Property Type

The Verrichia Co. to Develop Retail Center in Horsham, Pennsylvania

by Amy Works September 29, 2017

HORSHAM, PA. — The Verrichia Co. has acquired the final three parcels necessary to begin development of Horsham Village Plaza, a retail center located at the intersection of Route 611 and Blair Mill Road in Horsham. The center will feature a 5,585-square-foot Wawa convenience store with six fuel pumps and a 12,900-square-foot CVS/pharmacy, both of which are slated to open in fall 2018. Additionally, the center will feature three pad sites, totaling 17,200 square feet, which are available for lease through Metro Commercial.

September 29, 2017

New York Northeast Retail

HFF Brokers Sale of 116,200 SF Grocery-Anchored Retail Center in Long Island

by Amy Works September 29, 2017

HUNTINGTON, N.Y. — HFF has arranged the sale of Huntington Square Plaza, a grocery-anchored retail center located at 3124 Jericho Turnpike in the Long Island community of Huntington. Completed in 2002, the 116,200-square-foot center was fully leased at the time of sale. Tenants include Stop & Shop and Best Buy. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the undisclosed seller in the deal. The name of the buyer and acquisition price were not released.

September 29, 2017

Florida Multifamily Southeast

Melo Group Tops Off Transit-Oriented Apartment Towers in Downtown Miami

by Camren Skelton September 29, 2017

MIAMI — Melo Group has completed vertical construction on Square Station, a transit-oriented development that will include two 34-story towers located at 1424 N.E. Miami Place in downtown Miami. The 710-unit apartment development will feature market-rate rental apartments and 15,000 square feet of ground-floor retail and restaurant space, as well as access to the Metromover, Metrorail and Miami Trolley. Square Station will include one- to three-bedroom units ranging in size from 900 to 1,500 square feet, with rental rates ranging from $1,650 to $2,500 per month. Individual units will features granite countertops, stainless steel appliances, wood floors and large balconies. Community amenities will include a swimming pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room. Apartments are open for preleasing and slated for completion in the first quarter of 2018. Square Station marks the first phase of Melo Group’s three-phase multifamily development to boost transit-oriented residential options in downtown Miami. The second phase, known as Art Plaza, will comprise two 36-story towers located next door to Square Station with a total of 667 residential units and roughly 15,000 square feet of retail space. The final phase of the project, Miami Plaza, will be designed as a …

September 29, 2017

Multifamily South Carolina Southeast

TWO Capital Breaks Ground on 312-Unit Multifamily Asset in Metro Charlotte

by Camren Skelton September 29, 2017

INDIAN LAND, S.C. — TWO Capital Partners has broken ground on Capital Club at Indian Land, a 312-unit apartment community in Indian Land, approximately 20 miles south of Charlotte. TWO Capital’s financial partner, Patterson Real Estate Advisory Group, arranged a preferred equity investment from RSE Capital Partners, as well as a construction loan from Texas Capital Bank NA and HomeTrust Bank. Capital Club at Indian Land is located at the intersection of Highway 521 and Fort Mill Highway. Community amenities will include an outdoor amphitheater, saltwater pools with cabanas, outdoor kitchens, virtual golf room, dog park, fitness center and shared workspaces. The project, which marks TWO’s second multifamily development in the Charlotte area, is slated for completion at the end of 2018.

September 29, 2017

Florida Multifamily Southeast

Cushman & Wakefield Arranges $30.3M Sale of Multifamily Asset Near Daytona Beach

by Camren Skelton September 29, 2017

PORT ORANGE, FLA. — Cushman & Wakefield has arranged the $30.3 million sale of Ocean Oaks Apartments, a 296-unit multifamily community located at 1645 Dunlawton Ave. in Port Orange, roughly six miles south of Daytona Beach. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, GoldOller Real Estate Investments, in the transaction. A joint venture between ApexOne Investment Partners and The Collier Cos. acquired the asset. Constructed in 1988, Ocean Oaks Apartments comprises 37 buildings with a mix of one- and two-bedroom units. The average unit is 903 square feet, with rents averaging $948 at the time of sale. Community amenities include a clubhouse, playground, lighted tennis and basketball courts, business center, fitness center, clothes care center and two swimming pools.

