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MultifamilyOfficeTexas

WorkFlourish Opens 10,000 SF Workspace Within Houston Apartment Community

by Taylor Williams

HOUSTON — WorkFlourish, a Houston-based company that cultivates workspaces within hospitality or residential settings, has opened a 10,000-square-foot co-working space within Ascension on the Bayou, a 280-unit apartment community located in the Westchase area of Houston. The property now features a workspace in the main lounge, two conference rooms, a formal business center, several individual desks, eight private offices and a community kitchen. Co-working space at the property costs between $200 and $450 per month.

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GeorgiaMultifamilySoutheastStudent Housing

Landmark, CityLife Acquire Land Near Georgia Tech to Develop 780-Bed Student Housing Community

by Camren Skelton

ATLANTA — A joint venture between Landmark Properties and CityLife Development Partners has acquired a 1.1-acre site near the Georgia Institute of Technology in Midtown Atlanta for the development of a 28-story student housing community. The 425,000-square-foot development — dubbed The Mark at Atlanta — will offer 780 beds and 7,000 square feet of commercial space. The property is set to feature one- to six-bedroom, fully furnished units. Community amenities will include an on-site parking garage, rooftop pool and hot tub, fitness center, yoga room, bike storage center, clubhouse, study lounges, a computer lab, golf simulator, sky lounge with adjoining outdoor terrace, a sauna and tanning beds. The property is set to open in August 2020.  

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IndustrialNorth CarolinaSoutheast

Foundry Commercial, PGIM to Deliver 700,000 SF Industrial Project in Metro Charlotte

by Camren Skelton

HUNTERSVILLE, N.C. — Foundry Commercial, in a joint venture with PGIM Real Estate, has acquired 48 acres of land in Huntersville for the development of Bryton Commerce Center, a 700,000-square-foot light industrial project. The development will be located within Bryton Town Center, a 425-acre mixed-use campus located roughly 15 miles north of Charlotte. The six-building project will deliver in two phases. Construction on the first phase will begin in early 2018 and is expected to complete by the end of the year. Bryton Commerce Center will feature 30-foot clear heights, tilt-wall construction, ESFR sprinkler systems, glass-heavy exteriors and high parking ratios. In addition to industrial space, the Bryton Town Center master plan will include more than 1 million square feet of retail space and 1 million square feet of office space, as well as multifamily and single-family residential units.

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LoansLouisianaMultifamilySoutheast

Greystone Provides $24.2M HUD Loan to Refinance Apartment Community in Baton Rouge

by Camren Skelton

BATON ROUGE, LA. — Greystone has provided a $24.4 million HUD-insured loan to refinance The Highland Club Apartments, a 247-unit multifamily property in Baton Rouge. Jason Stein of Greystone arranged the 35-year fixed-loan. Other terms of the transaction were not disclosed. Greystone previously refinanced the property in 2012, and the new loan enables a combination of phased renovations and continued investment back into the property. The Highland Club Apartments is located roughly 15 miles from downtown Baton Rouge, and features a swimming pool, stocked lakes, putting greens, dog park, business center, fitness center and an on-site personal trainer.

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IndustrialSouth CarolinaSoutheast

CBRE Arranges $5.4M Sale of Industrial Property in Upstate South Carolina

by Camren Skelton

FOUNTAIN INN, S.C. — CBRE has arranged the $5.4 million sale of 110 Milacron Drive, a 182,534-square-foot industrial facility in Fountain Inn, a suburb of Greenville. Campbell Lewis of CBRE arranged the transaction on behalf of the buyer, 844 S.E. Main LLC. CBRE’s Marcus Cornelius and Nick Hollstegge represented the undisclosed seller. Constructed in 1980, the facility features 28-foot clear heights, motion-activated T-8 lighting in the warehouse, eight dock-high doors, 130 parking spaces and 26,941 square feet of office space. The new owner plans to improve the facility’s exterior and interior features, as well as parking and truck court surfaces.

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FloridaRetailSoutheast

GBT Realty Buys 108,500 SF Vacant Kmart Site in Southwest Florida

by Camren Skelton

PORT CHARLOTTE, FLA. — GBT Realty Corp. has acquired a 75-year ground lease, including a 108,500-square-foot retail building and nine-acre land site, in Port Charlotte, roughly 40 miles south of Sarasota. The Brentwood, Tenn.-based real estate firm acquired the asset from 19400 Cochran Boulevard Holdings LLC for an undisclosed price. GBT Realty plans to renovate and upgrade the building, which currently houses a vacant Kmart. The firm will also expand the building with new structures to accommodate retail, services and restaurant tenants. Best Buy, Walmart and The Home Depot anchor the corridor, located at the intersection of Tamiami Trail/US Highway 41 and Cochran Boulevard.

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MidwestMinnesotaMixed-Use

Cushman & Wakefield Arranges $19.2M Sale of Mixed-Use Property in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Cushman & Wakefield has arranged the sale of Riverwalk Townhomes and Flats in the North Loop neighborhood of Minneapolis for $19.2 million. The property features 96 residential units and 10,000 square feet of office condo space. The unit mix includes 40 rental townhomes and 56 apartments. Lance Steiger and Robert Dulin of Cushman & Wakefield represented the seller, James Stanton Estate. Seattle-based Goodman Real Estate purchased the property.

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LoansMichiganMidwestMultifamily

Pillar Originates $10.3M HUD Loan for Refinancing of Multifamily Property in Suburban Detroit

by Kristin Harlow

OAK PARK, MICH. — Pillar Financial, a division of SunTrust Bank, has originated a $10.3 million HUD 223(f) loan for the refinancing of Oaks on Lincoln in Oak Park, a suburb of Detroit. The 120-unit apartment property features two- and three-bedroom units up to 1,460 square feet. David Wilkins of Pillar originated the fully amortizing 35-year loan. The borrower, Kaftan Communities, will use the loan to renovate the kitchen in each unit and to make other significant improvements to the property in 2018. The improvements will enable the property to remain at market-rate rents, according to Pillar.

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HealthcareIllinoisMidwestSeniors Housing

CareTrust REIT Acquires 90-Bed Skilled Nursing Facility in Greenville, Illinois

by Kristin Harlow

GREENVILLE, ILL. — CareTrust REIT (NASDAQ: CTRE) has acquired Helia Healthcare of Greenville, a 90-bed skilled nursing facility in Greenville, about 50 miles east of St. Louis. The purchase price was not disclosed. The property, located at 400 E. Hillview Ave., is the only nursing home within a 20-mile radius that offers skilled nursing services, including neuromuscular disorders care, amputation care, cardiac care, nutritional support, advanced wound care and enteral nutrition, according to HFF. David Fasano, Ryan Maconachy, Chad Lavender and Sarah Anderson of HFF marketed the property on behalf of the seller, Palladian Healthcare.

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IllinoisMidwestRetail

Marcus & Millichap Brokers $2.4M Sale of Retail Property in Crestwood, Illinois

by Kristin Harlow

CRESTWOOD, ILL. — Marcus & Millichap has brokered the sale of a 4,800-square-foot retail property in Crestwood, about 25 miles southwest of Chicago, for $2.4 million. The building, located at 13430 South Cicero Ave., is 100 percent leased to T-Mobile, Jersey Mike’s and Sport Clips. Sean R. Sharko and Austin Weisenbeck of Marcus & Millichap marketed the property on behalf of the seller, a developer. Brendan Lee of Marcus & Millichap secured and represented the buyer, a limited liability company.

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