Property Type

Cushman & Wakefield Arranges $30.3M Sale of Multifamily Asset Near Daytona Beach

by Camren Skelton September 29, 2017

PORT ORANGE, FLA. — Cushman & Wakefield has arranged the $30.3 million sale of Ocean Oaks Apartments, a 296-unit multifamily community located at 1645 Dunlawton Ave. in Port Orange, roughly six miles south of Daytona Beach. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, GoldOller Real Estate Investments, in the transaction. A joint venture between ApexOne Investment Partners and The Collier Cos. acquired the asset. Constructed in 1988, Ocean Oaks Apartments comprises 37 buildings with a mix of one- and two-bedroom units. The average unit is 903 square feet, with rents averaging $948 at the time of sale. Community amenities include a clubhouse, playground, lighted tennis and basketball courts, business center, fitness center, clothes care center and two swimming pools.

September 29, 2017

North Carolina Office Retail Southeast

NAI Piedmont Triad Brokers $12M Sale of Office, Retail Buildings in North Carolina

by Camren Skelton September 29, 2017

GREENSBORO, N.C. — NAI Piedmont Triad has arranged the $12 million sale of two commercial buildings located at 333 N. Greene St. and 327 Battleground Ave. in downtown Greensboro. Robin Tyler and Beau McIntosh of NAI Piedmont Triad arranged the transaction on behalf of the seller, Greensboro-based Johnston Properties Inc. Whit Brown of NAI Carolantic represented the buyer, Raleigh, N.C.-based Greene Street Holdings LLC. Constructed in 2000, 333 N. Greene Street features 68,000 square feet of office space and was fully leased at the time of sale. 327 Battleground Avenue is a converted retail building that was also fully leased at the time of sale to tenants including The Undercurrent Restaurant.

September 29, 2017

Georgia Multifamily Southeast

CBRE Arranges Sale of Two Multifamily Properties in Metro Atlanta

by Camren Skelton September 29, 2017

SANDY SPRINGS, GA. — CBRE has arranged the sale of two adjacent multifamily properties in Sandy Springs: The Falls at Sandy Springs and The Mosaic at Sandy Springs. Both properties are located roughly 16 miles north of Atlanta. Kevin Geiger of CBRE represented the sellers, The Family Office and Titan Real Estate Investment Group, in the transaction. Covenant Capital Group LLC purchased the assets for an undisclosed price. Located at 5555 Roswell Road, The Falls at Sandy Springs includes 309 units and was 92 percent occupied at the time of sale. Community amenities include a business center, pool, fitness center, dog park and a picnic area with grills. Located at 5675 Roswell Road N.E., The Mosaic at Sandy Springs includes 505 units and was 96 percent occupied at the time of sale. The community features a lounge, fitness center, pool, tennis court and a playground.

September 29, 2017

Illinois Midwest Office

CBRE Global Investors Fund Acquires 661,477 SF Office Building in Chicago

by Kristin Harlow September 29, 2017

CHICAGO — A fund advised by CBRE Global Investors has acquired 150 N. Michigan Avenue, a 661,477-square-foot office building in Chicago. The purchase price was not disclosed. The multi-tenant building is located in the East Loop submarket at the intersection of Michigan Avenue and Randolph Street. The property, which is 80 percent leased, features a recently completed conference center, fitness center and tenant lounge. Floor plates range from 9,400 to 18,800 square feet. CBRE plans to make further capital improvements to the property.

September 29, 2017

Industrial Midwest Wisconsin

Majestic Realty Plans 2MSF Industrial Park in Kenosha, Wisconsin

by Kristin Harlow September 29, 2017

KENOSHA, WIS. — Majestic Realty Co. has acquired a former dog-racing track known as Dairyland Greyhound Park in Kenosha for an undisclosed price. Majestic plans to convert the dog track, which closed seven years ago, into an industrial business park. Dubbed the Midwest Innovation Center prior to the sale, the 228-acre site has room for 2 million square feet of development, including a 1 million-square-foot building. Located at 5522 104th Ave., the site is nearly halfway between Milwaukee and Chicago. Thomas Boyle of Transwestern represented the seller, Rime Investments LLP.

