Property Type

Validus Receives $117.5M Line of Credit from SunTrust to Acquire Three Seniors Housing Assets in Southeast

by Camren Skelton January 10, 2018

TAMPA, FLA. — Tampa-based Validus Senior Living has closed a $117.5 million syndicated revolving line of credit with SunTrust Robinson Humphrey for the acquisition of three seniors housing communities located in Louisiana, Florida and Georgia. SunTrust Robinson Humphrey, a division of SunTrust Banks Inc. that provides investment banking services including mergers and acquisitions and private equity financing, served as the lead arranger and bookrunner for the deal, while SunTrust Bank acted as the lead participant and administrative agent. The five-year deal is renewable, and Validus will use the credit line to acquire Inspired Living at Ocoee in Ocoee, Fla., and Inspired Living at Kenner in Kenner, La. A third community, Inspired Living at Alpharetta in Alpharetta, Ga., is expected to close in the coming weeks. The communities offer both assisted living and memory care units. The two initial acquisitions will add more than 250 units to Validus’ existing portfolio.

January 10, 2018

Florida Multifamily Southeast

Lantower Residential Purchases Multifamily Community in Tampa Bay Area for $94M

by Camren Skelton January 10, 2018

BRANDON, FLA. — Dallas-based Lantower Residential has acquired Lantower Brandon Crossroads, a 450-unit apartment community in Brandon, for $94 million. Constructed in 2016, the community is located at 10440 Sanderling Shores Drive, roughly 12 miles east of downtown Tampa. Bainbridge Cos. developed and sold the property. Lantower Brandon Crossroads offers a mix of one-, two- and three-bedroom units with attached garages. Community amenities include two fitness centers, two resort-style pools with sundecks and two dog parks with pet washing stations.

January 10, 2018

Iowa Loans Midwest Multifamily

NorthMarq Arranges $16.7M Refinancing for Apartment Property in Council Bluffs, Iowa

by Kristin Harlow January 10, 2018

COUNCIL BLUFFS, IOWA — NorthMarq Capital has arranged a $16.7 million Freddie Mac loan for the refinancing of River Park Apartments Phase III in Council Bluffs. The 190-unit apartment property features amenities such as a 24-hour fitness center, café, clubhouse, basketball court and two swimming pools. Jason Kinnison of NorthMarq arranged the loan for the undisclosed borrower.

January 10, 2018

Hospitality Loans Louisiana Southeast

HFF Arranges $51M Refinancing for 234-Room Ace Hotel New Orleans

by Camren Skelton January 10, 2018

NEW ORLEANS — HFF has arranged a $51 million loan for the refinancing of Ace Hotel New Orleans, a 234-room, recently opened hotel located at 600 Carondelet St. in downtown New Orleans. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the floating-rate loan through TPG RE Finance Trust on behalf of the borrower and developer, a partnership between Domain Cos. and Avenue Capital Group. Proceeds of the loan will be used to refinance an existing construction loan. Originally constructed in 1928, the building was renovated and redeveloped into the Ace Hotel New Orleans in 2016. Construction included the addition of a new four-story building on an adjacent lot. The hotel features 31,000 square feet of retail, restaurant, entertainment and meeting space, including a music venue, art gallery, 24-hour gym and locally inspired retailers. In addition, the hotel is situated within walking distance to the Mercedes-Benz Superdome, Smoothie King Arena, Ernest N. Morial Convention Center and the French Quarter.

January 10, 2018

Healthcare Kansas Midwest

CNL Healthcare Acquires 38,496 SF Medical Office Building in Overland Park, Kansas for $14M

by Kristin Harlow January 10, 2018

OVERLAND PARK, KAN. — CNL Healthcare Properties II has acquired a 38,496-square-foot medical office building in Overland Park for $14 million. Constructed in 2007, the building is located at 5525 W. 199th St. on the campus of HCA Menorah Medical Center. The two-story property is fully leased to five tenants, with an ambulatory surgical center anchoring the property. Evan Kovac, Ben Appel, Anthony Frogameni, Andrew Milne, Matt DiCesare and Sean Fogarty of HFF represented the undisclosed seller. The team also procured the buyer, which is a non-traded REIT sponsored by CNL Financial Group.

January 10, 2018

Illinois Midwest Mixed-Use

Marcus & Millichap Brokers $3.4M Sale of Mixed-Use Building in Chicago

by Kristin Harlow January 10, 2018

CHICAGO — Marcus & Millichap has brokered the sale of a 6,100-square-foot mixed-use building in Chicago’s Lakeview neighborhood for $3.4 million. The property, located at 3452 N. Southport Ave., features three apartment units and one retail tenant on the ground floor. Hanna Andersson, a children’s retailer, occupies the ground-floor space. Kyle Stengle of Marcus & Millichap represented the seller, a local developer. An international private investor purchased the asset.

