Property Type

SVN/Parsons Commercial Group Arranges $8.6M Sale of Office Building in Hopkinton, Massachusetts

by Amy Works November 29, 2017

HOPKINTON, MASS. — SVN/Parsons Commercial Group Boston has negotiated the sale of an office property located at 77 Main St. in Hopkinton. Thomson Realty Limited Partnership sold the building to Hopkinton Business Center LLC for $8.6 million. At the time of sale, the 55,000-square-foot building was fully leased to a variety of tenants, including a dental office, a jewelry store and a specialized planning and construction company. Victor Galvani of SVN/Parsons represented the seller, while Garrett Quinn, also of SVN/Parsons, represented the buyer in the transaction.

November 29, 2017

Hospitality Northeast Pennsylvania

MCR Purchases Hilton Garden Inn in Allentown, Pennsylvania, for $15M

by Amy Works November 29, 2017

ALLENTOWN, PA. — MCR has acquired the Hilton Garden Inn Allentown West, located at 230 Sycamore Road in Allentown, for $15 million. The 111-room hotel features an indoor pool, a fitness center, free Wi-Fi, 1,330 square feet of meeting space, The Great American Grill, a 24-hour business center and a 24-hour Pavilion Pantry. Guest rooms offer spacious work areas, 42-inch flat-screen televisions and coffeemakers. The name of the seller was not released.

November 29, 2017

Connecticut Loans Multifamily Northeast

Hunt Mortgage Provides $5.8M in Refinancing for Multifamily Property in Waterbury, Connecticut

by Amy Works November 29, 2017

WATERBURY, CONN. — Hunt Mortgage Group has provided a $5.8 million Fannie Mae conventional loan for the refinancing of a multifamily property located in Waterbury. The borrower is 650 Howard 2017 LLC, a single-purpose, Connecticut limited liability firm backed by key principals Tom Bechard and George Louie. The 10-year, fixed-rate loan features a 30-year fully amortizing schedule with yield maintenance prepayment. Located at 119 and 136 Store Ave., the two-building Store Avenue Apartments offer a total of 113 units. At the time of refinancing, the property was 97 percent occupied.

November 29, 2017

Georgia Hospitality Southeast

Songy Highroads, Hyatt to Develop New Hotel in Downtown Atlanta

by Camren Skelton November 29, 2017

ATLANTA — A 50/50 joint venture between affiliates of Atlanta-based developer Songy Highroads LLC and Hyatt Hotels Corp. has acquired a site in downtown Atlanta with plans to develop a new Hyatt Place hotel. Other terms of the transaction were not disclosed. The site, located at the corner of Lucky and Latimer streets, is located directly across from the Georgia Aquarium and one block from Centennial Olympic Park. An abandoned, two-story commercial building and public parking lot currently occupy the site, and both will be demolished to make way for the new hotel. Pricing, permitting and financing are underway, with a construction commencement date to be determined.

November 29, 2017

Florida Industrial Southeast

Denholtz, Militello Purchase Two Industrial Portfolios in Orlando for Combined $17.2M

by Camren Skelton November 29, 2017

ORLANDO, FLA. — Denholtz Associates, in partnership with Militello Capital, has acquired two industrial/flex portfolios in Orlando for a combined $17.2 million. The Silver Star Portfolio, an eight-building, 254,915-square-foot industrial flex portfolio, was acquired for $12.1 million, and the Parkway Commerce Center, a two-building, 91,500-square-foot industrial flex property, was acquired for $5.1 million. Denholtz and Militello purchased Parkway Commerce Center from Brennan Investment Group. The Silver Star Portfolio, located at 3600-3802 Silver Star Road in Orlando, was 95 percent leased at the time of sale to 30 tenants. Parkway Commerce Center, located at 3501 Parkbreeze Court, was 68 percent leased at the time of sale to 23 tenants. Both properties are less than 12 miles from Orlando International Airport.

