Property Type

CBRE Brokers $25M Sale of Two Multi-Tenant Office Buildings in Greenville

by John Nelson October 6, 2016

GREENVILLE, S.C. — CBRE has brokered the sale of two multi-tenant office buildings located at 201 and 651 Brookfield Parkway in Greenville. Atlanta-based Fairlead Capital Partners purchased the two properties from Garrison Investment Group for a combined $25 million. Fairlead funded the purchase with its proprietary capital and equity from Bridge Investment Group Partners, manager of the ROC funds. Totaling 238,175 square feet, the assets are leased to tenants such as MetLife, GE Gas Turbines and Ahold USA. Patrick Gildea and Tripp Sellers of CBRE represented Garrison Investment Group in the transaction.

October 6, 2016

Florida Healthcare Southeast

Provision Healthcare, Hamlin Retail Partners to Develop Proton Therapy Center in Central Florida

by John Nelson October 6, 2016

ORANGE COUNTY, FLA. — Provision Healthcare and Hamlin Retail Partners, an affiliate of Boyd Development Corp. and Schrimsher Properties, have formed a joint venture to develop and operate a new proton therapy center as part of a medical campus in Hamlin, an 850-acre master-planned community in southwest Orange County. Situated at the interchange of State Road 429 and New Independence Parkway, the 25-acre medical campus will be part of Hamlin Town Center West, a 130-acre mixed-use development within Hamlin. The proton therapy center is projected to treat 800 to 900 cancer patients per year and create roughly 100 clinical and administrative jobs. The property will include three treatment rooms and use the proton systems technology of ProNova Solutions, an affiliate of Provision Healthcare. The Provision-Hamlin Retail joint venture will break ground on the center in the second quarter of 2017, and Provision will operate the property upon completion.

October 6, 2016

Michigan Midwest Multifamily Seniors Housing Top Stories

Moceri to Develop $300M Seniors Housing Community in Southeast Michigan

by John Nelson October 6, 2016

STERLING HEIGHTS, MICH. — Moceri Cos., a homebuilder based in metro Detroit, plans to develop a $300 million, master-planned community for seniors in Sterling Heights. Situated adjacent to the 27-hole Maple Lane golf course, the 807-unit development, known as Verandas, will feature a mix of townhouses, condominiums and apartments targeting adults age 55 and above. “Verandas will exceed the expectations of the active adult lifestyle in the entire region,” said Dominic Moceri, vice president of Moceri Management Group. Verandas will include a 30,000-square-foot event center featuring dining, fitness, indoor and outdoor pools and spas, retail space and other venues accessible to the public, as well as private spaces for residents only. “We are thrilled to have the Verandas development coming to our city, as it represents Sterling Heights’ commitment to exploring innovative housing options to meet the desires of our community,” said Sterling Heights Mayor Michael Taylor. “This development allows our city to attract new residents, as well as provide a new housing opportunity for those currently living in Sterling Heights who no longer want to reside in a traditional single-family home.” Verandas will include the 160-unit Blossom Lane, featuring one- and two-bedroom independent and assisted living apartments and studio …

October 6, 2016

Features Multifamily Seniors Housing Top Stories

NIC: Seniors Housing Occupancy Remained Stable in Third Quarter While Asking Rents Increased

by Jeff Shaw October 6, 2016

ANNAPOLIS, Md. — The occupancy rate for seniors housing properties in the third quarter held steady, even as asking rents increased, according to the National Investment Center for Seniors Housing and Care (NIC), the industry’s main data tracking agency. NIC’s data is gathered from more than 14,000 properties across 140 metro markets nationally. The average occupancy for the quarter was 89.8 percent for seniors housing, which includes independent living, assisted living and memory care. That number was identical to the average occupancy over the last three years, and an increase of 10 basis points from the previous quarter. From a historical perspective, the average occupancy in the third quarter was 290 basis points above the industry’s cyclical low of 86.9 percent during the first quarter of 2010. Independent living properties led the industry in occupancy rate, with an average of 91.1 percent, an increase of 20 basis points over the prior quarter. The average occupancy at assisted living properties trailed at 88 percent, the same as the previous quarter but a drop of 20 basis points from the year prior. Healthy Tenant Demand Although occupancy was largely unmoved, absorption stayed positive as the market successfully took on new supply. Annual …

