Property Type

Crescent Communities Opens Apartment Development in Tampa’s Westshore District

by John Nelson September 9, 2016

TAMPA, FLA. — Crescent Communities has opened Crescent Westshore, a new 374-unit luxury apartment community located at 2202 N. Lois Ave. in Tampa’s Westshore district. Situated near the intersection of Lois Avenue and Boy Scout Boulevard, Crescent Westshore features studio, one-, two- and three-bedroom residences ranging from a 528-square-foot studio to a 1,431-square-foot, three-bedroom apartment. Unit interiors include stainless steel appliances, quartz countertops, tile backsplashes, quiet-close cabinets and drawers and full-size washer and dryers. Community amenities include a two-story clubhouse with an outdoor elevated terrace and three courtyards. The community also features a meeting area with a flat screen TV, shared indoor/outdoor summer kitchen, dog run for small and large dogs, two saline pools, a fitness center and an 18-foot, aluminum-plated sculpture with an LED lighting core. The sculpture is situated at the front of the community.

September 9, 2016

Industrial Midwest Wisconsin

The Dickman Company Brokers 104,627 SF Industrial Lease in Milwaukee

by Amy Works September 9, 2016

MILWAUKEE — The Dickman Company/CORFAC International has arranged a lease between Northwest Holdings Corp. and Sellars Absorbent Materials Inc. at 7300 N. 60th St. in Milwaukee. Sellars Absorbent Materials will occupy 104,627 square feet of industrial/office space at the property. Samuel Dickman Jr., Samuel Dickman, Zach Noble and TJ Huenerbein of The Dickman Company brokered the lease.

September 9, 2016

Georgia Multifamily Southeast

Milestone Apartments REIT to Buy Community in Metro Atlanta for $47M

by John Nelson September 9, 2016

WOODSTOCK, GA. — Milestone Apartments REIT has agreed to purchase Park 9 Apartments, a 275-unit, Class A apartment community located on Ridgewalk Parkway in Woodstock, a northwest suburb of Atlanta. The property is situated near The Outlet Shoppes at Atlanta and I-575. The undisclosed seller has agreed to sell Park 9 to Milestone for $47 million. Built in 2016, Park 9 is currently 95 percent occupied with average monthly rents of approximately $1,200. The community features nine-foot ceilings, stainless steel appliances, granite countertops and direct-access garages. Amenities include a clubhouse with a cyber café, a salt-water swimming pool with beach entry and resort-style cabanas, fitness center, outdoor grilling area, bocce ball court, dog park, storage units and electric vehicle charging stations.

September 9, 2016

Indiana Midwest Multifamily

Marcus & Millichap Arranges $3.3M Sale of Apartment Property in Indianapolis

by Amy Works September 9, 2016

INDIANAPOLIS — Marcus & Millichap has brokered the sale of The Home Place Senior Apartments, an apartment property located at 6734 Millside Drive in Indianapolis. A private investor acquired the property from a limited liability company for $3.3 million. The property features 60 rental units. Darrell Johnson and Brent Silcox of Marcus & Millichap’s Indianapolis office represented the seller, while Shane Ryan McConnell of Marcus & Millichap’s Newport Beach, Calif., office represented the buyer in the transaction.

September 9, 2016

Multifamily North Carolina Southeast

Armada Hoffler, Southern Apartment Group to Develop $45M Project in Midtown Charlotte

by John Nelson September 9, 2016

CHARLOTTE, N.C. — Armada Hoffler Properties, a publicly traded REIT based in Virginia Beach, Va., has entered into a joint venture with Southern Apartment Group to develop and own a new $45 million apartment community in Midtown Charlotte. The eight-story project will feature 225 apartment residences and a 350-space parking structure. Armada Hoffler and Southern Apartment Group plan to break ground on the property in the fourth quarter for a targeted completion date in mid-2018.

September 9, 2016

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Arranges $39.9M Fannie Mae Facility to Harmony Housing for Affordable Housing Portfolio

by John Nelson September 9, 2016

CLEVELAND — KeyBank has structured and arranged a $39.9 million Fannie Mae master credit facility for Harmony Housing, a 501(c)(3) nonprofit that focuses on preserving affordable housing rental properties. Harmony Housing will use the facility for a five-property affordable housing portfolio in Florida and Wisconsin. The properties include Centre Court Apartments in Bradenton, Fla.; Villas at Cove Crossing in Lantana, Fla.; The Overlook at Monroe in Sanford, Fla.; Foxbrook Senior Apartments in Brookfield, Wis.; and Prairie Ridge Senior Apartments in Pleasant Prairie, Wis. The facility structure allows Harmony Housing to add properties to the facility, accounting for future acquisitions, and to refinance assets in its existing portfolio.

