Property Type

Morgan Properties Acquires Multifamily, Retail Portfolio in Metro D.C. for $509M

by Camren Skelton August 30, 2017

ALEXANDRIA, VA. — Morgan Properties has acquired the Mark Center portfolio, a multifamily and retail portfolio comprising 2,664 apartment units and a 63,320-square-foot retail center in Alexandria, for $509 million. Located in the Seminary Road submarket, the 150-acre Mark Center portfolio is roughly eight miles south of Washington, D.C. CBRE represented the undisclosed seller in the transaction. The Apartments at Mark Center include six adjacent garden-style communities: Hillwood, Stoneridge, Meadow Creek, Lynbrook, Brookdale and Willow Run. King of Prussia, Pa.-based Morgan Properties will consolidate the six assets into four apartment communities and invest approximately $35 million in capital improvements, including updated interiors and appliances and a new fitness center, business center, movie theater, club room, putting green and a dog park. The Shops at Mark Center is leased to tenants including CVS/pharmacy, Global Foods, Starbucks Coffee and SunTrust Bank. The Mark Center acquisition is Morgan Properties’ second largest transaction in the company’s history. With the acquisition, the company obtained the former owner’s right to maximize the allowable density of the center from 2.5 million square feet to 6.4 million square feet over the long-term.

August 30, 2017

Florida Loans Multifamily Southeast

JV Receives $110.3M in Construction Financing for Apartment Tower in Miami

by Camren Skelton August 30, 2017

MIAMI — A joint venture between institutional advisors advised by J.P. Morgan Asset Management and Magellan Development Group have received a $110.3 million construction loan for the development of Midtown 6, a 31-story apartment tower that will be located at 3101 N.E. 1st Ave. in Miami’s Midtown district. Danny Kaufman, Elliott Throne, Scott Wadler and Mike Tepedino of HFF secured the loan through PNC Bank and BMO Harris Bank on behalf of the borrowers. HFF also arranged construction financing on the borrower’s behalf for the development of the adjacent Midtown 5 tower in 2014. Designed by bKL Architecture, Midtown 6 will include 397,000 square feet of residential space and 40,000 square feet of ground-level retail space. Residential units will offer a mix of studio to three-bedroom floor plans averaging 890 square feet. Community amenities will include a fitness center, sport court, spa with sauna and steam room, swimming pool with cabanas and grilling areas, pool bar and a sky lounge. The project is intended to be LEED Silver-certified and is slated for completion in spring 2020.

August 30, 2017

Healthcare Southeast Tennessee

Erlanger Health Breaks Ground on $40M Children’s Hospital in Chattanooga

by Camren Skelton August 30, 2017

CHATTANOOGA, TENN. — Erlanger Health System has broken ground on a $40 million children’s hospital in Chattanooga. The new 50,000-square-foot facility will provide service to more than 1 million children in the Southeast and include centers for child psychology, physical therapy and hypertension, as well as a childhood healthy eating and active living center. Erlanger Health System is the seventh largest public hospital in the country. The new hospital will be partially funded through community donations.

August 30, 2017

Florida Multifamily Southeast

Lexerd Buys Multifamily Community in Tampa Bay Area for $38.7M

by Camren Skelton August 30, 2017

BRADENTON, FLA. — Lexerd Capital Management LLC has acquired Springs at Braden River, a 270-unit apartment community in Bradenton, a city roughly 50 miles south of Tampa. The sales price was not disclosed, but the Bradenton Herald reports Wisconsin-based Continental Properties sold the asset for $38.7 million. Lexerd, a New Jersey-based sponsor of private equity funds, renamed the property The Lory of Braden River. The property comprises 15 buildings on approximately 41 acres and features a swimming pool, dog park, picnic and grilling areas and bike storage.

August 30, 2017

Affordable Housing Midwest Multifamily Ohio

DSCDO Breaks Ground on 40-Unit Affordable Housing Property in Cleveland

by Kristin Harlow August 30, 2017

CLEVELAND — Detroit Shoreway Community Development Organization (DSCDO), along with funders Enterprise Community Partners and the Ohio Housing Finance Agency, have broken ground on Aspen Place, a 40-unit affordable housing property in Cleveland. The 49,000-square-foot, $10.5 million development will serve households making between 30 and 60 percent of the area median income. Completion is slated for September 2018. The transit-oriented development is being built in partnership with the Greater Cleveland Regional Transit Authority to provide free transit/bus passes for residential tenants. Enterprise Community Loan Fund and Enterprise Community Investment, both subsidiaries of Enterprise, provided $250,000 in pre-development capital and $8.7 million in equity. Aspen Place was one of seven developments in the country to receive Enterprise’s inaugural pre-development design grant. Other partners and providers of project funding include KeyBank, the Ohio Housing Finance Agency, the City of Cleveland, Cuyahoga County, and the Finance Fund. Marous Brothers Construction will serve as the design builder. DSCDO will own and manage the property.

