Property Type

Haven Campus Communities Breaks Ground on Student Housing Property Near the University of South Florida

by John Nelson January 31, 2017

TAMPA, FLA. — Construction is underway on Haven 46, a 542-bed student housing development by Haven Campus Communities located near the University of South Florida in Tampa. The property will offer the company’s Smart Apartment technology, created in partnership with Airwave Networks. Haven’s Smart Apartments will include voice command technology through Amazon Echo; keyless entry that can be integrated with smartphones through a mobile app; and voice-controlled smart lighting, thermostats and ceiling fans. Community amenities will include two contiguous courtyards, a resort-style pool, covered grills, hammocks, fire pits, a 24-hour fitness center, cyber lounge, tech savvy study rooms, coffee bar, pool tables and shuffleboard. The property is scheduled to open in fall 2018.

January 31, 2017

Florida Multifamily Southeast

Marcus & Millichap Brokers $25M Sale of Apartment Community in Metro Orlando

by John Nelson January 31, 2017

FERN PARK, FLA. — Marcus & Millichap has brokered the $25 million sale of The Palms at Magnolia Grove, a 352-unit apartment community located at 2174 Sharp Court in Fern Park, a suburb of Orlando. Built in 1972, the property features a dog park, sports court, business and fitness centers, picnic areas, clubhouse and a pool. Francesco Carriera and Michael Regan of Marcus & Millichap represented the seller and procured the buyer in the transaction.

January 31, 2017

Affordable Housing Georgia Loans Multifamily Seniors Housing Southeast

Capital One Provides $14.4M HUD Loan to Build Affordable Housing Community in Metro Atlanta

by John Nelson January 31, 2017

DECATUR, GA. — Capital One has provided a $14.4 million HUD 221(d)(4) loan for the construction of Sterling at Candler Village, a 170-unit affordable and age-restricted community in Decatur. The 221(d)(4) product is HUD’s flagship program for financing the construction and preservation of market-rate and affordable housing apartment communities. Carolyn Whatley of Capital One originated the loan on behalf of the developer/borrower, The Benoit Group. Residences will be restricted to residents whose head of household is at least 62 years old. The majority of the units (136) will be allocated to households earning up to 60 percent of the area median income (AMI), while the remaining 34 will be reserved for households earning up to 50 percent of AMI. Besides the HUD financing, funding of this development included low income housing tax credits allocated by the Georgia Department of Community Affairs; tax exempt bonds issued by the Housing Authority of DeKalb County and underwritten by Stifel, Nicolaus & Co. Inc.; a subordinate HOME loan funded by DeKalb County Community Department; and project-based rental assistance issued by the Housing Authority of the City of Atlanta (AHA). AHA entered into an Intergovernmental Agreement with the Housing Authority of DeKalb County to administer …

January 31, 2017

Loans Midwest Minnesota Multifamily

Dougherty Provides $28.6M HUD Refinancing for Multifamily Property in Minneapolis

by Kristin Harlow January 31, 2017

MINNEAPOLIS — Dougherty Mortgage LLC has provided a $28.6 million HUD loan for the refinancing of The Grain Belt, a multifamily property in Minneapolis. The property consists of two buildings and 150 units. Situated on the site of the former Orth and Grain Belt Breweries, the buildings were constructed in 2014. The office/clubhouse was built in 1892 and previously used as the office for the Grain Belt Brewery. The building is listed on the National Register of Historic Places. Dougherty’s Minneapolis office arranged the 35-year, fully amortizing loan for the borrower, Orth-Grain Belt LLC.

January 31, 2017

Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Opens $24M Seniors Housing Property in Aurora, Illinois

by Kristin Harlow January 31, 2017

AURORA, ILL. — Evergreen Real Estate Group has opened Aurora St. Charles Senior Living in Aurora. The 60-unit independent living facility is located at 400 E. New York St. Formerly St. Charles Hospital, the historic building was transformed into a residential community as part of a $24 million redevelopment that began in December 2015. The community includes a mix of studio, one- and two-bedroom floor plans. Amenities include a large community room, fitness room, walking paths and community gardens. The building had been vacant since 2010. Evergreen Real Estate Group collaborated with Invest Aurora, Northern Lights Development Corp., the City of Aurora, Illinois Housing Development Authority (IHDA) and Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the financing and tax credits needed to fund the $24 million rehabilitation. Approximately $3 million was obtained through the River Edge Redevelopment Zone program, which was created in 2006 to incentivize riverfront development in Aurora and other Illinois cities. The balance of the project’s development cost was covered by a combination of federal historic tax credits, low-income housing tax credits allocated by IHDA and private financing.

