Property Type

Store Net Leased to American Mattress in Chicago Changes Hands for $1.5M

by Christina Cannon August 18, 2016

NEW LENOX, ILL. — A Chicago-based private real estate investor in a 1031 exchange has purchased a 4,000-square-foot retail building in New Lenox, approximately 40 miles southwest of Chicago, for $1.5 million. A California-based development company sold the property, which is leased to American Mattress. The property is located at 751 E. Lincoln Highway and was built in 2015. The building is situated on an outparcel to the New Lenox Town Center, a development anchored by Walmart Supercenter and featuring other tenants such as Ross Dress for Less, T.J. Maxx, Goodwill, Aldi, AutoZone, Discount Tire, PepBoys, Chase Bank and Physicians Immediate Care. The New Lenox Town Center was built in 2010. The 10-year lease for American Mattress expires in 2025. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer in the transaction. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.

August 18, 2016

Illinois Midwest Retail

Amazon to Open Pickup Location at University of Illinois at Chicago Campus

by Christina Cannon August 18, 2016

CHICAGO — Amazon is set to open a staffed pickup location on the University of Illinois at Chicago’s campus. The 2,300-square-foot Amazon@UIC will be located in the Student Center East and will provide a place for the campus community to pick up and return Amazon orders. The store is scheduled to open before the end of the year. Amazon Prime members will receive free same-day pickup for orders placed by noon and free one-day pickup for orders placed by 10 p.m. Amazon also plans to open a staffed pickup location at the University of Illinois at Urbana-Champaign by the end of the year.

August 18, 2016

Georgia Multifamily Southeast

Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $55.8M

by John Nelson August 18, 2016

MARIETTA, GA. — Steadfast Apartment REIT Inc. has purchased 1250 West, a 468-unit apartment community in Marietta, about 20 miles north of downtown Atlanta, for $55.8 million. Constructed in two phases in 1987 and 1995 on 49 acres, 1250 West is a garden-style community featuring one-, two- and three-bedroom apartment homes that range from 736 to 1,200 square feet. Average in-place rents are $980. The property is currently 95 percent occupied. Community amenities, include two swimming pools with sun decks, a 24-hour fitness center, on-site lake, coffee bar, lakeside gazebo and picnic area, dog park, car wash area, business center and game room. The previous owner initiated an $8 million value-add program between 2013 and 2015, which included new flooring, cabinets, appliances, countertops, fixtures and lighting in all of the apartment homes, plus a renovated clubhouse and pools. With 1250 West, Steadfast Apartment REIT has invested $322 million in six apartment communities in the Atlanta area. It is the REIT’s second apartment community in Marietta, and joins the 180-unit Rosemont at East Cobb, just 15 minutes east. The REIT now owns 33 properties in 11 states for an aggregate purchase price of $1.43 billion.

August 18, 2016

Industrial North Carolina Southeast

CBRE Brokers $46.3M Sale of CLT Logistics Center in Charlotte

by John Nelson August 18, 2016

CHARLOTTE, N.C. — CBRE has brokered the $46.3 million sale of CLT Logistics Center, a 583,021-square-foot business park located at 3100-3401 International Airport Drive and 3100-3140 Yorkmont Drive in Charlotte. The sale also included an additional 14.9 acres of land. Major tenants at CLT Logistics Center include Bimbo Bakeries, FedEx and DC74 Data Centers. Minneapolis-based Meritex purchased the business park and land from Carlson Real Estate, making it the first investment in Charlotte for the investor. Patrick Gildea, Bryan Crutcher and Anne Johnson of CBRE represented Carlson Real Estate in the transaction.

August 18, 2016

Hospitality North Carolina Southeast

Hilton Garden Inn Opens 700th Hotel in Downtown Asheville

by John Nelson August 18, 2016

ASHEVILLE, N.C. — Hilton Worldwide has opened Hilton Garden Inn Asheville Downtown, its 700th Hilton Garden Inn hotel worldwide. The 140-room hotel is located at 309 College St., within walking distance of Pack Square, art galleries, breweries and shopping. The hotel will feature a rooftop bar, 24-hour convenience store called The Pavilion Pantry and a farm-to-table restaurant called Iron Hen Cafe. Other amenities include complimentary Wi-Fi access, a 24-hour business center, fitness center, indoor swimming pool and spa. Winston-Salem, N.C.-based Quality Oil Co. LLC manages the Hilton Garden Inn Asheville Downtown, which joins Hilton Garden Inns operating in all 50 states and in 31 countries.

