Property Type

Audubon, RCG Longview Purchase Flood-Damaged Multifamily Community in Baton Rouge for $33.3M

by Camren Skelton August 25, 2017

BATON ROUGE, LA. — Atlanta-based Audubon Communities, in conjunction with New York-based RCG Longview, has purchased St. Jean, a 624-unit apartment complex in Baton Rouge, for $33.3 million. The property will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. Constructed in 1997, the property comprises 66 buildings on 49 acres and includes two- and three-bedroom units averaging 1,100 square feet. Planned capital improvements include the complete renovation of damaged first-floor units, upgrades to second-floor units, the addition of granite countertops and stainless steel appliances in some units, a new standalone leasing office and two amenity buildings, energy efficient windows, new exterior doors and a new fitness center. A select number of units will be offered as affordable housing.

August 25, 2017

Affordable Housing Florida Multifamily Southeast

Housing Trust Group Opens $18.5M Affordable Housing Community in Central Florida

by Camren Skelton August 25, 2017

BROOKSVILLE, FLA. — Housing Trust Group (HTG) has opened Freedom Gardens, an $18.5 million affordable housing community situated in the Central Florida city of Brooksville. Located at 932 Freedom Way, the 96-unit property is part of a two-phase development. The second phase of Freedom Gardens will provide an additional 94 units and is slated to break ground in the first quarter of 2018. Freedom Gardens offers one-, two- and three-bedroom units with rents ranging from $400 to $880 per month. Community amenities include a cyber café, swimming pool, after-school care, laundry facility, fitness center, walking path, community gathering area and a pet park. The property achieved a green building certification under the National Green Building Standard administered by the National Association of Home Builders.

August 25, 2017

Georgia Healthcare Southeast

SG Property Buys Two Medical Buildings in Metro Atlanta for $11.9M

by Camren Skelton August 25, 2017

JOHNS CREEK AND ALPHARETTA, GA. — SG Property Services, an Atlanta-based real estate firm, has acquired Johns Creek Medical and The Swan Building for a combined $11.9 million. The properties are located at 6918 McGinnis Ferry Road in Johns Creek and 4165 Old Milton Parkway in Alpharetta, respectively. Both properties are roughly 30 miles north of Atlanta, and together total 55,664 square feet. Jodi Selvey of Colliers International represented the physician owner of Johns Creek Medical and Lee Asher of CBRE represented the owner of the Swan Building. At the time of sale, Johns Creek Medical was 100 percent leased to a single tenant. The Swan Building was leased to a mix of medical practices including a plastic surgery center. SG Property Services plans to fill remaining vacancies at The Swan Building with medical users and renew existing tenants with long-term leases.

August 25, 2017

Industrial Texas

ARCO/Murray Completes 145,000 SF Warehouse Project in DeSoto, Texas

by John Nelson August 25, 2017

DESOTO, TEXAS — Dallas-based construction firm ARCO/Murray has completed a 145,000-square-foot warehouse project in the Dallas metro of DeSoto for SEW Eurodrive, a South Carolina-based motor manufacturing firm. Construction on the $10 million facility, which also includes 20,000 square feet of office space, began in June 2016. The property is a fully conditioned tilt-wall assembly plant with 28-foot clear heights, including bridge cranes, paint booths and mezzanine storage.

August 25, 2017

Industrial Loans Michigan Midwest

KeyBank Provides $12M Refinancing Loan for Industrial Property in Allen Park, Michigan

by Kristin Harlow August 25, 2017

ALLEN PARK, MICH. — KeyBank Real Estate Capital has provided a $12 million loan for the refinancing of an 809,918-square-foot industrial center located in Allen Park, a southern suburb of Detroit. The property consists of two buildings and a garage. The facilities were built in 1957 and 2000, with renovations in 2010 and 2014-2016. Roush Industries anchors the property. Robert Williams of KeyBank originated the 10-year CMBS loan, which features a 30-year amortization schedule.

August 25, 2017

Multifamily Seniors Housing Texas

Greystar Delivers 200-Unit Seniors Multifamily Community in Metro Houston

by John Nelson August 25, 2017

SUGAR LAND, TEXAS — Greystar has completed Overture Sugar Land, a 55-and-older multifamily rental community located in the Houston metro of Sugar Land. The property offers a mix of one- and two-bedroom units ranging in size from 676 to 1,215 square feet. Amenities of the four-story facility include a coffee bar and bistro, fitness center with yoga studio, a gaming room and a resort-style pool.

August 25, 2017

Illinois Industrial Midwest

PREMIER Completes 626,848 SF Industrial Tenant Build-out in Waukegan, Illinois

by Kristin Harlow August 25, 2017

WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed a 626,8480-square-foot industrial tenant build-out for an e-commerce company in Waukegan, a northern suburb of Chicago. The fulfillment center resides on the grounds of Bridge Point North, a 240-acre business park located at Route 43 and McGaw Road. The facility features 16,121 square feet of office space, 53 exterior docks and 130 trailer positions. The tenant will likely hire a minimum of 100 full-time employees to staff the facility, according to PREMIER. Joe Ahrens and Scott Lebak of PREMIER oversaw the project. Cornerstone Architects Ltd. provided architectural services, while Manhard Consulting Ltd. and Structures Unlimited delivered engineering support. Bridge Development Partners was the project developer.

August 25, 2017

Loans Midwest Nebraska Retail

Dougherty Provides $7M Acquisition Loan for Shopping Center in Grand Island, Nebraska

by Kristin Harlow August 25, 2017

GRAND ISLAND, NEB. — Dougherty Funding LLC has provided a $7 million loan for the acquisition of Conestoga Mall in Grand Island, about 100 miles west of Lincoln. The 556,795-square-foot shopping center is located at 3404 W. 13th St. and is 93 percent leased. Tenants include Sears, Best Buy, JC Penney, Dillard’s and Younkers. Dougherty served as lead lender and servicer for the loan on behalf of Conestoga Realty LLC. Joel J. Gorjian of Uber Capital Group LLC arranged the loan.

August 25, 2017

Oklahoma Retail Texas

CBRE Brokers $4.1M Sale of 162,396 SF Shopping Center in Tulsa

by John Nelson August 25, 2017

TULSA, OKLA. — CBRE has brokered the $4.1 million sale of Town West Shopping Center, a 162,396-square-foot retail development located at the intersection of South 49th West Avenue and West Skelly Drive in Tulsa. The property was 93 percent leased at the time of sale to tenants such as Big Lots, Dollar General and Harbor Freight Tools. Austin-based Freestar Investments LLC purchased the property from Tulsa-based Case & Associates. Jason Little and Justin Brannon of CBRE represented the seller in the transaction.

August 25, 2017

Healthcare Michigan Midwest

Medical Practice to Open 14,180 SF Office in Grand Rapids, Michigan

by Kristin Harlow August 25, 2017

GRAND RAPIDS, MICH. — Grand Valley Medical Specialists (GVMS) has signed a 14,180-square-foot lease to open a medical practice in Grand Rapids. The property, which will accommodate more physicians and patients than the former 10,363-square-foot location on Wealthy Street, is located at 1000 E. Paris Avenue Southeast. GVMS currently employs 15 doctors and five advanced practice providers. GVMS provides primary patient care to the whole family, from infants to adults, through its pediatric, family and internal medicine practices. Although GVMS began seeing patients at the East Paris location on July 18, renovations to the interior of the building are underway, including upgrades to the common areas and restrooms, as well as a remodeling of the lobby. MB Real Estate-health care, the lessor, is managing the renovation project. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan negotiated the lease transaction.

August 25, 2017

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