August 30, 2017

Indiana Loans Midwest Ohio Retail

NorthMarq Arranges $7M Refinancing for Retail Portfolio in Indiana and Ohio

by Kristin Harlow August 30, 2017

INDIANA AND OHIO — NorthMarq Capital has arranged a $7 million loan for the refinancing of Creekstone retail portfolio, a collection of retail properties totaling 50,000 square feet in Indiana and Ohio. The properties include: 1310, 1665 and 1675 N. National Road in Columbus, Ind.; 909 DuPont Road in Fort Wayne, Ind.; and 4425 Feedwire Road in Centerville, Ohio. Noah Juran of NorthMarq arranged the 15-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.

August 30, 2017

Illinois Industrial Midwest

ML Realty Acquires 70,957 SF Industrial Building in Lincolnshire, Illinois

by Kristin Harlow August 30, 2017

LINCOLNSHIRE, ILL. — ML Realty Partners has acquired a 70,957-square-foot industrial building in Lincolnshire, a northern suburb of Chicago. The purchase price was not disclosed. A single tenant occupies the entire property, located at 500 Bond St. Jeff Devine, Steve Disse and Matthew Stauber of Colliers International represented the undisclosed seller in the transaction.

August 30, 2017

Midwest Missouri Retail

Block & Co. Brokers Sale of 65,000 SF Shopping Center in Raytown, Missouri

by Kristin Harlow August 30, 2017

RAYTOWN, MO. — Block & Co. Inc. Realtors has brokered the sale of Raytown Crossing shopping center in Raytown, a suburb of Kansas City. The sales price was not disclosed. The 65,069-square-foot center is located at 6715-6731 Blue Ridge Blvd. Tenants include Extreme Grand Prix Indoor Go Karting and Lonnie Bush Fitness. Bill Maas and Jay Friedman of Block & Co. negotiated the sale on behalf of the seller, CTA Properties LLC. The buyer was not disclosed.

August 30, 2017

Hospitality Nevada Top Stories Western

Witkoff, New Valley Buy Former Fountainbleau Resort in Las Vegas for $600M

by Nellie Day August 30, 2017

LAS VEGAS — A partnership between Witkoff and New Valley LLC has purchased the former Fountainbleau resort on the Las Vegas Strip for $600 million. The property is located at 2755 Las Vegas Blvd. S. The 63-story resort never fully saw the light of day after construction ceased on the $2.9 billion, 3,900-room property in 2009 in the midst of the Great Recession. It was purchased by Carl Icahn’s firm, Icahn NV Gaming Acquisition LLC, in 2010 for $150 million when the asset was in bankruptcy. The property is situated across from Circus Circus, near Encore and SLS Las Vegas. It sits in front of the Westgate Las Vegas, as well as the Las Vegas Convention Center, which is in the midst of a $1.4 billion expansion and renovation. The asset was acquired at a substantial discount to replacement cost, according to Witkoff. The company spent four months conducting due diligence on the resort and Las Vegas market prior to the acquisition. “Las Vegas is one of the strongest lodging markets in the country given its highly favorable dynamics,” says Steve Witkoff, Chairman and CEO of Witkoff. “2755 Las Vegas Boulevard South is one of the best physical assets in …

August 30, 2017

Multifamily Texas

IPA Negotiates Sale of 288-Unit Apartment Complex in Metro Austin

by Taylor Williams August 29, 2017

GEORGETOWN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vantage at Georgetown, a 288-unit multifamily complex located near Interstate 35 and State Highway 130 in Georgetown, about 25 miles north of Austin. The property is situated within the 284-acre, master-planned Longhorn Junction development. Will Balthrope and Jordan Featherston of IPA represented the seller, Housing Development, and procured the buyer, Pensam Residential.

August 29, 2017

Newer Posts

Older Posts