Property Type

Mid-America Brokers Sale of 66,066 SF Retail Center in Crystal Lake, Illinois

by Kristin Harlow November 29, 2016

CRYSTAL LAKE, ILL. — Mid-America Real Estate Corp. has brokered the sale of a portion of Bohl Farm Marketplace in Crystal Lake, a northwest suburb of Chicago. The sales price was not disclosed. Fresh Thyme Farmers Market, Planet Fitness and Party Center anchor the 66,066-square-foot portion that was sold. The center is located near the northwest corner of Northwest Highway and Pingree Road. Ben Wineman and Carly Gallagher were the exclusive brokers in the transaction on behalf of the seller, Berengaria Development.

November 29, 2016

Midwest Minnesota Retail

Marcus & Millichap Arranges $3.2M Sale of 18,027 SF Retail Property in Lino Lakes, Minnesota

by Kristin Harlow November 29, 2016

LINO LAKES, MINN. — Marcus & Millichap has arranged the sale of Lino Lakes Marketplace in Lino Lakes, a northern suburb of the Twin Cities, for $3.2 million. The 18,027-square-foot property is located at 701-717 Apollo Drive. The property was 92 percent occupied at closing. Sean Doyle, Cory Villaume, Matthew Hazelton and Adam “AJ” Prins of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was also a limited liability company.

November 29, 2016

Loans Office South Carolina Southeast

Greenwich Group Arranges $52.9M in Acquisition, Renovation Financing for Two Office Parks in Greenville

by John Nelson November 29, 2016

GREENVILLE, S.C. — The Greenwich Group International has secured $52.9 million in acquisition and renovation financing for Park Central and Park East, two office parks in Greenville totaling 570,000 square feet. The financing included a $39 million loan and $13.9 million in joint venture equity. The borrower, Atlanta-based TWO Capital Partners, purchased the properties in an off-market transaction. Located in Greenville’s I-385 corridor, Park Central and Park East feature 12 buildings that were 70 percent leased at the time of sale. Don Atchison, Steve Lorenz and Larry Baucom led Greenwich Group’s team in securing the financing.

November 29, 2016

Office Southeast Tennessee

Avison Young Brokers $26M Sale of Two Office Buildings in Metro Nashville

by John Nelson November 29, 2016

BRENTWOOD, TENN. — Avison Young has brokered the $26 million sale of Gateway Plaza I and Maryland Park Center in Brentwood, a suburb of Nashville. Gateway Plaza I is a three-story, 82,848-square-foot office building located at 5409 Maryland Way. The property was fully leased at the time of sale to tenants such as Foundations Recovery Network, Henderson Financial Group, The Layton Cos. and Right Management. Maryland Park Center is a three-story, 43,696-square-foot office building located at 115 East Park Drive. The building was fully leased at the time of sale to tenants such as Vulcan Construction Materials, Nashville Sleep Medicine, Maxim Healthcare Services and CareSpot. Don Albright, Lisa Maki, Mike Jacobs and Ashley Albright of Avison Young represented the seller, Sun Life Assurance Co. of Canada. The acquisition is the first purchase in Brentwood for the buyer, Albany Road Real Estate Partners.

November 29, 2016

Florida Loans Office Southeast

NXT Capital Provides $18.5M Acquisition Loan for Office Park in West Palm Beach

by John Nelson November 29, 2016

WEST PALM BEACH, FLA. — NXT Capital has provided an $18.5 million acquisition loan for Centrepark West, a four-building office park totaling 175,000 square feet in West Palm Beach. The site is bordered by I-95 to the east and Palm Beach International Airport to the west. Christian Lee and Amy Julian of CBRE’s Miami office arranged the loan through NXT Capital on behalf of the undisclosed borrower.