August 18, 2016

Loans Mixed-Use South Carolina Southeast

Mission Capital Arranges $13.3M Loan for Mixed-Use Portfolio in Charleston

by John Nelson August 18, 2016

CHARLESTON, S.C. — Mission Capital Advisors has arranged $13.3 million in non-recourse financing to recapitalize a portfolio of four mixed-use buildings along King Street in Charleston. Situated a block from the College of Charleston, the properties total 41,545 square feet and include 36 apartment units and six ground-floor retail shops. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital arranged the loan on behalf of the borrower, Friedman Capital. EquityMultiple, Mission Capital’s sister company, raised limited partnership equity totaling $500,000 from a group of individual investors on behalf of the borrower.

August 18, 2016

Multifamily South Carolina Southeast Student Housing

Preiss Sells Student Housing Community Near Coastal Carolina University for $9.7M

by John Nelson August 18, 2016

MYRTLE BEACH, S.C. — The Preiss Co. has sold University Village at the Coast, a 437-bed student housing community located near Coastal Carolina University in Myrtle Beach, for $9.7 million. The property offers one- and three-bedroom units with bed-to-bath parity and full-sized washers and dryers. Community amenities include an internet café, indoor sports court, multiple tanning beds, fitness center, game room, movie theater, multiple sand volleyball courts and a swimming pool. Travis Prince, Sean Baird and Steven Peden of Colliers International represented the seller in the transaction. The buyer, Sundance Real Estate Advisors, owns several multifamily properties and has plans to expand its student housing portfolio in the Southeast.

August 18, 2016

Loans New York Northeast Office

Meridian Capital Group Secures $60M in Refinancing for 131,358 SF Office Property in Manhattan

by Amy Works August 18, 2016

NEW YORK CITY — Meridian Capital Group has arranged $60 million in CMBS financing for the refinance of an office property located at 286 Madison Ave. in Midtown Manhattan. The borrower is APF Properties. Provided by Jeffries LoanCore, the 10-year loan features a fixed interest rate and full-term interest only-payments. The 23-story building features 131,358 square feet of office space. Tal Bar-Or, Raj Khatiwala and Kyle Kite of Meridian’s New York City headquarters negotiated the transaction.

August 18, 2016

New Jersey Northeast Office

Allergan Relocates Headquarters to 431,495 SF Property in Madison, New Jersey

by Amy Works August 18, 2016

MADISON, N.J. — Allergan plc, a global pharmaceutical giant, has leased the entire 431,495-square-foot property at 5 Giralda Farms in Madison for a 13-year term. The company will consolidate three of its existing New Jersey office facilities in Parsippany, Bridgewater and Jersey City, bringing 1,800 employees together at the state-of-the-art headquarters facility. Owned by Lincoln Equities Partnership, 5 Giralda Farms is a modern corporate headquarters facility located on 50 acres at the Giralda Farms office campus in Madison. The facility features a main building, an on-site daycare facility, carriage house, six large conference facilities, a 345-seat dining room and a 15,000-square-foot fitness center with full basketball court. Daniel Loughlin and Jodie Mathews of JLL represented Allergan, while David Simson of Newmark Grubb Knight Frank represented the landlord in the deal.

August 18, 2016

Hospitality Massachusetts Northeast

Nordblom Co. Sells Hotel Development Site in Boston Suburb

by Amy Works August 18, 2016

BURLINGTON, MASS. — Nordblom Co. has completed the disposition of a hotel development site with the 3rd Ave development, an urban, retail-walking street lined with restaurants, cafes, retail boutiques connected with pedestrian walkways and public green space in Burlington, a suburb of Boston. The site will be home to Massachusetts’ first Archer Hotel, a new collection of boutique hotels with locations in New York City, Napa, Calif., and Austin, Texas. The new hotel will feature 147 rooms. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.

August 18, 2016

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