Property Type

Draper and Kramer Opens Second Phase of Apartment Property in Suburban St. Louis

by Kristin Harlow January 2, 2018

RICHMOND HEIGHTS, MO. — Draper and Kramer Inc. has opened The Flats at EVO in the St. Louis suburb of Richmond Heights. The collection of 46 townhome-inspired rental apartments is the second phase of EVO, a multifamily property that also includes an adjacent four-story, 281-unit apartment complex that opened in 2016. The 46 units include one-, two- and three-bedroom floor plans ranging from 764 to 1,465 square feet. Rents range from $1,375 to $2,570. Currently, renters will receive one month of free rent when signing a 13-month lease. Amenities at the property include an outdoor pool deck with grills, dog spa, fitness room, yoga studio and business center.

January 2, 2018

Illinois Midwest Retail

Marcus & Millichap Arranges $4.5M Sale of Retail Property in New Lenox, Illinois

by Kristin Harlow January 2, 2018

NEW LENOX, ILL. — Marcus & Millichap has arranged the sale of Calistoga Plaza in New Lenox, about 40 miles southwest of Chicago, for $4.5 million. The 36,839-square-foot retail property is located at 2001-2131 Calistoga Drive. Tenants include Honeycuts, Grapple Games, Italian Fiesta Pizzeria, Arrowhead Ales, Badda Bings, Cedar Way Veterinary Clinic and Tuckers Doggy Delights. All of the tenants are currently operating under net leases. Sean R. Sharko, Austin Weisenbeck and Joseph Sigal of Marcus & Millichap marketed the property on behalf of the seller, a fund manager. Brian Parmacek, also of Marcus & Millichap, secured and represented the buyer, a limited liability company.

January 2, 2018

Healthcare Kansas Midwest

NGZ Brokers Sale of 8,400 SF Medical Office Building in Olathe, Kansas

by Kristin Harlow January 2, 2018

OLATHE, KAN. — Newmark Grubb Zimmer (NGZ) has brokered the sale of an 8,400-square-foot medical office building in Olathe for an undisclosed price. The Class A building, constructed in 2006, is located at 820-832 W. Frontier Lane near the Olathe Medical Center. The property was 85 percent occupied at the time of sale by two tenants, Preferred Pediatrics and KC Allergy and Asthma. Michael VanBuskirk, Justin Beal and Chris Robertson of NGZ brokered the sale on behalf of the seller, a local private investor group. Don Maddux of Block Real Estate Services LLC represented the buyer, a California-based private investor.

January 2, 2018

Hospitality Midwest Ohio

Home2 Suites by Hilton Stow Akron Opens in Ohio

by Kristin Harlow January 2, 2018

STOW, OHIO — Home2 Suites by Hilton Stow Akron has opened in Stow, just north of Akron. The 85-suite hotel features fully equipped kitchens, complimentary Internet, a laundry and fitness area, indoor pool, outdoor patio and complimentary breakfast. The property, located at 4097 Bridgewater Parkway, is owned by Dave Patel and managed by Shree Dav Partnership LLC.

January 2, 2018

Florida Multifamily Southeast

Stroock Arranges $90M Sale of New Apartment Community in Broward County

by Camren Skelton January 2, 2018

HOLLYWOOD, FLA. — Stroock has arranged the $90 million sale of Parc Station Apartments, a newly built, 336-unit multifamily community in Hollywood. Ira Teicher and John-Paul Ovadia of Stroock arranged the transaction on behalf of the buyer, JPMorgan Asset Management. A joint venture between Ram Realty Services and Pinnacle Housing Group sold the asset, which was constructed in 2016. Parc Station Apartments includes 17 three-story buildings and features a swimming pool, fitness center and a playground.

