Property Type

SunCap Acquires 236,800 SF Industrial Building in Greenville

by Camren Skelton February 1, 2018

GREENVILLE, S.C. — SunCap Property Group has acquired Forrester Park, a three-building, 236,800-square-foot distribution and light-manufacturing center located at 201 Forrester Drive in Greenville. Other terms of the deal were not disclosed. The building is located one mile from Interstate 85 and adjacent to Millennium Park and the Clemson University International Center for Automotive Research (ICAR). At the time of sale, Forrester Park was fully leased to tenants including Gexpro Services, Safelite Auto Glass, Woodward, Trust Technologies and Aerodyne Alloys. Colliers International’s Greenville office will handle the property’s leasing assignment on behalf of SunCap.

February 1, 2018

Florida Retail Southeast

Sembler, Forge Capital Purchase 185,000 SF Publix-Anchored Shopping Center in Gainesville

by Camren Skelton February 1, 2018

GAINESVILLE, FLA. — The Sembler Co., in partnership with Forge Capital Partners, has acquired Gainesville Shopping Center, a 185,000-square-foot retail center located at the northwest corner of North Main Street and N.W. 10th Avenue in Gainesville. The companies acquired the asset through their investment fund, Forge Real Estate Partners III (FREP). Other terms of the deal were not disclosed. At the time of sale, Gainesville Shopping Center was 91 percent leased to tenants including Publix, Beauty Max and Family Dollar. The Sembler Co. will manage the property and handle the center’s leasing assignment.

February 1, 2018

Mixed-Use New York Northeast Top Stories

Oxford Properties, CPPIB Acquire Manhattan Site for $700M, Plan Mixed-Use Development

by John Nelson February 1, 2018

NEW YORK CITY — Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB) have closed on the $700 million acquisition of a 3.25-acre development site in the Hudson Square district of Manhattan’s Midtown South submarket. The historic St. John’s Terminal site, which will be redeveloped into a mixed-use project, is situated south of West Houston Street and features 600 feet of frontage along the Hudson River. The northern portion of the site was not included in the transaction and will be developed separately. The joint venture between Toronto-based Oxford and CPPIB purchased the site from Westbrook Partners and Atlas Capital Group. Oxford owns a 52.5 percent interest in this joint venture and will manage the future development, details of which will be announced in the second half of the year. CPPIB owns the remaining 47.5 percent interest in the site. The parcel includes an existing 1.3 million-square-foot structure that was built in 1934 as the rail freight terminus to New York Central Railroad’s West Side Line. In December 2016, the New York City Council approved the air rights rezoning of the site to develop up 1.7 million square feet of mixed-use space. Cushman and Wakefield’s New York Capital Markets …

February 1, 2018

Illinois Market Reports Midwest Midwest Market Reports Retail

How to Find the Formula for Success in Chicago’s Retail Market

by Kristin Harlow February 1, 2018

Successful retail development, especially in today’s evolving retail environment, needs constant re-evaluation by developers as well as municipalities. In some cases, the old rules are being rewritten to allow for more creative uses of otherwise stagnant — and sometimes historic — properties. The city of Chicago’s Industrial Corridor Modernization Initiative, designed to relax zoning in areas once reserved for manufacturing, is an excellent example of a notable shift that will allow developers to execute new strategies for retail development, often in combination with other uses. The recently adopted guidelines for the North Branch Industrial Corridor, the first of 26 such areas in Chicago to be evaluated, suggest the formula that will be needed to help realize the city’s ambitious vision. Neighborhood workforce With employers increasingly focused on attracting and retaining talent in a tight labor market, they are seeking locations with a mix of retail amenities that their employees can take advantage of before, during or after the workday. Increasingly, this mix is found in neighborhoods outside the downtown core that offer a relative value when it comes to office rents — another benefit for companies looking to make a move. In some cases, office and retail are located in …

