Property Type

Inland Arranges $49.5M Sale of Apartment Community in Metro Raleigh

by Camren Skelton December 8, 2017

KNIGHTDALE, N.C. — Inland Real Estate Acquisitions has arranged the sale of Alta Legacy Oaks, a 304-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Mark Cosenza and Beth Smith of Inland Real Estate Group arranged the transaction on behalf of the buyer, an Inland affiliate. Wood Partners sold the asset for $49.5 million, according to the Triangle Business Journal. The property, located at 1150 Baxter Lane, will be renamed View at Legacy Oaks. The community includes one- to three-bedroom units ranging in size from 744 to 1,502 square feet. Community amenities include a swimming pool, outdoor kitchen, outdoor game lounge, fitness center, community garden, business center, dog park, car care center, playground and a clubhouse. At the time of sale, View at Legacy Oaks was 96 percent occupied.

December 8, 2017

Hospitality Southeast Tennessee

Safe Harbor Breaks Ground on 217-Room Margaritaville Hotel in Nashville’s SoBro District

by Camren Skelton December 8, 2017

NASHVILLE, TENN. — Safe Harbor Development, in conjunction with Margaritaville Holdings, has broken ground on Margaritaville Nashville Hotel, a 217-room hotel in Nashville’s SoBro district. Inspired by the lyrics and lifestyle of singer/songwriter Jimmy Buffett, the hotel is located at the corner of 5th Avenue South and Peabody Street, steps from Music City Center. In addition to guest rooms, the hotel will feature 52 Margaritaville Vacation Club by Wyndham timeshare units; a rooftop area with a pool, sundeck, fire pits and live entertainment; fitness center; more than 10,000 square feet of function space; Starbucks Coffee shop; and two Margaritaville dining concepts: FINS Beach Bar and JWB Grill. Margaritaville Nashville Hotel is part of Margaritaville’s portfolio of hotels and resorts. To date, the portfolio includes 10 hotels across the Southeast and Caribbean and 23 additional locations under development. The Nashville location is expected to open in summer 2019.

December 8, 2017

Georgia Industrial Loans Southeast

CBRE Secures $28.7M Acquisition Loan for Industrial Asset in Metro Atlanta

by Camren Skelton December 8, 2017

AUSTELL, GA. — CBRE has arranged a $28.7 million acquisition loan for Core5 Logistics Center at Interstate West, a 781,440-square-foot industrial facility located at 440 Interstate West in Austell, roughly 18 miles northwest of downtown Atlanta. Joel Torbora, Jonathan Rice and Jeff Ackemann of CBRE arranged the three-year loan through BMO Harris on behalf of the buyer, WPT Capital Advisors. The company acquired the facility from Core5 Industrial Partners, which developed the property in September. Core5 Logistics Center features 36-foot clear heights. Todd Barton of CBRE is handling the property’s leasing assignment.

December 8, 2017

North Carolina Retail Southeast

Asheville Outlets Wins ICSC Design and Development Award

by Camren Skelton December 8, 2017

ASHEVILLE, N.C. — The International Council of Shopping Centers (ICSC) has named the Asheville Outlets a commendation winner in the renovations and expansions category at the 2017 U.S. Design and Development Awards competition. ICSC announced the winners during an awards ceremony at ICSC’s RetailGreen and CenterBuild Conference in Scottsdale, Ariz. Nine real estate developments throughout the country won an award, and Asheville Outlets was the only outlet center and only Southeast property to achieve this distinction. New England Development developed and manages the property, which is the redevelopment of an enclosed regional shopping mall into a multi-building, open-air center. The 325,000-square-foot center features a mountain village design with stone cladding, wood accents, paved pedestrian walkways, water fountains, landscaped gardens and multiple seating areas. Located roughly five miles from downtown, Asheville Outlets is home to tenants including Ann Taylor, Banana Republic, Brooks Brothers, Coach, J. Crew, Tommy Hilfiger, Under Armour, Vera Bradley and Field & Stream.

December 8, 2017

Florida Office Southeast

Ian Black Real Estate Negotiates $16M Sale of Office Building in Sarasota

by Camren Skelton December 8, 2017

SARASOTA, FLA. — Ian Black Real Estate has arranged the $16 million sale of a 70,304-square-foot office building located at 6010 Cattleridge Blvd. in Sarasota. The Ibis Group sold the three-story asset to Sarasota County for its new administrative headquarters for the Sheriff’s Office. Ian Black, Steve Horn, Nick DeVito and Melissa Harris of Ian Black Real Estate represented Ibis Group in the transaction.

