Property Type

Blue Rock Partners Buys Apartment Community in Metro Montgomery for $23.1M

by John Nelson July 6, 2016

PRATTVILLE, ALA. — Blue Rock Partners LLC has purchased the Highland Lakes Apartment Homes, a 224-unit complex located in the Montgomery suburb of Prattville, for $23.1 million. Blue Rock plans to rebrand the property as Prattville at Highland Lakes and invest $1 million in interior and exterior upgrades. Jimmy Adams and Craig Hey of Cushman & Wakefield’s Birmingham office represented the seller, Foshee Management Co. LLC, in the transaction. Arbor Mortgage provided acquisition financing on behalf of Blue Rock.

July 6, 2016

Florida Multifamily Southeast

RADCO Acquires Apartment Complex in Tampa for $20.1M

by John Nelson July 6, 2016

TAMPA, FLA. — The RADCO Cos. has purchased The Newport Villas Apartments, a 372-unit, Class B apartment community in Tampa, for $20.1 million. RADCO Residential will manage the property, which was built in 1984 and will be rebranded as Mabry Manor. The Atlanta-based multifamily investment firm plans to invest $5.2 million in capital improvements to the property, including repairing and replacing the fascia and siding, renovating the leasing and fitness centers, rebuilding the floating dock and wooden boardwalk surrounding the lake and building a new playground. RADCO financed the acquisition and renovations using private capital and financing from Prudential Financial.

July 6, 2016

Georgia Loans Multifamily Southeast

Colliers Arranges $19.6M Acquisition Loan for Apartment Community in Central Georgia

by John Nelson July 6, 2016

WARNER ROBINS, GA. — The Colliers Philadelphia Capital Markets team has arranged a $19.6 million acquisition loan for Sandpiper Apartments, a 530-unit apartment complex in Warner Robins. The 30-year loan features an interest rate of LIBOR plus 2.44 percent. The Colliers team also arranged a joint venture equity partner to co-invest with the borrower, an investor new to the Warner Robins apartment market.

July 6, 2016

Florida Office Southeast

Lincoln Property Co. Inks Lease with Anchor Tenant FAIRWINDS Credit Union in Orlando

by John Nelson July 6, 2016

ORLANDO, FLA. — Lincoln Property Co. has signed FAIRWINDS Credit Union to a 40,000-square-foot anchor lease at Tremont Plaza in downtown Orlando. Currently under construction, the 28-story tower will be situated at the corner of Garland Avenue and South Street and feature retail, restaurant and banking space in the lobby. The project will also feature a 10-level parking deck, seven levels of office space and an eight-story, 180-room AC Hotel by Marriott. Tremont Plaza will also include a new Sunrail platform for Church Street Station inside the building. The station will offer future access to Orlando International Airport and connectivity to Miami via All-Aboard Florida’s high-speed train. FAIRWINDS is an Orlando-based financial institution with $2 billion in assets. Nan McCormick of CBRE represented FAIRWINDS in the lease transaction.

July 6, 2016

Connecticut Industrial Northeast

CBRE Negotiates $12.5M Sale of Industrial Facility in Connecticut

by Amy Works July 6, 2016

ENFIELD, CONN. — CBRE has arranged the sale of an industrial facility located at 25 Bacon Road in Enfield. WE 25 Bacon Road LLC acquired the 1 million-square-foot facility for $12.5 million. Situated on 348 acres, the property was formerly a Hallmark distribution center. Christopher Metcalfe and John Reed of CBRE represented the undisclosed seller in the transaction. An earlier version of this story incorrectly reported that Sentry Commercial brokered the transaction.

July 6, 2016

Loans Midwest Minnesota Multifamily

New York Life Arranges $33.4M Loan for 290-Unit Multifamily Complex Near Minneapolis

by Christina Cannon July 6, 2016

SHAKOPEE, MINN. — New York Life Real Estate Investors has arranged a $33.4 million acquisition loan for a 290-unit apartment property in Shakopee, approximately 25 miles southwest of Minneapolis. A joint venture between White Oak Partners and affiliates of The Hartford is the borrower. The Addison Apartments is a Class A property that features amenities such as a swimming pool, fitness center, business center, clubhouse, courtyard, dog park, walking trails and cyber café with coffee bar. Apartment amenities include in-unit washers and dryers, walk-in closets, kitchen appliances and patios or balconies. The property, built in 2005, offers one-, two- and three-bedroom units. Buildings at The Addison Apartments are three stories. The fixed-rate loan features a six-year term.

July 6, 2016

Michigan Midwest Office

Oxford Cos. Buys 80,755 SF Office Property in Ann Arbor for $9.7M

by Christina Cannon July 6, 2016

ANN ARBOR, MICH. — Oxford Cos. has acquired an 80,755-square-foot office property in Ann Arbor for $9.7 million. 555 Briarwood Circle is situated on 5.8 acres and features tenants such as financial services firm Rehmann, Real Estate One and Power Engineers. Oxford plans to invest over $700,000 in the property, including improvements such as a new roof, parking lot, landscaping, signage and lighting. The seller in the transaction was undisclosed.

July 6, 2016

Hospitality Kansas Midwest

Marcus & Millichap Brokers Sale of 67-Room Hotel in Kansas

by Christina Cannon July 6, 2016

COLBY, KAN. — Marcus & Millichap has brokered the sale of a 67-room hotel in Colby, located in northwest Kansas, for an undisclosed price. A limited liability company sold the Sleep Inn & Suites Colby, located at 2075 Sewell Ave., to a private investor. The three-story hotel was built in 2010. Steve Swenholt, Allan Miller and Chris Gomes of Marcus & Millichap listed the property on behalf of the seller and also represented the buyer in the transaction.

July 6, 2016

Indiana Loans Midwest Retail

NorthMarq Capital Arranges $1.4M Loan for Strip Center Near Louisville

by Christina Cannon July 6, 2016

NEW ALBANY, IND. — NorthMarq Capital has arranged a $1.4 million loan to refinance the Silver Run Center in New Albany, approximately five miles northwest of Louisville, Ky. The 11,355-square-foot property, located at 2860-2880 Charlestown Road, is shadow anchored by Kroger. The financing features a fixed-rate, three-year term and 20-year amortization schedule. Randall Waddell of NorthMarq Capital placed the loan with a local bank.

July 6, 2016

Industrial Midwest Wisconsin

The Dickman Company Arranges Sale of 44,262 SF Industrial Facility Near Milwaukee

by Christina Cannon July 6, 2016

NEW BERLIN, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of a 44,262-square-foot industrial building in New Berlin, approximately 15 miles southwest of Milwaukee. AQ Matic Real Estate purchased the facility, which is located at 16605-16685 W. Victor Road, from K.G. Stevens Holdings LLC for an undisclosed price. Anthony Huenerbein of The Dickman Company represented the seller in the transaction. Stephen Provancher and Mitchell Starczynski of NAI MLG Commercial represented the buyer.

July 6, 2016

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