Property Type

Preferred Apartment Communities Acquires Kroger-Anchored Center in Metro Raleigh

by Camren Skelton August 29, 2017

CARY, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Maynard Crossing, a 122,781-square-foot, Kroger-anchored shopping center in Cary, roughly 11 miles east of Raleigh. The sales price was not disclosed, but the company financed the acquisition using an $18.5 million, non-recourse loan from Principal Financial Group. The loan features an interest rate of 3.7 percent and matures on Sept. 1, 2032. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. The acquisition of Maynard Crossing brings New Market Properties’ portfolio to 35 grocery-anchored shopping centers across seven states.

August 29, 2017

District of Columbia Multifamily Southeast

Greysteel Brokers $34M Sale of Two-Property Multifamily Portfolio in D.C.

by Camren Skelton August 29, 2017

WASHINGTON, D.C. — Greysteel has arranged the $34 million sale of two apartment communities in the Capitol Hill neighborhood of Washington, D.C. — Capitol East Apartments, a 120-unit community located at 518 9th Street. N.E., and Lexington Apartments, a 48-unit property located at 816 E. Street N.E. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox and Herbert Schwat of Greysteel brokered the transaction. Akelius Residential, an international multifamily operator, acquired the properties from Pennsylvania-based Wexford Management. The communities are situated within walking distance to the U.S. Capitol, the Library of Congress and the House and Senate office buildings.

August 29, 2017

Loans Multifamily South Carolina Southeast

Berkadia Secures $38M in Refinancing for Apartment Community in Greenville Suburb

by Camren Skelton August 29, 2017

TAYLORS, S.C. — Berkadia has arranged the $38 million refinancing for Cobalt Springs Apartment Homes, a 548-unit, garden-style community located at 1712 Pinecroft Drive in Taylors, a suburb of Greenville. Mitch Sinberg and Matt Robbins of Berkadia arranged the 10-year, floating-rate loan through Freddie Mac’s Green Up Program on behalf of the borrower, The RADCO Cos. The Atlanta-based company originally acquired the asset in 2015 for $33.8 million and installed low-flow toilets and low-flow aerators in kitchen and bathroom sinks. Constructed in 1975 and renovated in 2005, Cobalt Springs offers one-, two- and three-bedroom units and features a business center, coffee bar, pool, clubhouse and laundry facilities.

August 29, 2017

Florida Loans Multifamily Southeast

KeyBank Closes $25.7M Acquisition Loan for New Multifamily Property in Metro Orlando

by Camren Skelton August 29, 2017

KISSIMMEE, FLA. — KeyBank Real Estate Capital has arranged a $25.7 million acquisition loan for Sonoma Pointe Apartments, a 216-unit, Class A multifamily community in Kissimmee, roughly 20 miles south of Orlando. Chris Black of KeyBank secured the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Fannie Mae. The borrower was not disclosed. Constructed in 2015, Sonoma Pointe Apartments features a dog park, clubhouse, fitness center, swimming pool and an outdoor kitchen with gas fireplaces.

August 29, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $15M Sale of Multifamily Asset in Augusta, Georgia

by Camren Skelton August 29, 2017

AUGUSTA, GA. — Cushman & Wakefield has brokered the $15 million sale of Woodhill, a 182-unit apartment community in Augusta. Robert Stickel of Cushman & Wakefield represented the sellers, Intermark Management and King Management, in the sale to New York-based JEM Holdings. Constructed in 1986, Woodhill features a resort-style pool, fitness center, tennis courts and a clubhouse. JEM will implement capital improvements including upgraded unit interiors and an enhanced amenity package.

August 29, 2017

Illinois Midwest Retail

Mid-America Brokers Sale of Mariano’s Ground Lease for $20M in Lombard, Illinois

by Kristin Harlow August 29, 2017

LOMBARD, ILL. — Mid-America Real Estate Corp. has brokered the sale of a Mariano’s ground lease in Lombard for $20 million. The 74,000-square-foot property is located at the intersection of Roosevelt and Finley roads. Mariano’s holds a 20-year ground lease corporately guaranteed by Kroger Co. Joe Girardi and Wes Koontz of Mid-America brokered the sale on behalf of the seller, Bradford Real Estate. A private investor purchased the property.

August 29, 2017

Illinois Industrial Midwest

Principle Completes 750,000 SF Industrial Facility in Channahon, Illinois

by Kristin Harlow August 29, 2017

CHANNAHON, ILL. — Principle Construction Corp. has completed a 750,000-square-foot industrial facility in Channahon. The building, which sits on a 34-acre site, is the first building in the new Channahon Corporate Center, developed by IDI Gazeley. Building A features 86 dock doors, parking for 440 vehicles, 192 trailer parking spaces, an ESFR sprinkler system and a 185-foot concrete truck court. Principle will continue to build out infrastructure for the remaining 72 acres of the park. Jim Brucato, Darrin Dehmlow and Doug Brucato of Principle oversaw the project. Sparks Architects Inc. designed the site, while Jacob & Hefner was the civil engineer.

August 29, 2017

Midwest Net Lease North Dakota Retail

The Boulder Group Arranges $4.8M Sale of Property Net Leased to Shopko in Stanley, North Dakota

by Kristin Harlow August 29, 2017

STANLEY, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko Hometown in Stanley, located in northwestern North Dakota, for $4.8 million. The 26,004-square-foot property is located at 702 Westview Lane. There are over 13 years remaining on the Shopko lease, which expires in November 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate institution. A Southwest-based real estate investment firm purchased the property.

August 29, 2017

Illinois Midwest Mixed-Use

Interra Brokers $3.1M Sale of Mixed-Use Property in Chicago

by Kristin Harlow August 29, 2017

CHICAGO — Interra Realty has brokered the sale of a 13-unit mixed-use property in Chicago’s Pilsen neighborhood for $3.1 million. The property, which comprises 12 residential units and one street-level retail space, is located at 1157 W. 18th St. The building underwent a full renovation in 2016, including all new kitchens and baths. The 2,300-square-foot retail space has a new facade with large windows, exposed brick walls, high ceilings and access to additional basement storage. Jeremy Morton and Ted Stratman of Interra represented both the undisclosed buyer and the seller, a local development group. At $238,462 per unit, this was the second highest price-per-unit sale in Pilsen history, according to Interra.

August 29, 2017

Midwest Ohio Retail

TNT Powerwash to Expand Operations in Sharonville, Ohio

by Kristin Harlow August 29, 2017

SHARONVILLE, OHIO — TNT Powerwash has unveiled plans to expand its operations in Sharonville. The company purchased a property located at 11910 Mosteller Road for $1 million with plans to demolish the existing truck terminal and redevelop the site. TNT plans to construct a new facility to house a truck dealership; maintenance, body and detail shop; and drive-thru truck wash. The $3.2 million project will create 20 new jobs, according to TNT. Erin Casey and John Gartner of Colliers International represented TNT in the transaction.

August 29, 2017

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