Property Type

Cushman & Wakefield Negotiates Sale of 80-Unit Seniors Housing Community in Webster Groves, Missouri

by Kristin Harlow May 4, 2017

WEBSTER GROVES, MO. — Cushman & Wakefield has negotiated the sale of Provision Living at Webster Groves, an 80-unit assisted living and memory care community in suburban St. Louis. Built in 2012, the three-story community consists of 62 assisted living units and 18 memory care units. Amenities include a bowling alley, theater, physician’s space and bistro/café. Sunrise Senior Living purchased the property for an undisclosed price. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield represented the seller, a joint venture between Provision Living Senior Communities and WellTower.

May 4, 2017

Industrial Loans Midwest Ohio

NorthMarq Arranges $2.6M Acquisition Loan for Distribution Center in Cincinnati

by Kristin Harlow May 4, 2017

CINCINNATI — NorthMarq Capital has arranged a $2.6 million loan for the acquisition of Crescentville Distribution Center in Cincinnati. The 83,679-square-foot facility is located at 500-518 Crescentville Road. Susan Branscome of NorthMarq arranged the 10-year loan, which includes a 25-year amortization schedule. A life insurance company provided the loan to the undisclosed borrower.

May 4, 2017

Illinois Midwest Multifamily

Kass Management Negotiates $2.4M Sale of Apartment Building on Chicago’s North Side

by Kristin Harlow May 4, 2017

CHICAGO — Kass Management Services has negotiated the sale of a 32-unit apartment building in Chicago for $2.4 million. The property is located at 1700 W. Juneway Terrace in the Rogers Park neighborhood. Built in 1924, the vintage three-story building includes a mix of one-, two-, three- and four-bedroom apartment units. The property was renovated in 2007 and was 90 percent occupied at the time of sale. Mark Durakovic and Andrew Gruesser of Kass represented the seller, CMHDC, a non-profit housing development corporation serving the Chicago metropolitan area. The buyer was not disclosed. Kass has managed the building since 2006.

May 4, 2017

Georgia Multifamily Seniors Housing Southeast

Greystar to Develop Apartment Community, Seniors Housing at $370M Halcyon Project in Metro Atlanta

by John Nelson May 4, 2017

FORSYTH COUNTY, GA. — Greystar plans to develop a 300-unit apartment community and a 160-unit seniors housing property within Halcyon, a $370 million mixed-use development located off exit 12 on Ga. 400 in Forsyth County. The multifamily community, known as Elan Halcyon, will feature top-of-market amenities and 11,000 square feet of ground-floor retail space. The seniors housing property will feature 12,000 square feet of resort-style amenities, including a resident clubhouse, pool and spa, demonstration kitchen, game room, theater room, fitness center and a golf simulator. RocaPoint Partners, an Atlanta-based affiliate of The Georgetown Co., is the master developer of Halcyon. Set to open in 2018, the development will include more than 500,000 square feet of office and retail space, a high-end CMX movie theater, two hotels and 690 residential units, including Greystar’s two projects.

May 4, 2017

Florida Multifamily Southeast

Passco Acquires Apartment Community in Southwest Florida for $53.5M

by John Nelson May 4, 2017

ESTERO, FLA. — Passco Cos. has purchased Springs at Estero, a 260-unit, Class A apartment community located at 11221 Everblades Parkway in Estero, a town in southwest Florida near Fort Myers. Passco acquired the newly built property from Continental Properties for $53.5 million with plans to rebrand the community as Longitude 81. Built in 2016, the property features a 24-hour fitness center, resort-style swimming pool with a sundeck and poolside summer kitchen and a community clubhouse featuring Wi-Fi, coffee bar, fireplace and a catering kitchen. James May of JBM Institutional Multifamily Advisors represented the seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco.

May 4, 2017

New York Northeast Retail

Stan Johnson Co. Arranges $10.8M Sale of Net Leased Bank of America Branch in NYC

by Haisten Willis May 4, 2017

NEW YORK CITY — Jason Maier of Stan Johnson Co. has arranged the $10.8 million sale of a 3,962-square-foot retail property net leased to Bank of America at 6601 18th Ave. in the Bensonhurst neighborhood of Brooklyn. A private buyer utilizing a 1031 tax-deferred exchange purchased the property at a 4.2 percent cap rate. This is the second time Jason Maier and his team have sold this property, having represented the original developer in 2013 when it sold for $8.8 million.

May 4, 2017

Kentucky Retail Southeast

Dahlem, Berkeley Capital Arrange $30.3M Sale of 600,000 SF Shopping Center in Kentucky

by John Nelson May 4, 2017

PAINTSVILLE, KY. — Louisville, Ky.- based Dahlem and partner Berkeley Capital Advisors have brokered the $30.3 million sale of Mayo Plaza, a 600,000-square-foot shopping center in Paintsville. The property’s tenant roster includes Lowe’s Home Improvement, Food City, Dollar Tree, Shoe Show and Big Sandy Superstore. Dahlem and Berkeley Capital represented the seller, the Homer & Mary Short Estate, in the transaction.

May 4, 2017

Georgia Office Southeast

Lincoln Property Executes Four Leases at Former Aaron’s Headquarters Building in Atlanta

by John Nelson May 4, 2017

ATLANTA — Lincoln Property Co. Southeast has executed four lease deals at 309 East Paces, a redevelopment of the former Aaron’s Inc. headquarters office building in Atlanta’s Buckhead district. The new tenants include Chicago-based Industrious, Patterson Real Estate Advisory Group, The Loudermilk Cos. and Atlanta Consulting Group Advisors. Shaun Weinstock of Weinstock Realty & Development LLC represented Industrious in the lease deal. Set to open in June, the property will span 80,000 square feet of office space atop ground-level retail space. The property is currently 60 percent preleased, but Lincoln Property Co. Southeast expects the property will be fully leased upon delivery.

May 4, 2017

Massachusetts Northeast Office

Transwestern Brokers $14M Sale of Office Property in Norwood, Mass.

by Haisten Willis May 4, 2017

NORWOOD, MASS. — Transwestern Consulting Group (TCG) has brokered the $14 million sale of Norwood Business Center, an office property located at 1400 Providence Highway in Norwood. Calare Properties, a Massachusetts-based real estate investment firm and operator, was the seller. Jumbo Capital Management purchased the three-building portfolio, which totals 155,975 square feet of office, flex and research and development space. TCG’s Chris Skeffington and Roy Sandeman represented the seller and sourced the buyer, while Transwestern’s Andrew Stone assisted Jumbo Capital Management in arranging the financing for the purchase with Middlesex Savings Bank.

May 4, 2017

New Jersey Northeast Office

Markeim Chalmers Negotiates 20,000 SF Office Lease in Washington Township, N.J.

by Haisten Willis May 4, 2017

WASHINGTON TOWNSHIP, N.J. — Markeim Chalmers has negotiated a long-term lease for The Rothman Institute to occupy 20,000 square feet of a new 40,000-square-foot medical office building at Washington Township Town Center in Washington Township. Scott Martin represented both the tenant, The Rothman Institute, and developer The Atkins Cos. in the transaction. Located between Virtua Wellness Center and Kennedy Hospital, the two-story building is scheduled for completion by January 2018.

May 4, 2017

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