Property Type

$20M SpringHill Suites by Marriott Opens in Lenexa, Kansas

by Kristin Harlow August 24, 2017

LENEXA, KAN. — SpringHill Suites by Marriott has opened at 17190 W. 87th St. Parkway in Lenexa. The $20 million, 86,000-square-foot hotel consists of five stories and 124 rooms. The property features a 1,300-square-foot meeting space, lobby bar, fitness center and indoor pool. Part of the Lenexa City Center development, the hotel also includes 1,600 square feet of retail space with outdoor seating. Orangetheory Fitness is located in the hotel’s storefront. Midas Hospitality is managing the hotel. Sister company MC Hotel Construction was the general contractor.

August 24, 2017

Loans Michigan Midwest Multifamily

Pillar Provides $11M Acquisition Loan for Manufactured Housing Community in Lansing, Michigan

by Kristin Harlow August 24, 2017

LANSING, MICH. — Pillar Financial has provided an $11 million loan for the acquisition of Mill Pond Village in Lansing. The manufactured housing community is located seven miles from Michigan State University and the State Capitol at 1500 Old Mill Lane. Built in 1973, the property contains 356 sites. The property was 93 percent occupied at time of sale. Adam Klingher of Pillar originated the 15-year Fannie Mae loan, which features a 30-year amortization schedule. Pillar sourced the transaction through Chris San Jose of Yale Realty & Capital Advisors. A family-owned private investment company was the borrower.

August 24, 2017

Loans Midwest Multifamily Ohio

NorthMarq Capital Arranges $5.6M Refinancing Loan for Multifamily Property in Cincinnati

by Kristin Harlow August 24, 2017

CINCINNATI — NorthMarq Capital has arranged a $5.6 million loan for the refinancing of North Park Townhomes in Cincinnati. The 122-unit property is located at 300 Cardinal Drive. Noah Juran of NorthMarq arranged the 15-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

August 24, 2017

Michigan Midwest Retail

Old Navy Signs 12,688 SF Lease at Warren Tech Plaza in Warren, Michigan

by Kristin Harlow August 24, 2017

WARREN, MICH. — Old Navy has signed a 12,688-square-foot at Warren Tech Plaza in Warren, a suburb of Detroit. The 311,00-square-foot retail center is now 90 percent leased. Other recent tenant additions include Marshalls, DSW, Five Below, Ulta and Walmart. Petzold Enterprises acquired the property in 2014. Originally opened in 1960, the shopping center has undergone extensive improvements including an L-shape design, improved site lines, covered sidewalks and upscale finishes. The renovations team included Tiseo Architects, design firm R. Berlin & Associates, and NCS Construction Services.

August 24, 2017

Multifamily Southeast Virginia

Waterton Purchases Apartment Community in Metro DC for $144M

by Camren Skelton August 24, 2017

ARLINGTON, VA. — Waterton has acquired Windsor at Shirlington Village, a 404-unit multifamily community located within The Village at Shirlington, a transit-oriented neighborhood in Arlington, roughly five miles southwest of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports the Chicago-based real estate owner and operator acquired the asset for $144 million. Constructed in 1992, the property will be rebranded as The Citizen at Shirlington Village and will undergo capital improvements including the upgrade of unit interiors, renovation of the fitness center and community room and enhancement of outdoor amenity spaces. The apartment community includes one- to three-bedroom floor plans and features a swimming pool, grilling stations, courtyard areas, clubhouse, fitness center and a racquetball court.

August 24, 2017

Florida Multifamily Southeast

Passco Buys Multifamily Asset in Key West for $101.5M

by Camren Skelton August 24, 2017

KEY WEST, FLA. — Passco Cos., an Irvine, Calif.-based multifamily investment firm, has acquired Ocean Walk Apartments, a 297-unit multifamily community located at 3900 S. Roosevelt Blvd. in Key West, for $101.5 million. Hampton Beebe of ARA Newmark brokered the transaction on behalf of the seller, a partnership between Mast Capital and Rockpoint Group, and the buyer. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for Passco through Fannie Mae. The property features a clubhouse, swimming pool with a sundeck, tennis courts and a basketball court. Prior to Passco’s acquisition, the majority of the unit interiors of Ocean Walk Apartments were renovated with granite countertops, stainless steel appliances and new cabinetry and flooring. Passco plans to renovate the remaining 10 percent of units that were not updated during prior ownership.

