Property Type

GBT Realty Acquires Shopping Center in Asheville from Kimco for $25.5M

by Camren Skelton January 9, 2018

ASHEVILLE, N.C. — GBT Realty Corp. has acquired Overlook Village, a 153,820-square-foot shopping center in Asheville, for $25.5 million. Berkeley Capital Advisors arranged the transaction on behalf of the seller, Kimco Realty. Constructed in 1989, Overlook Village was 80 percent leased at the time of sale to tenants including HomeGoods, T.J. Maxx and Ross Dress for Less. The property also houses a vacant anchor space that was formerly leased to hhgregg. The new owner plans to announce redevelopment plans for the property in the spring.

January 9, 2018

Loans Multifamily South Carolina Southeast

NorthMarq Secures $15.9M Acquisition Loan for Apartment Community in South Carolina

by Camren Skelton January 9, 2018

SUMTER, S.C. — NorthMarq Capital has arranged a $15.9 million acquisition loan for Piedmont Plantation, a 252-unit apartment community in Sumter, roughly 45 miles east of Columbia. Bill Matone of NorthMarq Capital arranged the 10-year, Freddie Mac loan with a 30-year amortization schedule. Other terms of the deal were not disclosed. Piedmont Plantation offers one- to three-bedroom floor plans and features a clubhouse, playground, swimming pool with sundeck, car care center, 24-hour fitness center, dog park and grilling stations.

January 9, 2018

Loans Multifamily North Carolina Southeast

Trillium Capital Arranges $9.4M Refinancing for Multifamily Community in Greensboro, North Carolina

by Camren Skelton January 9, 2018

GREENSBORO, N.C. — Trillium Capital Resources (TCR) has arranged a $9.4 million loan for the refinancing of Beechwood Apartments, a 208-unit multifamily community in Greensboro. TCR arranged the 35-year, fixed-rate loan through the HUD 223(f) program on behalf of the borrower, NC2 LLC. The program allows for long-term mortgages that can be financed with Government National Mortgage Association (GNMA) mortgage-backed securities, which improves the availability of loan proceeds for borrowers and allows for more favorable interest rates. Beechwood Apartments includes one- and two-bedroom units and features patios or balconies, a swimming pool and a playground.

January 9, 2018

Midwest Missouri Office

CBRE Brokers Sale of 320,976 SF Office Building in Kansas City, Missouri

by Kristin Harlow January 9, 2018

KANSAS CITY, MO. — CBRE has brokered the sale of 2323 Grand in Kansas City’s Crown Center for an undisclosed price. The 11-story office property features 320,976 square feet and an underground parking garage. The transaction also included a surface parking lot for a combined total of 2.3 acres. The building is 83 percent leased by tenants including Sun Life Financial Services Co. Inc., Seigfried Bingham PC and Thornton Tomasetti Inc. On-site amenities include a cafeteria with a dining room and outdoor patio, fitness center and conference rooms. The property recently underwent a $6.5 million renovation. Gina Anderson, Gary Carr and Robert Hill of CBRE arranged the sale on behalf of the seller, Assurant. Stanton Road Capital purchased the asset.

January 9, 2018

Illinois Loans Midwest Office

Cohen Financial Arranges $19M Acquisition Financing for Office Building in Northbrook, Illinois

by Kristin Harlow January 9, 2018

NORTHBROOK, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged a $19 million bridge loan for the acquisition of 400 Skokie in Northbrook, a northern suburb of Illinois. The 195,000-square-foot office building is currently 75 percent leased by tenants in various industries, including industrial manufacturing, financial services and healthcare. Michael Hart of Cohen Financial arranged the loan on behalf of the borrower, Ameritus. A Chicago-based bank provided the loan.

January 9, 2018

Illinois Midwest Office

BP Renews 240,000 SF Office Lease in Chicago’s West Loop

by Kristin Harlow January 9, 2018

CHICAGO — BP Products North America has renewed its 240,000-square-foot office lease at CME Center-10 & 30 South Wacker in Chicago’s West Loop. BP has leased space at the property since 2010 when it relocated from the western suburbs. CME Center is 90 percent leased. The 2.3 million-square-foot property consists of two 40-story towers connected by a 10-story center structure and a 500-car parking garage. Amenities include a car wash, valet parking, tenant lounge and fitness facility. Matt Carolan, Steve Steinmeyer and Bruce Renwick of JLL represented BP in the lease transaction. Joe Gordon and Justin Lewis of Tishman Speyer represented ownership, Tishman Speyer.

