Property Type

JLL Brokers $22.5M Sale of Industrial Portfolio in Tampa

by Camren Skelton September 28, 2017

TAMPA, FLA. — JLL has brokered the $22.5 million sale of a 334,279-square-foot industrial portfolio located at 5802-5912 Breckenridge Parkway within Breckenridge Park in Tampa. John Dunphy, Ryan Vaught and Robyn Hurrell of JLL represented the seller, Triangle Capital Group, in the transaction. MLG Capital acquired the asset. The 51-acre Breckenridge Park is located at the intersection of Highway 301 and Interstate 4 and is home to tenants including Swagelok, Rosetta Technologies and Audio Fidelity Holdings. The property features a garden, ample parking, on-site property management and grade-level and dock-high loading options.

September 28, 2017

Alabama Loans Multifamily Southeast Tennessee

KeyBank Arranges $32.5M for Refinancing of Two Apartment Communities in Tennessee, Alabama

by Camren Skelton September 28, 2017

CHATTANOOGA, TENN. AND MOBILE, ALA. — KeyBank Real Estate Capital has secured $32.5 million for the refinancing of two multifamily properties in the Southeast. The undisclosed borrower received an $18.4 million loan to refinance Courts at Waterford in Chattanooga and a $14.1 million loan to refinance Maison De Ville in Mobile. Erik Storz of KeyBank arranged the 10-year Freddie Mac loans with five years of interest-only payments and 30-year amortization schedules. Constructed in 1988, Courts at Waterford features 318 units with 28 reserved for tenants earning 60 percent of the area median income (AMI). Maison De Ville was constructed in two phases — Phase I in 1963 and Phase II in 1973. The 347-unit community reserves 33 units for tenants earning 60 percent of the AMI.

September 28, 2017

Florida Loans Multifamily Southeast

Hunt Mortgage Closes $15.2M in Acquisition Financing for Multifamily Portfolio in Boca Raton

by Camren Skelton September 28, 2017

BOCA RATON, FLA. — Hunt Mortgage Group has arranged $15.2 million in financing for the acquisition of a five-property multifamily portfolio in Boca Raton. The New York-based company structured the Freddie Mac loan with a 30-year amortization schedule on behalf of the borrowers, Kimberly Sorrentino and Lawrence Rolnick. The properties include: Whispering Palms Apartments, located at 4850 N.E. 5th Ave.; Sabal Palm Apartments, located at 665 Glouchester St.; Caribbean Apartments, located at 690 Kingsbridge St.; Del Rio Apartments, located at 480 W. Camino Real; and Villa Rica Apartments, located at 4670 N.E. 5th Ave.

September 28, 2017

Healthcare Kansas Midwest

Joint Venture to Develop 89,500 SF Hospital in Derby, Kansas

by Kristin Harlow September 28, 2017

DERBY, KAN. — MedProperties Holdings LLC, CarrBaierCrandall Real Estate Group (CBC) and Candor Healthcare LLC have formed a joint venture to develop Rock Regional Hospital in Derby, a southern suburb of Wichita. The 31-bed, 89,500-square-foot facility will be located near Rock Road and Patriot Avenue on a 15-acre parcel. The site includes two additional land parcels for future healthcare facilities, such as a medical office building and a freestanding inpatient rehabilitation hospital. Other development team partners include architect ACI Boland, general contractor McCownGordon Construction and engineer Renaissance Infrastructure Consulting. The project is slated for completion in late 2018.

September 28, 2017

Industrial Loans Midwest Wisconsin

Walker & Dunlop Arranges $39.3M Refinancing for Industrial Properties in Wisconsin

by Kristin Harlow September 28, 2017

WISCONSIN — Walker & Dunlop Inc. has arranged a portfolio of loans totaling $39.3 million for the refinancing of four industrial properties in Wisconsin. WOW Logistics, a private warehousing company serving the dairy and paper industries, was the borrower. One property located in Idaho was also part of the loan transaction. The buildings are all owner-occupied, but some facilities are leased to subtenants. Matthew Lund of Walker & Dunlop arranged the fixed-rate loans with separate lenders, including three life insurance companies and two banks.

September 28, 2017

Industrial Midwest Ohio

Opus to Build 250,050 SF Industrial Building in Columbus, Ohio

by Kristin Harlow September 28, 2017

COLUMBUS, OHIO — The Meritex Co. has selected The Opus Group to build a 250,050-square-foot industrial building in Columbus. The speculative building, which will feature 32-foot clear heights and truck ports, will accommodate up to four tenants. The project is slated for completion in May 2018. Opus Design Build LLC will serve as design-builder and Opus AE Group will serve as the architect and structural engineer. Rick Trott and Kevin McGrath of CBRE will market the property for lease on behalf of developer Meritex.