January 2, 2018

Loans Multifamily Southeast Tennessee

KeyBank Secures $75.2M Freddie Mac Loan for New Multifamily Property in Metro Nashville

by Camren Skelton January 2, 2018

MOUNT JULIET, TENN. — KeyBank Real Estate Capital has closed a $75.2 million Freddie Mac loan for the refinancing of LC Providence, a 451-unit apartment community in Mount Juliet, roughly 20 miles east of Nashville. Tim Migchelbrink of KeyBank originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. The property was constructed in 2017 and is the first of a two-phase development. The community includes 19 two- and three-story buildings and features a swimming pool, fitness center, outdoor patio, barbecue area and a volleyball court. Rental Rates at LC Providence range from $1,215 to $1,690 per month, according to Apartments.com.

January 2, 2018

North Carolina Office Southeast

Cushman & Wakefield Brokers $30M Sale of Office Portfolio in Triangle

by Camren Skelton January 2, 2018

RALEIGH, N.C. — Cushman & Wakefield has arranged the $30 million sale of The Arbors, a three-building, 211,504-square-foot office portfolio in Raleigh. The buildings are located at 3120, 3128 and 3200 Highwoods Blvd., within Highwoods Office Center. Cushman & Wakefield arranged the transaction on behalf of the seller, a partnership between The Simpson Organization and Harbert Management Corp. A joint venture between B&G Real Estate Investment Management and Priam Capital acquired The Arbors, which was 99 percent leased at the time of sale. Dennis Hurley, Hillman Duncan and Patti Autry of Cushman & Wakefield will handle the portfolio’s leasing assignment on behalf of the new owners.

January 2, 2018

Florida Loans Multifamily Southeast

Berkadia Closes $23.7M Green Freddie Mac Loan for Refinancing of Apartment Asset in Tampa Bay Area

by Camren Skelton January 2, 2018

ST. PETERSBURG, FLA. — Berkadia has closed a $23.7 million loan for the refinancing of Isles of Gateway, a 212-unit multifamily community in St. Petersburg. Mitch Stinberg, Brad Williamson and Matthew Robbins of Berkadia originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Freddie Mac’s Green Advantage program on behalf of the borrower, a joint venture between Rosehill Group and GPC Truss. The Green Up program allowed the borrower to reduce the interest rate by 25 basis points. Constructed in 1987, Isles of Gateway offers one- to three-bedroom units and features a fitness center, resort-style pool and Jacuzzi, two pet parks and lighted tennis and basketball courts.

January 2, 2018

Hospitality Louisiana Southeast

Marcus & Millichap Arranges $4.6M Sale of Hotel Near Baton Rouge

by Camren Skelton January 2, 2018

WALKER, LA. — Marcus & Millichap has arranged the $4.6 million sale of Best Western Plus Regency Park, a 63-room hotel located at 13600 Hartman Lane in Walker, roughly 20 miles east of Baton Rouge. Manish Sthanki, Allan Miller and Chris Gomes of Marcus & Millichap arranged the transaction on behalf of the seller, a private investor, and secured the buyer, an undisclosed limited liability company. The three-story hotel features complimentary breakfast, an outdoor pool, fitness center, laundry facilities and a business center.

January 2, 2018

Retail Texas

Mattress Firm to Close 200 Stores Over Next 18 Months

by John Nelson January 2, 2018

HOUSTON — Mattress Firm has announced plans to close 200 underperforming stores over the next 18 months. The retailer currently operates approximately 3,400 stores across the United States. Steinhoff International Holdings N.V., the parent company of the Houston-based retailer, made the announcement at a Dec. 19 lenders’ meeting. The locations to be shuttered have not yet been made public. The company said it will invest $200 million this year to continue restructuring, which includes reorganizing sales operations, upgrading internal leadership positions and removing leftover products from Tempur-Sealy International Inc., which cancelled its contracts with Mattress Firm in 2017. In addition to eliminating stores, the company announced it will increase its private labels, boost online presence and improve customer service, in an effort to reach its revenue goals. Mattress Firm currently generates $3.3 billion in revenue annually, and is aiming to reach more than $4 billion over the next five years. Additionally, Mattress Firm recently entered into a revolving credit facility for up to $225 million with Barclays for working capital needs and other general corporate purposes.

January 2, 2018

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