Property Type

Businesses to invest $40.7M, Create 349 Jobs in Oakland County, Michigan

by Kristin Harlow June 2, 2017

OAKLAND COUNTY, MICH. — Three business expansions that will generate more than $40.7 million in total investment and create 349 jobs in Oakland County have received Michigan Strategic Fund approval for support, according to the Michigan Economic Development Corp. A. Raymond Corporate North America Inc., a subsidiary of France-based A. Raymond Network, develops, manufactures and markets fastening and assembly solutions. The company plans to construct a new North American headquarters in the city of Rochester Hills, where it will expand its corporate functions and establish a new advanced engineering lab. Supported by a $600,000 Michigan Business Development Program (MBDP) performance-based grant, the project is expected to generate a total capital investment of $17.3 million and create 71 jobs over five years. Michigan was chosen over a competing site in Ohio. The city of Rochester Hills has offered support to the project in the form of property tax abatement. Turin, Italy-based Comau LLC manufactures advanced industrial automation systems designed to help companies of all sizes increase plant efficiency while lowering costs. The company plans to expand its three Michigan facilities located in Southfield, Royal Oak and Novi, investing $1.5 million and creating 200 jobs. As a result, Comau has been awarded a $400,000 …

June 2, 2017

Loans Midwest Minnesota Multifamily

KeyBank Provides $12M Loan for Refinancing of Multifamily Property in St. Cloud, Minnesota

by Kristin Harlow June 2, 2017

ST. CLOUD, MINN. — KeyBank Real Estate Capital has provided a $12 million Fannie Mae loan for the refinancing of Heritage Park Estates in St. Cloud, located in central Minnesota. The multifamily property was built in 2003 and includes 150 units. Fred Dockweiler of KeyBank originated the 10-year loan, which includes a 30-year amortization schedule.

June 2, 2017

Illinois Midwest Multifamily

Kiser Group Brokers $10.8M Sale of Multifamily Property in Montgomery, Illinois

by Kristin Harlow June 2, 2017

MONTGOMERY, ILL. — Kiser Group has brokered the sale of Victorian Apartments in Montgomery, a western suburb of Chicago, for $10.8 million. The 152-unit property, located at 800-834 Victoria Drive, was built in the 1970s. John Meyer of Kiser Group represented both parties in the sales transaction. A Chicago-based investor purchased the property from the private owner in a 1031 exchange.

June 2, 2017

Midwest Minnesota Retail

Opus Completes Construction of 110,000 SF Furniture Store in Suburban Minneapolis

by Kristin Harlow June 2, 2017

LAKEVILLE, MINN. — The Opus Group has completed construction of the newest Schneiderman’s Furniture store in Lakeville, a suburb of Minneapolis. Construction on the 110,000-square-foot retail store began in September 2016. A grand opening celebration took place in May. The furniture store features a second-story patio, which showcases outdoor furniture for sale. Located on Kenyon Avenue off Minnesota State Highway 50, the building is visible from I-35. Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record, as well as the interior designer for the project.

June 2, 2017

Civic Illinois Midwest

J.C. Anderson to Complete 30,000 SF Renovation of Library at DePaul University in Chicago

by Kristin Harlow June 2, 2017

CHICAGO — J.C. Anderson Inc. will complete a 30,000-square-foot renovation at DePaul University’s Richardson Library on the Lincoln Park campus. The library is located at 2350 N. Kenmore Ave. in Chicago. Scheduled for completion in August, J.C. Anderson will renovate the second floor of the library to replace paint and carpeting, provide a green room, studios, offices, media creation studios and conference rooms. Joe Maguire and Larry Regovic of J.C. Anderson are leading the project team. Vasilko Architects & Associates Inc. will provide architectural services.

