and Caddis Healthcare Real Estate have opened Heartis Village of Orland Park, a 96-unit assisted living and memory care community. The 89,622-square-foot property is located at 7420 W. 159th St. The community’s 72 assisted living units range in size from 371 to 1,032 square feet, while the 24 memory care studios measure approximately 260 to 360 square feet. Amenities include a dining room, movie theater, chapel, salon and spa, fitness center, doctor’s suite and courtyard with a walking path. McShane Construction Co. was the general contractor.

April 19, 2018

Indiana Loans Midwest Retail

NorthMarq Secures $7.7M Construction Loan for Retail Property in Jeffersonville, Indiana

by Kristin Harlow April 19, 2018

JEFFERSONVILLE, IND. — NorthMarq Capital has arranged a $7.7 million construction loan for Jeffersonville Town Center in southern Indiana. The 64,855-square-foot retail property will be located at 1450 Veterans Parkway. The project is the first phase of a 160-acre mixed-use development. Randall Waddell of NorthMarq arranged the three-year loan with a local bank. The borrower was not disclosed.

April 19, 2018

Acquisitions Illinois Midwest Multifamily Seniors Housing

Blueprint Brokers Sale of Two Skilled Nursing Facilities in Southern Illinois for $5.5M

by Kristin Harlow April 19, 2018

EDWARDSVILLE, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of University Nursing and Rehabilitation Center and Edwardsville Nursing and Rehabilitation, both located in Edwardsville and totaling approximately 232 beds, for $5.5 million. The purchase price equates to approximately $24,000 per bed. The sale was prompted by the operator’s motivation to reduce its overall exposure to the state’s challenging reimbursement environment relating to delayed payments of Medicaid and its initial intention to not operate the facilities in the long term, according to a news release. Combined, the facilities were operating at approximately breakeven on nearly $12 million in total revenues. Josh Salzman, Michael Segal and Ben Firestone of Blueprint led the transaction. A St. Louis-based investor purchased the asset. A publicly traded REIT was the seller.

April 19, 2018

Development Industrial Midwest Nebraska

Byrne & Jones Construction Completes Asphalt Plant in Greenwood, Nebraska

by Kristin Harlow April 19, 2018

GREENWOOD, NEB. — Byrne & Jones Construction Co. has completed a new asphalt plant in Greenwood, about 20 miles northeast of Lincoln. CMI Roadbuilding Inc., an asphalt plant supplier, assisted with the project. The property is located on eight acres at 13801 238th St. with close proximity to the highway. The St. Louis-based civil site contractor opened an office in Gretna, Neb. in 2014 to provide asphalt and concrete paving services to commercial, retail and institutional customers. The office serves clients in Omaha, Lincoln, southeast Nebraska and surrounding areas. Within the past year, Bryne & Jones has completed a number of asphalt projects in Nebraska, including projects for CarMax, Lowe’s and Lincoln Crossing Shopping Center.

April 19, 2018

Acquisitions California Data Centers Industrial Western

CV Mission Critical REIT II Acquires Two-Building Data Center Portfolio in Sacramento from Digital Realty Trust for $51M

by Amy Works April 19, 2018

SACRAMENTO, CALIF. – Carter Validus Mission Critical REIT II (CV Mission Critical REIT II) has purchased the Rancho Cordova Data Center Portfolio for $51 million, excluding acquisition fees and costs. Located in Sacramento, the portfolio consists of two single-story facilities: a 69,048-square-foot turnkey colocation data center, located at 11085 Sun Center Drive, and a 63,791-square-foot, multi-tenant wholesale data center, located at 3065 Gold Camp Drive. At the time of sale, the portfolio was 82.4 percent occupied. Michael Hochanadel, Raul Saavedra and Jake Wagner of JLL represented the seller, Digital Realty Trust, in the deal.

April 19, 2018

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