Property Type

Marcus & Millichap Arranges $13.5M Sale of Multifamily Property Near Fort Lauderdale

by Camren Skelton August 8, 2017

OAKLAND PARK, FLA. — Marcus & Millichap has brokered the $13.5 million sale of The Oasis, a 141-unit apartment community located at 3860 N. Andrews Ave. in Oakland Park, roughly four miles north of Fort Lauderdale. Daniel Cunningham, Derek Gibbs and Evan Richardson of Marcus & Millichap arranged the transaction on behalf of the seller, an undisclosed limited liability company, and procured the buyer, an individual/personal trust. The Oasis comprises seven buildings situated on five individual parcels totaling 3.7 acres. The property features two swimming pools.

August 8, 2017

Alabama Multifamily Southeast

Inland Residential Trust Acquires 332-Unit Apartment Community in Montgomery

by Camren Skelton August 8, 2017

MONTGOMERY, ALA. — Inland Residential Properties Trust Inc. has purchased The Verandas at Mitylene, a 332-unit multifamily community located at 8850 Crosswind Drive in Montgomery. Mark Cosenza of Inland Real Estate Acquisitions and Brett Smith of The Inland Real Estate Group LLC represented Inland Residential Trust in the transaction. Constructed in 2007, The Verandas at Mitylene comprises 14 three-story buildings and includes a mix of one-, two- and three-bedroom units. The property also features a clubhouse, 24-hour fitness center, playground, car care center, business center and a swimming pool. The asset was 91 percent occupied as of June 30.

August 8, 2017

Indiana Midwest Office

Alidade Capital Acquires 118,954 SF Office Building in Indianapolis

by Kristin Harlow August 8, 2017

INDIANAPOLIS — Alidade Capital WCP VII LLC, a wholly owned subsidiary of Alidade Capital Fund IV LP, has acquired Woodland Corporate Park VII in Indianapolis for an undisclosed price. The 118,954-square-foot office building is visible from I-465. The acquisition represents Michigan-based Alidade Capital’s second transaction in Indianapolis and brings the real estate private equity fund manager’s total portfolio in the area to approximately 292,000 square feet. Following the sale, Alidade Capital awarded John Vandenbark and Nick Svarczkopf of CBRE with the listing assignment for the property. Dan Richardson of CBRE represented the seller, Duke Construction Limited Partnership, in the transaction.

August 8, 2017

Affordable Housing Illinois Midwest Multifamily

$14.1M Affordable Housing Complex Opens on West Side of Chicago

by Kristin Harlow August 8, 2017

CHICAGO — Harvest Homes, a 36-unit affordable housing complex, has opened in Chicago’s East Garfield Park. People’s Community Development Association of Chicago Inc. and The NHP Foundation developed the $14.1 million project. The property, located at 3512-46 W. Fifth Ave. on the city’s West Side, consists of four three-story buildings. The complex features a mix of two- to four-bedroom apartment units for residents earning up to 60 percent of the area median income. City support for the project included $1 million in tax increment financing and approximately $1.4 million in low-income housing and donation tax credits that generated $12.7 million in equity for the project. Other funding sources included a grant from the Federal Home Loan Bank and a private mortgage loan. The project is part of the city’s five-year housing plan to commit $1.3 billion in public and private funds to build, rehabilitate or preserve 41,000 units of affordable housing by the end of 2018.

August 8, 2017

Healthcare Midwest Minnesota

HSA PrimeCare, USAA Real Estate Acquire 45,722 SF Medical Office Building in Plymouth, Minnesota

by Kristin Harlow August 8, 2017

PLYMOUTH, MINN. — A joint venture between HSA PrimeCare and USAA Real Estate has acquired a 45,722-square-foot medical office building in Plymouth, a western suburb of Minneapolis. The purchase price was not disclosed. North Clinic anchors the building, which was built in 2014 and is located within Plymouth’s City Center. HSA PrimeCare and USAA Real Estate announced the formation of its joint-venture equity fund in 2016, which is positioned to acquire and develop healthcare facilities across the Midwest. HSA PrimeCare and Minneapolis-based Frauenshuh Commercial Real Estate will manage the building. Brian Bruggeman and Louis Suarez of Colliers International will lease the property. David Berglund of Colliers International represented the undisclosed seller in the sale transaction.

