Property Type

Key Properties Opens 170,000 SF Shopping Center in Cedar Knolls, New Jersey

by Amy Works September 19, 2017

CEDAR KNOLLS, N.J. — Key Properties has opened Hanover Crossroads, a 170,000-square-foot shopping center located in Cedar Knolls. The retail property is situated on a 43-acre former Berlex Laboratories campus, which became a vacant brownfield in 1995. The property’s in-line retail building, which is nearing completion, houses a newly opened T.J.Maxx, HomeGoods, Five Below and Ulta Beauty. Additionally, interior fit-out work is underway for Old Navy and Famous Footwear. Auto Zone, QuickChek and MedExpress Urgent Care occupy the three pad sites. Key Properties plans to break ground this fall on the property’s final pad, which will be occupied by IHOP and an Italian restaurant with catering services. The project team includes Phelps Construction as construction manager, The Dietz Partnership as architect, Bowman Consulting Group as site engineer and TRC as environmental consultant.

September 19, 2017

Alabama Multifamily South Carolina Southeast Student Housing

Mallory & Evans Breaks Ground on Two Student Housing Communities in Alabama, South Carolina

by Camren Skelton September 19, 2017

FLORENCE ALA. AND CONWAY, S.C. — Mallory & Evans Development has broken ground on two student housing communities in Alabama and South Carolina. The projects include Bellamy Florence, a $24 million, 420-bed community located near the University of North Alabama in Florence, and Bellamy Coastal, a $32 million, 480-bed community located adjacent to Coastal Carolina University in Conway. Both developments will offer fully furnished units with bed-to-bath parity. Shared amenities will include a pool, sundeck, 24-hour fitness center, study areas, covered outdoor patios with TVs, tanning beds, a clubhouse, fire pits and grills. Caliber Living, a subsidiary of Mallory & Evans, will lease and manage both communities, which are slated for completion next fall.

September 19, 2017

Industrial Southeast Tennessee

Ridgeline, USAA to Develop 558,600 SF Distribution Center Near Nashville

by Camren Skelton September 19, 2017

LEBANON, TENN. — Ridgeline Property Group (RPG), in a joint venture with USAA Real Estate Co., has unveiled plans to develop Park 840 East Building 100, a 558,600-square-foot distribution and logistics facility in Lebanon, roughly 30 miles east of Nashville. The Class A property will be developed on a 29-acre site at the southeast corner of Central Pike and Interstate 840. Steve Preston and Hayes McWilliams of CBRE will handle the building’s leasing assignment. The project will feature concrete-tilt panel construction, 36-foot clear heights, 56- by 50-foot column spacing, 62.5-foot speed bays, 96 dock doors and 113 trailer stalls. Construction is slated to begin in the fourth quarter, with completion estimated for the second quarter of 2018.

September 19, 2017

Loans Multifamily South Carolina Southeast

NXT Provides $33M Acquisition Loan for Apartment Community in Metro Charlotte

by Camren Skelton September 19, 2017

ROCK HILL, S.C. — NXT Capital has provided a $33 million first mortgage loan for the acquisition of Gateway at Rock Hill Apartments, a 312-unit multifamily community located in downtown Rock Hill, located five miles from Winthrop University and roughly 20 miles south of Charlotte in South Carolina. Michael Ortlip and Joshua Davis of Grandbridge Real Estate Capital arranged the transaction. The borrower was not disclosed. Gateway at Rock Hill’s community amenities include a business center, fitness center, movie theater, grill and a picnic area.

September 19, 2017

Florida Industrial Self-Storage Southeast

Jernigan Capital Invests $14.7M for Self-Storage Project in Miami

by Camren Skelton September 19, 2017

MIAMI — Jernigan Capital Inc. has invested $14.7 million for the development of a 69,175-square-foot self-storage facility in Miami. Ocoee, Fla.-based Self Storage Associates Inc. is developing the ground-up project, which will be located at 4250 S.W. 8th St., roughly one mile from the central business district of Coral Gables and approximately two miles from the University of Miami. Construction on the multi-level, climate-controlled facility is expected to begin in the first quarter of 2018, with completion slated for the second quarter of 2019. Jernigan Capital and Self Storage Associates have co-invested in four other self-storage development projects.

