Property Type

29th Street Capital Acquires 75-Unit Multifamily Property in Chicago

by Kristin Harlow August 23, 2017

CHICAGO — 29th Street Capital (29SC) has acquired Wooded Isle Apartments in Chicago’s Hyde Park for an undisclosed price. The 75-unit multifamily community features studios, one- and two-bedroom units. 29SC has allocated approximately $1 million for capital improvements at the property, including interior upgrades such as granite countertops and stainless steel appliances. Exterior renovations will include roof repairs, lighting, signage and landscaping. A family-owned enterprise was the seller.

August 23, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Pinnacle Living Secures $50.6M Loan for Expansion of Seniors Housing Asset in Richmond

by Camren Skelton August 23, 2017

RICHMOND, VA. — Pinnacle Living, a Glen Allen, Va.-based provider of retirement and seniors housing communities, has secured a $50.6 million loan from SunTrust Bank for the renovation and expansion of Cedarfield, a 90-acre retirement community in Richmond. Formerly known as Virginia United Methodist Homes Inc., the company rebranded to Pinnacle Living in June. The company owns and operates seven seniors housing communities in Virginia. Cedarfield’s renovation will include upgrades to the dining spaces, including the addition of a new pub, marketplace and a fine dining concept. Other planned improvements include a new health and wellness center, additional parking and upgrades to additional facilities and outdoor gathering places.

August 23, 2017

Kentucky Multifamily Southeast

Cushman & Wakefield Brokers $25.5M Sale of Apartment Community in Louisville

by Camren Skelton August 23, 2017

LOUISVILLE, KY. — Cushman & Wakefield | Commercial Kentucky has arranged the $25.5 million sale of Breckenridge Square, a 294-unit apartment community in Louisville. Craig Collins of Cushman & Wakefield | Commercial Kentucky and Mike Kemether of Cushman & Wakefield’s Atlanta office represented the seller, Stratford Asset Management Co., in the sale to RealSource Properties. Breckenridge Square is situated within six miles of GE Appliance Park, UPS Worldport and Ford’s Louisville Assembly Plants. The property features a fitness center, swimming pool and a playground.

August 23, 2017

Florida Georgia Retail Southeast

Phillips Edison Acquires 280,060 SF Publix-Anchored Portfolio in Florida, Georgia

by Camren Skelton August 23, 2017

CINCINNATI — Cincinnati-based Phillips Edison & Co. has acquired three Publix-anchored shopping centers located throughout Florida and Georgia totaling 280,060 square feet. The portfolio includes St. John’s Plaza, a 117,507-square-foot center in Titusville, roughly 40 miles east of Orlando; Ormond Beach Mall, a 94,275-square foot shopping center in Ormond Beach, a Central Florida town near Daytona Beach; and Golden Park Village, a 68,278-square-foot shopping center in Buford, roughly 40 miles northeast of Atlanta. St. John’s Plaza is home to Hair Cuttery, Sally Beauty Supply, Dollar Tree and Cricket Wireless. Ormond Beach Mall features tenants including Wells Fargo and Dollar Tree. In addition to Publix, Golden Park Village houses Great Clips and The UPS Store. The sales price and seller of the portfolio were not disclosed.

August 23, 2017

Multifamily South Carolina Southeast

SVN Blackstream Arranges $12.1M Sale of Multifamily Asset in North Charleston

by Camren Skelton August 23, 2017

NORTH CHARLESTON, S.C. — Greenville, S.C.-based SVN Blackstream has brokered the $12.1 million sale of Alston Arms Apartments, a 160-unit multifamily community in North Charleston. Joey Weinel, Jonathan Kessler and Keith Nelson of SVN Blackstream negotiated the transaction on behalf of the seller. The buyer was not disclosed. Constructed in 2007, the property comprises two-bedroom units and is situated on 8.7 acres.

