Property Type

Entre Commercial Arranges Sale of 76,421 SF Industrial Building in Cary, Illinois

by Kristin Harlow July 31, 2017

CARY, ILL. — Entre Commercial Realty LLC has arranged the sale of a 76,421-square-foot industrial building in Cary, about 40 miles northwest of Chicago. The sales price was not disclosed. The property is located at 680 Industrial Drive. Illinois Lift Equipment Inc., a national equipment dealer providing forklifts and scissor lifts, purchased the property from Midwest Industrial Funds (MIF). The industrial investment and development company sold the building after completing extensive upgrades, including the demolition of over 20,000 square feet of a two-story oﬃce space; demolition of over 20,000 square feet of warehouse mezzanines, modernization of the truck docks; roof repairs; upgraded lighting; landscaping; parking lot replacement; and façade remodeling. Dan Jones, Mike DeSerto and Cory Kay of Entre Commercial represented MIF in both the original acquisition of the property and this sale. Steve Morken of Morken Associates represented the buyer in the transaction. In addition, Entre Commercial arranged a 25,000-square-foot lease at the property for Witt Management Group, a third-party provider of warehousing, order fulfillment and distribution.

July 31, 2017

Midwest Minnesota Net Lease Restaurant Retail

Marcus & Millichap Brokers $4.3M Sale of Property Net Leased to Applebee’s in Rochester, Minnesota

by Kristin Harlow July 31, 2017

ROCHESTER, MINN. — Marcus & Millichap has brokered the sale of a 5,156-square-foot property net leased to Applebee’s in Rochester for $4.3 million. The building is located at 3794 Marketplace Drive Northwest. Adam “AJ” Prins, Matthew Hazelton, Cory Villaume and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a Twin Cities-based family that acquired the property as part of a 1031 exchange.

July 31, 2017

Indiana Midwest Net Lease Restaurant Retail

FCPT Acquires Two Properties Net Leased to Taco Bell Operator in Indiana for $3.4M

by Kristin Harlow July 31, 2017

INDIANA — Four Corners Property Trust (NYSE: FCPT) has acquired two properties in Indiana that are net leased to K-MAC Enterprises LLC for $3.4 million. The seller was not disclosed. The properties are occupied under individual triple-net leases with new 20-year terms negotiated by FCPT prior to closing. FCPT plans to remodel both properties in the next four years, which will include the transformation from a KFC/Taco Bell restaurant to a Taco Bell exclusively at one of the properties. K-MAC is one of the largest YUM! Brands franchisees, with over 280 Taco Bell and KFC units across the Midwest and Southeast.

July 31, 2017

Michigan Midwest Retail

Community Threads Signs 11,328 SF Retail Lease in Fenton, Michigan

by Kristin Harlow July 31, 2017

FENTON, MICH. — Community Threads has signed an 11,328-square-foot retail lease at Fenton Towne Center in Fenton, about 18 miles south of Flint, Michigan. The property is located at the intersection of Leroy Street and Dauner Road. Tjader Gerdom and Larry Siedell of Gerdom Realty & Investment represented the landlord, Fenton Towne Center, in the lease transaction. Community Threads, a quality thrift store, is slated to open in the third quarter of this year.

July 31, 2017

Florida Hospitality Loans Southeast Top Stories

Walker & Dunlop Arranges $218.2M in Construction Financing for JW Marriott Hotel in Orlando

by Taylor Williams July 31, 2017

ORLANDO, FLA. — Walker & Dunlop Inc. (NYSE: WD) has arranged $218.2 million in construction financing for JW Marriott Bonnet Creek, a 516-room luxury hotel and resort project in Orlando. The non-recourse financing represents 77.3 percent of the total project cost of $282 million, and comprises both senior and mezzanine debt. A partnership between Walker & Dunlop’s Miami capital markets team and SRF Ventures Inc., a New York-based real estate investment and advisory firm, provided the funds. The hotel will be situated on 10 acres near the Epcot section of the Walt Disney World Resort complex, with close proximity to local attractions such as Magic Kingdom and Universal Studios, as well as the Orlando International Airport. Designed by Dallas-based architecture and engineering firm Huitt-Zollars Inc., the project will also deliver a 1,000-space parking garage. Hotel amenities will include 50,000 square feet of meeting and banquet space, a business center, luxury spa and fitness area and a lazy river with guest pools. “This was a very marketable deal with a great sponsor,” says Kevin O’Grady, managing director of Walker & Dunlop’s Miami capital markets team. “Structuring transactions like this is right in the bull’s-eye of our expertise, and we’re very pleased …

