Property Type

Norwich Properties Sells 108-Suite Extended-Stay Hotel in Colchester, Vermont

by Amy Works September 7, 2017

COLCHESTER, VT. — Norwich Properties has completed the disposition of Residence Inn Burlington Colchester, an extended-stay hotel located in Colchester. AAM 15 Management acquired the 108-suite property for an undisclosed price. Completed in 2010, the hotel features suites with fully equipped kitchens, an indoor swimming pool and soaking tub, a fitness facility, a business center, a sundries shop, a barbecue and picnic area, complimentary hot breakfast and the Residence Inn Mix, evening socials. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller in the deal.

September 7, 2017

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Sinatra & Company Real Estate Acquires 10 Mixed-Use Properties in Buffalo, New York, for $12.7M

by Amy Works September 7, 2017

BUFFALO, N.Y. — Sinatra & Company Real Estate has acquired 10 mixed-use properties in Buffalo for a combined total of $12.7 million. Roger Chainani’s 1000 Elmwood Associates LLC and 1256 Hertel Avenue Associates LLC sold the properties. The properties include a variety of uses and tenants: – 427 Elmwood features a three-story, 10,246-square-foot mixed-use building with two retail businesses, a restaurant space, 4,000 square feet of vacant office space and two apartments. – 494 Elmwood is a 12,938-square-foot restaurant property occupied by Tokyo Shanghai Restaurant. – 500 Elmwood is a 3,024-square-foot building with restaurant, retail and apartment space. – 502 Elmwood is a single-story, 2,464-square-foot restaurant building, which will be occupied by House of Hummus. – Saigon Café occupies the 6,992-square-foot restaurant property at 520 Elmwood. – Mezza Restaurant & Lounge occupies the 3,747-square-foot building at 929 Elmwood. – 1000 Elmwood is a 10,560-square-foot mixed-use building currently occupied by The Market on Elmwood and Ashker’s on the first floor with residential or office space on the second floor. – India Gate and Hong Kong Kitchen occupy the 6,710-square-foot building at 1116 Elmwood. – The properties at 1122 Elmwood and 1256 Hertel Ave. both offer retail space.

September 7, 2017

New Hampshire Northeast Office

Cushman & Wakefield Facilitates $9.5M Sale of 65,000 SF Office Building in Manchester, New Hampshire

by Amy Works September 7, 2017

MANCHESTER, N.H. — Cushman & Wakefield has brokered the sale of an office building located at Two Wall St. in Manchester. The Mental Health Center of Greater Manchester acquired the property from Wall Springs LLC (Brady Sullivan Properties) for $9.5 million. The four-story, 65,000-square-foot office building features a two-story atrium lobby and free visitor parking. In 2016, the buyer entered into a 10-year lease at the property with an option to purchase. At the time of sale, the property was 89 percent leased. Thomas Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield represented the seller, while Mike Reed of Stebbin Commercial Properties represented the buyer in the transaction.

September 7, 2017

Massachusetts Northeast Retail

NAI Hunneman Brokers $2.6M Sale of Former Retail Building in Franklin, Massachusetts

by Amy Works September 7, 2017

FRANKLIN, MASS. — NAI Hunneman has arranged the sale of a former retail building located at 750 Union St. in Franklin. 750 Union Street LLC acquired the property from US National Bank Association for $2.6 million. The buyer plans to redevelop the 25,852-square-foot former Boston Sports Club into a medical office building. Ovar Osvold of NAI Hunneman procured the buyer, while Osvold, Cathy Minnerly, Leeanne Rizzo, Ned Halloran and Sean Hannigan, also of NAI Hunneman, represented the seller in the deal.

September 7, 2017

Healthcare Texas

Perardi Development to Build 42,000 SF Medical Office Asset in Metro Austin

by Taylor Williams September 7, 2017

BEE CAVE, TEXAS — Perardi Development will build Medical Towers at Bee Cave II, a 42,000-square-foot medical office property located at the corner of RM 620 and State Highway 71 in the Austin metro of Bee Cave. Scheduled to break ground later this month, the project follows the completion and pre-leasing of the 23,000-square-foot Medical Towers at Bee Cave. This second phase of the project could be completed as early as mid-December 2018.

September 7, 2017

Multifamily Texas

180 Multifamily Capital Acquires 77-Unit Apartment Complex in Arlington

by Taylor Williams September 7, 2017

ARLINGTON, TEXAS — 180 Multifamily Capital has acquired Key Largo Apartments, a 77-unit multifamily asset located at 407 Cora St. in Arlington. The property, which offers a pool and clubhouse, was built in the 1980s and will undergo complete renovations to both its interior and exterior. 180 Multifamily will rebrand the property, its fifth in Arlington’s entertainment district, as Las Palmitas.

September 7, 2017

Georgia Multifamily Southeast

MAA Opens 332-Unit Multifamily Community in Midtown Atlanta

by Camren Skelton September 7, 2017

ATLANTA — MAA, a multifamily REIT based in Memphis, Tenn., has opened Post Midtown Atlanta, a 332-unit multifamily community located at 33 11th St. N.W. in Atlanta’s Midtown district. MAA acquired Post Properties in 2016, but continues to brand assets under the Post name. The new property includes studio, one-, two- and three-bedroom units with rents starting at $1,670 per month. Individual units feature built-in desks and bookshelves, 10-foot ceilings, quartz countertops and gas cooking stoves. Community amenities include a swimming pool with sundeck, club terrace, outdoor living and dining areas, fitness center, pet park, cycle room and a conference library. Post Midtown Atlanta is within walking distance of Piedmont Park and MARTA’s Midtown station.

September 7, 2017

Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $36.1M Sale of Apartment Community in Charleston

by Camren Skelton September 7, 2017

CHARLESTON, S.C. — Cushman & Wakefield has brokered the $36.1 million sale of The Palms, a 408-unit apartment community in Charleston. Jordan McCarley, Watson Bryant and Tai Cohen of Cushman & Wakefield represented the seller, Savannah, Ga.-based Kole Management, in the transaction. JEM Holdings acquired the property, which was constructed in 1966. Community amenities at The Palms include a swimming pool, fitness center, sports courts and a playground.

September 7, 2017

Hospitality Texas

Civitas Capital, Atlantic Hotels Purchase 93-Room Hotel in Waco

by Taylor Williams September 7, 2017

WACO, TEXAS — A partnership between Civitas Capital Group and Atlantic Hotels Group has purchased the 93-room TownePlace Suites in Waco. The hotel is located within Legends Crossing, a 150-acre, mixed-use development near the downtown area and Baylor University. Amenities include a pool, fitness center and business center. The transaction marks the partnership’s second acquisition of a Waco hotel in the last two months.

September 7, 2017

Loans Multifamily Seniors Housing South Carolina Southeast

Ridge Care Senior Living Secures $11.3M Construction Loan for Community on South Carolina Coast

by Camren Skelton September 7, 2017

PAWLEYS ISLAND, S.C. — Ridge Care Senior Living has secured an $11.3 million construction loan for the development of Arbor Landing at Pawleys, a 100-unit seniors housing community in Pawleys Island. SunTrust Bank provided the financing for the project. The new community will feature 60 assisted living and 40 memory care units and is expected to create roughly 70 new jobs in the Pawleys Island region. The project marks Ridge Care Senior Living’s entry into the South Carolina market. The Kernersville, N.C.-based company services more than 850 residents in 13 independent living, assisted living and memory care communities throughout North Carolina and West Virginia. Arbor Landing at Pawleys is slated for completion in summer 2018.

September 7, 2017

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