Property Type

Continental Realty Buys Apartment Community in Tampa from PGIM Real Estate for $65.5M

by John Nelson December 20, 2016

TAMPA, FLA. — Continental Realty Corp. has purchased The Grand Reserve at Tampa Palms, a 390-unit apartment community located at 16616 Palm Royal Drive in Tampa. The Baltimore-based real estate investment firm acquired the asset from PGIM Real Estate for $65.5 million on behalf of Continental Realty Fund IV LP, which is focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. Constructed in 1999 on approximately 41 acres, The Grand Reserve is a gated community comprised of 15 three-story garden buildings that feature one-, two-, three- and four-bedroom floorplans ranging from 890 to 1,800 square feet. The property is located within the master-planned community of Tampa Palms and features a clubhouse with a health and fitness facility and resident lounge; an outdoor pool, sundeck and Jacuzzi; screened outdoor kitchen area; sand volleyball pit; lighted tennis and basketball courts and a children’s playground. Individual storage units and a car care center are also integrated within the residential community. Greg Engler, Pat Jones and Chris Chadbourne of Walker & Dunlop Investment Sales represented PGIM Real Estate in the sale.

December 20, 2016

Florida Loans Multifamily Southeast

CBRE Arranges $49.1M in Financing for Four-Property Multifamily Portfolio in Tallahassee

by John Nelson December 20, 2016

TALLAHASSEE, FLA. — CBRE Capital Markets has secured $49.1 million in permanent financing for a four-property, 630-unit multifamily portfolio in Tallahassee. The properties in the refinancing include the 104-unit Arbor Station II, the 132-unit Azalea Place, the 274-unit Arbor View and the 120-unit Eagles Landing. Glenn Housman of CBRE’s Orlando office arranged the financing on behalf of the borrower, Arbor Properties Inc. The financing included four separate non-recourse loans originated via CBRE’s Fannie Mae DUS program. The loans featured 10-year terms and fixed interest rates below 4 percent.

December 20, 2016

Georgia Multifamily Seniors Housing Southeast

Wingate, Columbia Residential Open Affordable Seniors Housing Community in Atlanta

by John Nelson December 20, 2016

ATLANTA — A joint venture between Wingate Cos. and Columbia Residential has opened City Lights Apartment Homes, an 80-unit affordable seniors housing community in the Old Fourth Ward neighborhood of Atlanta. The units, all one-bedroom, are reserved for residents over the age of 62. Prudential Mortgage Capital Co. provided construction financing for City Lights, which comprises a four-story building spanning 93,333 square feet. Financial partners on City Lights included Community Affordable Housing Equity Corp., Sugar Creek Capital, Georgia Department of Community Affairs, The City of Atlanta, InvestAtlanta and the U.S. Department of Housing and Urban Development (HUD). The design team included architect JHP Architecture/Urban Design and general contractor Agile Construction. The project is part of a redevelopment plan for Village of Bedford Pine, and Wingate has announced Phase II of the redevelopment, a 96-unit affordable community called Station 464, which will not have any age restrictions. Four existing buildings will be torn down to make way for construction of the five-story Station 464. Wingate plans to start construction of that project as early as 2017.

December 20, 2016

North Carolina Office Southeast

Petrus Partners Sells Office Building in Raleigh-Durham Area for $23M

by John Nelson December 20, 2016

CARY, N.C. — Petrus Partners Ltd. has sold 400 Regency Forest, a 111,639-square-foot office building situated within Regency Park in Cary, a suburb of Raleigh-Durham. Epic Regency LLC purchased the Class A asset from Petrus Partners for $23 million. Built in 2000 on 8.5 acres, the office building was 96.4 percent leased at the time of sale to tenants such as Caterpillar Inc., Pentair Inc. and Mediant Communications Inc. Scot Humphrey, Ryan Clutter, Justin Good and Chris Norvell of HFF represented Petrus Partners in the sale.

December 20, 2016

Loans Mississippi Multifamily Southeast

Dougherty Mortgage Closes $14M Loan for Two Apartment Communities in Mississippi

by John Nelson December 20, 2016

ROBINSONVILLE, MISS. — Dougherty Mortgage has closed a $14 million Fannie Mae loan for the acquisition of two apartment communities in Robinsonville. The properties, River Pointe and Cypress Lakes, total 312 units. Dougherty Mortgage’s Brentwood, Tenn.-office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Cypress River LLC.

December 20, 2016

Illinois Industrial Midwest

NAI Hiffman Arranges Sale of 100,000 SF Industrial Property in Bensenville, Illinois

by Kristin Harlow December 20, 2016

BENSENVILLE, ILL. — NAI Hiffman has arranged the sale of 516-554 N. York Road in Bensenville within the O’Hare submarket. The 100,000-square-foot industrial complex features 16-foot clear heights and approximately 1,500 to 3,000 square feet of built-in office space and one dedicated exterior dock per unit. At the time of purchase, the building was 85 percent occupied. John Whitehead of NAI Hiffman represented the buyer, Cordoba Properties. Whitehead and Josh Will of NAI Hiffman have been retained to lease the remaining 15,000 square feet of vacant space. The seller was not disclosed.

December 20, 2016

Industrial Midwest Wisconsin

The Dickman Co. Brokers Sale of 33,000 SF Industrial Building in Milwaukee

by Kristin Harlow December 20, 2016

MILWAUKEE — The Dickman Co. Inc./CORFAC International has brokered the sale of a 33,000-square-foot industrial building located at 7878 N. 86th St. in Milwaukee. The sales price was not disclosed. Nick Keys of the Dickman Co. represented the buyer, 7878 North LLC. Scott Furmanski of CBRE represented the seller, 7878 Associates LLC.

December 20, 2016

Midwest Retail Wisconsin

Mid-America Negotiates 23,496 SF Lease for TJ Maxx in Menomonee Falls, Wisconsin

by Kristin Harlow December 20, 2016

MENOMONEE FALLS, WIS. — Mid-America Real Estate has negotiated a 23,496-square-foot lease for TJ Maxx at Whitestone Station in Menomonee Falls near Milwaukee. The 67-acre mixed-use development is located on Falls Parkway and is anchored by Costco. Dan Cohen and Tony Colvin of Mid-America represented TJ Maxx in the lease transaction.

December 20, 2016

Midwest Minnesota Multifamily Student Housing

Marcus & Millichap Arranges $1.3M Sale of Student Housing Building in Minneapolis

by Kristin Harlow December 20, 2016

MINNEAPOLIS — Marcus & Millichap has arranged the sale of 860 10th Ave. Southeast in Dinkytown, a commercial district within Minneapolis, for $1.3 million. The nine-unit student housing building was constructed in 1990 and features 24 beds. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The Marcus & Millichap team also represented the buyer, a private investor.

December 20, 2016

Midwest Missouri Retail

Olivino Signs 1,585 SF Lease at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow December 20, 2016

ST. CHARLES, MO. — Olivino has signed a 1,585-square-foot lease at The Streets of St. Charles near St. Louis. Olivino is a specialty shop and tasting bar offering olive oils, balsamic vinegars and more cooking items. Other recent additions to the 27-acre mixed-use property include Orangetheory Fitness, Think Pink Nail & Spa and Firebirds Wood Fired Grill. Construction on the new Drury Hotel is underway, with completion slated for summer 2017. Additional tenants will be announced in the coming months.

December 20, 2016

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