Property Type

Perseus TDC, Four Points Start Construction on Multifamily Redevelopment in Metro D.C.

by Camren Skelton March 22, 2018

ALEXANDRIA, VA. — Perseus TDC, in partnership with Four Points LLC, has started construction on a multifamily redevelopment at 200 Stovall St. in Alexandria, roughly eight miles south of Washington, D.C. Perseus TDC is a joint venture formed in 2017 between Perseus Realty LLC and Transwestern Development Co. The site currently houses a vacant, 610,000-square-foot office building, which the joint venture will convert into a 520-unit apartment community with 25,000 square feet of ground-floor retail. The project will offer a mix of studio, one- and two-bedroom units and will feature a three-story fitness facility, sports bar, coworking lounge and more than 10,000 square feet of rooftop amenities including a pool, lounge, fireplace and dining area. Atlanta-based Cooper Carry is the architect for the project, and London-based Balfour Beatty PLC is the general contractor. Boston-based ELV Associates is the majority equity partner. The first units at the development are expected to deliver in the fourth quarter of 2019. The building is located within Hoffman Town Center, which is home to restaurant, retail and entertainment options, as well as the National Science Foundation headquarters. Across the street from the project, a planned 1 million-square-foot, Wegmans-anchored mixed-use development is scheduled to break ground in …

March 22, 2018

Development Indiana Midwest Multifamily Student Housing

CA Ventures Begins Construction of 675-Bed Student Housing Property Near Purdue University

by Kristin Harlow March 22, 2018

WEST LAFAYETTE, IND. — CA Student Living, the student housing investment and development arm of Chicago-based CA Ventures, has begun construction of RISE on Chauncey near Purdue University in West Lafayette. The 16-story, 675-bed student housing property will be located at 100 S. Chauncey Ave. Slated to be the tallest building in West Lafayette, the project will feature 15 stories of residences atop 11,000 square feet of street-level retail space and three levels of underground parking. The property will include a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 350 to 1,300 square feet. Approximately 9,000 square feet of indoor amenity space will include a fitness center, yoga studio and study lounge. An outdoor rooftop deck will feature a pool, fire pit, grilling stations and seating. Brinkmann Constructors is the general contractor and Shepley Bulfinch is serving as architect. Completion is slated for summer 2019.

March 22, 2018

Acquisitions Iowa Midwest Retail

R.H. Johnson Co. Purchases 282,708 SF Shopping Center in Sioux City, Iowa

by Kristin Harlow March 22, 2018

SIOUX CITY, IOWA — The R.H. Johnson Company has purchased Lakeport Commons in Sioux City for an undisclosed price. The 282,708-square-foot shopping center is located at 5101 Sergeant Road. Completed in 2005, the property is 92 percent leased to tenants such as Gordmans, Best Buy, Staples, Michaels, PetSmart, Old Navy, Party City, Shoe Carnival and Dress Barn. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, InvenTrust Properties Corp.

March 22, 2018

Acquisitions California Retail Western

JLL Capital Markets Brokers Sales of Two Retail Properties in Southern California

by Amy Works March 22, 2018

LAGUNA HILLS AND MURRIETA, CALIF. — JLL Capital Markets has brokered the sales of two retail properties in Laguna Hills and Murrieta. In the first deal, an undisclosed buyer acquired a restaurant property, located at 23971 El Toro Road in Laguna Hills, for $5.5 million. Raising Cane’s Chicken Fingers leases the property on a 13-year, triple-net ground lease. Additionally, this Raising Cane’s location is the first to sell in California. In the second transaction, an undisclosed buyer sold a gas station and convenience store property located in Murrieta. Shell Gas Station occupies the property under a 20-year, triple-net lease. Adam Friedlander and Matt Berres of JLL Capital Markets’ Irvine, Calif., office arranged the transactions.

March 22, 2018

Acquisitions Multifamily North Carolina Southeast

Preferred Apartment Communities Sells Multifamily Asset in Triangle for $43.5M

by Camren Skelton March 22, 2018

APEX, N.C. — Preferred Apartment Communities (PAC) has sold Lake Cameron, a 328-unit apartment community in Apex, for $43.5 million. Tennessee-based Fogelman Properties acquired the asset through a joint venture with New York-based DRA Advisors. The property is located at 1000 Cameron Woods Drive, roughly 15 miles west of Raleigh. Constructed in 1997, Lake Cameron offers a mix of one-, two- and three-bedroom units. Community amenities include barbeque grills, a lake with jogging trails, gazebo, playground, swimming pool and a fitness center. The property was 95 percent occupied at the time of sale.

