Property Type

CBRE Negotiates $75.4M Supplemental Loan for Seven-Property CCRC Portfolio

by Nellie Day December 12, 2017

TUCSON, ARIZ. — CBRE has arranged $75.4 million in supplemental financing for a seven-property portfolio of continuing care retirement communities owned by a joint venture that includes The Freshwater Group and Watermark Retirement Communities. The group of properties is spread across six states and comprises of 1,308 independent living beds, 541 assisted living beds, 97 memory care beds and 373 skilled nursing beds. The financing, arranged by Aron Will of CBRE National Senior Housing, will supplement a $410 million financing that CBRE arranged for the joint venture in 2015. That overall financing is for a larger portfolio totaling 15 properties and 3,804 beds, including the seven properties included in the supplemental financing. The use of the funds was not disclosed. Tucson-based Watermark, which is the wholly owned management arm of The Freshwater Group, will continue to operate the properties.

December 12, 2017

California Multifamily Seniors Housing Western

Marcus & Millichap Brokers $34.8M Sale of Age-Restricted Complex in Orange County

by Nellie Day December 12, 2017

RANCHO SANTA MARGARITA, CALIF. — Marcus & Millichap (NYSE: MMI) has arranged the sale of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County city of Rancho Santa Margarita. A private investor sold the property to an undisclosed buyer for $34.8 million, or $302,000 per unit. Built in 2006 on more than three acres, the three-story property is located directly across the street from Central Park in Rancho Santa Margarita, near the Santa Margarita Parkway, and approximately half a mile from California State Route 241. Tyler Leeson and Alex Mobin of Marcus & Millichap represented the seller. Leeson, Mobin and David Yeh procured the buyer. Alexander Garcia Jr. and Christopher Zorbas of Marcus & Millichap’s Institutional Property Advisors (IPA) division also provided representation, along with Tyler Martin and Mathew Kipp.

December 12, 2017

California Retail Western

HFF Arranges Sale of 150,148 SF Shopping Center in Inland Empire

by Nellie Day December 12, 2017

PERRIS, CALIF. — HFF has arranged the sale of Perris Plaza, a 150,148-square-foot, grocery-anchored retail center in the Inland Empire community of Perris. Gleb Lvovich and Bryan Ley of HFF arranged the transaction on behalf of the seller, Condures Family LP. Nuevo Perris LLC, a joint venture between Wood Investments, Joel Farkas and SandTree Holdings, acquired the asset for an undisclosed price. At the time of sale, Perris Plaza was 97.6 percent leased to tenants including Food 4 Less, Regency Theatres, Burger King, IHOP, Del Taco and Starbucks Coffee. The sale also included two entitled land pads that would allow the development of additional retail space. The new owners plan to expand the shopping center to approximately 300,000 square feet with the addition of new retailers and restaurants.

December 12, 2017

Illinois Midwest Office

Balfour Pacific, Hamilton Partners Acquire Office Campus in Suburban Chicago for $78.3M

by Kristin Harlow December 12, 2017

ITASCA, ILL. — A partnership between a private equity real estate fund of Balfour Pacific Capital Inc. and Hamilton Partners has acquired One Pierce Place and 500 Park Boulevard in Itasca for $78.3 million. The two buildings span 976,000 square feet within the Hamilton Lakes Business Park. Amenities include an athletic club, restaurant and deli, conference facilities and direct access to the adjacent Westin Hotel. Renovated in 2012, One Pierce Place is 91 percent leased by tenants such as Houghton Mifflin Harcort and Epsilon. Renovated in 2015, 500 Park Boulevard is 94 percent leased by tenants such as Keyence Corp., The Boler Co. and Hitachi. Bryan Rosenberg and Patrick Shields, Mark Katz, Jeff Bramson and Jaime Fink of HFF represented the seller, a partnership between Long Wharf Capital LLC and Hamilton Partners.

December 12, 2017

Hospitality Illinois Midwest

Planned Hotel for Navy Pier to Operate Under Curio Collection by Hilton Brand

by Kristin Harlow December 12, 2017

CHICAGO — Developer First Hospitality Group Inc. (FHG) and Navy Pier have unveiled the brand for the first hotel on Navy Pier. Slated to open in summer 2019, the 222-room hotel will operate under the Curio Collection by Hilton brand. Construction is expected to begin in January 2018. Situated at the eastern end of Navy Pier, the hotel will feature floor-to-ceiling windows and a 30,000-square-foot rooftop restaurant bar. Acron, a Switzerland-based real estate company, is funding the project. Jackie Koo of KOO LLC is designing the project, and James McHugh Construction Co. is the builder. The project is expected to generate 600 construction jobs and create 300 permanent jobs, according to FHG. Hilton operates more than 40 Curio Collection independent hotels globally.

