Property Type

The Blau & Berg Co. Arranges Sale of 54,126 SF Retail Property in Newark, New Jersey

by Amy Works January 6, 2017

NEWARK, N.J. — The Blau & Berg Co. has brokered the sale of a retail property located at 237-249 S. Orange Ave. in Newark. JJ Operating Inc., a family-owned real estate investment and management company, acquired the 54,126-square-foot property for an undisclosed price. The free-standing building is currently occupied by a 2,100-square-foot Dunkin’ Donuts. The buyer plans to redevelop the property. Alex Conte, Jason Crimmins and Peter Murano of The Blau & Berg Co. represented the seller and buyer in the deal.

January 6, 2017

Connecticut Industrial Northeast Office Retail

O,R&L Commercial Negotiates $2.1M Sale of Two Properties in Cromwell, Connecticut

by Amy Works January 6, 2017

CROMWELL, CONN. — O,R&L Commercial has arranged the sale of a two-property investment asset totaling 38,800 square feet at 50 Sebethe Drive in Cromwell. O&G Industries acquired the properties for $2.1 million. The sale includes a net-leased 28,800-square-foot warehouse and office building and an on-site 10,000-square-foot self-storage facility. Frank Hird and Luke Massirio of O,R&L Commercial represented the seller, Sebethe Drive Partners LLC, in the deal.

January 6, 2017

Illinois Loans Midwest Multifamily

Mission Capital Arranges $170M Construction Loan for Luxury Apartment Building in Chicago

by Kristin Harlow January 6, 2017

CHICAGO — Mission Capital Advisors has arranged a $170 million loan for the construction of Essex on the Park in Chicago. The 56-story, 479-unit luxury apartment building will be located at 808 S. Michigan Ave. As part of the project, the adjacent Essex Inn will be expanded to 271 rooms and repositioned as the Hotel Essex. Opening of the entire project is slated for 2019. The apartments will include a mix of studios, convertibles, and one-, two- and three-bedroom units. The top two residential floors of the building will include four penthouse duplexes. Jordan Ray, Ari Hirt, Steven Buchwald and Jamie Matheny of Mission Capital advised ownership and sourced the financing from a global investment bank. Oxford Capital Group LLC and Quadrum Global are co-developing the project.

January 6, 2017

Illinois Midwest Multifamily

Crescent Heights Breaks Ground on Apartment Tower in Chicago’s South Loop

by Kristin Harlow January 6, 2017

CHICAGO — Crescent Heights has broken ground on One Grant Park in Chicago’s South Loop. The 76-story apartment building, located at 1200 S. Indiana Ave., will include 792 luxury apartments. Completion is slated for early 2019. Rafael Viñoly designed the tower, and Rockwell Group will design the interiors of the units. The building will include a mix of studio, one-, two- and three-bedroom apartments. S. Loop Chicago Development LLC purchased the three-acre site in 2012.

January 6, 2017

Kansas Midwest Retail

Block & Co. Acquires 11.8-Acre Retail Property in Merriam, Kansas

by Kristin Harlow January 6, 2017

MERRIAM, KAN. — Block & Co. Inc. Realtors has acquired the former Kmart shopping center in Merriam, located about 10 miles southwest of Kansas City. The center sits on 11.8 acres at 8703 Shawnee Mission Parkway. Block & Co. plans to redevelop the property as a mixed-use development with restaurants, retail, entertainment and hotel sites. Block & Co. will handle all phases of the development including the leasing, property management and construction management. David M. Block of Block & Co. negotiated the sale on behalf of Block & Co. Bob Johnson of RH Johnson Co. negotiated the transaction on behalf of the undisclosed seller.

January 6, 2017

Midwest Retail Wisconsin

Marcus & Millichap Arranges $22.2M Sale of Net-Leased Whole Foods Property in Milwaukee

by Kristin Harlow January 6, 2017

MILWAUKEE — Marcus & Millichap has arranged the sale of a retail building net leased to Whole Foods on Milwaukee’s east side for $22.2 million. The 53,875-square-foot store is located at 2305 N. Prospect Ave. Adam Connor of Marcus & Millichap represented the seller, Irgens. The buyer was a Seattle-based private investor. Irgens is a Milwaukee-based real estate developer.

