PLANO, TEXAS — NewGate Development plans to open CityCentral, a coworking and executive office space in Plano, a northern suburb of Dallas. Located on Spring Creek Parkway west of the Dallas North Tollway, CityCentral totals 36,000 square feet of workspace, including a 12,000-square-foot creative collaboration center. The property is scheduled to open March 1.
CHESTERFIELD, MO. — Berkadia has arranged the sale of and financing for Watermark at Chesterfield Village, a 12.7-acre multifamily site located in Chesterfield. Watermark Residential purchased the land site with plans to complete construction in late 2018. The property will be located at the southwest corner of Chesterfield Parkway and Lydia Hill Drive. Sachs Properties was the seller. Kenneth Aston and Andrea Kendrick of Berkadia completed the land sale on behalf of the buyer. Kevin Kozminske and Michael Duggan of Berkadia arranged the financing, securing a $52 million loan through Simmons Bank.
MIAMI, ORLANDO AND JACKSONVILLE, FLA. — Atlanta-based MDH Partners LLC has purchased a portfolio of 23 distribution buildings in Florida totaling more than 3.3 million square feet. The Class A and B properties are located in Miami, Orlando and Jacksonville. The sales price was undisclosed. Hank Hall and Kevin Troy of Colliers International’s Atlanta office arranged $134 million in acquisition financing through Bank of America, Wells Fargo and Synovus Bank on behalf of MDH. Since May 2014, the company has purchased or developed 93 industrial properties totaling more than 11.7 million square feet. MDH’s other assets are located in Atlanta, Memphis, Tampa, Charlotte, Raleigh, Greenville, Winston-Salem, Norfolk and Richmond.
GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.
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.
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.
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.
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.
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.
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.