Property Type

Marcus & Millichap Arranges $8.1M Sale of Multifamily Community in Virginia Beach

by Camren Skelton September 25, 2017

VIRGINIA BEACH, VA. — Marcus & Millichap has brokered the $8.1 million sale of Hollygreen Apartments, a 96-unit multifamily community located at 3429 Hollygreen Drive in Virginia Beach. Altay Uzun and Justin Ferguson of Marcus & Millichap represented the sellers, private investors who had owned the property since its construction in 1984, in the 1031 exchange. Uzun also procured the undisclosed buyer. The community includes one- and two-bedroom floor plans and features a fitness center and swimming pool.

September 25, 2017

Loans Multifamily Northeast Seniors Housing Vermont

Ziegler Arranges $67.1M Bond Financing for 294-Unit CCRC in Vermont

by Amy Works September 25, 2017

SHELBURNE, VT. — Ziegler, a specialty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care retirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and feature 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in Vermont. Wake Robin is undergoing an expansion that will add 38 independent living units, 10 assisted living units and six skilled nursing units, as well as renovate common areas and the skilled nursing facility. The proceeds of the fixed-rate bonds will be used to refinance 2006 bonds, finance the expansion, pay the costs of bond issuance and fund a debt service reserve fund. M&T Bank was the purchaser of the bonds, and Greenbrier Development acted as development consultant on the expansion project.

September 25, 2017

Georgia Industrial Self-Storage Southeast

Stein Sells Three Self-Storage Properties in Metro Atlanta Totaling 300,000 SF

by Camren Skelton September 25, 2017

CUMMING, MARIETTA AND ATLANTA, GA. — Atlanta-based Stein Investment Group has sold three of its Space Shop Self Storage properties in metro Atlanta totaling approximately 300,000 square feet. Life Storage LP acquired the Cumming, Marietta and Atlanta properties for an undisclosed price on behalf of one of its joint venture partners. The 103,700-square foot Space Shop Cumming features 800 units and was 90 percent leased at the time of sale. Located at 3148 Johnson Ferry Road in Marietta, Space Shop East Cobb features amenities such as climate-controlled wine storage. The facility was 88 percent leased at the time of sale. Developed as an urban, infill opportunity, Space Shop Old Fourth Ward is located at 486 Decatur St. in Atlanta and features five levels of storage, access control and covered loading. At the time of sale, the property was 85 percent leased.

September 25, 2017

New York Northeast Office

Empire State Realty Brokers 108,000 SF Office Lease at 1400 Broadway in Manhattan

by Amy Works September 25, 2017

NEW YORK CITY — Empire State Realty Trust (ESRT) has arranged the lease of three full floors at 1400 Broadway in Manhattan’s Times Square South. International law firm Fragomen, Del Rey, Bernsen & Loewy LLP will occupy the space. The firm currently has more than 40 offices in 20 countries. John Shaunfield, Seth Weinstein and Paul Ippolito of Newmark Knight Frank represented the tenant. Scott Klau, Erik Harris and Neil Rubin of Newmark Knight Frank, along with Keith Cody of ESRT, represented the landlord in the deal.

September 25, 2017

Loans Multifamily Texas

Dougherty Arranges $32M Acquisition Loan for Apartment Community in Carrollton

by Taylor Williams September 25, 2017

CARROLLTON, TEXAS — Dougherty Mortgage LLC has arranged a $32 million Fannie Mae loan for the acquisition of Mustang Park Apartments, a 289-unit multifamily community in Carrollton. The property offers amenities such as a fitness center, business center and a pool. The 12-year loan, which was arranged on behalf of borrower The Mustang Apartments LLC, features five years of interest-only payments and a 30-year amortization schedule.

September 25, 2017

Hospitality Restaurant Retail Texas

Three Restaurants, Hotel to Join 160,000 SF Retail Center in Metro Oklahoma City

by Taylor Williams September 25, 2017

YUKON, OKLA. — Hooter’s, Cheddar’s Scratch Kitchen and Arby’s will join The Market at Czech Hall, a 160,000-square-foot retail center situated along Interstate 40 in Yukon, about 17 miles west of Oklahoma City. The restaurants will occupy three different pad sites totaling about 2.2 acres. Along with the restaurants, a Sleep Inn hotel will also open on the property, which is owned by GBT Realty Corp., at various times in 2018.

September 25, 2017

Industrial Texas

JLL Negotiates Sale of 275,000 SF Warehouse in Houston

by Taylor Williams September 25, 2017

HOUSTON — JLL has negotiated the sale of a 275,000-square-foot warehouse located at 550 Aleen St. in Houston. The property features 27-foot clear heights, 44 dock-high doors and a fully fenced truck court. Ryan Fuselier and Travis Secor of JLL represented the buyer, Polymers Packaging and Warehousing Inc., a Houston-based supplier of plastic resins. The space will serve as the company’s new global manufacturing and distribution center. Bob Berry and Grant Hortenstine of Avison Young represented the seller, Aleen Street Associates Ltd.

September 25, 2017

Retail Texas

Marcus & Millichap Brokers Sale of 26,820 SF Retail Asset in Norman, Oklahoma

by Taylor Williams September 25, 2017

NORMAN, OKLA. — Marcus & Millichap has brokered the sale of a 26,820-square-foot, net-leased retail property located at 2590 Boardwalk St. in Norman. Vincent Knipp of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties request anonymity. The property is currently leased to Service King Collision Repair Center.

September 25, 2017

Loans Multifamily Texas

BMC Capital Secures $6.7M Bridge Loan for Purchase of Houston Apartment Community

by Taylor Williams September 25, 2017

HOUSTON — BMC Capital has secured a $6.7 million bridge loan for the purchase of a 163-unit multifamily property in Houston. Clayton Wells of BMC Capital arranged the non-recourse loan, which includes a 75 percent loan to value (LTV) ration and 18 months of interest-only payments. The names of the lender, borrower and property were not disclosed.

September 25, 2017

Industrial Midwest Wisconsin

ORG Acquires 879,704 SF Industrial Portfolio in Milwaukee

by Kristin Harlow September 25, 2017

MILWAUKEE — Oak Realty Group Inc. (ORG) has acquired an 879,704-square-foot industrial portfolio in Milwaukee. The 10 buildings are situated on approximately 57 acres near Milwaukee’s General Mitchell International Airport. Originally constructed in phases through 2004 by a local developer, the buildings range in size from 40,000 to 215,000 square feet. ORG plans to upgrade and renovate the portfolio, as well as work with several tenants who want to expand. ORG partnered with The Africk Family Office for the acquisition.

September 25, 2017

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