Property Type

Avalon Bay Communities Sells 246-Unit Apartment Community in Milford, Connecticut, for $50.5M

by Amy Works January 12, 2018

MILFORD, CONN. — Avalon Bay Communities has completed the sale of Avalon Milford, an apartment community located in Milford. An affiliate of DSF Group acquired the property for $50.5 million. Jeffrey Dunne, Gene Pride, Simon Butler and Biria St. John of CBRE New England represented the seller in the deal. Built in 2004, the community has 246 apartments with open floorplans, gas heat and cooking, walk-in closets, full-size in-home washer/dryers and 10-foot or more vaulted ceilings on the third floor.

January 12, 2018

Multifamily New Jersey Northeast

Friedkin Realty Group Acquires 170-Unit Apartment Property in Cherry Hill, New Jersey

by Amy Works January 12, 2018

CHERRY HILL, N.J. — Friedkin Realty Group has purchased The Highlands at Cherry Hill Apartments, a multifamily housing property situated on 11.3 acres at 1980 Route 70 in Cherry Hill. Equity Residential sold the 170-unit property for an undisclosed price. Completed in 2002, the property comprises 12 two-story residential buildings housing one-, two- and three-bedroom units. On-site amenities include a clubhouse with lounge, fitness center, business center, grilling area, resort-style swimming pool with Jacuzzi, valet dry cleaning service and parking. At the time of sale, the property was 97 percent leased. Jose Cruz, Mark Thomson, Kevin O’Hearn, Stephen Simonelli, Carl Fiebig and Fran Coyne of HFF represented the seller in the transaction.

January 12, 2018

Massachusetts Northeast Office Retail

Frazer Capital Sells Retail, Office Property in Boston for $24.8M

by Amy Works January 12, 2018

BOSTON — Frazer Capital has completed the sale of a retail and office building located at 41 Winter St. in Boston. Gazit Horizons Inc., a subsidiary of Israel-based Gazit-Globe, has purchased the property for $24.8 million, or $864 per square foot. Located in Boston’s Downtown Crossing district, the property features 28,690 square feet of retail and office space. At the time of sale the property was fully leased. Liberty Travel anchors the building. Robert Griffin, Edward Maher, Geoffrey Millred, Matthew Pullen, Justin Smith, Paul Penman and Christopher Peterson of NKF Capital Markets represented the seller in deal.

January 12, 2018

Florida Multifamily Southeast

IPA Arranges $46.3M Sale of Multifamily Community in Downtown St. Petersburg

by Camren Skelton January 12, 2018

ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $46.3 million sale of Urban Style Flats, a 481-unit apartment community located at 300 10th St. in downtown St. Petersburg. IPA arranged the transaction on behalf of a New York-based buyer. Other terms of the deal were not disclosed. Constructed between 1971 and 1978, Urban Style Flats has undergone a number of capital improvements since 2010, including new air conditioning systems, a structured parking garage and modern décor. The property comprises a high-rise building with three multi-story towers. Community amenities include a 24-hour fitness center, swimming pool, bocce ball court, golf putting green and an on-site restaurant.

January 12, 2018

Alabama Retail Southeast

JLL Brokers Sale of 333,975 SF Shopping Center in Oxford, Alabama

by Camren Skelton January 12, 2018

OXFORD, ALA. — JLL has arranged the sale of Oxford Exchange, a 333,975-square-foot shopping center in Oxford. Margaret Caldwell and Margaret Jones of JLL arranged the transaction. Other terms of the deal were not disclosed. The property is located along Interstate 20, less than a mile from Choccolocco Park, a recently opened sports complex. At the time of sale, Oxford Exchange was 99 percent leased to tenants such as T.J. Maxx, Hobby Lobby, Dick’s Sporting Goods, Ross Dress for Less, Bed Bath & Beyond, PetSmart, Old Navy, Office Max and Best Buy. Target, Home Depot, Kohl’s and Sam’s Club shadow-anchor the property.

January 12, 2018

Multifamily Southeast Tennessee

Carroll Organization Sells 1,037-Unit Apartment Property in Memphis

by Camren Skelton January 12, 2018

MEMPHIS, TENN. — Carroll Organization has sold Arium Shelby Farms, a 1,037-unit apartment community in Memphis. Other terms of the deal were not disclosed, but the Memphis Business Journal reports the Atlanta-based firm originally acquired the asset in 2014 for $46.5 million. Individual units at Arium Shelby Farms include private patios, breakfast bars and full-size washers and dryers. In addition, the community features three fishing lakes, a picnic area, sports court, fitness center and a swimming pool.

January 12, 2018

Kentucky Multifamily Southeast

Doster Breaks Ground on 312-Unit Apartment Community in Lexington

by Camren Skelton January 12, 2018

LEXINGTON, KY. — Doster Construction Co. has broken ground on Springs at Hamburg, a 312-unit apartment community in Lexington. The project is the general contractor’s fifth multifamily project with Continental Properties, the developer, owner and operator. Kahler Slater Experience Design is the architect of record for the project. The new 360,364-square-foot development includes 14 buildings and private, townhome-style entrances in each unit. Community amenities include a resort-style pool, fitness center, clubhouse and four parking garage buildings. Doster expects to complete construction in the summer of 2019.

January 12, 2018

Office South Carolina Southeast

Colliers Arranges $18.4M Sale of Four-Building Office Portfolio in Upstate South Carolina

by Camren Skelton January 12, 2018

GREENVILLE, S.C. — Colliers International has arranged the $18.4 million sale of Axis Office Park, a four-building office portfolio located at 350-352 Halton Road in Greenville. Formerly occupied by Fluor, the buildings total 228,000 square feet. Colliers arranged the transaction on behalf of the buyer, Tempus Real Estate Investments. Other terms of the deal were not disclosed. Taylor Allen and Brantley Anderson of Colliers will handle the property’s leasing assignment, and Brendan Gower of Colliers will provide real estate management services. In addition, LCK will provide project management services for the property.

January 12, 2018

Illinois Midwest Seniors Housing

SWIDA Breaks Ground on $10.9M Affordable Seniors Housing Community in Swansea, Illinois

by Kristin Harlow January 12, 2018

SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA), in partnership with Bywater Development Group and Bi-State Development, has broken ground on Metro Landing of Swansea near St. Louis. The $10.9 million transit-oriented development will feature 62 affordable seniors housing apartment units adjacent to the Swansea MetroLink Station. St. Louis-based Altman Charter is serving as general contractor for the project, which is scheduled for completion in spring 2019. Chicago-based Worn Jerabek Wiltse Architects is the architect. The Illinois Housing Development Authority (IHDA) provided the majority of project financing, with additional construction financing provided by PNC Bank. Additional support comes from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department.

January 12, 2018

Industrial Midwest South Dakota

Keating Resources Purchases Industrial Facility in North Sioux City, South Dakota for $5.7M

by Kristin Harlow January 12, 2018

NORTH SIOUX CITY, S.D. — Keating Resources has purchased the Gateway Computer campus in North Sioux City for $5.7 million. The 750,000-square-foot industrial facility is the largest building in the state of South Dakota, according to Keating. The building was constructed for Gateway in six phases from 1989 to 1997 for an estimated cost of over $70 million. The building, which is 61 percent occupied, will be repainted in the summer of 2018 with a cow pattern paying homage to Gateway’s brand. The building will be rebranded Gateway Business Center, and located within the Gateway Business Park, which was developed by Berkshire Hathaway and is owned by MidAmerican Energy. Chris Bogenrief of NAI United, Jere Hench of Colliers International and Robert Litz of Farmers National Co. were the brokers for the transaction.

January 12, 2018

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