Property Type

Cohen Financial Secures $13M Acquisition Loan for Retail Center in Metro Nashville

by Camren Skelton November 3, 2017

MURFREESBORO, TENN. — Cohen Financial, a division of SunTrust Bank, has secured a $13 million loan for the acquisition of Towne Center, a 108,000-square-foot retail center located on Old Fort Parkway in Murfreesboro, roughly 35 miles southeast of Nashville. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate loan through Morgan Stanley on behalf of the borrower, an affiliate of Integris Ventures. T.J. Maxx anchors Towne Center, and Lowe’s Home Improvement and Target are shadow anchors.

November 3, 2017

Georgia Multifamily Southeast

Marcus & Millichap Arranges $13.5M Sale of Multifamily Community in Savannah

by Camren Skelton November 3, 2017

SAVANNAH, GA. — Marcus & Millichap has arranged the $13.5 million sale of Heritage Square, a 168-unit apartment community located at 9111 White Bluff in Savannah. John Brigel of Marcus & Millichap arranged the transaction on behalf of the undisclosed sellers and procured the buyer. Additional terms of the transaction were not disclosed. Constructed in 1971, Heritage Square includes one- and two-bedroom units and features a business center, fitness center, clubhouse and a swimming pool.

November 3, 2017

Illinois Loans Midwest Retail

ECA Capital Receives $77M Loan for Refinancing of Two Retail Properties in Chicago

by Kristin Harlow November 3, 2017

CHICAGO — ECA Capital Ltd., an Irish partnership, has received a $77 million loan for the refinancing of two adjacent retail properties along Chicago’s Magnificent Mile. The properties, located at 545 and 555 N. Michigan Ave., total 61,909 square feet. Completed in 1998, the 45,904-square-foot, three-story 555 North Michigan building is home to The Gap. Ugg boots recently leased the five-story 545 North Michigan building, which includes 16,005 square feet. Christopher Knight and Timothy Joyce of HFF arranged the 10-year loan with a fund managed by Apollo Global Management.

November 3, 2017

Loans Midwest Multifamily Ohio

KeyBank Arranges $20.7M Refinancing for Apartment Property in Gahanna, Ohio

by Kristin Harlow November 3, 2017

GAHANNA, OHIO — KeyBank Real Estate Capital has arranged a $20.7 million Fannie Mae loan for the refinancing of Parc Apartments in Gahanna, about nine miles northeast of Columbus. The 180-unit property is comprised of six, three-story buildings situated on 7.8 acres of land. Tim Weldon of Key arranged the 12-year loan, which features a 30-year amortization schedule.

November 3, 2017

Illinois Midwest Multifamily

Kiser Group Brokers $4.9M Sale of Multifamily Property in Chicago

by Kristin Harlow November 3, 2017

CHICAGO — Kiser Group has brokered the sale of a 41-unit multifamily property in Chicago’s Uptown neighborhood for $4.8 million. The property is located at 4866 N. Magnolia Ave. The building, constructed in the 1920s, consists of mostly studio apartment units. Ben Smith, Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Local private investor Sandy Kahn purchased the asset from another local investor.

November 3, 2017

Iowa Midwest Self-Storage

Bellomy & Co. Negotiates Sale of 64,517 SF Self-Storage Facility in Waukee, Iowa

by Kristin Harlow November 3, 2017

WAUKEE, IOWA — Bellomy & Co. has negotiated the sale of Waukee Storage Masters in Waukee, about 20 miles west of Des Moines. The sales price was not disclosed. The 64,517-square-foot self-storage facility features 462 climate-controlled units. The Class A property is located near Grand Prairie Parkway and I-80. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Waukee-based seller. The team also procured the buyer, StorageMart.

November 3, 2017

Industrial Midwest Wisconsin

Dickman Co. Arranges Sale of 53,000 SF Industrial Building in Slinger, Wisconsin

by Kristin Harlow November 3, 2017

SLINGER, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of a 53,000-square-foot industrial building in Slinger, about 35 miles northwest of Milwaukee. The sales price was not disclosed. The property is located at 3767 Scenic Road. Scenic Cedar Creek LLC purchased the asset from the sellers, Robert and Ann Schoenke. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction.

November 3, 2017

Illinois Michigan Midwest Multifamily Top Stories

CCA Sells Three Apartment Properties in Illinois, Michigan for $125M

by Kristin Harlow November 3, 2017

ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed. Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units and is located in the northwest suburb of Chicago. The 221-unit Village of Hoffman Estates is also located northwest of Chicago. These three communities no longer fit the vision of the company, which has shifted to developing and managing midrise, high-rise and historic mixed-use apartment and penthouse communities, according to CEO Jonathan Holtzman. Prior to launching CCA in early 2016, Holtzman served as chairman, CEO and 50 percent owner of Village Green Holdings. CCA began transferring the management of its entire portfolio from Village Green to City Club management in June of this year. With offices in Detroit, Chicago and Toronto, CCA has a portfolio of approximately 10,000 apartments in 30 communities, $2 billion in real estate assets and …

November 3, 2017

Market Reports Retail Texas Texas Market Reports

Rising Occupancy Bolsters Fort Worth Retail Market Outlook

by Taylor Williams November 3, 2017

With occupancies, rental rates and volumes of new construction on the rise, the Fort Worth retail market continues to draw a great number of investors and available debt lenders to the area in search of deals. Stabilized strip centers in high-traffic areas are in high demand, often trading at first-year returns in the high-6 percent to low-7 percent range. The Dallas-Fort Worth (DFW) metroplex’s thriving economy and growing population has prompted greater retail spending, which, in combination with the shifting retail landscape, is generating strong demand for space. During the first quarter, area employers added 24,300 positions. Many of these jobs were created at businesses that are situated within master-planned, mixed-use developments that combine office, retail and rental units, which has helped foster greater retail spending. As of the first quarter, average retail spending per household in Fort Worth reached $4,439 per month — 17.3 percent higher than the U.S. average. Looking forward, it seems likely that these trends will continue as the DFW population is projected to expand by 728,000 people over the next five years. This should help sustain healthy demand and positive momentum for retail real estate. Along with the positive economic outlook, the reconfiguration and diversification …

November 3, 2017

California Multifamily Seniors Housing Western

HCP Plans to Sell Six Communities for $275M to Reduce Brookdale Portfolio

by Nellie Day November 2, 2017

IRVINE, CALIF. — HCP Inc. (NYSE: HCP) has unveiled a plan to “significantly reduce” its concentration of Brookdale-operated seniors housing communities. The plan includes HCP selling six Brookdale properties for an estimated $275 million, as well as selling its remaining 40 percent stake in a joint venture to Columbia Pacific Advisors for $332 million. The joint venture — RIDEA II — owns 49 seniors housing properties, of which Brookdale operates 46. Irvine-based HCP is one of the “Big Three” seniors housing REITs. Headquartered in Brentwood, Tenn., Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,048 properties and 102,055 units, according to the American Seniors Housing Association, which is nearly triple the size of the next largest competitor. However, the company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 on March 2, 2015, to $11.80 on Feb. 8, 2016. The goal of HCP’s plan is to reduce its exposure to Brookdale-operated properties, increase its lease coverage of the Brookdale communities it will continue to own, …

November 2, 2017

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