Property Type

IRC Retail Centers Acquires Phase II of Goldenrod Marketplace in Orlando for $6M

by John Nelson August 10, 2016

ORLANDO, FLA. — IRC Retail Centers has purchased Phase II of Goldenrod Marketplace, a community shopping center located at the intersection of Narcoossee and Goldenrod roads in Orlando, for $6 million in cash. Goldenrod Marketplace Phase II comprises approximately 33,140 square feet of in-line retail space that is nearly fully leased to Dollar Tree, Great Clips, Lucky Me, Payless Shoes, Rue 21 and Sally Beauty. IRC Retail Centers previously acquired the 97,500-square-foot Phase I of Goldenrod Marketplace in December 2013.

August 10, 2016

Illinois Midwest Mixed-Use

M&R Development, Bucksbaum Retail Properties Break Ground on Mixed-Use Development Near Wrigley Field

by Christina Cannon August 10, 2016

CHICAGO — A joint venture between M&R Development and Bucksbaum Retail Properties LLC has broken ground on Addison & Clark, a mixed-use development situated on 2.3 acres across the street from Chicago’s Wrigley Field. The transit-oriented development will include 148 luxury apartments and 150,000 square feet of retail space. A 10-screen, 30,959-square-foot CMX movie theater will anchor the property, and the remaining space will also contain a health club and dining options. The project will offer studio, one- and two-bedroom units that will feature hardwood floors, quartz countertops, stainless steel appliances, walk-in closets and in-unit washers and dryers. Amenities will include a 5,715-square-foot clubhouse; 8,746 square feet of outdoor space; a pool and spa; cyber café; business and conference center; community kitchen and event room; fitness center with sauna and steam room; and a dry cleaning service. The development will also include a 341-space parking garage for public use with an additional 64 spots reserved for residents. Chicago-based Solomon Cordwell Buenz is the project architect, and Chicago-based Power Construction will serve as the general contractor.

August 10, 2016

Kansas Midwest Multifamily

CBRE Brokers Sale of Three Apartment Properties in Metro Kansas City for $60M

by Christina Cannon August 10, 2016

KANSAS CITY, OVERLAND PARK AND LENEXA, KAN. — CBRE Group has brokered the sale of three apartment properties totaling 741 units in metro Kansas City for a total of $60 million. Bicycle Club Apartments, located in Kansas City, offers 312 one- and two-bedroom units. Amenities at the complex, built in 1987, include a business center, dog park, movie and DVD rentals, a clubhouse with pool, volleyball court, fitness center, tennis court and a grill and picnic area. The 149-unit Treetop Lodge Apartments in Overland Park, Kan. offers one-, two- and three-bedroom units. Amenities include a tanning bed, pool with sundeck, playground and fitness center. Lenexa Crossing Apartments in Lenexa, Kan. features 280 units, a clubhouse, fitness center, pool with hot tub, business center and walking trail. Jeff Stingley of CBRE represented the undisclosed sellers in the transactions. The buyers were also undisclosed.

August 10, 2016

Illinois Midwest Retail

Besyata Investment Group, ALTO Real Estate Funds Acquire Shopping Center in Metro Chicago for $32M

by Christina Cannon August 10, 2016

HOMEWOOD, ILL. — A joint venture between Besyata Investment Group and ALTO Real Estate Funds has acquired a 235,000-square-foot retail center in Homewood, approximately 30 miles south of Chicago, for $32 million. Washington Park Plaza is 95 percent leased to tenants such as Ross Dress for Less, T.J. Maxx, Best Buy, Jo-Ann Fabric, Petco, Famous Footwear, Dressbarn, Lane Bryant, AT&T, Great Clips, Chili’s and Starbucks. The center is comprised of seven buildings. The seller in the transaction was undisclosed, and Mid-America Asset Management will market the property for lease and oversee the management of the center.

August 10, 2016

Michigan Midwest Multifamily Student Housing

EdR Begins Construction on Living-Learning Community at Northern Michigan University

by Christina Cannon August 10, 2016

MARQUETTE, MICH. — EdR has broken ground on a multiple-building living-learning community at Northern Michigan University (NMU) in Marquette. More than 1,200 beds will be delivered in multiple phases during the second half of 2017 and 2018. The community will feature classrooms, study rooms, TV lounges and laundry facilities with Internet and Wi-Fi throughout. The property will also include a large patio and lobbies designed to accommodate art shows, student events, university functions and various types of entertainment. EdR was chosen by NMU to develop, finance, construct and manage the property through its ONE Plan, which uses the company’s equity and financial stability to fund projects on university land. Upon completion, EdR will operate the residence halls under a 75-year lease with NMU and will manage the facility, while NMU will provide residence life services.