February 1, 2018

Delaware Multifamily Northeast

HFF Facilitates $20M Sale of Two Apartment Communities in Dover, Delaware

by Amy Works January 31, 2018

DOVER, DEL. — HFF has arranged the sale of two adjacent apartment communities: Alder Park Apartments and Pine Grove Apartments in Dover. Dover Investors LP, an affiliate of Anderson Vedic, sold the properties to a regional private buyer for $20 million. Totaling 311 units, the properties were 95 percent occupied at the time of sale. The 215-unit Alder Park is located at 51 Webbs Lane, and the 96-unit Pine Grove is located at 255 Webbs Lane. The communities share amenities, including a swimming pool with a clubhouse, a fitness center, a barbecue area, on-site laundry facilities and on-site public transit access. Carl Fiebig, Mark Thomson and Francis Coyne of HFF, along with Robert Stella of Financial & Consulting Services, represented the seller in the transaction.

January 31, 2018

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Brokers $8.8M Sale of Mixed-Use Property in Greenwich Village

by Amy Works January 31, 2018

NEW YORK CITY — Alpha Realty arranged the sale of a mixed-use building located at 133 W. Third St. in Manhattan’s Greenwich Village. An undisclosed buyer acquired the 6,200-square-foot property for $8.8 million, or $1,437 per square foot. The building features seven apartments and one retail space. Scott Schwartz of Alpha Realty represented the buyer, while Michael Coratolo of Coratolo Associates and Jim Mann of Friedman Roth represented the seller in the deal.

January 31, 2018

New York Northeast Retail

Nassimi Realty Buys 11,250 SF Retail Building in Great Neck, New York

by Amy Works January 31, 2018

GREAT NECK, N.Y. — Nassimi Realty has acquired a retail strip center located at 25 Cuttermill Road in Great Neck for an undisclosed price. The property features approximately 11,250 square feet of retail space, including a 4,160-square-foot basement. At the time of acquisition, seven of the property’s 11 retail spaces were occupied. The name of the seller was not released.

January 31, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Capital Provides $2.3M Loan for Mixed-Use Property in Brooklyn

by Amy Works January 31, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $2.3 million second mortgage loan to finalize the construction of a mixed-use property located at 144-146 West St. in Brooklyn’s Greenpoint neighborhood. Pembrook previously closed a $6.2 million first mortgage loan for the project in March 2017. The sponsor, comprised of multiple developers, began construction on the six-story, 21,341-square-foot apartment building, with commercial space, on an infill site. The additional $2.3 million loan will fund the construction of four additional apartments, which are targeting individuals or households up to 80 percent average median income (AMI), while agreeing to restrict three additional units to 130 percent AMI. Completion is slated for this year.

January 31, 2018

New York Northeast Retail

Marcus & Millichap Negotiates $2.1M Sale of Retail Building in White Plains, New York

by Amy Works January 31, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the sale of a single-tenant retail building located at 75 Mamaroneck Ave. in White Plains. A private investor sold the building to an undisclosed buyer for $2.1 million. Built in circa 1923, the building features a total of 5,300 square feet above grade and 800 square feet on the second floor. Joseph C. French Jr. and Roger Reddy Jr. of Marcus & Millichap represented the seller in the transaction.

January 31, 2018

California Loans Multifamily Western

G.H. Palmer Associates Receives $97.2M Refinancing for Santa Clarita Multifamily Assets

by Nellie Day January 31, 2018

SANTA CLARITA, CALIF. — G.H. Palmer Associates has received $97.2 million in refinancing for two apartment communities in Santa Clarita. The communities include the 255-unit Sand Canyon Ranch ($39.4 million) and the 384-unit Village Apartments ($57.8 million). Sand Canyon Ranch is located at 28856 N. Silver Saddle Circle. The Village Apartments is located at 23700 Velle Del Oro. The deals were structured with 10-year, interest-only loan terms. NorthMarq’s Ory Schwartz arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program.

January 31, 2018

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