July 31, 2017

Florida Market Reports Retail Southeast Southeast Market Reports

Miami Retail Market Faces Obstacles from E-Commerce, Declining Foreign Tourism

by John Nelson July 31, 2017

There are two major trends affecting retailers across South Florida: the reduction of affluent foreign tourists in the market and the internet, which is forcing retailers to shift their concepts at an accelerating pace. Both factors have led to a slight decline in market conditions, specifically a deceleration of growth rates, but not significantly enough to cause great concern or to feel South Florida has become a “falling market.” Instead, much like origami, one must shape retail concepts to adapt to the new online reality. The American dollar is still very strong against Latin American and most foreign currency. This has created a downward spiral for hotel occupancy and retail sales in South Florida’s tourist driven areas such as South Beach and Lincoln Road. Miami-Dade County hotel occupancy was down 0.6 percent year-over-year to 83.5 percent in February/March 2017. This tourism decline has also created a shift in foreign investing. While large foreign investors are still active in the market, there has been a noticeable exit of smaller foreign investors. This has created an unusual twist in the South Florida market as now domestic (primarily from the Northeast) and Canadian investors are actively looking and purchasing retail opportunities given they …

July 31, 2017

Loans Multifamily Texas

LMI Capital Arranges $28.7M in Loans for Multifamily Properties in Houston

by Taylor Williams July 28, 2017

HOUSTON, TEXAS — LMI Capital has arranged $28.7 million in acquisition and refinancing loans for two multifamily properties in Houston. Jamie Mullin of LMI arranged a 10-year, $12 million acquisition loan at 4.11 percent interest for a 330-unit asset. Brandon Brown of LMI arranged a 10-year, $16.7 million refinancing loan at 4.44 percent interest for a 270-unit property.

July 28, 2017

Office Texas

Marcus & Millichap Negotiates Sale of 39,735 SF Office Building in Conroe

by Taylor Williams July 28, 2017

CONROE, TEXAS — Marcus & Millichap has negotiated the sale of Rivershire Plaza, a 39,735-square-foot office building located at 333 N. Rivershire Drive in Conroe. James Bell and Keith Lloyd of Marcus & Millichap marketed the property on behalf of the seller, and Nate Newman of Marcus & Millichap represented the buyer. Both parties requested anonymity.

July 28, 2017

Loans Retail Texas

HFF Secures $17.7M Loan for 174,484 SF Retail Power Center in Plano

by Taylor Williams July 28, 2017

PLANO, TEXAS — HFF has secured $17.7 million in post-acquisition financing for Creekwalk Village, a 174,484-square-foot retail power center situated on 14.7 acres at 801 W. 15th St. in Plano. The center currently houses tenants such as Michaels, Bed Bath & Beyond, Barnes & Noble and Designer Shoe Warehouse. Chris Drew, Nat Scarmazzi and De’On Collins of HFF secured the financing on behalf of an affiliate of Sterling Organization, a Florida-based private equity firm. Southside Bank originated the loan.

July 28, 2017

Industrial Texas

NAI Brokers Sale of 31,926 SF Manufacturing Facility in San Antonio

by Taylor Williams July 28, 2017

SAN ANTONIO — NAI Partners has brokered the sale of a 31,926-square-foot manufacturing facility located at 1930 Hormel Drive in San Antonio. Brett Lum and Clare Flesher, both of NAI, and Tak O’Haru of White Cube represented the buyer, Takumi Stamping Inc., an Ohio-based producer of automotive parts. Ty Bragg of Cavender Hill Properties represented the seller, Forumex LLC.

July 28, 2017

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