January 9, 2018

Loans Midwest Multifamily Ohio

Hunt Mortgage Group Provides $7.6M Loan for Acquisition of Apartment Property in Columbus, Ohio

by Kristin Harlow January 9, 2018

COLUMBUS, OHIO — Hunt Mortgage Group has provided a $7.6 million Fannie Mae loan for the acquisition of Sutton Square Apartments in Columbus. The 202-unit apartment property is comprised of 29 two-story buildings. Built in 1968, the community is currently 95 percent occupied. The 15-year loan features a 30-year amortization schedule. Hamilton Sutton Square LLC was the borrower.

January 9, 2018

Industrial Top Stories

Blackstone Property Partners to Acquire Pure Industrial Real Estate Trust for $3.8B

by Katie Sloan January 9, 2018

VANCOUVER, BRITISH COLUMBIA — An affiliate of Blackstone (NYSE: BX) has entered into an agreement to acquire Vancouver-based Pure Industrial Real Estate Trust (PIRET) (TSX: AAR-UN) for $8.10 per trust unit — $3.8 billion — in an all-cash transaction. The transaction price represents a 21 percent premium to the closing price of PIRET units on the Toronto Stock Exchange on Jan. 8. Blackstone will complete the acquisition through its real estate investment arm, Blackstone Property Partners. “The trust has accomplished tremendous growth in the 10 years since the initial public offering in August 2007,” says Rick Turner, chairman of PIRET’s Board of Trustees. “Since inception, we have generated a total return in excess of 345 percent and we have built a platform that has made us a leader in the Canadian industrial REIT space.” The transaction is structured as a statutory plan of arrangement under the British Columbia Business Corporations Act. Completion of the transaction, which is expected to occur in the second quarter of this year, is subject to customary conditions. PIRET will continue to pay its normal monthly distributions through closing of the transaction. BMO Capital Markets is acting as financial advisor to PIRET, while Greenhill & Co. Goodmans …

January 9, 2018

Features Heartland Feature Archive Midwest Multifamily Top Stories

Aided by Tax Credits, Adaptive Reuse Pays Off for Developers

by Kristin Harlow January 9, 2018

Transforming older, historic buildings into apartment rental units opens myriad opportunities for developers beyond simply saving a neighborhood building. The process enables them to create unique floor plans and hip spaces that resonate with many of today’s renters and lease up quickly. These adaptive reuse projects are often costlier than new construction and fraught with challenges, but the consensus among developers is that the reward is worth the risk. “It’s economic development,” says Nick Anderson, a developer with Plymouth, Minnesota-based Dominium. “Converting these historic structures into apartments is very labor-intensive, so the projects generally create a lot of construction jobs. The properties themselves become their own little communities and can have a catalyzing effect on the surrounding neighborhood.” Preserving history Dominium completed construction of Millworks Lofts in Minneapolis in July of this year. The 78-unit affordable housing property was 100 percent leased prior to opening its doors in August, says Anderson. The building, which dates back to the 1920s and was formerly home to Lake Street Sash & Door Co., is on the National Register of Historic Places. Dominium purchased the vacant building in 2016 and financed the project using both federal and state historic tax credit equity. All major …

January 9, 2018

Affordable Housing Florida Multifamily Southeast

Starwood Property Trust to Acquire Affordable Housing Portfolio in Florida for $600M

by Camren Skelton January 8, 2018

GREENWICH, CONN. — Starwood Property Trust Inc., an affiliate of Greenwich-based Starwood Capital Group, has signed a definitive agreement to acquire a 28-property affordable housing portfolio located throughout Florida for approximately $600 million. The portfolio includes 6,185 units predominately located in Orlando, with smaller concentrations in West Palm Beach, Tampa and Miami. At the time of sale, the portfolio was 99 percent occupied. The transaction is expected to close in phases due to timing of regulatory approvals and the assumption of in-place financing. The first phase, which includes 1,740 units, closed in December. Starwood Property Trust expects to complete the remaining phases by the end of the second quarter. Upon closing, the company’s portfolio will include more than 15,100 affordable housing units, located predominately in Florida.

January 8, 2018

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