Property Type

Cushman & Wakefield Brokers $42M Sale of Apartment Community in Melbourne, Florida

by John Nelson February 23, 2017

MELBOURNE, FLA. — Cushman & Wakefield has arranged the $42 million sale of Highlands Viera West, a 240-unit, Class A apartment community located at 2185 Judge Fran Jamieson Way in Melbourne, a town along the Atlantic Ocean in Brevard County. Atlanta-based JMG Realty Group purchased the asset from Atlanta-based Branch Properties for roughly $175,000 per unit. Built in 2007 on 14.8 acres, the community includes one-, two- and three-bedroom loft and townhome units averaging 1,265 square feet. Community amenities include a resort-style swimming pool, poolside kitchen and grilling area, a gazebo, fitness club with a cardio room, wine tasting lounge, billiards room with plasma TVs, internet café, media center with surround sound, elevators, covered parking, car care center and a walking trail to The Avenue Viera and Viera Market Center. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented Branch Properties in the transaction.

February 23, 2017

Michigan Midwest Retail

Mid-America Brokers $14.2M Sale of Shopping Center in Flint, Michigan

by Kristin Harlow February 23, 2017

FLINT, MICH. — Mid-America Real Estate Corp. has brokered the sale of Oak Brook Square in Flint for $14.2 million. The 152,073-square-foot center is located near Linden and Miller roads, across from Genesse Valley Mall. Hobby Lobby and TJ Maxx anchor the center. Other tenants include Dollar Tree, Shoe Carnival, Buffalo Wild Wings, Plato’s Closet and Sally Beauty Supply. Atlanta-based RCG Ventures purchased the center. Ben Wineman and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, Ramco-Gershenson Properties Trust.

February 23, 2017

Retail Southeast Tennessee

Baker Storey McDonald Closes $21.3M Sale of Shopping Center Near Nashville

by John Nelson February 23, 2017

MADISON, TENN. — Baker Storey McDonald Properties Inc., an X Team International partner, has brokered the $21.3 million sale of McHenry Shopping Center located at 1764 Gallatin Pike North Road in Madison, a suburban town northeast of Nashville. The 191,359-square-foot property was 96 percent leased at the time of sale to tenants such as Hobby Lobby, Books-A-Million, Royal Furniture, CVS/pharmacy and Panera Bread. Baker Storey McDonald represented the buyer, Conscious Capital LLC, in the transaction and will provide management and leasing services at McHenry Shopping Center going forward.

February 23, 2017

Indiana Midwest Multifamily Student Housing

FM Capital Acquires 408-Bed Student Housing Portfolio in Bloomington, Indiana

by Kristin Harlow February 23, 2017

BLOOMINGTON, IND. — FM Capital has acquired a 408-bed student housing portfolio near Indiana University. The purchase price was not disclosed. The portfolio consists of five buildings adjacent to campus and downtown Bloomington. FM Capital plans to upgrade the properties with amenities such as advanced roommate matching, high-speed internet, spacious lounge and study areas, business-class printing options, events, job fairs and full concierge services accessed through a mobile app.

February 23, 2017

Illinois Midwest Retail

Millennium Properties Arranges $1.2M Sale of Retail Center in Lombard, Illinois

by Kristin Harlow February 23, 2017

LOMBARD, ILL. — Millennium Properties has arranged the sale of Colonial Commons in Lombard for $1.2 million. The 15,500-square-foot retail center is located at 418-436 S. Main St. Improvements have been made to the center in the last few years, including an updated façade, new monument sign, windows, lighting and awnings. Two of the units were vacant at the time of sale. Neither the buyer nor seller was disclosed.

February 23, 2017

Kentucky North Carolina Retail South Carolina Southeast

Phillips Edison Sells Five Shopping Centers Totaling 583,000 SF in Southeast, Midwest

by John Nelson February 23, 2017

CINCINNATI — Cincinnati-based Phillips Edison & Co. has sold five shopping centers totaling 583,000 square feet to Albanese Cormier Holdings for an undisclosed price. The portfolio includes Quincy Plaza, a 141,816-square-foot, Hobby Lobby-anchored shopping center located in Ottumwa, Iowa; Kokomo Plaza, an 89,414-square-foot shopping center anchored by Ollie’s Bargain Outlet and Vendor City Antiques in Kokomo, Ind.; Catawba Village, a 59,463-square-foot, Goodwill-anchored shopping center located in Newton, N.C.; Lakeside Shopping Center, a 184,579-square-foot property anchored by Big Lots, Save-A-Lot, Citi Trends and Family Dollar in Anderson, S.C.; and Louisa Plaza, a 108,065-square-foot shopping center anchored by Goody’s and Family Dollar in Louisa, Ky. Eric Wohl of Hanley Investment Group served as an advisor for the transaction.

