Property Type

Opus Completes Construction, Signs First Tenant for 112,049 SF Industrial Building in Bolingbrook, Illinois

by Kristin Harlow February 9, 2017

BOLINGBROOK, ILL. — The Opus Group has completed construction of 1325 Remington, a 112,049-square-foot warehouse and office building in Bolingbrook. The building is the last remaining site within the Carlow Corporate Center and is located within the I-55 industrial corridor of suburban Chicago. The building features three drive-in doors, 11 loading docks and 28-foot clear heights. Computershare, a global provider of financial and shareholder communication services, has signed a 44,357-square-foot lease as the building’s first tenant. Opus Development Co. was the developer, Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record for the building. Opus Design Build also completed tenant improvements for Computershare with Opus AE Group serving as the architect of record and interior designer. Dominic Derose and Vern Schultz of Colliers International marketed the property for lease, and Fred Reynolds of Ecker + Co. represented Computershare in the leasing.

February 9, 2017

Midwest Missouri Retail

Knoebel Construction Breaks Ground on $54M Shopping Center in St. Peters, Missouri

by Kristin Harlow February 9, 2017

ST. PETERS, MO. — Knoebel Construction Inc. has broken ground on the Shoppes at Mid Rivers in St. Peters. The $54 million project consists of 14 buildings within the 270,000-square-foot shopping center located just north of I-70, about 30 miles northwest of St Louis. Completion is slated for this fall. Confirmed tenants include Academy Sports + Outdoors, Burlington, Ross Dress for Less, Marshalls, HomeGoods, ULTA Beauty, Five Below and Famous Footwear. The property is located across from Mid Rivers Mall, the only regional mall in St. Charles County. GBT Realty Corp. is the developer of the project designed by MJM Architects. Knoebel Construction has divided the work into subprojects with separate management teams in order to complete the center in time for the 2017 holiday shopping season.

February 9, 2017

Loans Midwest Multifamily Ohio

Pillar Originates $11.3M Fannie Mae Loan for Refinancing of Multifamily Property in Cincinnati

by Kristin Harlow February 9, 2017

CINCINNATI — Pillar has originated an $11.3 million Fannie Mae loan for the refinancing of The Gramercy on Garfield. Built in 1992, the Class A multifamily property is located in downtown Cincinnati. The property consists of 148 studio, one- and two-bedroom units, as well as amenities such as a swimming pool, outdoor kitchen, clubroom and a parking garage. The Gramercy on Garfield also includes 16,000 square feet of street-level retail space. The 10-year, fixed-rate loan features a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a developer and manager of multifamily properties in Southwest Ohio. Chip Kupferberg of BlueMark Capital was the mortgage banker.

February 9, 2017

Mixed-Use North Carolina Southeast

TriBridge Residential Breaks Ground on Retail Portion of $50M Mixed-Use Development in Charlotte

by John Nelson February 9, 2017

CHARLOTTE, N.C. — TriBridge Residential has broken ground on the retail portion of One305Central, a $50 million mixed-use development located in Charlotte’s Plaza Midwood neighborhood. The Shopping Center Group will market the 10,000 square feet of retail space and 2,000 square feet of patio space for dining and entertainment tenants. The project team for the retail portion, which will be housed in a redeveloped building located at the corner of Central and Clement avenues, includes Hood Architecture and Roper Construction. In addition to the retail space, One305 Central will also feature 281 apartments, which will be complete this summer, along with resident-only parking and 65 parking spaces allocated for retail and dining customers. TriBridge Residential acquired One305Central’s five-acre site in 2014 for $7.8 million. Citizens Bank provided construction financing for the mixed-use development.

