Property Type

Katz Properties Acquires Shopping Center Near Birmingham for $60.3M

by Camren Skelton November 13, 2017

VESTAVIA HILLS, ALA. — New York-based Katz Properties has acquired Vestavia Hills City Center, a 392,000-square-foot shopping center in Vestavia Hills, roughly six miles south of Birmingham, for $60.3 million. HFF arranged mortgage financing for the acquisition. The seller was not disclosed. Vestavia Hills City Center is home to anchor tenant Publix, AMC Vestavia Hills 10, Planet Fitness, Starbucks Coffee, Rite Aid, Stein Mart and various restaurant tenants. In addition, the center is home to a variety of office users. Katz Properties has hired Fairway Management Group LLC to manage the property.

November 13, 2017

Florida Multifamily Southeast

Berkadia Arranges $47.5M Sale of Two Multifamily Properties in Tampa Bay Area

by Camren Skelton November 13, 2017

SAFETY HARBOR AND TAMPA, FLA. — Berkadia has arranged the $47.5 million sale of two multifamily properties in the Tampa Bay region: Twenty 35 in Safety Harbor and The Park at Windsor in Tampa. Jason Stanton, Cole Whitaker, Mary Beale and Greg Rainey of Berkadia arranged both transactions. Blue Roc Premier Properties LLC acquired Twenty 35 from Nashville-based Covenant Capital Group LLC for $21 million. The property features one- and two-bedroom units with granite countertops, stainless steel appliances and walk-in closets. Community amenities include a fitness center, picnic area, courtyard and gated entry. Redwood Capital Group acquired The Park at Windsor from Blue Roc Premier Properties LLC for $26.5 million. The property features balconies or patios for each unit, a fitness center, pool, barbeque area and a laundry center.

November 13, 2017

Florida Multifamily Southeast

Lloyd Jones Capital Purchases 282-Unit Apartment Community in Jacksonville for $40.9M

by Camren Skelton November 13, 2017

JACKSONVILLE, FLA. — Miami-based Lloyd Jones Capital has acquired Deerwood Park, a 282-unit apartment community in Jacksonville. The Florida Times-Union reports the asset sold for $40.9 million. The property is located within Deerwood Office Park on Touchton Road, home to 5.2 million square feet of office space. Constructed in 2002, Deerwood Park offers one-, two- and three-bedroom units. Community amenities include attached garages, a resort-style pool, outdoor kitchen with gas grills and a dog park. Finlay Management, the operations group at Lloyd Jones Capital, will manage the property.

November 13, 2017

Maryland Multifamily Seniors Housing Southeast

HHHunt Begins Construction of $32.3M Seniors Housing Community in Frederick, Maryland

by Camren Skelton November 13, 2017

FREDERICK, MD. — HHHunt has broken ground on Spring Arbor of Frederick, a 109-bed assisted living and memory care community in Frederick, approximately 50 miles west of Baltimore. Development costs for the project are estimated at $32.3 million. When completed, the 110,000-square-foot community will sit on a 10-acre site along the Monocacy River and near the Monocacy National Battlefield. The community will be HHHunt’s third in Maryland and is scheduled for completion in early 2019. SunTrust Bank provided a $50 million credit facility for the project. Blacksburg, Va.-based HHHunt is a real estate developer and owner with a portfolio of 24 Spring Arbor-branded seniors housing communities in North Carolina, Virginia and Maryland.

November 13, 2017

Retail Southeast Tennessee

RCG Ventures Sells Retail Center in Clarksville, Tennessee for $17.8M

by Camren Skelton November 13, 2017

CLARKSVILLE, TENN. — Atlanta-based RCG Ventures has sold Hampton Plaza, a 124,260-square-foot shopping center in Clarksville, for $17.8 million. Fain Hicks of Cushman & Wakefield arranged the transaction on behalf of RCG Ventures. An affiliate of White Plains, N.Y.-based Yale Realty Services acquired the asset. Kohl’s anchors Hampton Plaza, which is also home to Michaels, Party City, Ulta Beauty, Kirklands, Books-A-Million, CATO, Mattress Firm, Lane Bryant, It’s Fashion and Sally Beauty Supply.