September 29, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Arranges $31.5M HUD Loan for Construction of Affordable Housing Property in St. Paul

by Kristin Harlow September 29, 2017

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $31.5 million HUD 221(d)(4) loan for the construction of Union Flats in St. Paul. The 217-unit affordable housing property will be located at the intersection of Territorial Road and Hampden Avenue. All units will be restricted to residents earning 60 percent or less of the area median income. The project will be constructed on a site currently occupied by the Hunt Electric Corp. building, which will be demolished. Amenities will include a community room with kitchen, outdoor patio, fitness room, rooftop deck, dog park and storage lockers. Dougherty arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VIII LLLP. The project will also receive equity through the Low Income Housing Tax Credit (LIHTC) program, as well as funds from the Metropolitan Council (a regional government agency), the Minnesota Department of Employment and Economic Development, and Ramsey County, to be used for environmental cleanup costs.

September 29, 2017

Illinois Industrial Midwest

Meridian Finishes Construction of 271,000 SF Distribution Building in Romeoville, Illinois

by Kristin Harlow September 29, 2017

ROMEOVILLE, ILL. — Meridian Design Build has completed construction of a 271,000-square-foot distribution building for Venture One in Romeoville, about 26 miles southwest of Chicago. The speculative industrial facility is located at 1200 Schmidt Road. The property features 32-foot clear heights, 27 truck docks, two drive-in doors and parking for 200 vehicles and 56 trailers. Ware Malcomb provided architectural services and Jacob & Hefner Associates completed civil engineering work. MB Financial provided the construction financing. Keith Stauber, Steve Ostrowski and Matt Rakowich of JLL are the property’s leasing agents.

September 29, 2017

Illinois Midwest Office

J.C. Anderson Completes Office Renovation for Pernod Ricard in Oakbrook Terrace, Illinois

by Kristin Harlow September 29, 2017

OAKBROOK TERRACE, ILL. — J.C. Anderson Inc. has completed interior renovations on behalf of Pernod Ricard USA LLC within the Oakbrook Terrace Tower in Oakbrook Terrace, a suburb of Chicago. Property owner and manager Equity Office selected J.C. Anderson to complete the tenant improvements to the space on the 21st floor within the 31-story building. Renovations of the office space for the wine and spirits company included the construction of workstations, phone rooms, a newly renovated kitchen and conference rooms. Seth Erlich, Andrew Mott and Bill Dennison led the project team on behalf of J.C. Anderson. Whitney Architects provided architectural services.

September 29, 2017

Office Washington Western

Carter Validus Buys Silverdale Healthcare Facility in Washington for $9.6M

by Nellie Day September 29, 2017

SILVERDALE, WASH. — Carter Validus Mission Critical REIT II has acquired Silverdale Healthcare Facility, a 26,127-square-foot medical office building, for $9.6 million. The building is situated in Silverdale, just west of Seattle. The facility was built in 2005. Notable tenants include Surgery Center of Silverdale and Retina Center Northwest. The weighted average remaining lease term is 9.96 years. The property provides outpatient surgical care across multiple specialties including general surgery, orthopedics, ocular and facial plastic surgery, and ophthalmology.

September 29, 2017

California Retail Western

Charles Dunn Co. Negotiates $5M Sale of Bank-Anchored Property in Lynwood

by Nellie Day September 29, 2017

LYNWOOD, CALIF. — Charles Dunn Co. has arranged the sale of retail property located at 3645 E. Imperial Highway in Lynwood. A Los Angeles-based private investor sold the property to a private international investor for $5 million, or $538 per square foot. U.S. Bank anchors the 9,375-square-foot two-tenant retail property. Kyle Gulock and Matt Kramer of Charles Dunn Co. represented the seller, while Industry Partners represented the buyer in the deal.

September 29, 2017

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