September 29, 2017

North Carolina Office Retail Southeast

NAI Piedmont Triad Brokers $12M Sale of Office, Retail Buildings in North Carolina

by Camren Skelton September 29, 2017

GREENSBORO, N.C. — NAI Piedmont Triad has arranged the $12 million sale of two commercial buildings located at 333 N. Greene St. and 327 Battleground Ave. in downtown Greensboro. Robin Tyler and Beau McIntosh of NAI Piedmont Triad arranged the transaction on behalf of the seller, Greensboro-based Johnston Properties Inc. Whit Brown of NAI Carolantic represented the buyer, Raleigh, N.C.-based Greene Street Holdings LLC. Constructed in 2000, 333 N. Greene Street features 68,000 square feet of office space and was fully leased at the time of sale. 327 Battleground Avenue is a converted retail building that was also fully leased at the time of sale to tenants including The Undercurrent Restaurant.

September 29, 2017

Georgia Multifamily Southeast

CBRE Arranges Sale of Two Multifamily Properties in Metro Atlanta

by Camren Skelton September 29, 2017

SANDY SPRINGS, GA. — CBRE has arranged the sale of two adjacent multifamily properties in Sandy Springs: The Falls at Sandy Springs and The Mosaic at Sandy Springs. Both properties are located roughly 16 miles north of Atlanta. Kevin Geiger of CBRE represented the sellers, The Family Office and Titan Real Estate Investment Group, in the transaction. Covenant Capital Group LLC purchased the assets for an undisclosed price. Located at 5555 Roswell Road, The Falls at Sandy Springs includes 309 units and was 92 percent occupied at the time of sale. Community amenities include a business center, pool, fitness center, dog park and a picnic area with grills. Located at 5675 Roswell Road N.E., The Mosaic at Sandy Springs includes 505 units and was 96 percent occupied at the time of sale. The community features a lounge, fitness center, pool, tennis court and a playground.

September 29, 2017

Illinois Midwest Office

CBRE Global Investors Fund Acquires 661,477 SF Office Building in Chicago

by Kristin Harlow September 29, 2017

CHICAGO — A fund advised by CBRE Global Investors has acquired 150 N. Michigan Avenue, a 661,477-square-foot office building in Chicago. The purchase price was not disclosed. The multi-tenant building is located in the East Loop submarket at the intersection of Michigan Avenue and Randolph Street. The property, which is 80 percent leased, features a recently completed conference center, fitness center and tenant lounge. Floor plates range from 9,400 to 18,800 square feet. CBRE plans to make further capital improvements to the property.

September 29, 2017

Industrial Midwest Wisconsin

Majestic Realty Plans 2MSF Industrial Park in Kenosha, Wisconsin

by Kristin Harlow September 29, 2017

KENOSHA, WIS. — Majestic Realty Co. has acquired a former dog-racing track known as Dairyland Greyhound Park in Kenosha for an undisclosed price. Majestic plans to convert the dog track, which closed seven years ago, into an industrial business park. Dubbed the Midwest Innovation Center prior to the sale, the 228-acre site has room for 2 million square feet of development, including a 1 million-square-foot building. Located at 5522 104th Ave., the site is nearly halfway between Milwaukee and Chicago. Thomas Boyle of Transwestern represented the seller, Rime Investments LLP.

September 29, 2017

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Arranges $31.5M HUD Loan for Construction of Affordable Housing Property in St. Paul

by Kristin Harlow September 29, 2017

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $31.5 million HUD 221(d)(4) loan for the construction of Union Flats in St. Paul. The 217-unit affordable housing property will be located at the intersection of Territorial Road and Hampden Avenue. All units will be restricted to residents earning 60 percent or less of the area median income. The project will be constructed on a site currently occupied by the Hunt Electric Corp. building, which will be demolished. Amenities will include a community room with kitchen, outdoor patio, fitness room, rooftop deck, dog park and storage lockers. Dougherty arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VIII LLLP. The project will also receive equity through the Low Income Housing Tax Credit (LIHTC) program, as well as funds from the Metropolitan Council (a regional government agency), the Minnesota Department of Employment and Economic Development, and Ramsey County, to be used for environmental cleanup costs.

September 29, 2017

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