Property Type

McGrath to Build $5M Warehouse in St. Louis

by Kristin Harlow November 27, 2017

ST. LOUIS — McGrath & Associates is building a new $5 million warehouse for U.S. Paint, a developer and manufacturer of customized automotive and industrial paints, at the company’s facility in downtown St. Louis. McGrath will work in two phases to replace an existing warehouse with a 33,000-square-foot building while the manufacturing facility remains operational. During Phase I, McGrath will erect a new pre-engineered metal building to provide new office space, a maintenance shop, a battery charging area and storage for raw materials. A connecting link will tie the new building into an existing manufacturing building to allow covered access for forklift truck traffic. During Phase II, the existing raw materials warehouse will be demolished and a new building erected to provide space for a quality control lab and liquid materials storage. Japan-based Kansai Paint acquired U.S. Paint last year.

November 27, 2017

Iowa Midwest Multifamily

Timberland Partners Acquires 144-Unit Apartment Property in Des Moines

by Kristin Harlow November 27, 2017

DES MOINES, IOWA — Timberland Partners has acquired Ashley Square in Des Moines for an undisclosed price. The 144-unit apartment property consists of one- and two-bedroom floor plans. Built in 1986, the five-building property features amenities such as an outdoor pool and clubhouse. Planned improvements include new signage, fencing and renovations to unit interiors and clubhouse. All units will receive new flooring, lighting, appliances, countertops and in-unit washers and dryers. This is Timberland’s ninth property that it has acquired in the Iowa market. William Ryan, Alex Blagojevich and Michael Sullivan of Berkadia represented the undisclosed seller.

November 27, 2017

Midwest Office Ohio

Reichle Klein Group Arranges $2.2M Sale of Office Building in Maumee, Ohio

by Kristin Harlow November 27, 2017

MAUMEE, OHIO — Reichle Klein Group has arranged the sale of a 36,000-square-foot office building in Maumee, about 10 miles southwest of Toledo, for $2.2 million. The property is situated on three acres at 1789 Indian Wood Circle within Arrowhead Business Park. John Sluhan of Reichle Klein Group represented the seller, Manhattan Building Co. Marty Gallagher, also of Reichle Klein Group, represented the buyer, Walbridge Investors LLC.

November 27, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $65.7M Acquisition Loan for Multifamily Asset in Orlando

by Camren Skelton November 27, 2017

ORLANDO, FLA. — Berkadia has arranged a $65.7 million acquisition loan for Elan Audubon Park, a 449-unit multifamily community located at 990 Warehouse Road in Orlando. Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan through Bank of America on behalf of the borrower, Harbor Group International. The company acquired the property for $97.1 million. Constructed this year, Elan Audubon Park features one-, two- and three-bedroom units with vaulted ceilings, hardwood floors and in-unit washers and dryers. Community amenities include two resort-style pools, a poolside bar with a TV, outdoor kitchens with gas grilling areas, outdoor fire pits, two-story clubhouse, two-story fitness center, tanning room, game room, dog park and a dog wash station. Elan Audubon Park is situated near Colonial Town Center, home to a variety of shopping, dining and entertainment destinations.

November 27, 2017

Georgia Restaurant Retail Southeast

Capital, Concordia Unveil First Restaurant Tenants at New Food Hall in Metro Atlanta

by Camren Skelton November 27, 2017

MARIETTA, GA. — Capital Properties Group and Concordia Properties have unveiled the first round of restaurant tenants to occupy Marietta Square Market, a new food hall concept located in the Historic Marietta Square District, roughly 20 miles north of downtown Atlanta. The 18,500-square-foot converted warehouse building, located adjacent to the railroad tracks at 68 N. Marietta Parkway N.W., will have the look of a historic train station complete with a restored trolley car and a porch that wraps around two sides of the building. The food hall will feature 19 restaurant and retail concepts. Signed tenants at the project include Forno — Wood Fired Artisan Pizza, Street Taco, Grand Champion BBQ, Toppoke Korean & Poke and Pita Mediterranean Street Food. Kelly Wilson of Windsor Realty Group is handling the project’s leasing assignment. Marietta Square Market is slated to open in summer 2018.

November 27, 2017

Florida Multifamily Southeast

PAC Acquires 180-Unit Multifamily Community in Tampa

by Camren Skelton November 27, 2017

TAMPA, FLA. — Preferred Apartment Communities (PAC) has acquired Overlook at Crosstown Walk, a 180-unit apartment community in Tampa. PAC acquired the asset through a wholly owned subsidiary and financed the acquisition using a $22.2 million, fixed-rate Fannie Mae loan. Berkadia Commercial arranged the seven-year loan with a fixed interest rate of 3.95 percent and a 30-year amortization schedule. Other terms of the transaction were not disclosed. Constructed in 2016, Overlook at Crosstown Walk features a pet washing station, fitness center, pool, business center and a clubhouse.

November 27, 2017

Maryland Retail Southeast

Klein Enterprises Buys Shopping Center in Northeast Maryland for $11.6M

by Camren Skelton November 27, 2017

NORTH EAST, MD. — Klein Enterprises has acquired North East Station Shopping Center, an 87,006-square-foot retail center in North East, a town in northeast Maryland situated between Baltimore and Philadelphia, for $11.6 million. The seller was not disclosed. Food Lion anchors the center, which was 90.3 percent leased at the time of sale to tenants including Walgreens, Waffle House, AutoZone, Wendy’s and West Marine. North East Station is less than a mile from the Principio Industrial Park, which will house the new Amazon distribution center and its 700 full-time employees.

November 27, 2017

Alabama Multifamily Southeast

Cushman & Wakefield Brokers Sale of 170-Unit Apartment Property Near Birmingham

by Camren Skelton November 27, 2017

VESTAVIA HILLS, ALA. — Cushman & Wakefield has arranged the sale of 1800 Vestavia, a 170-unit apartment community in Vestavia Hills, roughly six miles south of Birmingham. Josh Jacobs and Jimmy Adams of Cushman & Wakefield arranged the transaction on behalf of the buyer, Springer Capital. The seller and sales price were not disclosed. Interior upgrades have been completed for 20 units, and the new ownership plans to redevelop the property’s interiors and amenity package.

November 27, 2017

California Industrial Western

Carpenter Co. Sells 417,600 SF Industrial Building in California for $21.5M

by Nellie Day November 27, 2017

LATHROP, CALIF. — Carpenter Co. has sold a 417,600-square-foot industrial building south of Stockton to an undisclosed buyer for $21.5 million. The facility is located at 17100 S. Harlan Road in Lathrop. The property is situated on nearly 35 acres about 60 miles east of the Port of Oakland. Jim Martin of Lee & Associates Stockton represented Carpenter Co. in this transaction.

November 27, 2017

Hospitality Nevada Western

Heritage Inn Opens 158-Room Homewood Suites Las Vegas City Center

by Nellie Day November 27, 2017

LAS VEGAS — The 158-room Homewood Suites by Hilton Las Vegas City Center has opened in Las Vegas. The hotel is located at 4625 Dean Martin Drive, half a mile from the Las Vegas Strip. Heritage Inn and Suites of Las Vegas owns the property, which Tharaldson Hospitality Management Co. manages. It offers studio to two-bedroom units that feature fully equipped kitchens, as well as separate living and sleeping areas.

November 27, 2017

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