Property Type

KeyBank Secures $40.5M Freddie Mac Loan for Multifamily Community in Louisville

by Camren Skelton January 17, 2018

LOUISVILLE, KY. — KeyBank Real Estate Capital has closed a $40.5 million Freddie Mac loan for the acquisition of LC Idlewild Phase II, a 286-unit apartment community in Louisville. Tim Migchelbrink of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. LC Idlewild was constructed in 2017 and includes 15, three-story apartment buildings. Community amenities include a fitness center, resort-style pool, sand volleyball courts, attached garages and an on-site restaurant.

January 17, 2018

Alabama Multifamily Southeast

Passco Acquires 240-Unit Apartment Community Near Montgomery

by Camren Skelton January 17, 2018

PRATTVILLE, ALA. — Passco Cos. has acquired ARIUM HomePlace, a 240-unit apartment community located at 790 Old Quarters Road in Prattville, roughly 15 miles northwest of Montgomery. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the asset on behalf of Passco. Jimmy Adams of Cushman & Wakefield arranged the sale on behalf of the seller, a private investor. Other terms of the deal were not disclosed. The property, constructed in 2014, will be renamed The Meadows at HomePlace. Individual units feature direct access garages, hardwood flooring, stainless steel appliances, tile backsplashes and built-in desks. Community amenities include a pool with a sundeck, outdoor grilling cabana, clubhouse, game room, dog park, car care center and a playground.

January 17, 2018

Florida Retail Southeast

Investment Properties Arranges $14M Sale of Retail Building in Naples

by Camren Skelton January 17, 2018

NAPLES, FLA. — Investment Properties Corp. has arranged the $14 million sale of a retail building located at 990 1st Ave. N. in Naples. Hoffman Commercial Real Estate acquired the 11,560-square-foot building from NRE Design Park LLC. David Stevens of Investment Properties Corp. arranged the transaction.

January 17, 2018

Loans Midwest Office Ohio

Bellwether Arranges $57M Refinancing of Office Building in Cleveland, Ohio

by Kristin Harlow January 17, 2018

CLEVELAND, OHIO — Bellwether Enterprise Real Estate Capital LLC has arranged a $57 million loan for the refinancing of One Cleveland Center in Cleveland. Renovated in 2011, the property includes 543,945 square feet of Class A office space, along with a 1,100-square-foot attached parking garage. The 31-story building features an on-site café, dry cleaning service, security and an underground pedestrian connection. Jim Doyle and Ross Halloran of Bellwether arranged the 10-year CMBS loan on behalf of the borrower, Optima 1375 II LLC. Rialto provided the loan, which was used to refinance both the building and parking garage as well as fund tenant improvements.

January 17, 2018

Hospitality Midwest Missouri

$25M Dual-Branded Marriott Hotel Opens in Maryland Heights, Missouri

by Kristin Harlow January 17, 2018

MARYLAND HEIGHTS, MO. — Midas Hospitality has opened Residence Inn and Fairfield Inn & Suites by Marriott in Maryland Heights, about 20 miles northwest of St. Louis. The $25 million project is Marriott’s first dual-branded hotel in the St. Louis area. The 119,000-square-foot property is located at 11918 Westline Industrial Drive, formerly home to Clayton Engineering. The hotel includes 96 rooms for the Residence Inn and 88 rooms for the Fairfield Inn & Suites. The property features a fitness center, indoor pool, meeting rooms, guest laundry facilities and backyard seating areas with a grill and pergola. Midas Hospitality will manage the hotel, which was built by sister company MC Hotel Construction.

January 17, 2018

Illinois Midwest Student Housing

Opus Breaks Ground on 14-Story Student Housing Property at the University of Illinois

by Kristin Harlow January 17, 2018

CHAMPAIGN, ILL. — The Opus Group, in partnership with The Carlyle Group, has broken ground on a 14-story student housing property at the University of Illinois at Urbana-Champaign. The building will feature 218 units ranging from studios to four-bedroom apartments for a total of 548 beds. The building’s shared amenities will include an indoor basketball court, fitness center and spa on the second floor. Group study rooms and lounges, along with a coffee bar, will provide additional spaces for students to gather on the third floor. The fourth floor will feature a club room with pool tables, ping pong tables and TVs leading to an outdoor amenity space with a pool, fire pits and grilling stations. Completion is slated prior to the 2019 fall academic semester. Opus Development Co. is the project developer, Opus Design Build is the design builder and Opus AE Group is the architect and structural engineer of record. Creative License International is the interior designer. Cardinal Group will manage the property.