January 6, 2017

Affordable Housing Midwest Missouri Multifamily

CDT, Millenia Acquire Affordable Housing Community in Kansas City, Missouri

by Kristin Harlow January 6, 2017

KANSAS CITY, MO. — In a joint venture deal, the Community Development Trust (CDT) and The Millenia Cos. have acquired Kensington Heights Apartments in Kansas City. The nine-story apartment complex includes 126 units and serves low-income senior citizens and people with disabilities. Kensington Heights Apartments is located near Interstate 70 and U.S. Highway 40, and is approximately 10 minutes from downtown Kansas City. The complex serves residents who earn 60 percent of the area median income. The equity investment totaled $1.8 million, and CDT and Millenia will complete $580,000 of capital improvements to ensure the apartments are maintained as high-quality affordable housing for elderly and disabled residents. CDT is a national investor in affordable housing. Millenia is a Cleveland-based real estate company specializing in the acquisition, rehabilitation and management of affordable and market rate properties.

January 6, 2017

Florida Georgia Mixed-Use Multifamily Southeast

Related Development to Break Ground on Six Mixed-Use, Multifamily Projects in Florida, Georgia

by John Nelson January 6, 2017

MIAMI — Related Development LLC, a Miami-based mixed-use and multifamily developer and affiliate of The Related Group, has six projects set to begin construction in Tampa, Orlando, Palm Beach County and Atlanta. The Florida projects include the 399-unit Tampa Tribune, a waterfront apartment community located at 202 S. Parker St. in Tampa; Town at Westshore Marina District, a 396-unit mid-rise apartment community located in Tampa’s Westshore district; Town Maitland at Trelago, a 350-unit townhome and Big House multifamily development located in Orlando; and Town Southern, a 392-unit garden-style apartment community located on Southern Boulevard in Royal Palm Beach. In Atlanta, Related Development has two projects planned in Atlanta’s Midtown and Buckhead districts. The developments include a 77,000-square-foot Whole Foods Market, which is Phase II of Related’s 390-unit Apogee Midtown development; and Apogee Buckhead, a 35-story high-rise comprising 362 residential units above three levels of retail and office space.

January 6, 2017

Florida Retail Southeast

Regency Centers Purchases Shopping Center Along Orlando’s ‘Restaurant Row’ for $92.5M

by John Nelson January 6, 2017

ORLANDO, FLA. — Jacksonville, Fla.-based Regency Centers Corp. and its co-investment partner have purchased Plaza Venezia, a 201,000-square-foot, Publix-anchored shopping center in Orlando. The seller and sales price were undisclosed, but Orlando Business Journal reports that U.S. Cities Fund Operating LP, an affiliate of New York-based Team Core Property Funding Operating LP, sold the asset to Regency Centers for $92.5 million. Plaza Venezia is situated along Orlando’s “Restaurant Row,” one of the top trade areas in the market for investors. Plaza Venezia serves the nearby Doctor Phillips and Bay Hill submarkets. In addition to Publix, existing tenants at Plaza Venezia include Eddie V’s Prime Seafood, Starbucks Coffee, Tijuana Flats, Sylvan Learning Center, Majestic Cleaners, State Farm Insurance, Supercuts, Scottrade, T-Mobile and Orlando Family Dentistry.

January 6, 2017

California Retail Western

NewMark Merrill Cos. Completes First Phase of $15M Retail Redevelopment in Inglewood

by Nellie Day January 6, 2017

INGLEWOOD, CALIF. — NewMark Merrill Cos. has completed the first phase of the $15 million redevelopment of Crenshaw Imperial Plaza in Inglewood. The 304,755-square-foot shopping center is located on the southwest corner of Crenshaw Boulevard and Imperial Highway. The first phase includes the remodel of the dd’s Discount and 99¢ Only Stores; converting the ground floor of the office building into retail space; and infrastructure improvements. The second phase will include the remodel of the remainder of the retail center and office building, which will be home to the 15,000-square-foot Mission View Charter School. The second phase is slated for completion by February. The firm has also started on the final phase of redevelopment, which includes the demolition of an obsolete two-story building and the construction of a Planet Fitness and a 14,215-square-foot building that is 100 percent pre-leased. Additionally, NewMark Merrill has secured a $34.4 million senior loan for the recapitalization of the project. PCCP provided the loan, which David Pascale of George Smith Partners arranged.

January 6, 2017

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