Property Type

Cushman & Wakefield Secures $38M in Financing for Two Multifamily Properties in Worcester, Massachusetts

by Amy Works September 8, 2017

WORCESTER, MASS. — Cushman & Wakefield has arranged $38 million in financing for MG2 Group for two multifamily properties: Bancroft on the Grid and Portland on the Grid. Located along the Common in Worcester, the adjacent properties total 335 residential units and 27,000 square feet of ground-floor commercial space. The loan will facilitate the assets’ transition to luxury apartments and provide necessary capital to build out two high-end restaurant spaces at ground level. The properties are part of a large contiguous assemblage of 540 residential units and 60,000 square feet of commercial space that MG2 rebranded as The Grid District in 2016. Tom Sullivan of Cushman & Wakefield secured the financing through Ladder Capital of New York for the borrower.

September 8, 2017

Georgia Multifamily Southeast

PRP, GFH Sell 306-Unit Apartment Community in Atlanta for $43.5M

by Camren Skelton September 8, 2017

ATLANTA — PRP LLC and GFH have sold Ansley at Princeton Lakes, a 306-unit apartment community in Atlanta, for $43.5 million. The asset was owned in a joint venture comprising one of PRP’s private equity funds and GFH, a Bahrain-based investment company. Washington, D.C.-based PRP and its partner originally built the property in 2009 and invested $35.2 million in capital improvements in 2014. Located roughly three miles west of Hartsfield-Jackson Atlanta International Airport, Ansley at Princeton Lakes includes 19 three-story buildings with a mix of one-, two- and three-bedroom units. Community amenities include a swimming pool, grill stations, fitness center, hammock garden and a sports lounge with billiards. The buyer was not disclosed.

September 8, 2017

Connecticut Multifamily Northeast

IPA Arranges $20.9M Sale of 88-Unit Apartment Complex in Simsbury, Connecticut

by Amy Works September 8, 2017

SIMSBURY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mill Commons Apartments, an apartment complex located at 1 Millers Way in Simsbury. Beachwood Partners acquired the 88-unit property from Mills Commons LLC for $20.9 million, or $237,500 per unit. Victor Nolletti, Steve Witten and Eric Pentore of IPA represented the seller and procured the buyer in the deal.

September 8, 2017

Alabama Industrial Southeast

HDA Architects Announces Delivery of 72,000 SF Distribution Center for Adams Beverages in Alabama

by Camren Skelton September 8, 2017

OPELIKA, ALA. — HDA Architects has announced that the construction of a 72,000-square-distribution center for Adams Beverages Inc. in Opelika is now complete. The building design utilizes brick, cast stone, tilt-up concrete and reclaimed wood. Adams Beverages is a full-service beer and non-alcoholic beverage distributor and a family-owned Anheuser-Busch wholesaler. HDA has designed over 150 beverage distribution centers nationwide with a team of six St. Louis-based companies: Gabriel Project Management, Murphy Co., Kasier Electric, Grimes Consulting, Color-Art and Alper Audi. McShane Construction Co. provided construction services for the project, which features a cold storage component.

September 8, 2017

Healthcare New Jersey Northeast Office

Atkins Cos., Capital Solutions Acquires 46,400 SF Building for Medical Office Use in Medford, New Jersey

by Amy Works September 8, 2017

MEDFORD, N.J. — Atkins Cos., in conjunction with Capital Solutions, has acquired Medford Medical Center, a medical office building located at 103 Old Marlton Pike in Medford. A condominium association sold the 46,400-square-foot property for $2.4 million. Prior to the sale, the facility was comprised of 20 condominium units owned by individual medical groups. As part of the transaction, the individual units converted back into a single ownership entity and the condominium association was dissolved. The buyer plans to renovate the exterior and interior of the property to create a new state-of-the-art medical facility. Larchmont Imaging and South Jersey Eye Physicians anchor the property. Evan Zweben of Colliers International was the sole broker in the transaction.

September 8, 2017

Georgia Office Southeast

IG3 Real Estate Acquires Office Complex in Metro Atlanta for $13.5M

by Camren Skelton September 8, 2017

DULUTH, GA. — Miami-based IG3 Real Estate has purchased Sugarloaf Business Center, a 113,016-square-foot office complex in Duluth, for $13.5 million. The property is situated on 14 acres at 1845-1855 Satellite Blvd., roughly 30 miles north of Atlanta in Gwinnett County. Mariano Perez of Grandbridge Real Estate Capital arranged an $8.4 million acquisition loan through MidFirst Bank on behalf of IG3. Tony Swann and Craig Taylor of CBRE represented the seller, California-based Islandia Sugarwood LLC, in the sales transaction. The complex comprises two single-story office buildings constructed in 1999 and 2001. At the time of sale, Sugarloaf Business Center was 98 percent triple-net-leased to tenants including Credit Union Service Corp., Emory Clinic, Hire Dynamics, United HealthCare Services Inc. and USASF Servicing.

September 8, 2017

Georgia Retail Southeast

Marcus & Millichap Arranges $8.6M Sale of Three-Tenant Retail Property in Metro Atlanta

by Camren Skelton September 8, 2017

DUNWOODY, GA. — Marcus & Millichap has arranged the $8.6 million sale of a three-tenant retail property located near Perimeter Mall in the Atlanta suburb of Dunwoody. At the time of sale, the 10,350-square-foot property was leased to Corner Bakery Café and Sleep Number. Tim Giambrone of Marcus & Millichap represented the seller, an Atlanta-based limited liability company, and the buyer, a Santa Monica, Calif.-based private investor.

September 8, 2017

Industrial New Jersey Northeast

Sheldon Gross Realty Brokers Sale of 45,000 SF Warehouse Facility in Monroe Township, New Jersey

by Amy Works September 8, 2017

MONROE TOWNSHIP, N.J. — Sheldon Gross Realty has arranged the sale of a warehouse and office facility located at 10 Abeel Road in Monroe Township. NBR Equipment acquired the 45,000-square-foot property from Abeel Associates for an undisclosed price. The property, which features 24-foot ceiling heights, was 50 percent office space at the time of sale. The buyer plans to convert the building into a warehouse distribution facility. Jonathan Glick, Glenn Jaffe and Matthew Leonelli of Sheldon Gross Realty, along with Simone Realty, represented the buyer in the deal.

September 8, 2017

Loans Mixed-Use Texas

Southside Bank Provides $36.8M Construction Loan for Mixed-Use Project in College Station

by Taylor Williams September 8, 2017

COLLEGE STATION, TEXAS — Southside Bank has provided a $36.8 million loan to Stratus Properties Inc. for the construction of Jones Crossing, a 258,000-square-foot mixed-use property in College Station. The project will be anchored by a 106,000-square-foot H-E-B store and will include 47,250 square feet of village-style retail space, eight pad sites, up to 600 multifamily units and a 120-room hotel. Stratus began construction on Jones Crossing’s first two phases this week. Loan terms were not disclosed.

September 8, 2017

Multifamily Texas

ARA Newmark Arranges Sale of Newly Built Apartment Community in Carrollton

by Taylor Williams September 8, 2017

CARROLLTON, TEXAS — ARA Newmark has arranged the sale of Keller Springs Crossing, a 304-unit apartment community located at 3221 Keller Springs Road in the Dallas metro of Carrollton. Built in 2015, the property consists of a mix of one-, two- and three-bedroom units and offers amenities such as a pool, fitness center and a dog park. The buyer, seller and brokers of record for the transaction were not disclosed.

September 8, 2017

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