February 23, 2017

Alabama Retail Southeast

The Shopping Center Group Arranges Leases for Academy Sports, PetSmart in Northwest Alabama

by John Nelson February 23, 2017

FLORENCE, ALA. — The Shopping Center Group has arranged leases for Academy Sports + Outdoors and PetSmart this fall at Florence Square in Florence. The 63,000-square-foot Academy Sports and 18,500-square-foot PetSmart will replace a former Kmart at the property this fall. Other tenants at Florence Square include T.J. Maxx, Essex Bargain Hunt, Tuesday Morning, The UPS Store, Cici’s Pizza and H&R Block. Outparcel tenants include Wells Fargo and Bojangles. The owner, a joint venture between Triangle Capital Group and Arcadian Cap Group LLC, is planning a $15.3 million redevelopment of the 241,000-square-foot center. The ownership has engaged Mobile, Ala.-based Delaney Property Group LLC to co-develop the remerchandising.

February 23, 2017

Affordable Housing Connecticut Multifamily Northeast

Kline Enterprises Sells 1,009-Unit Affordable Housing Portfolio in Connecticut for $180M

by Amy Works February 23, 2017

PATERSON, ORANGE, EAST ORANGE, METUCHEN, OLD BRIDGE, HAZLET AND EAST WINDSOR, CONN. — Kline Enterprises has completed the disposition of a 1,009-unit affordable housing portfolio of seven properties in Paterson, Orange, East Orange, Metuchen, Old Bridge and East Windsor. A joint venture between Hudson Valley Property Group, Red Stone Cos. and Wheelock Street Capital acquired the portfolio for $180 million. Community Realty Management will act as third-party property manager for the portfolio, while retaining the majority of the existing staff members at each of the properties. Walker & Dunlop and Fannie Mae provided acquisition financing. Goodwin Procter LLP, Nixon Peabody LLP and Berman Indictor LLP served as counsel for the buyer in the transaction. Jamie Renzenbrink and Gene Levental of SVN Affordable | Levental Realty brokered the transaction.

February 23, 2017

Connecticut Multifamily Northeast Seniors Housing

The NHP Foundation-Urban Atlantic Fund I Buys Four Seniors Housing Properties in Connecticut for $43M

by Amy Works February 23, 2017

WATERBURY, WOLCOTT AND SOUTHINGTON, CONN. — The NHP Foundation-Urban Atlantic Fund I has acquired a four-property seniors housing portfolio in Connecticut for $43 million. The 404-unit portfolio consists of studio, one- and two-bedroom units, with all units contracted for the Project-based Section 8 Housing Assistance Program. The properties are the 150-unit Exchange Place Tower Apartments, located at 44 Center St. in Waterbury; Countryside Apartments I & II, located at 12 Wolf Hill Road in Wolcott and totaling 109 units; and the 145-unit Flanders West Apartments, located at 1 Darling St. in Southington. The name of the seller was not released. The equity fund is a joint venture between PNC Bank, Urban Atlantic and The NHP Foundation.

February 23, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

KeyBank Originates Acquisition Loan for Three-Property Seniors Housing Portfolio in Southeast Pennsylvania

by Amy Works February 23, 2017

SOUTHEAST PENNSYLVANIA — KeyBank Real Estate Capital’s Healthcare platform has arranged an acquisition loan for Baltimore-based Capital Health Group for the acquisition of a three-property seniors housing portfolio in Southeast Pennsylvania. Shortly after acquisition, Capital Health Group refinanced the acquisition/bridge loan through a series of three separate Fannie Mae financings originated by KeyBank’s Commercial Mortgage Group. The properties feature more than 500 units across the three properties. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group originated the initial acquisition financing, while Charlie Shoop of KeyBank’s Commercial Mortgage Group arranged the Fannie Mae financing.

February 23, 2017

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