Property Type

Doster Construction Breaks Ground on Two Multifamily Developments in Tennessee, Kentucky

by Camren Skelton August 27, 2018

BIRMINGHAM, ALA. — Birmingham-based Doster Construction Co. has broken ground on two new multifamily properties for Continental Properties in Tennessee and Louisville. The projects include the 296-unit Springs at Forest Hill that will be located at 3735 S. Forest Hill Irene Drive in Tennessee’s Shelby County, roughly 25 miles southeast of Memphis. The second community, Springs at La Grange, will be located in Louisville. The project will include 11 buildings with a total of 236 units. Both developments will feature amenities such as resort-style swimming pools, community clubhouses and fitness centers. A construction timeline for the projects was not disclosed.

August 27, 2018

Acquisitions Florida Retail Southeast

Matthews Real Estate Arranges $18M Sale of Sprouts-Occupied Property in Tampa

by Camren Skelton August 27, 2018

TAMPA, FLA. — Matthews Real Estate Investment Services has arranged the $18 million sale of a freestanding retail property leased to Sprouts Farmers Market in Tampa. Built in 2017, the 36,320-square-foot building is located at 1547 S. Dale Mabry Highway. Aron Cline of Matthews Real Estate represented the seller and procured the Southern California-based buyer in the transaction. Other terms of the deal were not disclosed. The property is leased to Sprouts for 15 years with four, five-year renewal options. The store is located near tenants such as Trader Joe’s, Whole Foods Market, Publix, Target, T.J. Maxx, Total Wine & Beer and HomeGoods. Sprouts Farmers Market is a Phoenix-based organic grocer with more than 285 stores located throughout 13 states.

August 27, 2018

Loans Multifamily South Carolina Southeast

Hunt Real Estate Capital Provides $17M Acquisition Loan for Apartment Community in Greenville

by Camren Skelton August 27, 2018

GREENVILLE, S.C. — Hunt Real Estate Capital has provided a $17 million loan for the acquisition and rehabilitation of Azalea Hill, a 160-unit apartment community in Greenville. The borrower, Willow Creek Partners, plans to use proceeds of the loan to renovate the property and stabilize operations. Constructed in 1998, Azalea Hill includes a mix of studio, one- and two-bedroom units and features a fitness center, dog park, resident clubhouse, swimming pool, coffee bar and concierge dry cleaning and package service.

August 27, 2018

Acquisitions New York Northeast Retail

Island Associates Brokers $4M Sale of Retail Property on Long Island

by David Cohen August 27, 2018

WEST HEMPSTEAD, N.Y. — Island Associates has brokered the $4 million sale of a retail property in West Hempstead. Located at 605 Woodfield Road, the property consists of a 36,000-square-foot building occupied by Western Beef supermarket and Gino’s Pizzaria. Roger Delisle of Island Associates served as sole broker in the transaction. The seller was Carvel Holding Corp., which was the original operator of a supermarket at the location. Western Beef, the current operator of the supermarket, purchased the property.

August 27, 2018

Development Midwest Multifamily Wisconsin

McShane to Construct 177-Unit Apartment Complex in West Allis, Wisconsin

by Kristin Harlow August 27, 2018

WEST ALLIS, WIS. — McShane Construction Co. will serve as general contractor for Six Points Apartments in West Allis, a western suburb of Milwaukee. Mandel Group Inc. is the developer. The first level of the four-story apartment complex will consist of a parking structure. Three levels of apartments comprising 177 units will be situated above the parking structure. Amenities will include a club area, fitness center and rooftop patio. This is McShane’s first major assignment in Wisconsin since opening an office in Madison earlier this year. Zimmerman Architectural Studios will serve as project architect.

August 27, 2018

Civic Development Midwest Missouri

Soldiers Memorial Military Museum in St. Louis Undergoes $30M Renovation

by Kristin Harlow August 27, 2018

ST. LOUIS — The Missouri Historical Society is nearing completion of a $30 million renovation of the Soldiers Memorial Military Museum in downtown St. Louis. Wiegmann Associates has completed work on the HVAC system and provided design services to KAI, the mechanical engineer of record, to reduce equipment costs and develop an energy-efficient system that protects historical exhibits. BSI Constructors is the general contractor for the project. The museum’s lower level was refurbished to increase exhibition space and the second floor has been converted into office space and meeting rooms. President Franklin D. Roosevelt dedicated the memorial site in 1936 and the museum opened in 1938. A reopening is currently scheduled for Nov. 3.

August 27, 2018

Acquisitions Midwest Multifamily Ohio Seniors Housing

Inspirit Senior Living Buys Two Communities in Ohio

by Kristin Harlow August 27, 2018

CUYAHOGA FALLS, OHIO — Inspirit Senior Living has acquired The Gardens of Cuyahoga Falls and The Gardens of Liberty Park (formerly the Gardens of Western Reserve) in Ohio. The acquisitions bring the Virginia-based owner-operator into Ohio for the first time, and increase its portfolio size to eight communities. Inspirit partnered with Venue Capital LLC, a New York City-based real estate and asset management firm, on the two acquisitions. Both communities offer assisted living and memory care. The Gardens of Liberty Park features 120 units, while The Gardens of Cuyahoga Falls features 130 units. Inspirit plans to extensively renovate the buildings and grounds. The seller was senior care industry veteran Rich Piekarski.

August 27, 2018

Acquisitions Industrial Midwest Self-Storage Wisconsin

Founders 3 Brokers $6M Sale of Self-Storage Facility in Milwaukee

by Kristin Harlow August 27, 2018

MILWAUKEE — Founders 3 Real Estate Services has brokered the sale of Birchwood Storage in Milwaukee for $6 million. The 487-unit self-storage facility is located on 6.3 acres at 5115 W. Good Hope Road. The property consists of 57 climate-controlled units and 430 non-climate-controlled units. Paul McBride of Founders 3 represented the buyer, Good Hope Road Self Storage LLC. Birchwood Good Hope Road LLC was the seller.

August 27, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $2.2M Sale of Multifamily Property in Schiller Park, Illinois

by Kristin Harlow August 27, 2018

SCHILLER PARK, ILL. — Marcus & Millichap has arranged the sale of a 32-unit multifamily property in Schiller Park for $2.2 million. The property consists of two adjacent buildings at 3871-3873 Ruby St. Floor plans range from studios to two-bedroom units. Andrean Angelov, Ryan Engle and Samuel Antreasian of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also represented the private investor buyer.

August 27, 2018

Acquisitions Multifamily Seniors Housing Utah Western

Marcus & Millichap Brokers Sale of 277-Unit Age-Restricted Community in Utah for $51.4M

by Amy Works August 27, 2018

DRAPER, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset in the Salt Lake City suburb of Draper. A local developer and owner sold the community to Kennedy Wilson, a California-based global real estate investment company, for approximately $51.4 million. The price equates to $185,379 per unit. Built in 2015, the five-story community features all one- and two-bedroom units and offers space for full-service facilities. Marcus & Millichap’s Danny Shin and Brock Zylstra represented the seller in the transaction.

August 27, 2018

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