March 22, 2018

Development Midwest Minnesota Multifamily

Ryan Cos., Weidner to Develop Apartment Project in Minneapolis

by Kristin Harlow March 22, 2018

MINNEAPOLIS — A partnership between Ryan Cos. US Inc. and Weidner Apartment Homes is developing an apartment project in the Uptown neighborhood of Minneapolis. Sons of Norway, a financial services and international cultural organization, has sold its 60,000-square-foot headquarters building and land parcel to make way for the redevelopment project. Plans call for 15,000 square feet of first-floor office space that Sons of Norway will occupy at the apartment property. Keith Collins, Abe Appert, Ted Abramson and Brian Pankratz of CBRE represented Sons of Norway in the sale. John Lorence and Neil Kolatkar of CBRE represented Sons of Norway in its new lease at the project. The properties in the sale include 1455 W. Lake St., 3001 Humboldt Ave., 3015 Humboldt Ave., 3025 Humboldt Ave. and 3016 Holmes Ave.

March 22, 2018

Acquisitions Hospitality Oregon Western

Crystal Investment Property Negotiates Sale of 43-Room Hotel in Newport, Oregon

by Amy Works March 22, 2018

NEWPORT, ORE. — Crystal Investment Property (CIP), a member of Hotel Brokers International, has brokered the sale of the Econo Lodge in Newport. The property features 43 rooms, which have been updated with new granite and tilework throughout. Joseph Kennedy of CIP represented the undisclosed seller and undisclosed buyer in the deal. The acquisition price was not released.

March 22, 2018

Acquisitions Illinois Industrial Midwest

Colliers International Brokers Sale of 225,006 SF Industrial Warehouse in Elk Grove Village, Illinois

by Kristin Harlow March 22, 2018

ELK GROVE VILLAGE, ILL. — Colliers International has brokered the sale of a 225,006-square-foot industrial warehouse in Elk Grove Village. The sales price was not disclosed. The property is located at 1501 Nicholas Blvd. The buyer, GHP Group Inc., is a manufacturing company that specializes in electric fireplaces and accessories, personal heating products and gas grills. Chris Volkert and Brendan Green of Colliers represented GHP Group in the sale. Ken Franzese and John Cassidy of Lee & Associates represented the seller, Prologis.

March 22, 2018

Loans Multifamily South Carolina Southeast

Grandbridge Arranges $35.2M in Acquisition Financing for Two Apartment Properties in Greenville

by Camren Skelton March 22, 2018

GREENVILLE, S.C. — Grandbridge Real Estate Capital has arranged two acquisition loans totaling $35.2 million for Metropolitan Apartments and 2900 North Apartments in Greenville. Mike Ortlip and Josh Davis of Grandbridge arranged the non-recourse loans with an initial period of interest-only payments and a 30-year amortization schedule through its lending platform, BB&T Real Estate Funding. The Charlotte-based firm is a subsidiary of BB&T. The financing included a $21.6 million, first mortgage loan for Metropolitan Apartments, a 246-unit community located at 660 Halton Road, and a $13.6 million loan for 2900 North Apartments, a 172-unit community located at 2900 E. North St. The names of the borrowers were not disclosed. Both properties feature swimming pools, fitness centers and grilling stations.

March 22, 2018

Illinois Leasing Activity Midwest Retail

Premier Veterinary Group to Open 10,000 SF Animal Hospital in Orland Park, Illinois

by Kristin Harlow March 22, 2018

ORLAND PARK, ILL. — Premier Veterinary Group will open a 10,000-square-foot animal hospital at 7000 W. 159th St. in the Chicago suburb of Orland Park. The company is relocating from Crestwood, Ill. Iris Construction Services is the general contractor for the project. Completion is slated for August. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented the tenant in the lease transaction.

March 22, 2018

Newer Posts

Older Posts