November 29, 2017

Florida Office Southeast

Meridian Development Acquires Office Portfolio in Tampa for $16.5M

by Camren Skelton November 29, 2017

TAMPA, FLA. — Meridian Development Group has acquired a two-property office portfolio in Tampa’s Carrollwood submarket for $16.5 million. The portfolio includes Buschwood Park One and Buschwood Park Two and totals 171,166 square feet. Rick Brugge and Mike Davis of Cushman & Wakefield represented the seller, Buschwood One & Buschwood Two LLC, in the transaction. Meridian was represented internally. The firm will invest another $1 million to build a 2,000-square-foot amenity center and café and to upgrade indoor and outdoor common areas. Meridian’s subsidiary company, Meridian Management Group, will manage the property and oversee the improvements. Jim Moler and Deanna Beer of JLL will oversee leasing for the property, which was 82 percent leased at the time of sale. Prior to the sale, Pilgrim Quality Solutions, an IQVIA Co., signed a new 18,000-square-foot lease at Buschwood Park Two.

November 29, 2017

Alabama Multifamily Southeast Student Housing

CBRE Arranges Sale of 900-Bed Student Housing Community Near Auburn University

by Camren Skelton November 29, 2017

AUBURN, ALA. — CBRE has arranged the sale of The Connection at Auburn, a 900-bed, 312-unit student housing community located less than three miles from the Auburn University campus and a half-mile from College Street, one of Auburn’s main thoroughfares. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE, in conjunction with CBRE’s Nashville Multifamily team, arranged the transaction on behalf of the buyer, University Partners. A private real estate fund managed by Crow Holdings Capital sold the asset for an undisclosed price. At the time of sale, The Connection at Auburn was 99.3 percent occupied.

November 29, 2017

Georgia Industrial Southeast

Silverman Group to Break Ground on Second Building at Bright Star Logistics Center in Metro Atlanta

by Camren Skelton November 29, 2017

DOUGLASVILLE, GA. — The Silverman Group has unveiled plans to break ground on the second building at Bright Star Logistics Center, a master-planned industrial campus in Douglasville, roughly 22 miles west of Atlanta. The New Jersey-based company will break ground on the 330,000-square-foot, speculative manufacturing/distribution building in the fourth quarter. Building Two will feature 36-foot clear heights, cross-dock configuration and ample car parking and trailer storage. Completion is slated for summer 2018. Bright Star Logistics Center is expected to attract industrial users including manufacturing, warehouse/distribution and third-party logistics companies. Upon completion, the park will features two modern distribution buildings, one of which is currently under construction and is preleased to Andersen Windows, a window and door manufacturer. Pat Murphy, James Phillpott and Tara Healy of Cushman & Wakefield will handle the project’s leasing assignment on behalf of The Silverman Group.

November 29, 2017

Illinois Midwest Office

Macerich Sells 326,000 SF Office Tower in Chicago for $86.4M

by Kristin Harlow November 29, 2017

CHICAGO — The Macerich Co. (NYSE: MAC) has sold a 326,000-square-foot office tower in Chicago for $86.4 million. The building, located at 500 N. Michigan Ave., is adjacent to the company’s The Shops at North Bridge. The sale aligns with Macerich’s strategy of recycling capital out of non-core assets and into its core portfolio of retail assets, according to the company. The real estate investment trust currently owns 54 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.

November 29, 2017

Illinois Midwest Multifamily

KIG Negotiates Sale of 70-Unit Apartment Building in Itasca, Illinois

by Kristin Harlow November 29, 2017

ITASCA, ILL. — KIG CRE has negotiated the sale of Two Itasca Place in Itasca, approximately 27 miles northwest of Chicago, to Waypoint Residential. The sales price was not disclosed. The five-story, 70-unit apartment building is located at 2 Itsaca Road. One- and two-bedroom floor plans average 1,694 square feet. Community amenities include concierge services, package receiving, a bike room and additional storage. Susan Tjarksen, Todd Stofflet and Jason Stevens of KIG represented the seller, Marquette Cos.

November 29, 2017

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