January 31, 2017

Illinois Industrial Midwest

Hengli Purchases New Headquarters in Bolingbrook, Illinois

by Kristin Harlow January 31, 2017

BOLINGBROOK, ILL. — Hengli America LLC, an hydraulic manufacturer based in China, has purchased its new U.S. headquarters in Bolingbrook. The 46,289-square-foot facility is located at 580 Crossroads. The building will also serve as a testing and distribution facility. The property includes 12,000 square feet of office space, five dock doors and two drive-in doors. Perry Higa of NAI Hiffman represented Hengli, while Traci Buckingham Payette and Jeff Kapcheck of CBRE represented the undisclosed seller.

January 31, 2017

Midwest Ohio Retail

Marcus & Millichap Brokers $4.4M Sale of Shopping Center in Avon, Ohio

by Kristin Harlow January 31, 2017

AVON, OHIO — Marcus & Millichap has brokered the sale of Center Plaza in Avon, about 20 miles west of Cleveland, for $4.4 million. The 25,359-square-foot shopping center is located at 2100 Center Road. Howard Hanna anchors the property, which also includes tenants such as Barry Bagels, Dante Lucci Salon, Math Wizard, Northwest Savings Bank and Zeppe’s Pizza. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, an international private fund. A private local buyer purchased the asset.

January 31, 2017

Industrial Midwest Wisconsin

Dickman Co./CORFAC Arranges Sale of 8,700 SF Industrial Building in Pewaukee, Wisconsin

by Kristin Harlow January 31, 2017

PEWAUKEE, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of an 8,700-square-foot industrial building in Pewaukee, north of Waukesha. The building is located on Joseph Road. Samuel M. Dickman Jr., Samuel D. Dickman and Nick Keys of the Dickman Co. represented the undisclosed seller. Chris Etmanczyk of Lee & Associates represented the buyer, Joseph Road LLC.

January 31, 2017

Retail Southeast Top Stories

CBL & Associates Acquires Five Sears Stores, Two Sears Auto Centers for $72.5 Million

by Katie Sloan January 31, 2017

CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties Inc. (NYSE: CBL) has closed on a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers located at CBL-owned malls for $72.5 million. The five locations acquired include the Sears parcels at Cross Creek Mall in Fayetteville, N.C.; Brookfield Square in Brookfield, Wis.; Hamilton Place Mall in Chattanooga, Tenn.; Eastgate Mall in Cincinnati, Ohio; and Jefferson Mall in Louisville, Ky. The two acquired Sears Auto Centers are located at Northgate Mall in Chattanooga, Tenn., and Volusia Mall in Daytona, Fla. Sears will continue to operate the department stores under new 10-year leases, with CBL receiving an aggregate base rent of approximately $5.1 million. CBL will have the right to terminate each Sears lease at any time — except for November through January — with six months’ advance notice. In addition to CBL’s termination right, after a lock-out period of four years for the Sears store at Jefferson Mall, two years for the other four Sears stores and one-year for the two Sears Auto Centers, Sears may terminate each store lease upon six months’ notice. “We are proactively transforming our market-dominant shopping centers to meet the changing preferences of consumers,” says Stephen …

January 31, 2017

Features Mixed-Use Texas & Oklahoma Feature Archive Top Stories

Texas Developers Bet on Entertainment

by Jeff Shaw January 31, 2017

Recognizing that today’s retail environment stresses experience over shopping, developers of mixed-use communities in Texas are more frequently signing entertainment-oriented tenants to spaces that traditionally would have been reserved for department stores and inline soft goods retailers. Developers pursue different types of entertainment tenants, depending on the projects, their locations and their audience. All of the projects leverage a growing number of new options in the food and beverage category, including food halls, artisan markets and re-imagined restaurants and bars. Boutique movie theaters and bowling lounges — concepts that also strive to give patrons a unique food-and-beverage experience — are in demand, and are in expansion mode. Many landlords are adding specialty gyms or health-oriented services like yoga venues. And when it comes to pure retail, developers are enlisting operators that provide a differentiated customer experience across all categories, from beauty supply to sporting goods. For example, in 2015 beauty goods retailer Sephora launched in-store technology and education initiatives to enhance the customer experience, while newer Scheels sporting goods locations typically feature an indoor Ferris wheel, aquarium and other interactive attractions. Mixed-use developers are also creating Wi-Fi accessible public spaces with artistic and landscaping elements where customers, residents or workers …

January 31, 2017

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