November 13, 2017

Illinois Midwest Retail Top Stories

Brookfield Property Partners Submits Unsolicited Proposal to Acquire GGP for $14.8B

by Kristin Harlow November 13, 2017

CHICAGO — Brookfield Property Partners LP (NYSE: BPY) has made an unsolicited proposal to acquire GGP Inc. (NYSE: GGP) for $14.8 billion. The offer is made up of $7.4 billion in direct share purchases at $23 per share, as well as $7.4 billion in shares in the combined company post-acquisition. Brookfield already owns approximately 34 percent of GGP. Existing GGP shareholders would own approximately 30 percent of the combined company. The transaction is subject to the negotiation and execution of transaction documents, as well as customary approvals. Citigroup Global Markets Inc. is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to GGP. The transaction would boost BPY’s portfolio to almost $100 billion of real estate assets globally and an annual net operating income of approximately $5 billion, according to BPY. “Brookfield’s access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP’s high-quality retail asset base will allow us to maximize the value of these irreplaceable assets,” says Brian Kingston, CEO of Brookfield Property Group. “We are excited about the opportunity to leverage our expertise to grow, transform or reposition GGP’s shopping centers, creating long-term value in a way that would …

November 13, 2017

Industrial Kentucky Market Reports Southeast Southeast Market Reports

Louisville Industrial Market Benefits from its Interstate Connectivity

by John Nelson November 13, 2017

Louisville has a lot going for it when it comes to logistics. In addition to its prime location on the Ohio River, the city benefits from three major interstates running through it: Interstates 64, 65 and 71. I-65 is considered a Tier 1 Corridor due to the high volume of trucks that travel over this route, connecting Chicago and Indianapolis through Louisville to the Southern states. Louisville’s location also allows companies to reach 60 percent of the country’s population within a 12-hour drive. Perhaps most importantly, Louisville is home to UPS Worldport, the largest automated package handling facility in the world, and the center point of UPS’s worldwide air network. More than 300 flights arrive and depart daily, and the hub processes roughly two million packages a day and more than 4 million during peak holiday shipping season. E-commerce lives here and UPS offers customers the ability to drop shipments at Worldport much later in the day, compared to other cities, while still providing next morning/day delivery. Louisville is not only a great logistics hub, it has a strong manufacturing base. Louisville is home to GE Appliance Park and two Ford Plants: Louisville Assembly Plant and Kentucky Truck Plant. Louisville …

November 13, 2017

California Multifamily Western

JRK Property Holdings Buys Two-Property Multifamily Portfolio in Fresno for $98.7M

by Nellie Day November 10, 2017

FRESNO, CALIF. — JRK Property Holdings has purchased a 614-unit apartment portfolio in Fresno for $98.7 million. The portfolio includes the 218-unit Crown Point and the 200-unit Cascades. Both properties are situated within the Dominion neighborhood. Each property features a mix of one- and two-bedroom floor plans with wood-burning fireplaces, and units come with either garages or covered parking. Mark Leary and Nate Oleson of ARA Newmark represented the seller, Demmon Partners, in this transaction.

November 10, 2017

Colorado Loans Multifamily Western

Grandbridge Provides $44M Permanent Loan for Crowne at Timberline Apartments in Fort Collins

by Nellie Day November 10, 2017

FORT COLLINS, COLO. — Grandbridge Real Estate Capital has provided $44 million in first-mortgage financing for the 310-unit Crowne at Timberline apartments in Fort Collins. The Class A community is located at 2001 Rosen Drive. Crowne at Timberline offers a view of the Rockies Mountains Front Range. Amenities include a media room, exercise room, business center, swimming pool, waterscape area, and outdoor lounge area with fire pit and TVs. The 10-year, permanent, fixed-rate loan features a 30-year amortization schedule with an initial period of interest-only payments. Proceeds from the loan will be used to pay off the construction loan. The property opened in late 2016. William Silsbee originated the transaction for an undisclosed repeat customer.

November 10, 2017

Office Oregon Western

National Financial Realty Sells Wells Fargo Bank Office Building in Oregon for $39.7M

by Nellie Day November 10, 2017

HILLSBORO, ORE. — National Financial Realty (NFR) has sold the 211,863-square-foot Wells Fargo Bank office building in Hillsboro for $39.7 million. The building is located at 18700 N.W. Walker Road. The buyer was not named. The transaction represents the final sale and investment exit of a 3.6 million-square-foot portfolio that contained 41 office and retail buildings in nine states. NFR originally purchased the Hillsboro property in 2010. In March 2013, the firm acquired a 40-building, 3.3 million-square-foot portfolio with 90 percent of the buildings leased to Wells Fargo. NFR and its capital partners invested several million dollars in capital improvements throughout the portfolio.

November 10, 2017

Newer Posts

Older Posts