Property Type

The Opus Group Breaks Ground on Apartment Building in Edina, Minnesota

by Kristin Harlow November 11, 2016

EDINA, MINN. — The Opus Group has started construction on a four-story, 244-unit multifamily development in Edina, a southwestern suburb of Minneapolis. Activity on the site began this week with the demolition of an existing 94,000-square-foot building that was formerly leased to UnitedHealth Group. A variety of floor plans will be offered with units ranging from 585 square feet to 1,350 square feet. Completion is slated for spring 2018. The project is a collaboration between Opus and Founders Properties LLC. Opus Development Co. LLC is the developer, Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect and structural engineer of record.

November 11, 2016

Iowa Midwest Multifamily

Hubbell Realty Co. Begins Leasing at 5Fifty5 Townhomes

by Kristin Harlow November 11, 2016

WEST DES MOINES, IOWA — Hubbell Realty Company has begun leasing at 5Fifty5 Townhomes, located along the Raccoon River in West Des Moines. The $13 million project features a streetscape design that encourages residents to walk to nearby surroundings and local trails. The rental units introduce a new layout to the downtown area: an elevated three-story unit with two balconies off each side. Unit sizes include two- and three-bedroom floor plans with up to three bathrooms.

November 11, 2016

Midwest Ohio Retail

Marcus & Millichap Arranges $3.7M Sale of Retail Property in Cleveland, Ohio

by Kristin Harlow November 11, 2016

CLEVELAND — Marcus & Millichap has arranged the sale of Cleveland Retail Center, a 17,070-square-foot property located at 429 W. Southline St., for $3.7 million. Built in 2007, the property is at the main entrance to a Super Walmart and is 100 percent occupied. Tenants include Buddy’s Furniture, Subway, Mann Eye Center, Edward Jones, Sally Beauty Supply and Advance Cash America. Kelley Workman and Jerry Goldstein of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor who was completing a 1031 exchange transaction.

November 11, 2016

Michigan Midwest Mixed-Use

Friedman Arranges Sale of 33,560 SF Mixed-Use Building in Royal Oak, Michigan

by Kristin Harlow November 11, 2016

ROYAL OAK, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 33,560-square-foot mixed-use building located at 1017-1021 S. Washington Ave. in downtown Royal Oak. The sales price was not disclosed. The property combines condo living, office, medical and retail. The seller, Washington Street Holdings LLC, sold the building to Royal Oak Ventures SW1017 LLC. Peter Jankowski of Friedman represented the seller in the transaction.

November 11, 2016

California Retail Western

Equitas Investments Sells 2,324 SF Retail Property in Redlands for $1.5M

by Nellie Day November 11, 2016

REDLANDS, CALIF. — Equitas Investments has completed the disposition of single-tenant retail property located at 1325 Industrial Park Ave. in Redlands. A private investor acquired the 2,324-square-foot property for $1.5 million. Built in 1984, the former Long John Silver’s restaurant will be converted into an Enterprise Rent-A-Car. The company signed a 10-year, corporate-backed, absolute triple-net lease with two five-year options for the property. Jeremy McChesney of Hanley Investment Group Real Estate Advisors represented the seller, while Hai Luong of Maxwell Realty Inc. represented the buyer in the deal.

November 11, 2016

California Office Western

Progressive Real Estate Brokers 8,000 SF Retail Lease in Hesperia

by Nellie Day November 11, 2016

HESPERIA, CALIF. — Progressive Real Estate Partners has arranged the 10-year lease of a retail space located at 14135 Main St. in Hesperia. Kaiser Permanente will occupy the 8,000-square-foot space within the Topaz Marketplace. Paul Su of Progressive Real Estate Partners represented the undisclosed landlord, while Brian Denton of JLL and Joseph Brady of Bradco Co. represented the lessee.

November 11, 2016

Hospitality Loans Maryland Southeast

Applied Bank Provides $21M Construction Loan for New Hyatt Place Hotel in Maryland

by John Nelson November 11, 2016

OCEAN CITY, MD. — Washington, Del.-based Applied Bank has provided a $21 million construction and permanent loan for a new Hyatt Place Hotel located at 16th Street and Boardwalk in Ocean City. The new 105-room, seven-story hotel will replace the existing Seascape Motel, which opened in the 1950s. The property will feature a restaurant, bar, outdoor veranda, meeting rooms, room service, indoor and outdoor swimming pools and a fitness center, as well as six shops fronting Boardwalk. The owner, PRBR Hospitality LLC, has owned the site since 1978.

November 11, 2016

Office Southeast Virginia

Rubenstein Partners Acquires 180,000 SF Office Building in Metro D.C. for $18.6M

by John Nelson November 11, 2016

RESTON, VA. — Rubenstein Partners LP has purchased a 180,000-square-foot office building located at 11493 Sunset Hills Road in Reston, about 20 miles west of Washington, D.C., in northern Virginia. Rubenstein plans to reposition and re-tenant the building and has selected Andy Klaff and Steve Hoffeditz of Newmark Grubb Knight Frank to lease the property. The renovations, which are set to wrap up by the end of 2017, will include fashioning higher ceilings within the floor plates, overhauling the HVAC and building management systems, renovating the lobby and restrooms, upgrading the aesthetic to a more “industrial-loft” design and enhancing the amenity package, including a new fitness center, conference center, food service and an outdoor deck. Built in 1988, the five-story building is the former home of Unisys Corp. and is situated within walking distance to the new Wiehle-Reston East Station on the Metrorail’s Silver Line, as well as a Whole Foods Market, Reston Station and Reston Town Center.

November 11, 2016

Florida Retail Southeast

Marcus & Millichap Arranges $9.1M Sale of Shopping Center in Metro Miami

by John Nelson November 11, 2016

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.1 million sale of 441 Plaza, a 38,100-square-foot shopping center located on the northeast corner of N.W. 207th Street and U.S. Route 441 in Miami Gardens. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller and procured the buyer, a South American commercial real estate investment group, in the transaction.

November 11, 2016

Multifamily South Carolina Southeast

NAI Earle Furman Brokers $8.8M Sale of Two Apartment Communities in Spartanburg

by John Nelson November 11, 2016

SPARTANBURG, S.C. — NAI Earle Furman has brokered the $8.8 million sale of two apartment communities totaling 166 units in Spartanburg. The assets include the 74-unit Georgetown Village located at 1421 John B White Sr. Blvd. and the 92-unit Timberlane Apartments located at 106 Kensington Drive. Cedar Grove SC LLC purchased both assets from Georgetown Holdings LLC. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller in the transaction. Both Georgetown Village and Timberlane Apartments were fully occupied at the time of sale.

November 11, 2016

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