November 29, 2016

Multifamily New York Northeast Top Stories

ACORE Capital Provides $156M Construction Loan for The Ritz-Carlton Residences in New York

by Katie Sloan November 29, 2016

NORTH HILLS, N.Y. — ACORE Capital has provided $156 million in construction financing for Phase II of The Ritz-Carlton Residences, Long Island, North Hills, located 20 miles east of Midtown Manhattan on Long Island’s North Shore. Mike Tepedino, Michael Gigliotti and Geoff Goldstein of HFF worked on behalf of RXR Realty LLC to place the construction loan with ACORE Capital. HFF previously secured construction financing on the borrower’s behalf for the first phase of the condominium project in 2013, which is now more than 90 percent sold. The first 120-unit phase of the property was recently completed, and offers two- and three-bedroom units. The second phase of the project will consist of an additional 120 units totaling approximately 270,211 square feet. Each unit will have a minimum of two indoor parking spaces available. Community amenities include indoor and outdoor swimming pools, a fitness center and yoga studio, resident lounge, private reception rooms, boardroom, billiards room, coffee and espresso bar, and movie theater. The Ritz-Carlton Hotel Company manages the property and offers the full array of Ritz-Carlton’s services, including concierge, doormen, porters and membership in The Ritz-Carlton’s worldwide reservations network. The community also offers a number of a-la-carte services such as housekeeping, …

November 29, 2016

Features Industrial Top Stories

Self Storage: The Strong, Stable REIT Investment

by Jeff Shaw November 29, 2016

The self storage REIT industry is sizzling hot. Last year, when stocks were flat and REITs generated a mere 2.8 percent return on average, self storage REITs returned a whopping 40 percent, far surpassing all other REIT sectors. Occupancy rates at the 51,000 self storage facilities in the United States have grown by 11 percent from the first quarter of 2012 to the first quarter of 2016. The need for storage facilities continues to increase as Baby Boomers retire and downsize, while millennials flock to rental apartments without garages and basements. In fact, the growth in the inventory of self storage facilities mirrors recent increases in apartment occupancy. Although net absorption of apartments is slowing, self storage REITs remain a solid investment. That’s because the existing inventory of storage facilities is relatively low due to a slowdown of construction during the recession. This lack of sufficient supply prompted Integra Realty Resources to predict record-level prices and continued demand for this strong investment type into 2017. One of the advantages of self storage is that it involves so little capital outlay when compared to other kinds of commercial real estate, such as malls, offices or apartments. Indeed, it requires less capital …

November 29, 2016

California Multifamily Western

StarPoint Properties Buys Apartment Building in Claremont for $15.7M

by Nellie Day November 28, 2016

CLAREMONT, CALIF. — StarPoint Properties has purchased the 75-unit Indian Hill Villas apartment building in Claremont for $15.7 million. The community is located at 510 S. Indian Hill Blvd. It is a few minutes from the Claremont Colleges. Indian Hill Villas was originally built in 1971. It is set to undergo a $2.1 million renovation. Stewart Weston and John Montakab of Institutional Property Advisors represented StarPoint in this off-market transaction.

November 28, 2016

California Loans Multifamily Seniors Housing Western

Harborview Closes $16.2M Construction Loan for Seniors Housing in Nipomo

by Nellie Day November 28, 2016

NIPOMO, CALIF. — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed a $16.2 million construction loan for a 110-bed assisted living and memory care facility in Nipomo. The city is situated along the California coast between Los Angeles and San Francisco. Avi Begun, senior originator with Harborview, closed the transaction. The borrower and facility name were not disclosed.

November 28, 2016

California Loans Retail Western

Cohen Financial Secures $8.9M Loan for Town Center Square in Rancho Cucamonga

by Nellie Day November 28, 2016

RANCHO CUCAMONGA, CALIF. — Cohen Financial has secured an $8.9 million loan for Town Center Square, a 60,553-square-foot shopping center located roughly 40 miles outside downtown Los Angeles in Rancho Cucamonga. The property is fully leased to tenants including Aldi, Office Max and Barnes & Noble. Cathy Bronkema of Cohen Financial secured the fixed-rate, non-recourse, 15-year term loan with a flexible prepayment structure and 25-year amortization schedule. A private balance-sheet lender provided the financing, which was used to payoff an existing bridge loan.

November 28, 2016

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