Property Type

Positive Investments Receives $16.9M Refinancing for Student Housing Property in Riverside, California

by Nellie Day October 31, 2017

RIVERSIDE, CALIF. — Positive Investments has received a $16.9 million refinancing for International Village, a 341-bed student housing community located on the University of California, Riverside campus. Positive Investments acquired the property, which is subject to a ground lease agreement with regents of the University of California, in 2016. The community partners with the University of California, Riverside, to provide housing for students from around the world attending the university’s International Education programs. Capital One provided the Fannie Mae, fixed-rate loan, which features a 30-year amortization schedule. Andrew Kwok of Capital One originated the transaction. The property offers studio, loft, two-, three- and five-bedroom units. Shared amenities include a fitness center, music room with a piano, soccer field, bike rental, basketball court, barbecue areas, study lounges and TV lounge with billiards tables.

October 31, 2017

Multifamily New Jersey Northeast

Post Brothers Acquires 320-Unit Multifamily Development in North Bergen, New Jersey

by Amy Works October 31, 2017

NORTH BERGEN, N.J. — Philadelphia-based Post Brothers has purchased The Duchess, a 320-unit multifamily high-rise development located at 7601 River Road in North Bergen. The developer, LWH Urban Renewal LLC sold the property for $166 million. Comprised of three interconnected 12-story buildings, The Duchess features a mix of studio, one-, two- and three-bedroom layouts, ranging from 600 square feet to a three-bedroom/three-bath, 2,600-square-foot penthouse. On-site amenities include a water terrace with a heated outdoor pool, private cabana beds and sun chaises and a veranda with yoga decks, a sandbox, co-working space and child-friendly spaces. Joseph Brecher, David Oropeza, Eli Rosen and Nicholas Nicolaou of Gebroe-Hammer represented the seller and buyer in the transaction.

October 31, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes $14.4M Expansion at Seniors Housing Property in Pennsylvania

by Amy Works October 31, 2017

OXFORD, PA. — Presbyterian Senior Living has completed a $14.4 million expansion at Ware Presbyterian Village, a continuing care retirement community (CCRC) in Oxford, located midway between Philadelphia and Baltimore. The project added a 61-unit building named Westminster Place to the property. Of the new units, 31 have income restrictions set by the Pennsylvania Housing and Financing Administration. Based in nearby Dillsburg, Pa., Presbyterian Senior Living is a nonprofit seniors housing provider with 30 locations in the Mid-Atlantic region.

October 31, 2017

New Jersey Northeast Retail

Hampshire Cos. Sells 4,700 SF Convenience Store in Emerson, New Jersey

by Amy Works October 31, 2017

EMERSON, N.J. — The Hampshire Cos. has completed the disposition of a free-standing convenience store, located at 354 Kinderkamack Road in Emerson, for an undisclosed price. QuickChek, a New Jersey-based convenience store chain, leases the 4,700-square-foot property. Chris Bosworth of CBRE represented the seller in the deal. The name of the buyer was not released.

October 31, 2017

New Jersey Northeast Retail

Marcus & Millichap Negotiates $5.9M Sale of Retail Property in Mount Olive, New Jersey

by Amy Works October 31, 2017

MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of ITC Crossing North, a retail property located in Mount Olive. A private investor sold the 47,750-square-foot property for $5.9 million. Michael Lombardi and Jason Petrick of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.

October 31, 2017

Georgia Industrial Southeast

Amazon to Open 1 MSF Fulfillment Center in Macon, Georgia

by Camren Skelton October 31, 2017

MACON, GA. — Amazon has unveiled plans to open a 1 million-square-foot fulfillment center in Macon. The new center will create more than 500 new full-time jobs upon opening, and will be the company’s fourth warehouse and distribution hub in Georgia. The e-commerce giant currently operates facilities in Braselton, Lithia Springs and Union City. Employees at the new facility will pick, pack and ship large-sized items, including household furniture, sporting equipment and gardening tools. New jobs will include warehouse, management and supervisory positions. The project is being developed in a partnership between Seefried Industrial Partners and an affiliate of USAA Real Estate Co. The Macon-Bibb County Industrial Authority entitled and sold the property.

October 31, 2017

Civic Florida Southeast

Skanska USA to Deliver 395,000 SF Academic Building at Water Street Tampa Development

by Camren Skelton October 31, 2017

TAMPA, FLA. — Skanska USA has broken ground on a research and academic tower for the University of South Florida’s Morsani College of Medicine and Heart Institute in downtown Tampa. The college of medicine will relocate from 12901 Bruce B. Downs Blvd. to the new 395,000-square-foot building within Water Street Tampa, a $3 billion mixed-use project from Strategic Property Partners. HOK is designing the 13-story tower, which will feature a 400-person auditorium, classrooms, study rooms and a series of spaces for informal collaboration and gathering. The new building will be located at South Meridian Avenue and Channelside Drive on an acre of land donated by Tampa Bay Lightning team owner Jeff Vinik. The building is slated for completion in fall 2019.

October 31, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $29.8M Land Sale in Atlanta for Future Mixed-Use Development

by Camren Skelton October 31, 2017

ATLANTA — Cushman & Wakefield has arranged the $29.8 million sale of a land site located at the corner of Memorial Drive and Bill Kennedy Way in Atlanta’s Reynoldstown submarket. The site was formerly occupied by manufacturer Leggett & Platt. Matt Hawkins, Pierce Owings and Ron Willingham of Cushman & Wakefield represented the undisclosed seller in the transaction. Atlanta-based Fuqua Development acquired the 17-acre property, with plans to develop a $250 million mixed-use development dubbed Madison Yards. The project will include 160,000 square feet of retail space — including anchor tenants Publix and AMC Theatres — 80,000 square feet of loft office space, 550 apartment units and townhomes. Madison Yards is expected to open as early as 2019.

October 31, 2017

Maryland Multifamily Southeast

UIP Acquires Multifamily Community in Metro D.C. for $31.8M

by Camren Skelton October 31, 2017

GAITHERSBURG, MD. — Urban Investment Partners (UIP) has acquired Walker House, a 212-unit apartment community located along the Interstate 270 corridor in Gaithersburg, roughly 23 miles northwest of Washington, D.C. CBRE represented the seller, Washington REIT, in the $31.8 million transaction. Capital One provided acquisition financing for the asset. Walker House includes 196 apartment units constructed in 1971, plus 16 garden apartments constructed in 2003. UIP will renovate the property with updated cabinets, counters, appliances, lighting and flooring. UIP will also update the existing fitness center, lounge and other amenity spaces. Walker House was fully occupied at the time of sale.

October 31, 2017

Florida Retail Southeast

Stan Johnson Co. Brokers $29.5M Sale of Retail Center Near Disney World

by Camren Skelton October 31, 2017

CELEBRATION, FLA. — Stan Johnson Co. has arranged the $29.5 million sale of the Shoppes at Celebration Place, a 44,095-square-foot retail center located at 6200-6296 W. Irlo Bronson Memorial Highway in Celebration, roughly 3 miles south of Walt Disney World. Joey Odom, Mike Sladich, K.B. Yabuku and Maggie Holmes of Stan Johnson Co. represented both the seller, South Florida-based Flagler Realty & Development, and the buyer, New York-based Ben Hur Investments. At the time of sale, the Shoppes at Celebration Place was fully leased to tenants including Walgreens, Applebee’s, Arby’s, Dunkin’ Donuts, Chipotle Mexican Grill and Five Guys Burgers & Fries.

October 31, 2017

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