Property Type

Westmount Realty Capital, Quilvest Buy 1.2M SF Business Park in Metro Atlanta

by John Nelson January 13, 2016

NORCROSS, GA. — Westmount Realty Capital LLC and Quilvest Private Equity have formed a joint venture to purchase Gwinnett Corporate Center, a 1.2 million-square-foot business park located at 1700-1865 Corporate Drive and 4145-4165 Shackleford Road in Norcross. The companies purchased the asset from the Dexter Cos., which owned and managed the property for more than 30 years, for an undisclosed price. The 115-acre property is situated in Atlanta’s I-85 North industrial submarket in Gwinnett County and features 17 Class A industrial and office buildings. Westmount will provide property management services for the property, which will be rebranded as Gwinnett Commons following tenant improvements. The joint venture has hired Reliant Real Estate Partners to lease the asset. The Corporate Drive assets were 79 percent leased at the time of sale, and the Shackleford Road buildings were 48 percent leased.

January 13, 2016

Loans Multifamily Southeast Tennessee

Trillium Capital Resources Arranges $29M Loan for Apartment Community in Tennessee

by John Nelson January 13, 2016

SPRINGHILL, TENN. — Trillium Capital Resources (TCR) has arranged a $29 million loan for Grand Reserve Springhill, a newly constructed, 290-unit apartment community located in Springhill. Trillium arranged the 12-year, non-recourse, fixed-rate loan through Aegon Insurance Group on behalf of the borrower, a Columbus, Ga.-based developer. The borrower will use the proceeds of the financing to take out an existing construction loan.

January 13, 2016

Alabama Retail Southeast

Cushman & Wakefield Brokers $25M Sale of Shopping Center in Birmingham

by John Nelson January 13, 2016

BIRMINGHAM, ALA. — Cushman & Wakefield’s Atlanta retail investment advisors group has brokered the $25 million sale of Village at Lee Branch II, a 223,100-square-foot shopping center in Birmingham. Monarch Investments purchased the property from Rushmore Properties, a private real estate investment firm based in Chicago. Located at the intersection of U.S. Route 280 and Doug Baker Boulevard, the shopping center’s tenant roster includes Hobby Lobby, Carmike Theaters, Baumhower’s, Taziki’s Café, The Melting Pot and Sport Clips. The sale included several undeveloped pad sites. Mark Joines, Drew Fleming and Fain Hicks of Cushman & Wakefield’s Atlanta office, along with Mark Gilbert of the firm’s Miami office, represented the seller in the transaction.

January 13, 2016

Chick-fil-A 1100 Northside Drive Atlanta

Georgia Restaurant Retail Southeast

The Boulder Group Brokers Sale of Chick-fil-A in Atlanta for Record Price

by John Nelson January 13, 2016

ATLANTA — The Boulder Group has arranged the $4.8 million sale of a newly built Chick-fil-A restaurant located at 1100 Northside Drive in Atlanta’s West Midtown neighborhood. According to CoStar, the transaction represents the highest priced single-tenant Chick-fil-A property ever sold. The restaurant is situated within a half mile of Georgia Tech and Atlanta’s only IKEA location. Randy Blankstein and Zach Wright of The Boulder Group represented the buyer, a Midwest-based real estate developer, in the 1031 transaction. The seller was a partnership based in the Southeast. The ground lease is for 20 years and features rent escalations every five years, seven five-year renewal option periods and no landlord responsibilities. Founded in 1946, Chick-fil-A is a privately owned company based in Atlanta with more than 1,900 locations throughout the country.

January 13, 2016

Midwest Missouri Multifamily Seniors Housing

Blueprint Brokers $54M Sale of 206-Unit Seniors Housing Community Near St. Louis

by Christina Cannon January 13, 2016

O’FALLON, MO. — Blueprint Healthcare Real Estate Advisors has arranged the $54 million sale of Park Place Senior Living at WingHaven, a 206-unit independent living and assisted living community in the St. Louis suburb of O’Fallon. Blueprint represented the seller, AEW Capital Management, which sold the property on behalf of AEW Senior Housing Investors to CNL Healthcare Properties. Originally built in 2006, a joint venture of AEW and First Capitol Group acquired Park Place in 2011. The venture expanded the community with the addition of assisted living units and by converting units to memory care. Blueprint’s Ben Firestone was lead advisor on the transaction.