December 12, 2017

Illinois Industrial Midwest

CBRE Arranges Over 1.3 MSF of Industrial Leases in Chicago Area

by Kristin Harlow December 12, 2017

BOLINGBROOK, ELK GROVE VILLAGE AND MCHENRY, ILL. — CBRE has arranged three industrial leases totaling 1.3 million square feet for separate tenants in the Chicago area. Brake Parts Inc. signed an eight-year extension for 378,350 square feet at 1100 Corporate Drive and 228,000 square feet at 4400 Prime Parkway in McHenry. The company is a manufacturer and supplier of brake parts. Greencore, a London-based international producer of convenience foods, inked a five-year extension for 443,010 square feet at 1100 Remington Blvd. in Bolingbrook. In the final lease transaction, St. George Logistics signed a five-year renewal for 268,645 square feet at 875 Devon Ave. in Elk Grove Village. The company is a provider of ocean and air container freight stations, distribution, transportation and value-added services in North America. Matt Mulvihill, Kevin Segerson, Cal Payne and Philip DeBoer of CBRE represented the tenants in each lease transaction.

December 12, 2017

Indiana Industrial Midwest

HSA Commercial Purchases 19-Acre Land Site in Suburban Indianapolis, Plans 262,758 SF Distribution Center

by Kristin Harlow December 12, 2017

PLAINFIELD, IND. — HSA Commercial Real Estate has purchased a 19-acre land site in Plainfield, a suburb of Indianapolis near the Indianapolis International Airport. The company plans to develop a 262,758-square-foot distribution center featuring 32-foot clear heights, 30 truck doors and four drive-in doors. Construction is slated to begin in early 2018 with tenant occupancy scheduled for the fall. John Hanley and Terry Busch of CBRE will market the new building for lease. HSA Commercial has previously developed five buildings totaling approximately 630,000 square feet at the nearby Gateway Business Park.

December 12, 2017

Multifamily Southeast Tennessee

Gaia Acquires New Apartment Community in Nashville for $76.4M

by Camren Skelton December 12, 2017

NASHVILLE, TENN. — Gaia Real Estate has acquired Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. Embrey Partners, the project developer, sold the community to the private real estate investment firm for an undisclosed price, but the Nashville Business Journal reports the sales price was $76.4 million. Constructed in 2016, the community features a central courtyard, fire pit, swimming pool, fitness center, yoga room and bike storage. In addition, Gaia Real Estate recently acquired Station R, a 285-unit apartment community in Atlanta’s Reynoldstown neighborhood. The property was delivered this year, and features a rooftop deck, central courtyard, fire pit, swimming pool with cabanas and sundeck, fitness center, yoga and spinning studio and a bocce ball court. Greystar developed and sold the property. The sale price was not disclosed. Gaia Real Estate purchased both assets with its institutional partners Amitim Senior Pension Funds and Israeli-based Psagot Investment House.

December 12, 2017

Georgia Loans Multifamily Southeast Student Housing

SunTrust Provides $58.3M Construction Loan for 26-Story Student Housing Tower in Downtown Atlanta

by Camren Skelton December 12, 2017

ATLANTA — SunTrust Banks Inc. has provided a $58.3 million construction loan for the development of 120 Piedmont, a 685-bed student housing community located a half-mile from Georgia State University in downtown Atlanta. SunTrust originated the loan on behalf of the developer, South City Partners. The $90 million project will total 467,125 square feet, including 8,200 square feet of retail space. Community amenities will include a rooftop deck with an outdoor living room, grilling area and study space. In addition, the 26-story tower will feature a swimming pool, clubhouse, fitness center, on-site library and an internet café. The new community is expected to open in August 2019.

December 12, 2017

Alabama Georgia Mississippi Multifamily Southeast

Blue Magma, NCP Enterprise Acquire Multifamily Portfolio Across Southeast for $34M

by Camren Skelton December 12, 2017

ATLANTA — A joint venture between Tampa, Fla.-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds has acquired a three-property multifamily portfolio located across Georgia, Mississippi and Alabama for a combined $34 million. The new owners will invest more than $5 million in capital improvements to the portfolio, which totals 565,282 square feet. The 188-unit Orchard Cove in Covington, Ga., roughly 35 miles southeast of Atlanta, was purchased for $15.2 million. The property will be rebranded as The Park at Arlington. The 232-unit Gardens of Canal in Robinsonville, Miss., was acquired for $11.6 million and will be renamed The Park at Brighton. Lastly, the 184-unit Madison Square, located in Dothan, Ala., was purchased for $7.8 million. The new owners will rename the property the Park at Ashburn. Cushman & Wakefield’s Atlanta office arranged the transaction, and Ladder Capital provided debt financing for the acquisition. The names of the sellers were not disclosed.

December 12, 2017

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