CANTON TOWNSHIP, MICH. — RHP Properties has acquired two manufactured housing communities in Canton Township, located between Detroit and Ann Arbor, for an undisclosed price. The 416-unit portfolio includes the 365-unit Sherwood Village and the 51-unit Glen Ridge communities. Both are located approximately 12 miles from the Detroit Metropolitan Wayne County Airport. With these two acquisitions, RHP Properties now owns and operates 225 manufactured housing communities totaling more than 56,997 units.
GRAND CHUTE, WIS. — Colliers International | Wisconsin has brokered the sale of Grand Plaza in Grand Chute, near Appleton, for $5 million. The 23,720-square-foot retail center is located at 3404-3456 W. College Ave. HuHot Mongolian Grill anchors the multi-tenant property, which is 100 percent leased. Mark Pucci of Colliers represented the sellers, 111 Mall Drive LLC and 1200 South Koeller Street III. Jeff Slinde of Slinde Realty represented the buyer, Carey & Slinde Enterprises LLC. The sale equates to approximately $211 per square foot.
ARLINGTON HEIGHTS, ILL. — Essex Realty Group Inc. has arranged the sale of The Fountain Apartments in Arlington Heights, a northwest suburb of Chicago, for $2.4 million. The 26-unit apartment property is located at 908-910 Euclid Ave. The property is comprised of eight studios, 16 one-bedroom and two two-bedroom units split between two buildings. Jordan Gottlieb and Brian Mond of Essex brokered the transaction.
PEMBROKE PINES, FLA. — Rockpoint Group has purchased the 365-unit Town City Center apartment complex in the Miami suburb of Pembroke Pines for $87 million. The Class A community is located at 10700 S.W. City Center Blvd. in Broward County’s master-planned Pembroke Pines City Center development. The seller was The Related Group. Town City Center was built in 2016. It is situated on 11 acres near upscale shopping centers, golf courses, restaurants and nightlife, with Miami and Fort Lauderdale just 20 miles away. Pembroke Pines City Center is also expected to deliver a new retail concept adjacent to the property’s waterfront site. The garden-style community offers studio to three-bedroom apartments, as well as two-bedroom townhouses with attached garage entry. In-unit features include patios and porches, washers and dryers, porcelain tiling, stainless steel appliances, and designer vanities. The pet-friendly complex also boasts a two-level fitness studio, pool deck, cabanas, private waterside dock, private screening room and tennis courts. VStarr Interiors designed Town City Center. Greg Engler, Roberto Pesant and Chris Conklin of Walker & Dunlop’s investment sales team represented both the buyer and seller. “This transaction exemplifies strong investor demand for well-located, stabilized core assets across the South Florida multifamily market,” …
With employment representing one of the most critical factors in the health of the office sector, people naturally look to the unemployment rate as a key metric to quickly assess a given market. By this standard, Fairfield County should be thriving, with the unemployment rate at 4.4 percent in April 2017 — just under the 4.8 percent rate reached just prior to the recession. And yet, the availability rate in Connecticut’s largest office market stood at 24.5 percent at the end of the first quarter of 2017 — a far cry from the 15.2 percent rate seen at year-end 2007. There are two reasons for the discrepancy. First, it is far more accurate to look at office-using employment (information, financial, professional services and other industries) versus overall employment as a barometer. While office-using employment has rebounded approximately 4.0 percent since the depths of the latest recession, today’s count is still 8.4 percent lower than the latest peak. Second, a marked shift in the desired style of office and an upswing in remote working opportunities have led to reduced utilization rates in terms of square feet per employee. Today’s employers want to be in buildings that make their employees happy and …
DENVER — Jackson Square Properties has acquired the 328-unit Gateway Park Apartments in Denver for $75.2 million. The community is located at 4255 Kittredge St., near Interstate 70 and Pena Boulevard in northeast Denver. Community amenities include two swimming pools with sundecks and all-season spas; outdoor dining area with gas grills; private lake with fishing and beach; walking and jogging path along the adjacent nature preserve; state-of-the-art fitness center, clubhouse with fireplace and kitchenette; business center; and community recycling program. The property was 98 percent leased at closing. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens represented the seller, a joint venture between Griffis Residential and PCCP, in this transaction.
HONOLULU, HAWAII — Newmark has arranged $75 million in financing for the 23-story TOPA Financial Center office tower in downtown Honolulu. The 508,000-square-foot building occupies an entire city block. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders. George Mitsanas and Jasmine Polson arranged the fixed-rate financing.
SAN BERNARDINO, CALIF. — Westcore Properties has purchased an 830,750-square-foot industrial property in San Bernardino for an undisclosed sum. The Class A, cross-dock facility is located at 6207 North Cajon Blvd. The asset features 36-foot clear height, all-concrete truck yards and secured trailer parking. Nearby corporate neighbors include Hewlett Packard, JC Penny and FedEx, among others. CBRE’s Darla Longo brokered the off-market transaction with an undisclosed seller. The firm is also marketing the space for lease.
MILPITAS, CALIF. — Nazareth Enterprises has purchased a 180,086-square-foot flex building in Milpitas occupied by Johnson & Johnson Vision for $49.8 million. The building is located at 510 Cottonwood Drive in the Silicon Valley submarket. The property was developed in 1981. Significant renovations commenced in 2008. The property features concrete construction, solar power, four dock doors and ample parking.
COLUMBIA, MD. — CBRE Affordable Housing has arranged the sale of a 43-property, 4,153-unit affordable housing portfolio spread across Maryland, Virginia and Pennsylvania. Jeff Kunitz of CBRE arranged the transaction on behalf of the seller, Baltimore-based Shelter Group. Columbia, Md.-based Enterprise Community Investment purchased the portfolio for an undisclosed price. The portfolio includes 35 properties across Maryland, one property in Virginia and seven properties in Pennsylvania. All of the properties contain LIHTC, HAP or Senior Housing restrictions, and two were under new construction at the time of sale. In addition to the portfolio, Enterprise Community Investment acquired the property management company that operated the Shelter Group’s affordable housing portfolio.