Property Type

KeyBank Provides $16.8M Fannie Mae Loan for Affordable Housing Community in Trenton

by David Cohen September 10, 2018

TRENTON, N.J. — KeyBank Real Estate Capital has provided a $16.8 million Fannie Mae first mortgage loan for Oakland Park Apartments in Trenton. Built in 1947 and renovated in 1986, the property comprises 10 three-story buildings and includes 270 units. Under the Housing Assistance Payments contract, 269 of the 270 units qualify as low-income for individuals and families earning up to 80 percent of the area median income. Tom Peloquin of KeyBank arranged the non-recourse, floating-rate financing with a seven-year term, one-year interest-only period and 30-year amortization schedule. The loan was used to facilitate the acquisition of the property.

September 10, 2018

Acquisitions Hospitality New Jersey Northeast

HREC Orchestrates Sale of Holiday Inn Cherry Hill in New Jersey

by David Cohen September 10, 2018

CHERRY HILL, N.J. — HREC Investment Advisors has orchestrated the sale of the Holiday Inn Philadelphia-Cherry Hill. The sales price was undisclosed. The 186-room property is located seven miles east of downtown Philadelphia. Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the seller, 2715 Marlton Pike Associates LP., in the transaction. KPG Hotels acquired the property.

September 10, 2018

Acquisitions Midwest Missouri Multifamily

JVM Acquires 432-Unit Apartment Community in Lee’s Summit, Missouri

by Kristin Harlow September 10, 2018

LEE’S SUMMIT, MO. — JVM Realty Corp. (JVM) has acquired Summit Ridge Apartments in Lee’s Summit, a suburb of Kansas City, for an undisclosed price. The 432-unit apartment community features a pool, fitness center, dog park and resident lounge with a coffee bar, business center and conference room. JVM plans to renovate the property, built in 2001, by upgrading units, installing a package delivery facility and expanding the fitness center. The seller was not disclosed. JVM Management will manage the property. Mac Crowther of ARA Newmark brokered the transaction.

September 10, 2018

Acquisitions Midwest Nebraska Retail

PREP Purchases 654,666 SF Shopping Center in Suburban Omaha

by Kristin Harlow September 10, 2018

PAPILLION, NEB. — PREP Property Group has purchased Shadow Lake Towne Center in Papillion, a suburb of Omaha, for an undisclosed price. The 654,666-square-foot shopping center is located at the southwest corner of 72nd Street and Highway 370. Originally built in 2007, the property includes tenants such as Dick’s Sporting Goods, JC Penney, ULTA, Bed Bath & Beyond, Best Buy, PetSmart and Old Navy. The seller was not disclosed. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved or distressed.

September 10, 2018

Civic Development Georgia Southeast

City of Atlanta Begins First Phase of 280-Acre Park in Westside Area

by Camren Skelton September 10, 2018

ATLANTA — The City of Atlanta has broken ground on the first phase of Westside Park at Bellwood Quarry in Atlanta’s Westside area. Expected to be the largest park in Atlanta, the first phase will include a signature gateway and trails leading to an overlook area for views of a quarry-turned-reservoir. Upon completion, the park will encompass 280 acres, nearly 100 acres larger than Piedmont Park in Atlanta’s Midtown district. The park will connect the Proctor Creek Greenway and Chattahoochee River Corridor with the Atlanta BeltLine, a loop trail that will eventually span 22 miles and connect 45 intown neighborhoods in Atlanta. Architecture firm HGOR is designing the park. The quarry-turned-reservoir will take on the role of Atlanta’s major emergency water source, increasing the city’s drinking water supply from three days to more than 30 days. The surrounding park will feature elements of green infrastructure, which should enhance water quality and ground water infiltration. HGOR is collaborating on the development with partner leaders Reeves Young and CERM. Other project team members include Portman & Associates, Long Engineering, EcoWorks, Full Circle Communication, Denyse, BioHabitats, Sherwood Design Engineers, S.L. King & Associates and Sykes Consulting. According to The Atlanta Journal Constitution, the park …