January 17, 2018

Michigan Midwest Retail

Detroit City FC to Open Soccer Facility at Former Ice Rink in Detroit

by Kristin Harlow January 17, 2018

DETROIT — Detroit City FC has unveiled plans to open a 75,000-square-foot indoor soccer facility in Detroit. Located in the former City Sports Center ice skating rink at 3401 E. Lafayette St., the new Detroit City Fieldhouse is currently undergoing renovations and is projected to open in September 2018. Detroit City FC is financing the renovations to the new facility, including installing new turf, energy-efficient lighting and providing additional cosmetic upgrades. A clubhouse will eventually be built between the two fields. Detroit City Futbol League, a neighborhood-based recreational adult soccer league that has been in operation since 2010 and includes more than 32 teams, will use the facility. The property will also become home to youth soccer clubs and leagues. City Sports Center formerly served as a practice facility for the Detroit Red Wings.

January 17, 2018

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $1.8M Acquisition Financing for Apartment Property in Omaha

by Kristin Harlow January 17, 2018

OMAHA — NorthMarq Capital has arranged a $1.8 million loan for the acquisition of Colonial Park Apartments in Omaha. The 42-unit apartment property is located at 3084 S. 40th St. Josh Larsen of NorthMarq arranged the loan with Readycap Commercial LLC via the Freddie Mac small balance loan program. The 10-year loan features a 30-year amortization schedule.

January 17, 2018

Indiana Industrial Midwest Top Stories

Hillwood Buys Four Industrial Assets Totaling 1.1 MSF in Indianapolis

by Nellie Day January 17, 2018

INDIANAPOLIS — Hillwood has purchased a four-property industrial portfolio in Indianapolis that contains a total of 1.1 million square feet. The purchase price was not disclosed. The Class A portfolio contains the 448,305-square-foot Airwest 12 and the 476,225-square-foot Airwest 14 at 2301 and 2201 Reeves Road (respectively) in Plainfield, as well as the Company Drive Commerce Center in Indianapolis. The Company Drive Commerce Center comprises two buildings featuring 60,480 square feet and 100,800 square feet. “We are proud to expand our footprint in the thriving Indianapolis market,” says Tom Fishman, executive vice president of acquisitions and dispositions for Hillwood. “These acquisitions are consistent with our strategy to acquire and develop high-quality, functional industrial real estate in major U.S. markets.” The Airwest properties were built in 2015. They contain modern, flow-through cross dock designs with 36-foot clear heights, deep truck courts and car and trailer parking. Airwest 12 and 14 are situated off Interstate 70, providing access to interstates 465, 65 and 74 in the southwest industrial submarket. These routes access Chicago, Columbus, Cincinnati, Louisville and St. Louis. They also position the Airwest properties within a single day’s drive to more than half of the U.S. and Canadian population. The Company …

January 17, 2018

Retail Texas

CBRE Arranges Sale of 243,337 SF Macy’s at West Oaks Mall in Houston

by Taylor Williams January 16, 2018

HOUSTON — CBRE has arranged the sale of Macy’s at West Oaks Mall, a 243,337-square-foot retail property situated on 18 acres at the corner of Westheimer Boulevard and State Highway 6 in Houston. 1st Emporium Inc., the retail division of digital investment firm Mehta Investments, purchased the two-building asset from Macy’s Holdings for an undisclosed price. The buyer, which also purchased the remainder of the mall in 2017, plans to redevelop the space into a department store that will be branded The Outlet at West Oaks. That store, which will specialize within clothing and home goods, is expected to open in the next six months. The first committed retailer to join The Outlet at West Oaks will be Formal Gallery, a formal dress shop. Brian Ashby and Sydney Dixon of CBRE represented Macy’s Holdings in the transaction.

January 16, 2018

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