Property Type

Colliers Brokers $16.3M Sale of Open-Air Shopping Center in Columbia

by Camren Skelton July 27, 2018

COLUMBIA, S.C. — Colliers International has brokered the $16.3 million sale of Village at Town Center I, a 288,000-square-foot, open-air shopping center in Columbia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, a CMBS special servicer. Sandhill Center LLC, a South Florida-based private ownership group, acquired the asset. JC Penney and Books-A-Million anchor Village at Town Center, which was 84 percent leased at the time of sale. Additional tenants include Victoria’s Secret, Ann Taylor, Loft, Jos. A Bank, Panera Bread, Blaze Pizza, Moe’s Southwest Grill and Wild Wing Café. The property is the primary component of Village at Sandhill, a 300-acre mixed-use project located at the intersection of Clemson and Two Notch roads.

July 27, 2018

Acquisitions California Multifamily Western

IREA Brokers $10.1M Sale of Bonita Terrace Apartment Building in Hollywood Hills

by Amy Works July 27, 2018

LOS ANGELES — Investment Real Estate Associates (IREA) has arranged the sale of Bonita Terrace, an apartment building located at 6900 Bonita Terrace in Los Angeles’ Hollywood Hills. A California-based private individual acquired the property for $10.1 million, or $632,000 per unit. Built in 2014, the property features 16 apartments, elevator service and secure subterranean parking garage. Jonathan Krikorian, Clark Everitt and William Everitt of IREA represented the buyer and seller, a California-based private individual.

July 27, 2018

Acquisitions Florida Retail Southeast

CREC Acquires Tallahassee Shopping Center for $15.9M

by Camren Skelton July 27, 2018

TALLAHASSEE, FLA. —CREC has acquired Killearn Shopping Center in Tallahassee for $15.9 million. The 95,229-square-foot retail center is home to tenants such as Hobby Lobby, CVS/pharmacy, Bonefish Grill, Five Guys, Moe’s Southwest Grill, Hungry Howie’s and Firehouse Subs. The center was fully leased at the time of sale. Warren Weiser, Alan Esquenazi and Andrew Remick represented CREC internally in the transaction. Carson Good and Tarik Bateh of JLL represented the seller, a joint venture between DDR Corp. and Madison International Realty.

July 27, 2018

Development Georgia Multifamily Seniors Housing Southeast

Columbia Residential to Open Transit-Oriented Seniors Housing Community Near Atlanta

by Camren Skelton July 27, 2018

DECATUR, GA. — Columbia Residential is set to open Columbia Senior Residences at East Decatur, a mixed-income seniors housing community located adjacent to the Avondale MARTA station in Decatur, roughly eight miles east of downtown Atlanta. Columbia Residential partnered with the DeKalb County Community Development Department, the Housing Authority of DeKalb County and the Development Authority of DeKalb to transform the former parking lot adjacent to the MARTA station into a seniors housing community. The five-story building features 92 units dedicated to seniors 62 and older. Amenities include a dining and dancing room, business center, movie theater, fitness center, onsite laundry facilities and a courtyard with a gazebo. The site’s main pedestrian walk provides access to the Avondale MARTA bus and transit station. East Decatur is part of MARTA’s latest transit-oriented development at Avondale Station. In addition to the 92 seniors housing units, the Development Authority of Decatur, Columbia Ventures and Cortland Partners will deliver 377 market-rate apartments, 34 condos and more than 40,000 square feet of retail space. Upon completion, each portion of the project will be connected by a central plaza. DeKalb County and the Housing Authority of DeKalb County provided a first mortgage loan for East Decatur. Enterprise …

July 27, 2018

Acquisitions Arizona Retail Western

Dhir Capital Acquires Shopping Center Near Phoenix for $7M

by Amy Works July 27, 2018

GOODYEAR, ARIZ. — Vancouver, Canada-based Dhir Capital has purchased Goodyear Central Marketplace, a neighborhood shopping center located at 13530-13650 W. Van Buren in Goodyear. 6601 Convoy Ct, an entity formed by CIRE Equity of San Diego, sold the property for $7 million. Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the deal. Built in 2006, the 61,146-square-foot property is occupied by 99 Cents Only, BPL Plasma, Hertz, a diner, a nail and day spa, and a barber shop. At the time of sale, the property was 91 percent leased.