August 24, 2017

Alabama Office Southeast

Patriot Equities Acquires 590,000 SF Office Portfolio in Suburban Birmingham

by Camren Skelton August 24, 2017

HOMEWOOD, ALA. — Patriot Equities LP has acquired 200, 210 and 220 Wildwood Parkway, three office buildings totaling 590,000 square feet in Homewood, roughly five miles south of Birmingham. The Class A buildings are situated on a 45-acre campus at the corner of Interstate 65 and Lakeshore Parkway. Patriot Equities purchased the portfolio from Wells Fargo for an undisclosed price. As part of the transaction, Wells Fargo agreed to a long-term leaseback for a portion of the campus whereby the company will occupy all of Building 220 and 50 percent of Building 200. The portfolio features conference facilities, a cafeteria and a 1,600-space parking deck, in addition to surface parking. Renamed Patriot Midtown Park, Patriot Equities has plans for capital improvements including lobby upgrades, restroom renovations, exterior enhancements and construction of a fitness center.

August 24, 2017

Office South Carolina Southeast

Insite Properties, Eastern Federal Buy Two Office Properties in Charleston for $21.5M

by Camren Skelton August 24, 2017

CHARLESTON, S.C. — Charlotte, N.C.-based firms Insite Properties and Eastern Federal Corp. have acquired two office buildings in Charleston: the 74,000-square-foot Albemarle Point Center, located at 176 Croghan Spur Road, and an adjacent 11,000-square-foot flex-space property located at 238 Albemarle Road. The sales price was not disclosed, but The Post and Courier reports the buildings sold for $19.5 million and $2 million, respectively. The companies will implement renovations to the buildings, including updating the building exterior and internal common areas.

August 24, 2017

Retail Southeast Tennessee

Baker Storey McDonald Signs Climbing Gym to Retail Center in Metro Nashville

by Camren Skelton August 24, 2017

MURFREESBORO, TENN. — Baker Storey McDonald Properties Inc. has signed a long-term lease with Climb Nashville LLC, an indoor rock climbing concept, at Northfield Crossing Shopping Center in Murfreesboro, roughly 35 miles southeast of Nashville. Climb Nashville’s newest location, Climb Murfreesboro, will occupy 30,500 square feet at 1660 Memorial Blvd., making it the largest indoor climbing facility in Tennessee. Allen McDonald and Tom Frye of Baker Storey McDonald Properties Inc. represented the landlord, Conscious Capital LLC, and worked directly with Climb Nashville LLC to complete the transaction. Conscious Capital is a privately owned, Nashville-based real estate investment firm that acquired Northfield Crossing in 2016. Climb Murfreesboro is part of the company’s plan to transform the property into an experiential, internet-resistant shopping center.

August 24, 2017

Illinois Midwest Multifamily Student Housing Top Stories

JV Purchases 1,732-Bed Student Housing Development in Chicago for $201M

by John Nelson August 24, 2017

CHICAGO — A joint venture between real estate investment firms AXA Investment Managers – Real Assets and Blue Vista Capital Management has purchased University Center Chicago, a 1,732-bed student housing complex located at 525 S. State St. in Chicago’s South Loop district. Educational Advancement Fund (EAF) sold the asset to the joint venture for $201 million. University Center Chicago was jointly developed in 2004 by three major universities in Chicago – Columbia College Chicago, DePaul University and Roosevelt University. The 702,000-square-foot project features student housing, dining facilities, recreational areas, music practice rooms, conference center operations and ground-floor retail space. As part of the transaction, the three universities each negotiated a long-term lease with the new ownership to remain in the facility. John Jaeger, Dan Cohen and M.J. Zaring of CBRE represented EAF in the transaction in partnership with CBRE’s National Student Housing Team, headed by Jaclyn Fitts and William Vonderfecht. CBRE also partnered with Kevin Hoecker and Chris Good of RBC Capital Markets, as well as RBC’s Real Estate Investment Banking team. Peter Marino and Molly Green of CBRE’s Chicago office partnered with the Dallas CBRE Capital Markets Debt & Structured Finance team of Mike Bryant, Jon Wooton and Ben …

August 24, 2017

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