Property Type

Essex Brokers $11M Sale of Two Apartment Buildings in Chicago

by Jeff Shaw August 2, 2017

CHICAGO — Essex Realty Group Inc. has brokered the $11 million sale of two multifamily properties located at 1521 and 1608 W. Sherwin Ave. in Chicago. The properties, which are situated within the Rogers Park area near the Jarvis Avenue “El” station, were built in the vintage corridor-style layout with one main hallway per floor with units on either side. Matt Welke of Essex represented the buyer and Doug Imber, Kate Varde and Clay Maxfield, also of Essex, represented the seller. Both parties involved in the transaction requested anonymity.

August 2, 2017

Midwest Minnesota Multifamily Seniors Housing

CareTrust REIT Acquires 30-Unit Memory Care Community in Minnesota for $7.8M

by Jeff Shaw August 2, 2017

WHITE BEAR LAKE, MINN. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Memory Care Cottages in White Bear Lake, a 30-unit, high-acuity memory care community in the Minneapolis suburb of White Bear Lake. The purchase price was approximately $7.8 million, inclusive of transaction costs. The deal is structured as a sale-leaseback with the operator, Prelude Homes & Services, which originally developed the property. CareTrust and Prelude have an existing relationship, and the property was added to the master lease arrangement between the two companies. CareTrust expects the property to generate an additional annual cash rent of approximately $640,000, resulting in an initial cash yield of 8.2 percent. The amended master lease has a remaining initial term of approximately 12.5 years, with two five-year renewal options and Consumer Price Index (CPI)-based rent escalators. CareTrust REIT, a California-based, publicly traded healthcare REIT, funded the acquisition with cash on hand.

August 2, 2017

Illinois Midwest Office

CBRE Arranges 4,175 SF Office Lease Expansion for HealthScape Advisors in Chicago

by Jeff Shaw August 2, 2017

CHICAGO — CBRE has arranged a 4,175-square-foot lease expansion for HealthScape Advisors LLC at 55 W. Monroe St. in Chicago, bringing the firm’s total occupancy to 21,139 square feet in the office building. HealthScape Advisors provides consulting services and business intelligence solutions to the healthcare industry. With the new lease, effective Dec. 1, the company will expand to occupy the entire 21st floor of the tower. Previously, the firm leased 16,964 square feet in the building. The lease will run through 2024. Jon Milonas, Brad Serot and Scott Brandwein of CBRE represented HealthScape Advisors in the lease transaction, and Andrew Saewitz and Matt Lerner of Cushman & Wakefield represented the building owner, John Hancock Real Estate.

August 2, 2017

Mixed-Use North Carolina Southeast

Swain & Associates to Break Ground on $250M Mixed-Use Community in Wilmington

by Camren Skelton August 2, 2017

WILMINGTON, N.C. — Swain & Associates has unveiled plans for CenterPoint, a $250 million mixed-use development that will be located at 1531 and 1541 Eastwood Road in Wilmington. The 1 million-square-foot project will span 23 acres and feature a seven-story hotel; 300 one-, two- and three-bedroom apartments; 50 to 60 retail shops and restaurants; a 75,000-square-foot medical services building; 31,600 square feet of office space; structured parking for 1,450 cars and surface parking for 275 cars. In addition to Swain & Associates, the project team includes project planner and architect ci design inc., project engineer McKim & Creed Engineers PA and consulting engineer Bruce Bowman of BMH Architects.

August 2, 2017

Georgia Industrial Southeast

Sonnen to Open U.S. InnovationHub in Metro Atlanta on Thursday

by Camren Skelton August 2, 2017

TUCKER, GA. — German-based energy solutions and equipment provider sonnen will expand its U.S. presence with the opening of its InnovationHub in Tucker, roughly 20 miles northeast of Atlanta, on Thursday. The 26,000-square-foot facility will combine U.S. manufacturing operations and product research and development for sonnen, and will be used to produce sonnenBatterie products. The energy-management solutions provide information on energy-usage and consumption for residential customers. The new facility will bring manufacturing, electrical and mechanical engineering jobs to the Atlanta area, and establish a presence on the East Coast. The company’s other U.S. location is in Los Angeles.

