Property Type

Alliance Residential Opens Two Apartment Communities in Atlanta

by John Nelson April 6, 2017

ATLANTA — Alliance Residential Co. has opened two Class A apartment communities in the metro Atlanta area: Broadstone Springs in Sandy Springs and Broadstone Midtown in Atlanta. Broadstone Springs is located at 6558 Roswell Road and connected to a private pathway to the Abernathy Greenway Park. The property features 222 studio, one- and two-bedroom apartments and eight townhome units. The 218-unit Broadstone Midtown is located at 811 Juniper Road and features top-floor penthouse residences, 12 walkup townhome units and one- and two-bedroom apartments ranging in size from 630 to 1,394 square feet.

April 6, 2017

Maryland Multifamily Southeast

SVN Affordable Arranges $30.5M Sale of Section 8 Multifamily Property in Metro Baltimore

by John Nelson April 6, 2017

LANSDOWNE, MD. — SVN Affordable | Levental Realty has arranged the $30.5 million sale of Circle Terrace, a 303-unit affordable housing community located at 2926 Lakebrook Circle in Lansdowne, about seven miles south of Baltimore. Landex Corp., which developed Circle Terrace in 1977, sold the Section 8 property to Millenia Housing Development Ltd., which used short-term Freddie Mac financing in the acquisition via Pillar Financial. David Shlahtechman of SVN Affordable represented Landex in the sale. Nixon Peabody LLP served as Millenia Housing’s HUD counsel for the transaction, and Gallagher Evelius & Jones LLP represented Landex.

April 6, 2017

Florida Loans Retail Southeast

FirstBank Provides $22.3M Construction Loan for Retail Center in Miami Beach

by John Nelson April 6, 2017

MIAMI BEACH, FLA. — FirstBank has provided a $22.3 million construction loan for a Michaels-anchored retail center located at 1824 Alton Road in Miami Beach. The borrower, Saber 1800 Alton LLC, will use the loan to develop the 32,491-square-foot property, which was formerly the site of a gas station. The borrower purchased the site in 2015 and signed Michaels to anchor the center with a 22,492-square-foot store. Mahesh Pattabhiraman and Elsie Alvarez of FirstBank closed the financing.

April 6, 2017

Retail Texas

Marcus & Millichap Negotiates Sale of 12,169 SF Retail Center in Madisonville, Texas

by Taylor Williams April 6, 2017

MADISONVILLE, TEXAS — Marcus & Millichap has negotiated the sale of Corral Plaza, a 12,169-square-foot retail property situated on 2.6 acres at 3303 E. Main St. in Madisonville, approximately halfway between Houston and Dallas. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller, a private investor, in the transaction, and procured the buyer, a limited liability company. At the time of sale, the center was 100 percent leased to tenants such as Subway, Shipley’s Donuts and Electric Vape.

April 6, 2017

Florida Office Southeast

Green Cos. Buys Office Building in Broward County from Clarion Partners for $19.3M

by John Nelson April 6, 2017

PLANTATION, FLA. — The Green Cos. has purchased Sabadell Financial Center, a five-story, 102,007-square-foot office building located at 150 S. Pine Island Road in Plantation, a suburb in Broward County. Clarion Partners LLC sold the Class A office building to Green Cos. for $19.3 million. The property was 96 percent leased at the time of sale to tenants such as Sabadell United Bank, Quest Workspaces and Ferencik Libanoff Brandt Bustamante & Goldstein PA. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF represented Clarion Partners in the transaction. James Bernstein, Elizabeth Green and George Brown led The Green Cos. internally. Paul Stasaitis and Maxx Carney of HFF arranged the 10-year, fixed-rate, $12.5 million acquisition loan through Aegon USA Realty Advisors LLC.

April 6, 2017

Retail Texas

Baker Katz Sells Land, Building Occupied by Advance Auto Parts in Houston

by Taylor Williams April 6, 2017

HOUSTON — Baker Katz, a Houston-based brokerage firm, has completed the sale of 30,000 square feet of land, on which resides a 7,000-square-foot retail building occupied by Advance Auto Parts. The property lies at the intersection of Farm to Market Road 1960 and Aldine Westfield Road on Houston’s north side. Baker Katz purchased the land in 2016 and constructed the freestanding store on behalf of Advance Auto Parts. Bob Moorhead of Trivanta represented Baker Katz in the transaction. The name and representative of the buyer, a private investor, were not released.

April 6, 2017

Industrial Texas

Lee & Associates Brokers Sale of Two Industrial Properties in Metro Dallas

by Taylor Williams April 6, 2017

GARLAND, TEXAS — Lee & Associates has brokered the sale of two industrial properties totaling 24,420 square feet in the Dallas-Fort Worth metro of Garland. The first property is a 12,000-square-foot building located at 2805 National Drive and the second is a 12,420-square-foot property located at 2901 National Drive. Brett Lewis of Lee & Associates represented the seller, BBI Realty LLC. Additional terms of sale were not released.

April 6, 2017

Illinois Industrial Midwest

Opus Unveils Plans for 1.2 MSF Industrial Warehouse in Joliet, Illinois

by Kristin Harlow April 6, 2017

JOLIET, ILL. — The Opus Group has unveiled plans to construct a 1.2 million-square-foot industrial warehouse in Joliet within the I-80 submarket of Chicago. The 75-acre site is located near the intersection of U.S. Route 6 and Hollywood Road. Opus, which purchased the land from Ketone Partners, will develop the project in a joint venture with AEW Capital Management LP on behalf of one of its institutional separate account clients. The building will feature 36-foot clear heights, more than 200 loading docks, up to 450 trailer positions, parking for 225 cars and an ESFR sprinkler system. Construction of the speculative building will begin this spring with completion slated for summer 2018. Opus Development Co. will serve as developer, Opus Design Build will serve as design-builder and Opus AE Group will provide architectural and structural engineer services. Eric Tresslar and Steve Connolly of NAI Hiffman will market the property for lease.

April 6, 2017

Midwest Office Ohio

Serendipity Labs Coworking Signs Two New Leases in Columbus, Ohio

by Kristin Harlow April 6, 2017

COLUMBUS, OHIO — Serendipity Labs Coworking has signed two new leases for its coworking office space concept in Columbus. The first location is slated to open this summer in the Fifth Third Center at 21 E. State St. and consists of 14,000 square feet. The second location includes the new construction of 22,000 square feet at 900 N. High St. Renascent Hospitality, owned by Columbus natives Trevor Warner and Scott Somerville, will own and manage the Serendipity Labs in Columbus. Serendipity Labs provides members-only workplaces with meeting facilities at corporate standards, according to the company’s website. Membership to Serendipity Labs includes the use of dedicated private offices, team rooms, lab café and work lounge. Full-time, part-time and day passes are available.

April 6, 2017

Loans Midwest Minnesota Mixed-Use

Venture Mortgage Provides $5.5M Loan for Refinancing of Mixed-Use Building in Minnetonka, Minnesota

by Kristin Harlow April 6, 2017

MINNETONKA, MINN. — Venture Mortgage has provided a $5.5 million loan for the refinancing of a mixed-use building in Minnetonka. The 55,095-square-foot building includes tenants such as Edina Realty and Snap Fitness. The 10-year loan includes a 25-year amortization schedule. Erik Johnson of Venture Mortgage originated the loan for the undisclosed borrower.

April 6, 2017

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