PEMBROKE PINES, FLA. — HFF has arranged a $14.2 million senior loan for Sheridan Village, a 63,654-square-foot retail center and self-storage facility in Pembroke Pines. Scott Wadler and Jesse Wright of HFF arranged the seven-year, fixed-rate loan through Mercantil Bank NA on behalf of the borrowers, construction firm ANF Group Inc. and its affiliate Sheridan Real Estate Group LLC. The borrowers will use the loan proceeds to retire the existing construction loan. Phase I of Sheridan Village was completed in December 2016 and includes 15,098 square feet of retail fronting Sheridan Street. The second phase, completed in December 2017, includes an additional 14,029 square feet of retail and 34,527 square feet of climate-controlled self-storage space, situated on two floors above the ground-floor retail space. Both phases are fully leased or preleased to tenants including Dunkin’ Donuts, Cricket Wireless, Memorial Healthcare System, a pharmacy and an Italian restaurant.
MINNEAPOLIS — CBRE Capital Markets has brokered the sale of an 833,193-square-foot industrial portfolio in metro Minneapolis for an undisclosed price. The 11-building portfolio was 87 percent occupied by 45 tenants at the time of sale. The properties include: Kasota Industrial Center I & II in Minneapolis; Edina Twins North & South in Edina; Washington Square North & South in Eden Prairie; Midwest Business Center in Plymouth; Shingle Creek Commerce Center I & II in Brooklyn Center; Timberland North IV in Brooklyn Park; and 11100 Jefferson Building in Champlin. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Tryperion Partners. The buyer is a joint venture between Investcorp and Capital Partners LLP.
CHICAGO — Westwood Financial has acquired Kingsbury Center in Chicago’s North and Clybourn retail corridor for an undisclosed price. The 53,079-square-foot shopping center is located at 1415-1435 N. Kingsbury St. Completed in 2012, the center is 100 percent leased to Buy Buy Baby, PetSmart, Road Runner Sports and Jimmy John’s. Amy Sands and Clinton Mitchell of HFF represented the undisclosed seller.
OMAHA — NorthMarq Capital has arranged a $31 million loan for the refinancing of Park 120 in Omaha. The apartment property features 282 units. Josh Larsen of NorthMarq arranged the 12-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan.
STURTEVANT, WIS. — Venture One Real estate has acquired a 350,274-square-foot industrial property in Sturtevant, about 30 miles south of Milwaukee. The purchase price was not disclosed. The property, located at 7601 Durand Ave., features a clear height of 24 feet, 30 dock doors, one drive-in door, trailer storage as well as 24,000 square feet of open office space. Venture One plans to renovate the property with a new roof, docks, paint, carpet, lights and parking lot repairs. Sergio Chapa, Michael Prost and Corey Chase of Newmark Knight Frank (NKF) represented Venture One in the transaction.
KANSAS CITY, MO. — Walker & Dunlop Inc. has provided a $9.2 million Freddie Mac loan for the refinancing of Santa Fe Village in Kansas City. Built in 1965, the multifamily property includes 215 units. Jeff Schmidt and Tim Cotter of Walker & Dunlop originated the 10-year loan, which features a 30-year amortization schedule. The borrower, Alexander Forrest Investments LLC, completed extensive renovations at the property in 2007 and 2008.
The Jacksonville and North Florida retail markets are seeing an increase and influx in new investment activity. Analysts are watching the volume, vacancy rate and new construction, and all signs point to a seller’s market, but compared with other Florida cities, the cap rate and the opportunities are still attractive to retail investors. What sets Jacksonville apart from other cities in Florida and across the country is the area’s strong employment growth and the amount of developable land still available. The rate of employment in Jacksonville is growing at double the national average. In addition, the city continues to attract back-office facilities for major banks and for Amazon, and its seaport is busier than ever. Housing also continues to boom in areas like Northern St. Johns County. According to third-quarter 2017 analyst reports, Jacksonville’s retail vacancy rate went down slightly from 4.6 percent in the previous quarter to 4.5 percent, or 93.5 million total square feet. Absorption totaled 710,101 square feet through the first three quarters of 2017, with about 590,000 square feet ready for occupancy or delivered, and 700,109 square feet under construction. Retail Tenant Shift Nationally, we saw stalled volume of sales during the downturn along with declining …
PHILADELPHIA — A joint venture between Chicago-based investment firm Harrison Street Real Estate Capital LLC and Pennsylvania-based REIT Brandywine Realty Trust (NYSE: BDN) has sold Evo at Cira Centre South, an 850-bed student housing property in Philadelphia. The sales price was roughly $197 million, according to The Philadelphia Inquirer. The buyer was not disclosed. Built in 2014 and located in the University City area, the 33-story Evo at Cira Centre South is the tallest purpose-built student housing tower in the country. It provides residences for students attending both the University of Pennsylvania and Drexel University. The property offers a mix of one-, two-, three- and four-bedroom units. Communal amenities include a two-story fitness center, two-story study lounges, a business and print center, as well as a rooftop pool and lounge. Following this transaction, Harrison Street’s student housing portfolio totals more than 73,000 beds across the U.S. and Europe. The stock price of Brandywine, which owned a 50 percent interest in the asset, closed at $17.88 per share on Friday, Jan. 26, up from $16.22 per share a year ago. — Taylor Williams
SANTA ROSA AND NOVATO, CALIF. — Cushman & Wakefield has arranged the sales of two shopping centers in Northern California for a combined value of $47 million. Dan Wald and Don LeBuhn of Cushman & Wakefield arranged the sale of a 49,990-square-foot shopping center in Santa Rosa on behalf of the seller, SPI Holdings. T.J. Maxx and Staples anchor the center. Terry Daly of Cushman & Wakefield arranged acquisition financing for the property on behalf of the buyer, a private capital partnership, who acquired the asset through a 1031 exchange. In the second transaction, Wald and LeBuhn arranged the sale of Pacheco Plaza Shopping Center, a 66,619-square-foot retail center in Novato, on behalf of the seller and original developer. The buyer was not disclosed. Nugget Market anchors Pacheco Plaza Shopping Center, which was 92 percent leased at the time of sale to Chase Bank and 20 other retail and restaurant tenants.
FRISCO, TEXAS — Stream Realty Partners and Boston-based Cabot Properties have broken ground on a 160,000-square-foot industrial property within Frisco Park 25, a 216-acre business park located in the northern Dallas metro of Frisco. The Class A property will serve as the new corporate headquarters for PowerSecure Lighting, a manufacturer of LED lighting products. The company will occupy 75,000 square feet at the property as the anchor tenant. Completion of the project, which is being built on a 10-acre site that Cabot acquired from the Frisco Economic Development Corp., is slated for this summer.