August 2, 2017

Loans Multifamily Southeast Tennessee

Cushman & Wakefield Secures $40M Construction Loan for Apartment Community in Nashville’s Cool Springs

by Camren Skelton August 2, 2017

FRANKLIN, TENN. — Cushman & Wakefield has secured a $40 million construction loan for the development of a 328-unit apartment community in Franklin, the seat of Nashville’s Cool Springs district. Mike Ryan, Telly Fathaly and Brian Linnihan of Cushman & Wakefield structured senior debt on behalf of the borrower, Middleburg Real Estate Partners. The Cushman & Wakefield team also sourced joint venture equity with an institutional capital partner for the development. The property will include two split-level buildings comprising 21 studio apartments, 168 one-bedroom units and 139 two-bedroom units. Community amenities will includes a clubhouse, saltwater pool, cabana areas, outdoor kitchens and a four-acre park for residents. Middleburg has begun construction on the unnamed property and expects to wrap up construction in 2018.

August 2, 2017

North Carolina Retail Southeast

Aston Properties Opens 70,000 SF Self-Storage Facility at Former Kmart in Metro Charlotte

by Camren Skelton August 2, 2017

MONROE, N.C. — Charlotte-based Aston Properties has delivered a 70,000-square-foot self-storage facility at the site of a former Kmart store in Monroe, roughly 25 miles southeast of Charlotte. Located at 2120 W. Roosevelt Blvd., the property is managed by Extra Space Storage, one of the country’s largest self-storage operators. Aston Properties purchased the former retail building last year and invested $1.7 million to upgrade the interior and exterior. The climate-controlled facility offers units ranging in size from 25 square feet to over 300 square feet, and features drive-up access, 24-hour video surveillance and electronic gate access. The Monroe property is Aston Properties’ first conversion of a former retail space to self-storage.

August 2, 2017

Georgia Mixed-Use Southeast

Third & Urban Names Development on Atlanta BeltLine, Signs Tenants

by Camren Skelton August 2, 2017

ATLANTA — Third & Urban has named its development on the Atlanta BeltLine’s Eastside Trail as Common Ground. Located at 550 Somerset Terrace N.E. in Atlanta’s Old Fourth Ward neighborhood, the project is a redevelopment of the former Western Electric Co. facility. The Atlanta-based real estate development and investment firm has signed two new restaurant concepts from hospitality management and creation business, The Diligence Co. — Bazati Hall, which will lease 9,500 square feet, and Estrella, a rooftop bar that will comprise 3,000 square feet. New Realm Brewing Co., an American craft brewery concept from former Stone Brewing Co. brewmaster Mitch Steele, will open a 20,000-square-foot brewhouse and a 3,000-square-foot restaurant. In addition to dining and brewery space, Common Ground is also offering approximately 34,000 square feet of office lofts and retail space for lease. The project is slated to open this fall.

August 2, 2017

Mixed-Use New York Northeast Top Stories

TF Cornerstone to Develop 1.5 MSF Mixed-Use Project in Long Island

by Nellie Day August 2, 2017

NEW YORK CITY — TF Cornerstone is set to develop a 1.5 million-square-foot mixed-use development in Long Island City’s Anable Basin inlet. The $925 million, 4.5-acre project will include residential, commercial, industrial and academic spaces in the New York borough of Queens. The office portion will feature 277,500 square feet of Class A office space and 80,000 square feet of “step-up” office space for start-ups and fast-growing companies in the technology, arts, design and creative industries. Another 22,500 square feet will be dedicated to pre-built incubators for arts, technology and creative industry startups with flexible co-working spaces. The industrial portion will include nearly 100,000 square feet of light industrial space, as well as a 5,000-square-foot “fab lab” for digital fabrication and hardware prototype assembly. About 10,000 square feet will be utilized for an Arts and Technology Accelerator, which will provide education, training, incubation and economic opportunities. This accelerator was designed to forge new collaborations and businesses by merging art, technology and hardware, and to support an ecosystem for technological innovations and entrepreneurship. Another 10,000 square feet will be set aside for classroom space to foster workforce development and training in growing economic sectors, including arts, technology and advanced manufacturing industries. …

August 2, 2017

Midwest Minnesota Multifamily

Kraus-Anderson, Inland to Develop $65M Apartment Complex in Metro Minneapolis

by Jeff Shaw August 1, 2017

RICHFIELD, MINN. — A joint venture between Minneapolis-based construction firm Kraus-Anderson and Inland Development Partners will develop Chamberlain, a 316-unit apartment complex in Richfield, located about eight miles south of Minneapolis. The current design calls for 283 units to be constructed in three new buildings on the site, in addition to 33 units in three existing buildings that will be renovated. Designed by Urban Works, the project has an estimated price tag of $65 million. The property is situated near the intersection of 66th Street and Cedar Avenue. Construction is expected to begin in spring 2018 with the first of the new units slated to open in spring 2019.

August 1, 2017

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