August 10, 2016

Iowa Midwest Multifamily Student Housing

University of Iowa, Miron Construction Top Out 1,049-Bed Residence Hall

by Christina Cannon August 10, 2016

IOWA CITY, IOWA — The University of Iowa and Miron Construction have topped out Madison Street Residence Hall, a 12-story on-campus living and dining facility. The 311,000-square-foot development will deliver 1,049 new beds to the university in summer 2017. The property will also feature recreational and gaming space; multipurpose space; flexible study lounges; administrative offices and living units; a fitness center; community lounges; a full-scale dining facility; and future capability for an elevated courtyard. Harley Ellis Devereaux (HED) is the design architect, and Rohrbach Associates is the architect of record for the project.

August 10, 2016

Multifamily New York Northeast

Rosewood Realty Group Arranges $60M Sale of Eight-Building Multifamily Property in NYC

by Amy Works August 10, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of an eight-building multifamily portfolio in Brooklyn and the South Bronx. BFC Partners and K&R Preservation acquired the portfolio from Black Spruce Management for $60 million. Totaling approximately 300,000 square feet, the five Bronx buildings and three Brooklyn properties feature 324 apartments. The apartments, which are fully occupied, are all part of the Section 8 housing program. The Bronx buildings sold for $38 million and the Brooklyn properties sold for $22 million. The buildings are located at 286-290 E. 91st St., 183-185 E. 92nd St. and 178-188 E. 93rd St. in Brooklyn, and 972-976 Leggett Ave., 820-822 Jackson Ave., 949 and 953-957 Anderson Ave. and 951 Woodycrest Ave. in the Bronx. Aaron Jungreis of Rosewood represented the buyer and seller in the deal.

August 10, 2016

Multifamily New York Northeast

ABJ Properties Acquires 100-Unit Multifamily Portfolio in Central Harlem, Brooklyn for $21.1M

by Amy Works August 10, 2016

NEW YORK CITY — ABJ Properties has acquired a package of multifamily buildings located in Central Harlem and Brooklyn for $21.1 million. The buildings total 106,681 square feet and 100 units. The Lenox Avenue Portfolio is a package a three contiguous mixed-use walk-up buildings located at the corner of West 138th Street and Lenox Avenue in Central Harlem. The 59,835-square-foot portfolio contains 54 residential units and seven retail units. The remaining buildings are a 25,933-square-foot apartment building at 1848-1845 Eastern Parkway with 22 apartment units and a 20,913-square-foot building at 179 Mother Gaston Blvd. with five one-bedroom units and 12 two-bedroom apartments. Victor Sozio, Shimon Shkury, Michael Tortorici and Joshua Kwilecki of Ariel Property Advisors represented the seller, a private investor, in the transaction.

August 10, 2016

New York Northeast Office Retail

Savanna, Hornig Capital Complete 165,000 SF Office/Retail Conversion in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Savanna and its joint venture partner, Hornig Capital Partners, have completed the redevelopment of 95 Evergreen Avenue in Brooklyn’s Bushwick neighborhood. The joint venture acquired the five-story, 165,000-square-foot former Schlitz Brewery in 2015 and implemented a $30 million project to transform the building into high-end office and retail space. The project included renovating and upgrading the façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. Fogarty Finger designed the new space. Initially built for Schlitz brewing operations, the building features 15- to 37-foot ceilings and efficient floor plates of up to 37,500 square feet. New features to the building include a roof deck with views of the Manhattan skyline and a custom light fixture in the lobby with 8,400 backlit Schlitz bottles. Mitchell Arkin and Joseph Cirone of Cushman & Wakefield are marketing the office space, while Andrew Clemens of Ripco Real Estate is handling leasing for the retail space.

August 10, 2016

Loans Multifamily New York Northeast Retail

Ready Capital Closes $5.5M in Financing for Two Multifamily/Retail Properties in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Ready Capital Structured Finance has arranged $5.5 million in acquisition, renovation and stabilization financing for two mixed-use multifamily and retail properties located at 644 Manhattan Ave. and 730 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Upon acquisition, the borrower plans to renovate both buildings, extend the ground-floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital closed the non-recourse, interest-only loan that features flexible pre-payment options with a two-year term as well as a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding of capital expenditures, tenant improvements and leasing commissions.

August 10, 2016

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