February 9, 2017

Florida Loans Multifamily Southeast

Hall Structured Finance Closes $37.7M Construction Loan for Apartment Community in Central Florida

by John Nelson February 9, 2017

KISSIMMEE, FLA. — Hall Structured Finance has closed a $37.7 million construction loan for Millennium at Citrus Ridge, a 326-unit apartment community located in Kissimmee, a suburb of Orlando. Hall Structured Finance originated the loan on behalf of the developer, DLC Residential. Situated two miles from Walt Disney World Resort, the property will feature a clubhouse, resort-style pool, fitness center, conference facility and social lounge. Millennium at Citrus Ridge’s units will average about 1,000 square feet. Hall Structured Finance has now closed six construction loans for apartment communities in Florida.

February 9, 2017

Illinois Midwest Office

SVN Brokers $5M Sale of Office Building in Chicago

by Kristin Harlow February 9, 2017

CHICAGO — SVN has brokered the $5 million sale of a three-story office building located in Chicago’s Fulton Market district. The 18,000-square-foot building is located at 170 N. Halsted St. Scott R. Maesel of SVN represented the buyer, Shapack Partners and Focus Development. The site, along with an adjacent north parcel, will encompass a future 250,000-square-foot office building. The seller was an owner-user who operated Aaron’s Machinery at the location for more than 40 years.

February 9, 2017

Georgia Loans Office Southeast

NXT Capital Provides $36.5M Acquisition Loan for Office Park in Metro Atlanta

by John Nelson February 9, 2017

TUCKER, GA. — NXT Capital has provided a $36.5 million acquisition loan for Lakeside Centre, a six-building office park in the Atlanta suburb of Tucker. Situated adjacent to Interstate 285, U.S. Highway 78 and U.S. Highway 29, the office park features a fitness center, lake views, walking trails, café conference room, on-site management, an on-site bank with a drive-thru and 24/7 security. The borrower and details of the financing were undisclosed.

February 9, 2017

Florida Seniors Housing Southeast

SLIB Negotiates $15.5M Sale of Two Seniors Housing Communities in South Florida

by John Nelson February 9, 2017

HOLLYWOOD AND PEMBROKE PARK, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the $15.5 million sale of Emerald Park and The Plaza at Pembroke Park, two assisted living communities in South Florida. Emerald Park in Hollywood was built in 1998 and features 73 units. The Plaza at Pembroke Park in Pembroke Park features 79 units, and was remodeled in 2012. The buyer and seller were not disclosed. Bradley Clousing and Jeffrey Binder of SLIB led the transaction.

February 9, 2017

Florida Loans Mixed-Use Southeast

Ready Capital Structured Finance Closes $8.1M Loan for Mixed-Use Project in Miami

by John Nelson February 9, 2017

MIAMI — Ready Capital Structured Finance has closed an $8.1 million loan for the refinancing and renovation of a 66,262-square-foot mixed-use property located at 8300 N.E. 2nd Ave. in Miami’s Little River neighborhood. Originally built in 1951, the property will be renovated to include a food and boutique market on the first and mezzanine floors, office space on the second floor and a roof deck offering 360-degree views of Miami. The two-year loan features interest-only payments, one extension option, flexible prepayments and a facility for future capital expenditures, tenant improvements and leasing commissions.

February 9, 2017

Multifamily Oregon Western

Land and Houses Buys Yard Apartment Tower in Portland for $126.7M

by Nellie Day February 9, 2017

PORTLAND, ORE. — Land and Houses has acquired the 284-unit Yard Apartment Tower in Portland for $126.7 million. The community is located at 22 N.E. 2nd Ave. in a former industrial neighborhood on Portland’s east side. The 21-story tower is part of the Portland Development Commission’s Burnside Bridgehead Master Plan, an effort to revitalize entrepreneurial development in Portland. Yard was completed in 2016. It was sold pre-stabilization at 50 percent occupancy. Land and Houses is a subsidiary of a Bangkok-based investment firm. This is its first investment in Portland. Philip Saglimbeni and Elizabeth Davis of Institutional Property Advisors represented the buyer. Davis also represented the seller, Block 67 LLC, with assistance from Pete Shelton and Kim Grant.

February 9, 2017

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