January 13, 2016

Midwest Minnesota Retail Wisconsin

CrossAmerica to Acquire 31 Holiday Stores in Wisconsin and Minnesota for $48.5M

by Christina Cannon January 13, 2016

ALLENTOWN, PA. — Allentown-based CrossAmerica Partners LP has agreed to acquire 31 franchised Holiday convenience stores located in Wisconsin and Minnesota from SSG Corp. for $48.5 million. Of the 31 company-operated stores, 28 are located in Wisconsin and three are located in Minnesota. The acquisition is subject to customary conditions to closing and is expected to close in the first quarter of this year.

January 13, 2016

Indiana Loans Midwest Retail

Thorofare Capital Provides $32.5M Acquisition Loan for Retail Property in Indianapolis

by Christina Cannon January 13, 2016

INDIANAPOLIS — Thorofare Capital has provided an affiliate of Arciterra Group LLC with a $32.5 million acquisition loan for a retail property in Indianapolis. Castleton Square & Commons is a 256,582-square-foot power center located on Castleton Corner Drive. Tenants at the property include REI, Golfsmith, Dave & Busters, Haverty’s Furniture, Buffalo Wild Wings and DXL Casual Male. The property was 94 percent leased at the time of sale. The seller was an affiliate of Ann Arbor, Mich.-based McKinley Inc. The non-recourse, floating-rate loan is for a period of two years and includes two six-month extension options, a flexible prepayment structure and was priced at a competitive spread over LIBOR.

January 13, 2016

Midwest Multifamily Ohio

Marcus & Millichap Brokers $15.3M Sale of Apartment Complex in Toledo, Ohio

by Christina Cannon January 13, 2016

TOLEDO, OHIO — Marcus & Millichap has brokered the sale of a 200-unit apartment community for $15.3 million. Quail Hollow at the Lake is located in Toledo. Quail Hollow was built in 1999 and features a combination of one-, two- and three-bedroom units. Units include a private entrance, 9-foot ceilings, fully furnished kitchens, walk-in closets, washers and dryers and a private balcony or patio. Community amenities include a clubhouse with fitness center, outdoor pool with sundeck and Jacuzzi, a playground and a dog park. Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

January 13, 2016

Indiana Midwest Multifamily

Resource Commercial Real Estate Arranges Sale of 142-Unit Apartment Property in Greenfield, Indiana

by Christina Cannon January 13, 2016

GREENFIELD, IND. — Resource Commercial Real Estate has arranged the sale of a 142-unit apartment property in Greenfield, approximately 25 miles east of Indianapolis, for an undisclosed price. Broadway Village Apartments was built in three phases with the last phase commencing in 2001. The community is comprised of one-, two- and three-bedroom units. Unit amenities include attached garages, vaulted ceilings, full-size washers and dryers and full-size appliances. The buyer was Broadway Village Apartment Partners LLC, and the seller was Fource LLC. Michael Wernke of Resource Commercial Real Estate brokered the transaction.

January 13, 2016

Industrial New Jersey Northeast

Advance Realty, F. Greek Development Open Refrigerated Storage Facility in New Jersey

by Amy Works January 13, 2016

WOODBRIDGE, N.J. — A joint venture partnership between Advance Realty and F. Greek Development has opened a refrigerated storage and distribution center in Woodbridge. The 190,000-square-foot facility is situated on 9.3 acres at 275 Blair Road. Preferred Freezer Services, a worldwide operator of temperature-controlled warehouses, has leased the built-to-suit facility. The property maintains temperatures between 0 and -5 degrees Fahrenheit, and features a 65-foot high warehouse ceiling and a 35-foot high dock ceiling. The building has a total storage capacity of 10 million cubic feet and can hold 40 million pounds of computer-managed inventory on 27,363 pallets.

January 13, 2016

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