Property Type

NAI Hanson Facilitates Two Sales of Industrial, Mixed-Use Properties in Westwood, New Jersey

by Amy Works November 28, 2016

WESTWOOD, N.J. — NAI James E. Hanson has arranged the sales of an industrial property and a mixed-use building in Westwood in two separate transactions. John Schilp and Andrew Somple of NAI Hanson represented the buyers and sellers in both deals. In the first deal, DR Music acquired a 16,400-square-foot industrial building located at 40 Carver Ave. in Westwood Industrial Park. 40 Carver LLC sold the building, which features 22-foot ceiling heights and two loading docks, for an undisclosed price. In the second deal, an investor acquired a 2,700-square-foot mixed-use property, which was in foreclosure, for an undisclosed price. A New Jersey banking institution sold the building, located at 57 Jefferson Ave.

November 28, 2016

Iowa Loans Midwest Multifamily Student Housing

Grandbridge Finances $43.8M Construction and Renovation Loan for Student Housing Property in Iowa City

by Kristin Harlow November 28, 2016

IOWA CITY, IOWA — Grandbridge Real Estate Capital has arranged a $43.8 million first mortgage construction and renovation loan for a student housing property in Iowa City. The 24-month, interest-only loan was funded through one of Grandbridge’s specialty lending relationships. Property developer The Tailwind Group will convert an existing 400-unit market rate apartment complex into a 336-unit student housing community called Quarters at Iowa City. The property is located near the University of Iowa and Kirkwood Community College, and will open in August 2017. Brett Olson and Dick Riley of Grandbridge originated the transaction.

November 28, 2016

Loans Midwest Missouri Retail

Metropolitan Capital Advisors Arranges $14.4M Acquisition Loan for 274,223 SF Shopping Center in Kansas City, Missouri

by Kristin Harlow November 28, 2016

KANSAS CITY, MO. — Metropolitan Capital Advisors Ltd. has arranged $14.4 million in acquisition financing for Barry Towne Shopping Center, a 274,223-square-foot retail center in Kansas City. The property was 47 percent occupied at the time of acquisition to tenants such as Target, Kohl’s and Famous Footwear. The center was built in two phases starting from 1996 to 2001. United Development Company purchased the property and will implement a capital improvement plan to attract new tenants. Sunny Sajnani and Brandon Wilhite of Metropolitan Capital Advisors arranged the bridge acquisition loan with Arkansas-based Centennial Bank.

November 28, 2016

New Jersey Northeast Retail

Ripco Real Estate Inks Three Leases at 53,000 SF Shopping Center in Secaucus, New Jersey

by Amy Works November 28, 2016

SECAUCUS, N.J. — Ripco Real Estate has brokered three new leases at the newly renovated 101 Plaza Center in Secaucus. Habanero Halal Grill, USA Wine Trader’s Club and Dollar Plus have joined the 53,000-square-foot neighborhood shopping center. Additional tenants include CVS/pharmacy, KFC, T-Mobile, Bagel Buffet, Plaza Pizza and Jon Giacomo Hair Salon. Daniel Zappala and Michael Rawlins of Ripco represented the undisclosed landlord in the deals.

November 28, 2016

Iowa Midwest Retail

Mid-America Arranges $5.5M Sale of 137,389 SF Retail Center in Ottumwa, Iowa

by Kristin Harlow November 28, 2016

OTTUMWA, IOWA — Mid-America Real Estate Corp. has arranged the sale of Quincy Plaza, a 137,389-square-foot retail center in Ottumwa, southeast of Des Moines, for $5.5 million. The center is located at the southwest corner of U.S. Route 34 and North Quincy Avenue and is anchored by Hobby Lobby, Famous Footwear and Rent-A-Center. Ben Wineman and Carly Gallagher of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of a fund managed by Cincinnati-based Phillips Edison. Eric Wohl of Hanley Investment Group represented the buyer, Albanese Cormier Holdings.