September 19, 2017

Florida Retail Southeast

Marcus & Millichap Brokers $12.8M Sale of Retail Center Near Fort Lauderdale

by Camren Skelton September 19, 2017

DEERFIELD BEACH, FLA. — Marcus & Millichap has arranged the $12.8 million sale of the Shoppes of Hillsboro, a 61,465-square-foot retail center located at 2201-2265 W. Hillsboro Blvd. in Deerfield Beach, roughly 18 miles north of Fort Lauderdale. Douglas Mandel and Elon Gerberg of Marcus & Millichap arranged the transaction on behalf of the sellers, BREF Hillsboro LLC, managed by Butters Construction and Development Partners, and Dhanya of Miami, managed by Sukrit Agrawal. The team also procured the buyer, a private investor based in Hallandale Beach, Fla. At the time of sale, the Shoppes of Hillsboro was leased to tenants including Bank United, Sage Dental, Optimum Bank and JByrd’s Muddy Waters.

September 19, 2017

Illinois Industrial Midwest

Barnett Capital Sells 20-Building Industrial Portfolio in Midwest for $84M

by Kristin Harlow September 19, 2017

NORTHBROOK, ILL. — Barnett Capital has sold a 20-property industrial portfolio to Brennan Investment Group for $84 million. Approximately 75 percent of the roughly 2.1 million-square-foot portfolio is in the Midwest. Five properties totaling 535,800 square feet are in Illinois. The largest property is a 378,325-square-foot building located at 1100 Corporate Drive in McHenry, Ill., a northwest suburb of Chicago. Developed in 1999, the property is leased to Brake Parts. Three of the properties are located in Missouri, three in Ohio, two in Indiana and one in Wisconsin. Other properties are located in Tennessee, Pennsylvania, South Carolina and Texas. The portfolio was 100 percent leased at the time of sale. Ryan Bain and Zach Graham of CBRE represented both parties in the sales transaction. Northbrook, Ill.-based Barnett Capital is the investment arm of the Barnett Family Office. Chicago-based Brennan Investment Group is an industrial property owner with nearly 29 million square feet in its portfolio.

September 19, 2017

Loans Office Texas

HFF Arranges Refinancing of 1.2 MSF Office Tower in Houston

by Taylor Williams September 19, 2017

HOUSTON — HFF has arranged an undisclosed amount of refinancing for 700 Louisiana, a 56-story, a 1.2 million-square-foot office tower in Houston’s CBD. Cameron Cureton and John Brownlee of HFF arranged the funds on behalf of the borrower, a joint venture between Houston-based investment firm M-M Properties and an institutional capital partner. The property was 90 percent leased at the time of the loan closing. The borrower will use the funds to reconfigure the lobby and incorporate an on-site restaurant.

September 19, 2017

Illinois Midwest Net Lease Retail

Boulder Group Brokers $7.2M Sale of Property Net Leased to Walgreens in Lakemoor, Illinois

by Kristin Harlow September 19, 2017

LAKEMOOR, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Lakemoor, about 50 miles northwest of Chicago, for $7.2 million. The 14,820-square-foot property is located at 28895 W. Highway 120. Walgreens has over 21 years remaining on its lease, which expires in October 2038. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment firm. An East Coast-based private investment group purchased the property in a 1031 exchange.

September 19, 2017

Retail Texas

Greatland Investments to Develop 4,000 SF Retail Property in Houston

by Taylor Williams September 19, 2017

HOUSTON — Houston-based retail developer Greatland Investments Inc. will develop a 4,000-square-foot, Class A retail property at 3215 White Oak Drive in Houston’s The Heights neighborhood. The property currently houses a car wash, the lease of which will expire at year’s end, as well as a multifamily rental complex and a single-family home. NewQuest Properties is handling leasing of the development, construction of which is slated to begin during the first quarter of 2018.

September 19, 2017

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