Property Type

NorthMarq Arranges $23M Refinancing of Apartment Community Near Raleigh

by Camren Skelton January 16, 2018

KNIGHTDALE, N.C. — NorthMarq Capital has arranged the $23 million refinancing of Palisades at Legacy Oakes, a 240-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Bill Matone of NorthMarq arranged the 20-year loan with one year of interest-only payments and a 19-year amortization schedule through a correspondent life company on behalf of the borrower. Other terms of the deal were not disclosed. The newly constructed community features a fitness center, pool, playground, walking and biking trails and a picnic area.

January 16, 2018

Florida Hospitality Loans Southeast

Hall Structured Finance Provides $19.2M Loan for Hotel Redevelopment in Fort Lauderdale

by Camren Skelton January 16, 2018

FORT LAUDERDALE, FLA. — Hall Structured Finance (HSF) has provided a $19.2 million construction loan for the redevelopment of the Gale Hotel, a 96-room boutique hotel in Fort Lauderdale. Howard Taft and Charles Penan of Aztec Group arranged the loan on behalf of the borrower and developer, a joint venture between Newgard Development Group and Merrimac Ventures. The Gale Hotel site was first constructed in 1948 as the Escape Hotel, and operated as a hotel until the 1980s. The property was then transitioned into Tiffany House, an assisted living facility, until it was closed in 2005. The redeveloped Gale Hotel is expected to open in the first quarter of 2019. Menin Hospitality will manage the new hotel. The site, located one block west of A1A and Fort Lauderdale Beach, sits adjacent to Gale Residences, a 129-unit condominium tower that Newgard and Merrimac Ventures are also co-developing. HSF provided a $35.6 million construction loan for the tower in 2016.

January 16, 2018

Florida Restaurant Retail Southeast

Stan Johnson Arranges $15.1M Sale-Leaseback of Del Frisco’s Restaurant Location in Orlando

by Camren Skelton January 16, 2018

ORLANDO, FLA. — Stan Johnson Co. has arranged the $15.1 million sale-leaseback of a 16,152-square-foot property in Orlando operating as Del Frisco’s Double Eagle Steakhouse. David Annett, Daniel Herrold, Campbell Black, Jennifer Cameron and Austin Duff of Stan Johnson Co. arranged the transaction on behalf of the seller, Del Frisco’s Restaurant Group. Boca Raton-based Amzak Capital Management acquired the property, and Del Frisco’s is retaining long-term operational control of the asset.

January 16, 2018

Georgia Retail Southeast

Two Fitness Tenants to Join Mixed-Use Project North of Atlanta

by Camren Skelton January 16, 2018

SANDY SPRINGS, GA. — TURN Indoor Cycling + Strength and SculptHouse have unveiled plans to join City Springs, a 14-acre mixed-use development under construction in Sandy Springs, roughly 15 miles north of downtown Atlanta. The project is a public-private partnership between the City of Sandy Springs, Carter and Selig Enterprises. TURN, a boutique cycling and fitness studio, will open a 3,200-square-foot location at the development. SculptHouse will also open a 3,200-square-foot studio, marking the fitness boutique’s second metro Atlanta location. In addition to group fitness classes, SculptHouse will feature a private studio for one-on-one training, keyless lockers, fully stocked bathrooms, a private shower, blow dry bar and a retail boutique. The fitness retailers are the first tenant announcements for City Springs. The residential portion of the project, Aston City Springs, will include 294 units and 29,0000 square feet of ground-floor retail space. At full build-out, City Springs will feature a performing arts center, conference center, four-acre green space, retail and city offices. The project is slated for completion this summer.

January 16, 2018

Illinois Industrial Loans Midwest

Heartland Bank & Trust Provides $26.5M Refinancing for Industrial, Flex Portfolio in Metro Chicago

by Kristin Harlow January 16, 2018

CHICAGO — Heartland Bank & Trust Co. has provided a $26.5 million refinancing of 10 industrial and flex properties across metro Chicago. The portfolio of properties comprises the majority of the remaining assets within Midwest Industrial Funds’ MIF Value Fund LP. The portfolio totals over 800,000 square feet. The properties are occupied by more than 40 tenants with an overall occupancy rate in excess of 90 percent.