June 2, 2017

Florida Multifamily Southeast

Truamerica, Investcorp Purchase Orlando Multifamily Portfolio for $98M

by John Nelson June 2, 2017

ORLANDO, FLA. — A joint venture between Truamerica Multifamily and Investcorp has purchased a two-property multifamily portfolio totaling 708 units in Orlando for $98 million. The communities include the 360-unit Montevista at Windermere and the 348-unit Highpoint Club. Each community features a mix of one- and two-bedroom floor plans and amenities including a resort-style pool, resident clubhouse, dog park and fitness center. The joint venture plans to launch a value-add renovation program across the portfolio that will include faux wood vinyl flooring, upgraded countertops and backsplashes, new cabinet fronts, light fixtures and microwaves. Other improvements will include upgrades to the fitness centers, clubhouses, signage, landscaping and new paint on all building exteriors. Richard Jordan of CBRE’s Atlanta office arranged a seven-year, floating-rate, agency loan on behalf of the joint venture. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the undisclosed seller in the transaction.

June 2, 2017

Loans Multifamily North Carolina Southeast

Medalist Capital Arranges $71M Financing for Two Apartment Communities in Raleigh, Durham

by John Nelson June 2, 2017

RALEIGH AND DURHAM, N.C. — Medalist Capital has arranged $71 million in financing for two apartment communities in Raleigh and Durham. The properties include the 203-unit Gramercy in downtown Raleigh and the 229-unit Solis Ninth in downtown Durham. Howard Brooks of Medalist Capital’s Raleigh office arranged the two separate loans through a life insurance company on behalf of the undisclosed borrowers.

June 2, 2017

Florida Multifamily Southeast

Robbins Electra Acquires Multifamily Community in South Florida for $61.2M

by John Nelson June 2, 2017

MIAMI — Robbins Electra has acquired The Broadwater at the Hammock Apartments, a 424-unit multifamily community located at 15000 S.W. 104th St. in Miami. Robbins Electra purchased the asset from HRA Broadwater for $61.2 million. Broadwater’s community amenities include two swimming pools, a fitness center, jogging trail, sand volleyball court and an indoor racquetball court. Larry Stockton, Jeff Resnick, Jaime Rodriguez and Alex Morcate of Colliers International represented both parties in the off-market transaction. Robbins Electra plans to rebrand the property Lago Paradiso and renovate the interiors and community amenities.

June 2, 2017

Florida Multifamily Southeast

Passco Purchases Apartment Property in Metro Tampa for $49.7M

by John Nelson June 2, 2017

RIVERVIEW, FLA. — Passco Cos. has acquired Pearce at Pavilion, a 250-unit apartment community located at 3603 Pavilion Palms Center in Riverview, about 15 miles south of Tampa. Passco purchased the community from partners Adler Group and Mattoni Group for $49.7 million. Pearce at Pavilion’s amenities include a resort-style swimming pool, whirlpool spa, 24-hour fitness and wellness center, clubhouse, coffee bar, multi-media game room, poolside kitchen and a leash-free dog park. JBM Institutional Multifamily Advisors represented the sellers in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco, which has closed on three acquisitions in Florida in the past month.

June 2, 2017

California Mixed-Use Top Stories Western

Shapell Liberty Investment Properties Breaks Ground on $150M Mixed-Use Project in Los Angeles

by Kristin Harlow June 2, 2017

LOS ANGELES — Shapell Liberty Investment Properties has broken ground on The Vineyards at Porter Ranch, a $150 million mixed-use project in Los Angeles’ Porter Ranch neighborhood. In addition to restaurants and shops, the 345,000-square-foot development will include a movie theater, Whole Foods Market, Kaiser-Permanente medical office building, hotel and 266-unit luxury apartment complex. The project is a joint venture between Shapell Properties Inc. and Liberty Building Co. The Vineyards is being developed on the north and south sides of Rinaldi Street at the western intersection of Porter Ranch Drive. The design includes a main street and central green area that will host community events. Other features include a 4,000-square-foot community meeting room, solar panels on rooftops to help supply power to the complex, a rainwater capture and irrigation recycling system, and electric car charging stations. “The Vineyards will be a sophisticated, pedestrian-oriented retail experience that not only will serve as a central gathering spot for Porter Ranch residents, but also as the prime choice for higher-end shops and restaurants serving this entire region,” says John Love, vice president of Shapell Properties. Completion of the main shopping center is expected in late 2018. Additional phases, including the hotel and apartment community, are …

June 2, 2017

Newer Posts

Older Posts