January 10, 2018

Florida Industrial Southeast

IPA Brokers $32.5M Sale of 41-Building Industrial Portfolio in South Florida

by Camren Skelton January 10, 2018

WEST HIALEAH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $32.5 million sale of West Hialeah Industrial Portfolio, a 376,016-square-foot industrial warehouse portfolio in West Hialeah, located roughly 11 miles northwest of Miami. The portfolio comprises 41 freestanding, multi-tenant buildings arranged in two separate clusters: one west of the Red Road corridor and north of the Hialeah Expressway and the other west of West 16th Avenue and north of Okeechobee Road. The buildings range in size from approximately 4,000 square feet to 28,000 square feet. Douglas Mandel and Benjamin Silver of IPA arranged the transaction on behalf of the seller, The Realty Associates Fund VII, an affiliate of TA Realty. The team also procured the buyer, Cofe Cix West Hialeah LLC. According to IPA, 95 percent of the portfolio’s leases have triple-net structures with annual rent increases that average roughly 4.5 percent.

January 10, 2018

Hospitality Kentucky Southeast

Huff, Niehaus & Associates Negotiates $3.9M Sale of Hotel in Northern Kentucky

by Camren Skelton January 10, 2018

FLORENCE, KY. — Huff, Niehaus & Associates Inc. has arranged the $3.9 million sale of the Microtel Inn & Suites Florence/Cincinnati Airport in Florence, a city in northern Kentucky. The 83-room, Wyndham-branded hotel is located roughly 15 miles from downtown Cincinnati. The hotel features complimentary breakfast, a fitness center, meeting room and a free airport shuttle. Brandt Niehaus of Huff, Niehaus & Associates arranged the transaction. Other terms of the deal were not disclosed.

January 10, 2018

Indiana Midwest Multifamily Top Stories

Milhaus Sells 1,803-Unit Multifamily Portfolio for $320.5M

by Nellie Day January 10, 2018

INDIANAPOLIS — Milhaus has sold a 1,803-unit multifamily portfolio that spans four states for $320.5 million. Four separate buyers acquired the assets. The nine properties included in Milhaus’s Urban Core Portfolio are the 354-unit Highland Row in Memphis, Tenn.; the 131-unit Gantry in Cincinnati; the 329-unit Lift in Oklahoma City; and the 258-unit Artistry, 54-unit Mosaic, 265-unit Circa, 65-unit Mozzo, 105-unit Maxwell, and 242-unit Mentor & Muse in Indianapolis. “The portfolio consists of small and large assets in four distinct metros, but the common theme … is that each of these markets have expanding employment bases of young talent with plenty of runway left in this cycle,” says Steve LaMotte Jr. who, along with CBRE’s Central Midwest Multifamily team, represented developer Milhaus in this disposition. “The rare opportunity to deploy a sizeable amount of capital in newly constructed, best-of-class, urban-walkable assets was duly noted by the market.” Indianapolis-based Milhaus developed, built and operates the majority of the portfolio. The firm focuses on Class A, urban multifamily buildings in growing secondary markets in the eastern half of the U.S. Indiana-based Gene B. Glick Co. was the seller of one of the assets, which Milhaus only operated. Five assets were recapitalized by …

January 10, 2018

Industrial Maine Market Reports Northeast Northeast Market Reports

Speculative Industrial Development Picks Up in Southern Maine

by Taylor Williams January 10, 2018

In Southern Maine, we have an inventory problem. An inventory shortage, that is. During the recovery, there has been a steady flight to quality in all sectors including office, retail and, most strikingly, the industrial market. For the seventh consecutive year, the Greater Portland industrial market vacancy rate has dropped. We are now hovering close to a 2 percent total vacancy, which is grossly inhibiting end-users and growth. Throughout 2017, we worked with buyers and tenants that struggle to find suitable relocation and growth opportunities. Multiple offers and off-market sales have become commonplace, which frustrates end-users. We are coaching our clients to remain patient, flexible and communicative in this fluid and competitive market. Accordingly, the limited inventory drastically increased both lease rates and sales pricing for industrial style space. Sale price trends, in particular, deserve a closer look. In 2011, at the tail end of the recession, Class A and B industrial buildings were selling in the $40-per-square-foot range. Sales were almost exclusively going to owner-user businesses who were bullish enough to bet the economy would turn. Today, those businesses are competing with a smaller inventory pool, and against investors looking to diversify their portfolios. Quality industrial buildings are now …

January 10, 2018

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