January 16, 2018

Midwest Mixed-Use Wisconsin

Colliers Brokers $7.9M Sale of Mixed-Use Property in Madison, Wisconsin

by Kristin Harlow January 16, 2018

MADISON, WIS. — Colliers International has brokered the sale of an 87,975-square-foot mixed-use property in Madison for $7.9 million. The property, located at 2202 W. Beltline Highway, is 100 percent leased to SSM Health and Mattress Firm. Tom Shepherd of Colliers represented the seller, Orlando Partnership GP. An affiliate of Krausz Cos. Inc., WBLH Madison LLC, purchased the asset.

January 16, 2018

Illinois Industrial Midwest

Animal Supply Signs 220,000 SF Industrial Lease in Bartlett, Illinois

by Kristin Harlow January 16, 2018

BARTLETT, ILL. — Animal Supply Co. has signed a 220,000-square-foot industrial lease in Bartlett, about 35 miles northwest of Chicago. The distributor of wholesale pet products will occupy the space at 1323 Brewster Creek Blvd. within the Brewster Creek Business Park. The property is a 421,401-square-foot warehouse newly constructed in the summer of 2017. The building features a clear height of 32 feet, 48 dock doors and 40 trailer spaces. Animal Supply will relocate from 6450 Muirfield Drive in Hanover Park. Adam Marshall, Brian Carroll and Mark Deady of Newmark Knight Frank (NKF) represented the tenant in the lease transaction. Jeffrey Janda and Steve Bass of Lee & Associates represented ownership.

January 16, 2018

Massachusetts Northeast Retail

Paragon Realty Group Acquires 131,000 SF Shopping Center in Great Barrington, Massachusetts

by Amy Works January 16, 2018

GREAT BARRINGTON, MASS. — Westport, Conn.-based Paragon Realty Group has purchased Barrington Plaza, a grocery-anchored community shopping center in Great Barrington. An affiliate of Kimco Realty Corp. sold the property for an undisclosed price. The 131,000-square-foot center is co-anchored by a 44,667-square-foot Price Chopper and a 24,141-square-foot Marshalls. Dollar Tree, Pet Valu, Mattress Firm, AT&T and a variety of local retail properties also occupy the center. Nat Heald and Chris Angelone of JLL brokered the transaction. Paragon’s in-house management division will provide property management for the shopping center.

January 16, 2018

Iowa Midwest Retail

Phoenix Theatres to Reopen at Kennedy Mall in Dubuque, Iowa

by Kristin Harlow January 16, 2018

DUBUQUE, IOWA — Phoenix Theatres has signed a lease to reopen the six movie screens at Kennedy Mall in Dubuque. Moviegoers will get to experience the upgrades to the theater in a grand opening, which is slated for March. Each auditorium will feature fully reclining chairs, premium sound, self-serve drink stations and online ticketing. Opened in 1970 and located at 555 J.F.K. Road, the 700,000-square-foot Kennedy Mall features retailers such as Younkers, Dick’s Sporting Goods, J.C. Penney, Best Buy, Books-A-Million, Planet Fitness and Ulta. Affiliated entities of Cafaro Co. own and manage the property. Michigan-based Phoenix Theatres also operates a location at the Mall of Monroe in Monroe, Mich.

January 16, 2018

Michigan Midwest Self-Storage

Marcus & Millichap Arranges Sale of 63,150 SF Self-Storage Facility in Wyoming, Michigan

by Kristin Harlow January 16, 2018

WYOMING, MICH. — Marcus & Millichap has arranged the sale of Mini Storage Depot in Wyoming, five miles south of Grand Rapids. The sales price was not disclosed. The property, located at 4975 Clyde Park Ave., features 319 non-climate-controlled units and 211 climate-controlled units for a total of 530 units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, an out-of-state limited liability company.

January 16, 2018

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