Property Type

Castle Lanterra Sells 424-Unit Multifamily Property in Chicago for $49.5M

by Kristin Harlow March 1, 2018

CHICAGO — Castle Lanterra Properties (CLP) has sold Midpointe Apartments in Chicago to an unnamed fund manager for $49.5 million. CLP acquired the 424-unit multifamily property in 2014 for $28.5 million. The company invested millions in upgrades to the property that included the construction of a new leasing office, resident lounge and fitness center. Other improvements included the installation of energy-efficient roofs, LED lighting, new elevators, parking lot resurfacing and renovations to 30 percent of the units. CLP refinanced the property for $40 million in June 2017.

March 1, 2018

Hospitality Illinois Loans Midwest

Ladder Capital Provides $38.7M Acquisition Loan for Chicago Marriott Schaumburg

by Kristin Harlow March 1, 2018

SCHAUMBURG, ILL. — Ladder Capital has provided a $38.7 million loan for the acquisition and renovation of Chicago Marriott Schaumburg. The 398-room hotel is located at 50 N. Martingale Road in suburban Chicago. The 13-story property is situated within the Woodfield Corporate Center, an office complex spanning more than 3 million square feet. Completed in 1983 and renovated in 2007, the hotel features a fitness center, business center, indoor and outdoor pools, two restaurants and 18,536 square feet of meeting space. Jeff Bucaro, Nicole Aguiar, Tony Malk, Matt Enright and Bryan Rosenberg of HFF arranged the three-year loan on behalf of the borrower, Arbor Lodging Partners. The Chicago-based company is planning significant upgrades to the property, including a full renovation of the lobby, meeting space, common areas and guest rooms. Arbor Lodging Management manages the hotel.

March 1, 2018

Healthcare Midwest Wisconsin

Froedtert, Medical College of Wisconsin, HSA PrimeCare Open Health Center Near Milwaukee

by Kristin Harlow March 1, 2018

OAK CREEK, WIS. — Froedtert Hospital & the Medical College of Wisconsin’s Drexel Town Square Health Center has opened in Oak Creek, about 12 miles south of Milwaukee. Developed by HSA PrimeCare, the health center spans 109,000 square feet and includes a 425-space parking garage. The property is home to family and pediatric medicine, obstetrics and gynecology, urgent care and specialty care. The facility also includes an outpatient surgery center, cancer center, pharmacy and lab services. Dual-access exam rooms and an oval-shaped shared workspace for hospital staff and doctors help cut down on wait times.

March 1, 2018

Midwest Minnesota Retail

TOLD Development Sells 32,000 SF Retail Center in Maple Grove, Minnesota

by Kristin Harlow March 1, 2018

MAPLE GROVE, MINN. — TOLD Development Co. has sold The Shops at Wedgwood in Maple Grove for an undisclosed price. The 32,000-square-foot retail center is located at the intersection of Interstate 494 and Bass Lake Road. The property, developed in two phases in 2006 and 2014, is fully leased to tenants such as The Original Pancake House, Jimmy John’s, Pizza Hut, Bruegger’s Bagels, Caribou Coffee, RTaco, Fantastic Sam’s, Solo’s Pizza Café and Metro Dentalcare. Upland Real Estate Group represented TOLD in the sale. An institutional investor was the buyer.

March 1, 2018

Kansas Midwest Restaurant Retail

Block & Co. Brokers Sale of Restaurant Building in Mission, Kansas

by Kristin Harlow March 1, 2018

MISSION, KAN. — Block & Co. Inc. Realtors has brokered the sale of a restaurant building formerly occupied by Runza in Mission, just south of Kansas City. The sales price was not disclosed. The 2,515-square-foot property is a pad site near the Mission West Shopping Center. David Block, Alex Block and Max Kosoglad of Block & Co. negotiated the transaction on behalf of the buyer, an investment group managed by Block & Co. The team manages the property and is in the process of leasing the space to a replacement restaurant concept.