September 9, 2016

Healthcare Market Reports Office Retail Texas Texas Market Reports

Rio Grande Valley Commercial Real Estate Growth is Happening

by Haisten Willis September 9, 2016

Growth. It is occurring all across the Rio Grande Valley. From the residential sector to the retail development industry, regional statistics indicate there is an overwhelming boom in the Valley. The rise in the region’s population and the increasing number of yearly visits from Mexican nationals, among other factors, are contributing to the boom. The Rio Grande Valley commercial real estate industry has seen steady, consistent growth over the last two years. National retailers looking to incorporate themselves into the local economy or expand their existing business include Main Event Entertainment, Raising Cane’s Chicken Fingers, Menchie’s Frozen Yogurt, Dave & Busters, Dick’s Sporting Goods, HomeGoods, Chick-fil-A and Walmart. Local and international retailers including Super Cream Restaurant & Bakery, Kurai Sushi Buffet, and Dona Tota are also expanding in the region. Other entities helping to spur growth in the commercial real estate industry are the University of Texas Rio Grande Valley (UTRGV) campuses in Edinburg, Harlingen and Brownsville, and a number of large investment retail projects in the upper and mid-valley including the development of the 8,500-seat Bert Ogden Arena in Hidalgo County. Impact of UTRGV The University of Texas Rio Grande Valley is less than two years old and boasts …

September 9, 2016

Georgia Industrial Southeast Top Stories

Sentury Tire to Build $530M Manufacturing Plant in Georgia

by Jeff Shaw September 9, 2016

LAGRANGE, GA. — Sentury Tire, a China-based tire manufacturer, has announced plans to build a $530 million tire factory in LaGrange, approximately 65 miles southwest of Atlanta. Sentury expects the plant to create more than 1,000 jobs in production, sales, marketing, warehousing and distribution, and support the company’s U.S. operations. The company expects to start production in 2018, with a projected output of 12 million passenger and light truck tires per year. Sentury was drawn to Georgia by a tax incentive package, but details were not disclosed, according to the Atlanta Journal-Constitution. Sentury Tire products are sold under the Sentury, Landsail and Delinte brands. The company focuses on light truck and airplane tires. Approximately 70 percent of the company’s sales are in the European and U.S. markets. Sentury Tire’s parent company, Qingdao Sentury Tire Co., is based in Qingdao, China. “The state of Georgia has had a strategic office in China since 2007 and an office in Qingdao since 2013, helping foster business connections between Georgians and Chinese professionals,” says Chris Carr, commissioner of the Georgia Department of Economic Development. “This project is a great example of the relationships that have been forged through active communication and engagement in China.” …

September 9, 2016

Midwest Minnesota Office

CBRE Arranges $200M Sale of Ameriprise Financial Center in Minneapolis

by Amy Works September 8, 2016

MINNEAPOLIS — CBRE Capital Markets has brokered the sale of Ameriprise Financial Center, a 31-story, 847,667-square-foot office building located at 701 Second Ave. South in downtown Minneapolis. A joint venture between Axar Capital Management and Morning Calm Management acquired the property for $200 million, or $236 per square foot. Built in 2000, the building serves as the global headquarters for Ameriprise Financial. Tom Holtz, Ryan Watts, Judd Welliver and Sonja Dusil of CBRE’s Minneapolis office represented the seller’s advisor and asset manager, Founders Properties LLC, in the transaction.

September 8, 2016

Industrial Midwest Missouri

ROi Breaks Ground on 100,000 SF Surgical Pack Facility in Missouri

by Amy Works September 8, 2016

REPUBLIC, MO. — Resource Optimization & Innovation (ROi), a health care supply chain company owned by Mercy, has broken ground on its custom surgical pack manufacturing facility, located at 3000 E. Sawyer Road in Republic. Slated to open in fall 2017, the $10 million, 100,000-square-foot facility will enable the company to produce up to 1.5 million packs each year. The packs produced by ROi’s Custom Pack Solutions division contain all of the medical supplies needed to perform a range of surgical procedures. The company’s pack operation is the first and largest provider-owned, FDA-regulated custom pack manufacturing facility in the United States. The project team includes Slone Architects, Morelock-Ross and Rankin Development.

September 8, 2016

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