Property Type

Gateway, Rise to Deliver 319-Unit Apartment Community in D.C.

by Camren Skelton January 22, 2018

WASHINGTON, D.C. — Gateway Investment Partners and RISE: A Real Estate Co., will soon deliver Trellis House, a 319-unit apartment community located in Washington D.C.’s North Shaw neighborhood. The joint venture broke ground on the property in 2016. The community is designed to meet LEED Platinum-certification, and will feature electric car charging stations, a rooftop hydroponic garden and close proximity to public transportation — three blocks from the U Street/Cardoza Metro Station. Trellis House will offer a mix of studio, one- and two-bedroom units and two-level townhome-style units, ranging from 425 to 1,218 square feet. Community amenities will include a 12,000-square-foot outdoor courtyard, two-level fitness center, pool, subzero test kitchen with video broadcast cooking demonstrations, outdoor fireplaces with grilling stations and an observation deck with downtown and Capitol views. In addition, the community will include 11,500 square feet of ground-floor retail. Preleasing for Trellis House will begin in April, with residents expected to move in by summer.

January 22, 2018

Florida Multifamily Southeast

CBRE Negotiates Sale of Three-Property Multifamily Portfolio in Florida

by Camren Skelton January 22, 2018

INDIAN HARBOUR BEACH AND PALM BAY, FLA. — CBRE has arranged the sale of a three-property multifamily portfolio located in Indian Harbor Beach and Palm Bay. Abacus Capital Group acquired the properties from CFH Group for an undisclosed price. Still Hunter, Chris Smiles, Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented both the buyer and seller in the transaction. The 594-unit portfolio includes two communities in Indian Harbour Beach: The Dunes, located at 201 Harbour City Parkway, and Harbour Pointe Apartments, located at 675 Rosewood Court. In Palm Bay, Abacus acquired The Vinings at Palm Bay, located at 1000 Palm Place Drive. The communities feature 24-hour fitness centers, resort-style pools, poolside kitchens, carports and business centers.

January 22, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $17.7M Sale of Multifamily Community in East Atlanta

by Camren Skelton January 22, 2018

ATLANTA — Cushman & Wakefield has arranged the $17.7 million sale of Broadway at East Atlanta, a 176-unit apartment community located at 1930 Flat Shoals Road in East Atlanta. Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. New Jersey-based Liquid Capital acquired the property using a fixed-rate Fannie Mae loan. Constructed in 1967, Broadway at East Atlanta features a fitness center, pool with grilling area, dog park and a playground.

January 22, 2018

Industrial Loans Maryland Southeast

Ready Capital Closes $14M Loan for Acquisition, Renovation of Industrial Asset in Metro Baltimore

by Camren Skelton January 22, 2018

HALETHORPE, MD. — Ready Capital Structured Finance has closed a $14 million loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property located at 2209 Sulphur Spring Road in Halethorpe, roughly seven miles south of Baltimore. The name of the borrower was not disclosed. The 36-month, non-recourse, floating-rate loan features two extension options and flexible prepayment. The borrower plans to fully renovate interiors, as well as upgrade the building’s exterior and infrastructure. Following the renovations, the borrower will re-tenant the property at market rental rates.

January 22, 2018

Illinois Industrial Midwest

Podolsky Circle Arranges $6.2M Sale of Industrial Facility in Des Plaines, Illinois

by Kristin Harlow January 22, 2018

DES PLAINES, ILL. — Podolsky Circle CORFAC International has arranged the sale of Rand Center in Des Plaines for $6.2 million. The 136,533-square-foot industrial facility consists of four buildings and is located at 1221-1311 Rand Road. The property is currently 94 percent occupied by 43 tenants. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Ameritus Real Estate Investment. Clear Height Properties purchased the asset.

January 22, 2018

Midwest Seniors Housing Wisconsin

Caddis to Develop 104-Unit Senior Living Community in Brookfield, Wisconsin

by Kristin Harlow January 22, 2018

BROOKFIELD, WIS. — Caddis is developing its second Heartis senior living community in Wisconsin in the Milwaukee suburb of Brookfield. Heartis Village Brookfield will feature 104 assisted living and memory care apartments. The 98,660-square-foot community, slated for completion in July 2019, will be located at 16100 W. Greenfield Ave. Amenities will include a media room, fitness center, salon and dining room. Special services will include nurse-supervised staff, a 24-hour emergency call system and housekeeping and laundry services. Pathway to Living will manage the property. Stevens Construction Corp. is the general contractor for the project, while Katus is providing architectural services.

January 22, 2018

Illinois Midwest Office

Meridian Design Build Moves Corporate Offices to Rosemont, Illinois

by Kristin Harlow January 22, 2018

ROSEMONT, ILL. — Meridian Design Build has relocated its corporate headquarters from Deerfield to Rosemont. The design build general contracting firm will occupy 11,500 square feet at Pointe O’Hare, an 11-story office building located at 9550 W. Higgins Road. The new space features collaborative work areas, a café, wall-mounted TVs and LED lighting. Partners in Design Architects provided architectural services. Michael Flynn, Jason Wurtz and Larry Much of NAI Hiffman represented Meridian in the lease transaction. Equity Office owns and manages the office building.

January 22, 2018

Illinois Midwest Office

GlenStar Acquires 10-Acre Land Site in Chicago

by Kristin Harlow January 22, 2018

CHICAGO — GlenStar Properties LLC has acquired 10 acres of land at the Cumberland Avenue interchange in Chicago for an undisclosed price. Chesapeake Hotel Limited Partnership and Host Hotels & Resorts LP sold the land. Upon closing, GlenStar subdivided the property into three parcels. The largest parcel, totaling 3.6 acres, is available immediately for build-to-suit opportunities. The smallest parcel, approximately 2.4 acres, is in the process of being rezoned. An undisclosed buyer purchased the remaining 2.8-acre parcel and subsequently retained the developer to build a new, 150,000-square-foot office building on its behalf.

January 22, 2018

Midwest Ohio Restaurant Retail

Marcus & Millichap Brokers $2.5M Sale of Texas Roadhouse Ground Lease in West Chester Township, Ohio

by Kristin Harlow January 22, 2018

WEST CHESTER TOWNSHIP, OHIO — Marcus & Millichap has brokered the sale of a Texas Roadhouse ground lease in West Chester Township, about 25 miles north of Cincinnati, for $2.5 million. The 7,163-square-foot net leased property is located at 7309 Kingsgate Way and has a 15-year ground lease. Craig Fuller, Erin E. Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a local private developer. An out-of-state buyer completing a 1031 exchange was the purchaser.

January 22, 2018

Northeast Office Pennsylvania

CBRE Arranges $76.9M Sale, Acquisition Financing for 14-Building Office Complex in Metro Philadelphia

by Amy Works January 22, 2018

KING OF PRUSSIA, PA. — CBRE has arranged the sale and acquisition financing of a 14-building office complex located within Renaissance Park in King of Prussia. Radnor, Pa.-based MLP Ventures acquired the portfolio from Liberty Property Trust for $76.9 million. The 641,325-square-foot portfolio consists of 14 single-story office and flex properties. At the time of sale, the buildings were 87 percent occupied. Major tenants include Marsh & McLennan Cos., IKEA, BB&T, RELX Group and MedRisk. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets represented the seller, and Nick Harris and Steven Doherty of CBRE Debt & Structured Finance procured the financing for the buyer.

January 22, 2018

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