Property Type

Dilweg Cos. Acquires Three Office Buildings in Charlotte for $43.9M

by John Nelson February 29, 2016

CHARLOTTE, N.C. — The Dilweg Cos. has purchased three Class A office buildings in Charlotte’s University/Northeast office submarket from two separate sellers. The sales price was undisclosed, but media outlets are reporting that the buildings sold for roughly $43.9 million. The properties, known as Resource Square I, II and V, total 335,593 square feet. Built between 1997 and 2000, the office buildings were 81 percent leased at the time of sale to tenants such as Brooks Equipment Co., FiServ, Huber Engineered Woods and Dassault Systems. Durham-based Dilweg Cos. has selected Charles Jonas and Karah Stumler of Foundry Commercial to lease the assets. Ryan Clutter of HFF represented the seller, a fund managed by DRA Advisors LLC, in the sale of Resource Square V.

February 29, 2016

Florida Multifamily Southeast

Index Investment, Eastwind Development Sell Apartment Community in Palm Beach County for $42M

by John Nelson February 29, 2016

JUPITER, FLA. — Dakota Abacoa Housing LLC, an entity jointly owned by Index Investment Group and Eastwind Development, has sold Dakota at Abacoa, a 190-unit apartment property in Jupiter. An affiliate of West Palm Beach-based Priderock Capital Partners known as PRCP-ABACOA INVESTMENT LLC purchased the community for $42 million. Index Investment and Eastwind Development developed the apartment complex, which opened in June 2014. The property features a pool, whirlpool spa, fitness center and clubhouse. The community includes one-, two- and three-bedroom units with rents starting at $1,370.

February 29, 2016

The Shoppes at Arts District Hyattsville

Maryland Retail Southeast

KLNB Retail Brokers $20.5M Sale of Shopping Center in Metro D.C.

by John Nelson February 29, 2016

HYATTSVILLE, MD. — KLNB Retail has arranged the $20.5 million sale of The Shoppes at Arts District, a 36,000-square-foot shopping center located at 5331 and 5501 Baltimore Ave. in downtown Hyattsville, roughly two miles outside of Washington, D.C. The property was fully leased at the time of sale to tenants such as Busboys & Poets, Yes! Organic Market, Elevation Burger, Essential Day Spa and Big Bad Woof. Andy Stape and Vito Lupo of KLNB Retail Investment Sales represented the seller, ADH Retail LLC, and also procured the buyer, Cedar Realty Trust.

February 29, 2016

Florida Healthcare Retail Southeast

Investment Properties Corp. Arranges $15.8M Sale of Medical Office in Naples

by John Nelson February 29, 2016

NAPLES, FLA. — Investment Properties Corp. has arranged the $15.8 million sale of 59,000 square feet of medical office and retail space in Naples. The property is located at 11121 and 11181 Health Park Blvd. within Collier Health Park. Farley White CHP LLC purchased the property from CHP Erie Investors LLC. David Stevens and Clint Sherwood of Investment Properties arranged the sale.

February 29, 2016

California Multifamily Seniors Housing Western

Steadfast to Build $95.5M Seniors Housing Community near Los Angeles

by Nellie Day February 29, 2016

LAGUNA NIGUEL, CALIF. — In a joint venture with Fremont Realty Capital, Steadfast Cos. is developing Crestavilla, a luxury 201-unit independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. The three-story, Spanish Colonial-style building will house 61 independent living units, 115 assisted living units and 25 memory care units. The building is situated on 11.5 acres. Holliday Fenoglio Fowler L.P. (HFF) arranged $27.9 million of joint equity venture capital and a $67.7 million construction loan through a local bank for the project. James Fowler, Ryan Maconachy an Chad Lavender led the HFF team in the financing.

February 29, 2016

California Loans Multifamily Western

Jonathan Segal FAIA & Development Co. Receives $12.5M Loan for Mixed-use Project

by Nellie Day February 29, 2016

SAN DIEGO — Jonathan Segal FAIA & Development Co. has received $12.5 million in permanent financing for Mr. Robinson, a newly constructed mixed-use residential and retail project in San Diego’s Hillcrest neighborhood. HFF secured the 15-year, fixed-rate loan for the borrower and developer through Aegon USA Realty Advisors. Completed in 2016, the 42,923-square-foot Mr. Robinson features 36 apartment units, two ground-floor retail units with large outdoor patio spaces and a parking garage. The two- and three-bedroom residential units average 1,080 square feet. Aldon Cole of HFF secured the financing for the borrower.

February 29, 2016

Arizona Multifamily Western

Blueprint Arranges $5.4M Sale of 114-Unit Assisted Living Community near Phoenix

by Nellie Day February 29, 2016

PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Lamplight Inn, a 114-unit assisted living community in the Phoenix suburb of Peoria, for $5.4 million. The seller was a private ownership group looking to divest non-core assets. The buyer was not disclosed. The sales price equates the $48,000 per unit. Jacob Gehl and Ben Firestone were lead advisors on the transaction.

February 29, 2016

Loans Midwest Minnesota Mixed-Use

Dougherty Funding Provides $18.2M Loan for Mixed-Use Building in St. Paul

by Christina Cannon February 29, 2016

ST. PAUL, MINN. — Dougherty Funding LLC has provided an $18.2 million loan for an 11-story, 155,511-square-foot mixed-use building. Lowery Building LLC will use the loan proceeds to refinance and renovate the building. Lowery Square Building was constructed in 1926. The building previously operated as the Lowery Hotel and currently contains 135 apartment units, three floors of office space leased to the Ramsey County Attorney’s Office and to-be-built first-floor and rooftop restaurants. The building is connected to the downtown St. Paul skyway system and is located in the St. Paul central business district.

February 29, 2016

Illinois Industrial Midwest

Ridge Development Unveils Plans for 271,200 SF Industrial Facility in Bartlett, Illinois

by Christina Cannon February 29, 2016

BARTLETT, ILL. — Ridge Development, the industrial development arm of Transwestern Development Co., has unveiled plans to develop a 271,200-square-foot speculative warehouse building in the Brewster Creek Business Park in Bartlett, approximately 35 miles northwest of Chicago. The 14-acre project, called Ridge Brewster Creek, will be owned by a joint venture between Ridge Development and Diamond Realty Investments Inc., the real estate investment arm of Mitsubishi Corp. Groundbreaking for the building is scheduled for March 2016 with delivery expected in September 2016. Located at 1331 – 1337 Schiferl Road, Ridge Brewster Creek will feature 32-foot clear heights, 36 exterior docks, four drive-in doors and ample automobile parking. Brewster Creek Business Park, a mixed-use business park on 670 acres, is located at the intersection of County Road 29 and Munger Road. Triumph Construction Services Corp. will serve as the project’s general contractor, and Harris Architects Inc. will provide architectural services. Eriksson Engineering Associate Ltd. will provide civil engineering services.

February 29, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $3.5M Sale of 52-Unit Apartment Building in Chicago

by Christina Cannon February 29, 2016

CHICAGO — Interra Realty has brokered the $3.5 million sale of a 52-unit multifamily property in Chicago’s South Shore neighborhood. The apartment building, located at 7255-71 South Shore Drive, sold for more than 94 percent of list price with a per-unit cost of $68,269. A local investor purchased the asset from an undisclosed buyer. Dan Byrne of Interra Realty represented both parties in the transaction.

February 29, 2016

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