October 6, 2016

Illinois Industrial Market Reports Midwest Midwest Market Reports

Speculative Industrial Development Makes a Big Comeback in the City of Chicago

by Jeff Shaw October 6, 2016

Chicago’s nearly 1.2 billion-square-foot industrial market continues to be a strong performer, garnering national attention. Tightening vacancies, healthy absorption and rising rental rates have spurred increased construction across our region. In fact, 7.7 million square feet in new industrial product came on line during the first six months of the year, with another 16.6 million square feet currently under development, earning metro Chicago the distinction of having the second largest pipeline of new inventory in the country. As vacancies dwindle across the metro area, surging demand for quality, close-in manufacturing and distribution space is driving a critical mass of new speculative development in the city proper for the first time in more than a decade. From January 2015 through the second quarter of 2016, developers delivered 317,000 square feet of spec industrial product in metro Chicago, according to Cushman & Wakefield Research. To put that figure into context, a total of 238,000 square feet of spec product was introduced in the city during the prior 10 years (2005-2014). Another 369,000 square feet of spec development is underway and scheduled to be delivered in 2017, but the new construction will only partly mitigate the pent-up demand for space within city limits. …

October 6, 2016

Michigan Midwest Multifamily Student Housing

Wayne State University Selects Corvias to Execute $300M Housing Master Plan in Detroit

by Amy Works October 5, 2016

DETROIT — Wayne State University has selected Corvias to develop, construct, manage and maintain its student housing in a 40-year public-private partnership. The program will allow Wayne State to defease $102 million of existing debt and execute all facets of its 10-year master plan, which includes 842 new beds, renovating 3,100 existing beds and the construction of commercial and university spaces without issuing any new university debt. The master plan includes the development of Anthony Wayne Drive Apartments, which calls for the delivery of 400 new beds in fall 2018 and another 442 beds in fall 2019; and the demolition of the 415-bed Helen L. DeRoy Apartments by 2019, with the space being converted into open green space to enlarge the existing space on Williams Mall. Additionally, the project includes more than 18,000 square feet of retail space and 9,000 square feet for the Campus Health Center and related services.

October 5, 2016

Illinois Midwest Multifamily Seniors Housing

Joint Venture Completes 186-Residence Seniors Housing Community in Algonquin, Illinois

by Amy Works October 5, 2016

ALGONQUIN, ILL. — Ryan Cos., Life Care Services, an LCS Company, and Harrison Street Real Estate Capital have completed the construction of Clarendale of Algonquin, a $40 million seniors housing community located in Algonquin. The 186-residence property features 76 independent living residences, 56 assisted living and 54 memory care suites in a variety of floor plans based on type of care. Independent living residences range from 720 to 1,285 square feet, while assisted living and memory care residences range from 310 to 835 square feet. The property also features a bistro, pub and billiards rooms, club room and library, living rooms with fireplaces, garage parking, a multipurpose room, wellness center with full-service salon, fitness room, private patio and courtyard, movie theater and a crafts room. Life Care Services of Des Moines, Iowa will manage the community. Clarendale of Algonquin is the second of the Clarendale-branded projects to open in the Chicago area.

October 5, 2016

Midwest Minnesota Multifamily

Timberland Partners Acquires 304-Unit Apartment Community in White Bear Lake, Minnesota

by Amy Works October 5, 2016

WHITE BEAR LAKE, MINN. — Timberland Partners has purchased White Bear Woods, an apartment community located at 4776 Centerville Road in White Bear Lake. Chicago-based LivCor Multi-Family Asset Management sold the 304-unit property for an undisclosed sum. Built in 1998, the property features a mix of studio, one- and two-bedroom apartments in four garden-style buildings. On-site amenities include a clubhouse facility with resort-style swimming pool, outdoor gas fireplaces and seating areas, fitness center, community gathering room and leasing offices. The buyer has improvements planned for the property, including higher-grade kitchen finishes, lighting and appliance packages, parking lot improvements, tennis court updates, and new fencing and landscaping. Abe Appert and Keith Collins of CBRE represented the seller. Joel Torborg of CBRE secured the acquisition financing for the buyer.

October 5, 2016

Industrial Midwest Ohio

CPA:17 – Global Buys Solar Distribution Facility in Perrysburg, Ohio, for $14M

by Amy Works October 5, 2016

PERRYBURG, OHIO — CPA:17 – Global, a non-traded real estate investment trust, has acquired a distribution and light manufacturing facility in Perrysburg. InSite Real Estate sold the property for $14 million. The facility is net leased to First Solar Inc. under a 10-year term. The 391,700-square-foot facility serves primarily as warehousing for solar panels with about 80,000 square feet dedicated to light assembly. W. P. Carey Inc. brokered the transaction.

October 5, 2016

Illinois Midwest Mixed-Use Multifamily Retail

Jameson Commercial Negotiates $1.7M Sale of Mixed-Use Property in Chicago

by Amy Works October 5, 2016

CHICAGO — Jameson Commercial has arranged the sale of a mixed-use property located at 837 N. Orleans in Chicago’s River North district. An undisclosed investment group acquired the property for $1.7 million. The building features three condo-quality apartments and ground-floor retail space. Justin Collins of Jameson Commercial represented the undisclosed seller in the deal.

October 5, 2016

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