September 28, 2017

Hospitality Midwest Missouri

Salina Hotel Corp. to Develop 83-Room Hotel in Belton, Missouri

by Kristin Harlow September 28, 2017

BELTON, MO. — Salina Hotel Corp. will develop an 83-room Fairfield Inn & Suites in Belton, about 20 miles south of Kansas City. The 48,000-square-foot hotel, located between Mullen Road and I-49, is slated for completion by the end of 2018. The project includes construction of a new road, which will be funded by a newly established Community Improvement District (CID). Project partners include the City of Belton and Belton Economic Development Corp.

September 28, 2017

Illinois Midwest Office

Podolsky Circle to Manage 135,151 SF Office Building in Des Plaines, Illinois

by Kristin Harlow September 28, 2017

DES PLAINES, ILL. — Podolsky Circle has been awarded the management of a 135,151-square-foot office building in Des Plaines, a suburb of Chicago. The brokerage recently relocated its entire company office within the building, which is located at 1700 W. Higgins Road. Australia-based Quattro Asset Management owns the property, which was built in 1986. The building underwent renovations to the lobby, corridors, café and restrooms. Additional building enhancements are planned. Melissa Podolsky of Podolsky Circle will lead the property management team. The property is currently 69 percent leased to other tenants including Riddell and Batory Foods. Approximately 43,235 square feet is available for lease.

September 28, 2017

California Retail Top Stories Western

Westfield to Open $1B Westfield Century City Redevelopment in Los Angeles on Tuesday

by John Nelson September 28, 2017

LOS ANGELES — Westfield Corp., a mixed-use developer based in Sydney, Australia, is opening its $1 billion redevelopment of Westfield Century City mall in the Century City district of Los Angeles on Tuesday, Oct. 3. Westfield expects the open-air development to have the majority of its more than 200 shops and restaurants open for the event, including a new three-level Nordstrom. The 1.3 million-square-foot development will also feature a remodeled, three-level Bloomingdale’s, a new two-level Macy’s and an Equinox fitness club and spa. The center’s new and existing dining options include Bibigo, California Pizza Kitchen, Chick-fil-A, Chipotle, Everytable, Lifehouse Tonics + Elixirs, Panda Express, Randy’s Donuts, See’s Candies, Shake Shack, Wexler’s Deli and the West Coast’s first Eataly, an Italian market concept that will open later in the month. Eataly will feature multiple restaurants, food and beverage counters, retail items and cooking classes. In addition to the department store anchors and existing AMC movie theater, new and existing retailers include Apple Store, Banana Republic, Disney Store, J. Crew, Kate Spade New York, Madewell, Microsoft, SUITSUPPLY, Tory Burch and Warby Parker. Westfield’s in-house design studio worked with Los Angeles-based designer Kelly Wearstler to redesign the project’s outdoor plazas, landscaped terraces and …

September 28, 2017

Features Multifamily Southeast Feature Archive Top Stories

Industry Growth Highlighted at NMHC Student Housing Conference

by Jeff Shaw September 28, 2017

TAMPA, FLA. — The National Multifamily Housing Council (NMHC) Student Housing Conference wrapped up Sept. 27 at the Marriott Waterside hotel, highlighting the industry’s productivity and progress in the second and third quarters, and providing a forecast for a strong fourth quarter. The tone of the conference was bolstered by Monday’s news that American Campus Communities (ACC), the industry’s largest owner, had purchased a 3,776-bed portfolio from Core Spaces and DRW Real Estate for $590.6 million, the largest transaction to date in 2017 in the sector. Also setting a strong tone was attendance of this year’s conference; more than 850 industry professionals, according to NMHC. The conference kicked off its educational sessions Monday afternoon with a panel featuring five industry leaders — Randy Churchey, CEO of EdR; Bill Bayless, CEO of ACC; Donna Preiss, CEO of The Preiss Company; Brian Dinerstein, CEO of The Dinerstein Company; and Wes Rogers, CEO of Landmark Properties. The panel, moderated by Peter Katz, executive managing director of Institutional Property Advisors, was very bullish on the sector as a whole. They emphasized that the increased sophistication of the sector is gaining the attention of the investment community. What’s more, the growth of the sector is …

September 28, 2017

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