September 10, 2018

Development Midwest Ohio Retail

DealPoint Merrill to Redevelop Retail Property Formerly Occupied by Giant Eagle in Cleveland

by Kristin Harlow September 10, 2018

CLEVELAND — DealPoint Merrill is redeveloping a former Giant Eagle store in Cleveland. The developer plans to convert the 56,500-square-foot property, which is situated on 4.3 acres at 13820 Lorain Ave., into a CubeSmart Self Storage location. Plans also call for the construction of a restaurant on an adjoining pad site. Project completion is slated for the first quarter of 2019. Overland Associates was the seller. DealPoint Merrill received a $6.6 million construction loan from an undisclosed lender for the project.

September 10, 2018

Acquisitions Georgia Industrial Southeast

Monmouth Acquires New Industrial Building Leased to FedEx in Northeast Georgia for $61.1M

by Camren Skelton September 10, 2018

BRASELTON, GA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building in Braselton, roughly 50 miles northeast of Atlanta, for $61.1 million. Delivered earlier this year, the 373,750-square-foot building is net-leased for 15 years to FedEx Ground Packaging System. The facility is situated on 93 acres at 650 Braselton Parkway off of Interstate 85. New Jersey-based Monmouth’s portfolio includes 111 properties totaling 21.2 million square feet.

September 10, 2018

Development Office South Carolina Southeast

Holder Properties Underway on 120,000 SF Office Building Near Charleston

by Camren Skelton September 10, 2018

MT. PLEASANT, S.C. — Holder Properties is underway on Portside, a 120,000-square-foot office building located within Ferry Wharf, a master-planned development in Mt. Pleasant that includes office, retail, hospitality and residential projects. The development is located at the foot of the Arthur Ravenel Jr. Bridge along the Charleston Harbor. Holder Properties broke ground on Portside in March. The five-story building is approximately 45 percent preleased, including a recently executed lease with Serendipity Labs Coworking. Portside will share a parking deck with a new hotel under construction at Ferry Wharf. The office building will be available for occupancy in spring 2019. McMilan Pazdan Smith Architecture is designing the building, and Freese Johnson is the general contractor.

September 10, 2018

Development Florida Mixed-Use Retail Southeast

Tavistock to Build Entertainment Venue Within Orlando’s Lake Nona Using Shipping Containers

by Camren Skelton September 10, 2018

ORLANDO, FLA. — Tavistock Development Co. has unveiled plans for Boxi Park at Lake Nona, an outdoor entertainment venue located within Lake Nona Town Center, a 100-acre mixed-use development that anchors the master-designed Lake Nona community in Orlando. The 30,000-square-foot venue will be built using repurposed shipping containers, and will feature a mix of restaurants and bars, beach volleyball courts, a fenced dog park, playground and a live entertainment venue. The park will be built using 12 containers arranged in one- and two-story configurations. The structure allows the containers to be moved as Lake Nona Town Center expands. Boxi Park is scheduled to open in December.

September 10, 2018

Acquisitions Illinois Midwest Multifamily Seniors Housing

Interra Brokers $6M Sale-Leaseback of Skilled Nursing Facility in Chicago’s West Loop

by Kristin Harlow September 10, 2018

CHICAGO — Interra Realty has brokered the sale-leaseback of Monroe Pavilion, a four-story skilled nursing facility in Chicago’s West Loop, for $6 million. The property is located at 1400 W. Monroe Ave. David Goss and Lucas Fryman of Interra represented the buyer, JK Equities, which plans to repurpose the building but has not yet disclosed specific plans. Jon Morgan and Colin O’Malley of Interra represented the seller, Symphony Post Acute Network, a provider of post-acute care.

September 10, 2018

Newer Posts

Older Posts