July 27, 2018

Georgia Loans Multifamily Southeast

Bancorp Bank Provides $7.8M Acquisition Loan for Two Apartment Communities in Southeast Georgia

by Camren Skelton July 27, 2018

KINGSLAND AND ST. MARY’S, GA. — The Bancorp Bank has provided a $7.8 million loan for the acquisition of two apartment communities in Southeast Georgia: Willow Way Apartments in Kingsland and Hickory Plantation in St. Mary’s. Both communities are located near the Georgia-Florida state line, roughly 35 miles north of Jacksonville. Judah Aderet of Eastern Union arranged the three-year, floating-rate loan with Bancorp’s Jonathan Kohan on behalf of the buyer, Wicamia Creek Investments. Greg Braciak of Bancorp underwrote the transaction. Bancorp Bank funded up to 80 percent of the acquisition costs plus 100 percent of the renovation costs. Willow Way Apartments features 60 units with a mix of one- and two-bedroom floor plans, and Hickory Plantation features 100 units with a mix of one- to three-bedroom floor plans.

July 27, 2018

Market Reports Multifamily Texas Texas Market Reports

An Investor’s Guide to Financing Multifamily Assets in Lubbock, West Texas

by Taylor Williams July 27, 2018

Growing up in Lubbock in the 1990s, cotton fields were everywhere. No growth existed in the southwest part of town, and few new apartments were built. Today those same cotton fields are housing developments; the southwest part of town is filled with high-quality retail and more than 2,000 apartment units have been delivered since 2015. Lubbock is thriving behind its sub-3 percent unemployment rate, strong agricultural sector, university with 40,000 students and a very strong healthcare sector. Available capital and financing options are plentiful. Many have taken notice, however, which has affected rent growth and vacancy in the market. Economic Overview One of the biggest misconceptions of the Lubbock economy involves the role of the oil and gas industry. A myriad of investors often incorrectly tie Lubbock with Midland/Odessa in this regard, ascribing to Lubbock the historical swings of an energy-based economy. But the comparison is pure apples to oranges. Although energy does have an impact, Lubbock boasts more economic diversity than many of its West Texas neighbors. A direct result of Lubbock’s diversity is the unemployment rate, which is one of the lowest in the state at 2.7 percent. This strong performance in the job market stems from an …

July 27, 2018

Development Georgia Office Southeast Top Stories

German Elevator Maker to Build 420-Foot-Tall Headquarters Near Massive Shopping, Sports Complex in Atlanta

by Kristin Harlow July 27, 2018

ATLANTA — Thyssenkrupp Elevator, one of the world’s largest elevator companies, has unveiled plans to build a new headquarters complex near The Battery Atlanta in Cobb County. The German company will develop the facility in collaboration with the Braves Development Co. (BDC). BDC is the owner and operator of The Battery, the 1.5 million-square-foot mixed-use development surrounding SunTrust Park, home ballpark of the Atlanta Braves. The Thyssenkrupp headquarters, dubbed The Innovation Complex, will feature three buildings anchored by a 420-foot tall elevator qualification and test tower — the tallest of its kind in the country and one of the tallest in the world, according to Thyssenkrupp. According to the Atlanta Business Chronicle, the Development Authority of Cobb County agreed to issue up to $264 million in bonds for the new building last month. With 18 shafts, the Innovation Complex test tower will be used to evaluate new concepts and product pilots, including high-speed elevators; TWIN, a two-cabins-per-shaft elevator system; and MULTI, the world’s first rope-less and sideways-moving elevator system. In addition, the test tower will conduct tests to ensure compliance with safety requirements on standard elevators. Atlanta is already home to the first TWIN elevator system in North America. The technology is …

July 27, 2018

Loans Multifamily New York Northeast

Mission Capital Secures $21M Acquisition, Construction Loan for Condo Conversion in Chelsea

by David Cohen July 26, 2018

NEW YORK CITY — Mission Capital Advisors has secured $21 million in non-recourse acquisition and construction financing for a luxury, six-unit condo conversion in the Chelsea neighborhood of Manhattan. Located at 214-216 W. 15th St., the property is a former nursery school. Once completed, the residences will feature 10-foot ceilings, private balconies, and modern kitchens. Raymond Salameh, Ari Hirt, Steven Buchwald, and Lexington Henn of Mission Capital represented developer Holliswood Development in securing financing from a Philadelphia-based debt fund. Terms of the financing were not disclosed.

July 26, 2018

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates Sale of 71-Unit Multifamily Portfolio in Brooklyn for $15.9M

by David Cohen July 26, 2018

NEW YORK CITY — Ariel Property Advisors has negotiated the $15.9 million sale of a 71-unit multifamily portfolio in the Flatbush neighborhood of Brooklyn. The portfolio is made up of nine buildings and spans 79,932 square feet. Victor Sozio, Alexander McGee and Michael A. Tortorici of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed. The properties in the portfolio are located at 90-92 E. 18th St.; 25 E. 21st St.; 369 E. 21st St.; 600 E. 22nd St.; 2102, 2108, 2112 and 2116 Regent Place; and 2322 Bedford Ave.

July 26, 2018

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