August 23, 2017

Hospitality Loans Southeast West Virginia

KeyBank Secures $14.5M CMBS Loan for Hotel in Charleston, West Virginia

by Camren Skelton August 23, 2017

CHARLESTON, W.VA. — KeyBank Real Estate Capital has arranged a $14.5 million CMBS loan for Four Points by Sheraton, a 176-room hotel in Charleston. William Cassidy of KeyBank structured the 10-year, nonrecourse loan featuring a 30-year amortization schedule. The borrower used the loan to refinance existing debt. Constructed in 1966 and renovated in 2014, the 12-story Four Points by Sheraton comprises 158,576 square feet and includes 10,000 square feet of office space, eight residential condos and a 286-space parking garage. Hotel amenities include a business center, fitness center and an indoor heated swimming pool.

August 23, 2017

Massachusetts Northeast Office Top Stories

Ashkenazy Acquisition Acquires South Station Transit Hub in Boston

by Nellie Day August 23, 2017

BOSTON — Ashkenazy Acquisition Corp. (AAC) has purchased South Station, a Boston transportation hub known as “the gateway to New England,” for an undisclosed sum. AAC will assume the 98-year leasehold for the transit station’s concourse and upstairs office space. The South Station Train Terminal is part of the Michael S. Dukakis South Station Transportation Center, Boston’s busiest transit hub. Opened in 1898, the historic train terminal now serves thousands of commuters, travelers, shoppers and diners daily. Amtrak, MBTA (Massachusetts Bay Transportation Authority) rapid transit and MBTA commuter rail all serve the station. Regional coach services are available in the adjacent South Station Bus Terminal Building. The building is recognizable due to its exterior clock and neo-classical revival architecture. South Station also contains more than 59,000 square feet of retail space, including quick-service food options like McDonald’s, Auntie Anne’s, Au Bon Pain, Dunkin’ Donuts, Starbucks and Pret, among others. These options join other retailers at South Station, including CVS/pharmacy, Barbara’s Bookstores, Bank of America and Citizens Bank. AAC has also operated Boston’s famed Faneuil Hall Marketplace for the past six years. That property is currently undergoing a renovation that will upgrade its design and appearance. “It is fitting that AAC …

August 23, 2017

California Office Western

JV Purchases Koll Center Newport Office Building in Newport Beach for $59.8M

by Nellie Day August 22, 2017

NEWPORT BEACH, CALIF. — A joint venture between Greenlaw Partners and Hilrod has acquired a 156,310-square-foot office building within the master-planned Koll Center Newport in Newport Beach for $59.8 million. The Class A building is located at 4400 MacArthur Blvd. The property is 92 percent leased to tenants like Bank of the West and Fidelity National Title Co. It was built in 1979 and renovated between 2014 and 2016. The JV represented itself in this transaction. NKF’s Kevin Shannon, Paul Jones and Blake Bokosky represented the seller, an East Coast-based pension fund advisor.

August 22, 2017

Colorado Multifamily Western

Rivendell Acquires 194-Unit Apartment Complex in Colorado Springs for $44.5M

by Nellie Day August 22, 2017

COLORADO SPRINGS,COLO. — Rivendell Global Real Estate has acquired the 194-unit Commons at Briargate in Colorado Springs for $44.5 million. The community is located at 2845 Freewood Point. Commons at Briargate was built in 1996. The property was 96 percent occupied at the time of sale. It is situated adjacent to the 2 million-square-foot Briargate Business Campus, which houses tenants like USAA, Kaiser Permanente and T.Rowe Price. Kevin McKenna and Saul Levy of ARA Newmark represented Rivendell. The seller was a partnership between Lyon Living and Barings Real Estate Advisers.

August 22, 2017

Hospitality New Mexico Western

Terrapin Investments & Management Corp. Buys Sheraton Albuquerque Airport Hotel

by Nellie Day August 22, 2017

ALBUQUERQUE, N.M. — Terrapin Investments & Management Corp. has purchased the 276-unit Sheraton Albuquerque Airport Hotel for an undisclosed sum. The hotel is located at 2910 Yale Blvd. SE in Albuquerque. The property is the only lodging facility situated on airport grounds at Albuquerque International Sunport Airport. Sheraton Albuquerque Airport Hotel is located about five miles southeast of downtown Albuquerque, two miles south of the University of New Mexico and three miles west of the Gibson Gate at Kirtland Air Force Base. Mike Armstrong of HREC Investment Advisors represented the seller — a joint venture between Waramaug, Interstate Hotels and Resorts, and Värde Partners — in this transaction.

August 22, 2017

Newer Posts

Older Posts