December 8, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $4.8M HUD Loan for Construction of Affordable Housing Property in Ramsey, Minnesota

by Kristin Harlow December 8, 2017

RAMSEY, MINN. — Dougherty Mortgage LLC has provided a $4.8 million HUD 221(d)(4) loan for the construction of Greenway Terrace in Ramsey, about 30 miles north of Minneapolis. All 54 of the property’s units will be restricted to individuals and families earning 50 percent or less of the area median income. The project will feature six one-bedroom units, 21 two-bedroom units, 21 three-bedroom units and six four-bedroom units. Dougherty arranged the 40-year loan on behalf of the borrower, Ramsey Station Apartments Limited Partnership. In addition to the HUD-insured first mortgage, the borrower obtained capital via the Low-Income Housing Tax Credit (LIHTC) program as well as funds from Anoka County and the Metropolitan Council.

December 8, 2017

Illinois Industrial Midwest

Midwest Industrial Funds Sells 84,000 SF Industrial Building in Chicago

by Kristin Harlow December 8, 2017

CHICAGO — Midwest Industrial Funds has sold an 84,000-square-foot industrial building in Chicago for an undisclosed price. The food production building is located at 4300 S. Morgan St. within the Stockyards Business Park. The property features 17- to 28-foot ceilings, seven exterior docks, parking for 150 cars and freezer space on a nine-acre site. An affiliate of WP Carey, which had a long-term lease agreement in place with Griffith Foods at closing, purchased the property. Scott Duerkop, Jason Volpe and Sean Devaney of JLL represented the buyer and Griffith Foods in the transaction. Brian Vanosky, Tom Condon and Tim McCahill of Lee & Associates represented Midwest Industrial Funds.

December 8, 2017

Illinois Midwest Self-Storage

Marcus & Millichap Arranges $4.4M Sale of Self-Storage Facility in Romeoville, Illinois

by Kristin Harlow December 8, 2017

ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of Space Savers Self Storage in Romeoville for $4.4 million. The 44,000-square-foot self-storage facility is located at 645 S. Weber Road. Built in 2005, the facility offers climate-controlled, indoor, outdoor and portable storage units. For security, the facility features 24-hour surveillance and all units are electronically controlled. Sean Delaney and Michael Male of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the buyer, a private investor.

December 8, 2017

Midwest Office Ohio

Enervise Signs 12,700 SF Office Lease in Blue Ash, Ohio

by Kristin Harlow December 8, 2017

BLUE ASH, OHIO — Enervise has signed a 12,700-square-foot office lease at Vista Business Center II in Blue Ash, about 15 miles northeast of Cincinnati. Vista Business Center II, totaling 57,000 square feet, is part of a two-building office campus located along Alliance Road. Enervise, a commercial HVAC services company, is relocating from Evendale, Ohio, and will use the building as its new headquarters. Other tenants at the property include The Urology Group and Technical Training Associates. John Eckert, Travis Likes and Scott Yards of CBRE represented the landlord, Neyer Properties, in the lease transaction.

December 8, 2017

Midwest Ohio Retail

Confluent Development Completes Two Verizon Wireless Stores in Ohio

by Kristin Harlow December 8, 2017

CINCINNATI AND DAYTON, OHIO — Confluent Development has completed two Verizon Wireless stores in Cincinnati and Dayton. The Cincinnati project is a renovation of a 4,522-square-foot freestanding, renovated facility along a retail corridor in the Western Hills area. Verizon relocated the Cincinnati store for a larger space. The renovation included the expansion of the sales floor area to enhance customer service. The store is located at 6211 Glenway Ave. The Dayton store is a 4,983-square-foot ground-up, build-to-suit development. Verizon decided to relocate the store in favor of the new facility’s more functional layout. Located at 2340 Miamisburg Centerville Road, the freestanding facility is in the Centerville neighborhood immediately adjacent to Target and near South Dayton Mall. The project marks one of the first Verizon Wireless locations built under the company’s new “Next Generation” store design, which incorporates the latest digital technology and merchandising concepts under Verizon’s new retail vision, according to Confluent.

December 8, 2017

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