November 28, 2016

Michigan Midwest Office

Signature Associates Negotiates Sale of 104,590 SF Office Building Near Ann Arbor, Michigan

by Kristin Harlow November 28, 2016

SCIO TOWNSHIP, MICH. — Signature Associates has negotiated the sale of 104,590-square-foot office building located at 7322 Newman Blvd. in Scio Township, west of Ann Arbor. The sales price was not disclosed. The building was vacant at closing. The purchaser, Ari-El Enterprises, has hired Signature Associates to begin securing tenants for the complex. John Fricke of Signature Associates represented both the buyer and the seller, Thomsen Reuters.

November 28, 2016

Midwest Ohio Retail

Friedman Arranges Sale of 46,000 SF Retail Property in North Olmsted, Ohio

by Kristin Harlow November 28, 2016

NORTH OLMSTED, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of a single-tenant retail property occupied by a 46,000-square-foot Levin Furniture store in North Olmsted, a western suburb of Cleveland. The sales price was not disclosed. The property is located at 23300 Lorain Road. The property has been 100 percent occupied by Levin Furniture since 1996. The seller, LNR Partners LLC, sold the building at auction to Basem Haddad for investment purposes. Rich Deptula of Friedman represented the seller and buyer in the transaction.

November 28, 2016

Florida Hospitality Southeast

Dunavant Enterprises Opens The Henderson Resort Hotel in Destin

by John Nelson November 28, 2016

DESTIN, FLA. — Memphis-based Dunavant Enterprises has opened its 170-room resort hotel in Destin known as The Henderson. Situated along the Gulf of Mexico and adjacent to a 208-acre state park, The Henderson features a spa, the Primrose restaurant, octagonal bar with panoramic Gulf views, rooftop terrace, two outdoor swimming pools with a lazy river, children’s club, 30,000 square feet of indoor and outdoor event space and private beach access. The Henderson is the anchor resort hotel of the still-developing Henderson Beach Resort, future phases of which include condominiums and villa-style resort accommodations. The existing beachfront Henderson Park Inn is also owned by Dunavant Enterprises. Salamander Hotels & Resorts manages The Henderson, which has created roughly 260 staff positions. The project team includes Atlanta-based architect Cooper Carry, Atlanta-based interior designer Kent Interior Design, Atlanta-based general contractor DPR Hardin and project manager Shannon Howell of Destin-based Devcon Services Group. Nightly rates for guest rooms range from $225 to $450 and from $595 to $1,250 for suites.

November 28, 2016

Hospitality Southeast Virginia

Donohoe/CORFAC Arranges $7.3M Sale of Holiday Inn Valley View in Roanoke

by John Nelson November 28, 2016

ROANOKE, VA. — Donohoe Real Estate Services/CORFAC International has arranged the $7.3 million sale of Holiday Inn Valley View, a 153-room hotel in Roanoke. Originally built in the 1980s as a Sheraton, the hotel is situated on 10 acres near the Roanoke-Blacksburg Regional Airport. The buyer, Roanoke Airport Hotel Partners LLC, plans to make renovations and brand updates to the hotel, which will continue to operate as a Holiday Inn. Bill Moyer and Charlotte Seale of Donohoe Real Estate Services/CORFAC International represented the seller, and Seale procured the buyer. Donohoe Real Estate Services/CORFAC International is a member of Hotels Brokers International.

November 28, 2016

Multifamily South Carolina Southeast

Toro Acquires 240-Unit Apartment Community in Metro Greenville

by John Nelson November 28, 2016

SIMPSONVILLE, S.C. — New York-based Toro Real Estate Partners has purchased Enclave Grandview, a 240-unit apartment community in the Greenville suburb of Simpsonville. Toro plans to rename the asset Stillwater at Grandview Cove. The property is the second acquisition in the Greenville area for Toro in the past six months. Ryan Duff of Arbor Commercial arranged a 12-year Fannie Mae acquisition loan on behalf of Toro, which used a 1031 exchange and private capital to fund the equity side of the transaction. Toro owns roughly 1,200 multifamily units in the Southeast and Midwest with over $70 million in managed assets. Blue Ridge Cos. will manage Stillwater at Grandview Cove on behalf of Toro.

November 28, 2016

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