August 8, 2017

Illinois Industrial Loans Midwest

Wool Finance Arranges $14M Refinancing of Industrial Buildings in Vernon Hills, Illinois

by Kristin Harlow August 8, 2017

VERNON HILLS, ILL. — Wool Finance Partners has arranged a $14 million loan for the refinancing of two industrial buildings in Vernon Hills, a northern suburb of Chicago. The buildings total 350,000 square feet and are leased to a single tenant. A regional bank was the lender. The borrower was not disclosed. Gary Wool of Wool Finance arranged the loan.

August 8, 2017

Industrial Midwest Ohio

Colliers International Brokers $4.1M Sale of Warehouse in Cincinnati

by Kristin Harlow August 8, 2017

CINCINNATI — Colliers International has brokered the sale of an 81,681-square-foot warehouse in Cincinnati for $4.1 million. The property, located at 5480 Creek Road, features 6,681 square feet of office space. Raymond Storage Concepts Inc. (RSCI) purchased the property. The company sells, rents and services materials handling equipment, including dock doors and other warehouse solutions. RSCI also maintains sales and service facilities in Columbus and Louisville, Ky. John Gartner and Erin Casey of Colliers International represented the seller, Creek Road 5480 LLC, in the sales transaction. Roddy MacEachen, Rod MacEachen and Jared Wagoner of SQFT Commercial represented RSCI.

August 8, 2017

Connecticut Northeast Office

CBRE Facilitates $97M Sale of Two Office Buildings in Stamford, Connecticut

by Amy Works August 8, 2017

STAMFORD, CONN. — CBRE has arranged the sale of Stamford Towers, a two-building office property located in Stamford’s central business district. SL Green and TH Real Estate sold the property to CBRE Global Investors for $97 million. Tenants at the Class A property include Citigroup, UBS Financial Services, H/2 Credit Manager, Titan Advisors, Gerald Metals, Bank of Ireland, Oaktree Capital, Oppenheimer, CoreCommodity and Newmark. Jeffery Dunne, David Gavin and Travis Langer of CBRE Institutional Properties represented the sellers in the transaction.

August 8, 2017

New Jersey Northeast Office

Rialto Capital Sells 212,666 SF Office Property in Secaucus, New Jersey, for $21M

by Amy Works August 8, 2017

SECAUCUS, N.J. — Rialto Capital has completed the sale of 150 and 200 Meadowlands Parkway, two office buildings in Secaucus. Alma Realty acquired the buildings for $21 million. Totaling 212,666 square feet, the two buildings were 77 percent leased at the time of sale. Current tenants include Schiavone Construction, Ashley Stewart, Cory 1st Choice Home Delivery and Image Processing Systems, a data center for VXchange and Frontage Laboratories. Jeffrey Dunne, Jeremy Neuer and Geoffrey Schubert of CBRE represented the seller in the deal.

August 8, 2017

Multifamily New Jersey Northeast

Joint Venture Breaks Ground on Condo Project in Hoboken, New Jersey

by Amy Works August 8, 2017

HOBOKEN, N.J. — 722 Jefferson St LLC, a joint venture between Derby Consulting and Crimson Capital, has broken ground for a condominium project located at 722 Jefferson St. in Hoboken. The five-story building will feature 15 residences in two- and three-bedroom layouts with deeded parking spaces; 2,000 square feet of courtyard space; two private rear yards and three private 930-square-foot roof decks. Minervini Vandermark is serving as architect and Fields Construction Co. is serving as construction manager and general contractor for the project, which is slated for completion by spring 2018.

August 8, 2017

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