March 1, 2018

Office South Carolina Southeast

Cushman & Wakefield Brokers $40M Sale of Office Building in Metro Charlotte

by Camren Skelton March 1, 2018

FORT MILL, S.C. — Cushman & Wakefield has brokered the $40 million sale of the Daimler Building, a 150,164-square-foot office building in Fort Mill, roughly 20 miles south of Charlotte in South Carolina. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield, along with Campbell Walker and Ridr Knowlton of Lincoln Harris, arranged the transaction on behalf of the undisclosed seller. Cantor Fitzgerald Investors LLC acquired the three-story building, which is fully leased to Daimler Trucks North America, a wholly owned subsidiary of Daimler AG. The building serves as the East Coast operations hub for Daimler Trucks North America, which has occupied the building since it was constructed in 2008.

March 1, 2018

Florida Loans Retail Southeast

HFF Arranges Joint Venture Equity, Construction Financing for 470,000 SF Shopping Center in Orlando

by Camren Skelton March 1, 2018

ORLANDO, FLA. — HFF has arranged joint venture equity and construction financing for the development of Vineland Pointe, a 470,000-square-foot shopping center under construction in Orlando. Danny Finkle and Brian Gaswirth of HFF arranged the joint venture equity partnership with LaSalle Investment Management on behalf of the developer, O’Connor Capital Partners. The HFF team subsequently arranged a construction loan through Wells Fargo Bank on behalf of the LaSalle-O’Connor partnership. The three-phase Vineland Pointe will be home to tenants such as Lucky’s Market, Ross Dress for Less, Marshalls and Burlington. Site work at the property is underway, and the project is slated for completion by mid-2019.

March 1, 2018

Mixed-Use Retail South Carolina Southeast

Topgolf to Open First South Carolina Venue at 77-Acre Garlington North Project in Greenville

by Camren Skelton March 1, 2018

GREENVILLE, S.C. — Entertainment concept Topgolf plans to open a new location at Garlington North, a 77-acre mixed-use project under development at Interstate 85 and Pelham Road in Greenville. Andy Misiaveg and Darrell Palasciano of The Shopping Center Group represented both Topgolf and owner/developer RealtyLink LLC in the lease negotiations. TSCG is the exclusive leasing advisor for the development. The three-story Topgolf venue will be situated on 13.5 acres in the northwest corner of the site, and will include 72 climate-controlled hitting bays that can host up to six players at a time. The facility will be the first Topgolf in South Carolina and is expected to open in summer 2019. Additional plans for the first phase of Garlington North include 24 acres of green space and preserved wetlands. There are three additional parcels available for sale or ground lease, and TSCG is pursuing restaurants, hotel chains, entertainment venues, retail and office tenants to round out Phase I. RealtyLink is considering retail, office, industrial and/or flex space for the second phase of the project. Site work is currently underway, but an additional construction timeline was not disclosed.

March 1, 2018

Loans Multifamily North Carolina Seniors Housing Southeast

KeyBank Provides $15.5M Refinancing for Seniors Housing Asset in Mebane, North Carolina

by Camren Skelton March 1, 2018

MEBANE, N.C. — KeyBank Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Mebane Ridge Assisted Living, a 65-unit seniors housing property in Mebane, roughly 25 miles northwest of Durham. Charlie Shoop of KeyBank arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. The name of the borrower was not disclosed, but the property website lists Ridge Care Inc. as the owner/operator. The one-story Mebane Ridge Assisted Living was constructed in 2014 and includes assisted living and memory care units.

March 1, 2018

Multifamily Southeast Tennessee

Capstone Negotiates $10M Sale of Multifamily Redevelopment in Downtown Chattanooga

by Camren Skelton March 1, 2018

CHATTANOOGA, TENN. — Capstone Apartment Partners has arranged the $10 million sale of The Clemons Lofts, a 54-unit multifamily community in downtown Chattanooga. The six-story building was originally constructed in 1918 as an office headquarters, but was renovated into an apartment community with 7,922 square feet of ground-floor retail space in 2016. Adam Klenk, Michael Sohr and A.J. Klenk of Capstone arranged the transaction on behalf of the buyer, California-based TMC Group, as well as the seller, Chattanooga-based Via Nova Development. Clemons Lofts features a rooftop terrace with a dog park, Nest thermostats, fingerprint security access, bike storage, fitness center and an on-site grocer — Street Corner Deli/Market.

March 1, 2018

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