Property Type

Thor Equities Buys 10-Story Hotel in Georgetown for $53.4M

by John Nelson July 21, 2016

WASHINGTON, D.C. — Thor Equities has purchased a 10-story, 125,000-square-foot building at 3000 M St. in Washington, D.C.’s Georgetown district for $53.5 million. The property is surrounded by restaurants and bars in close proximity to Georgetown University and the main commercial intersection of Wisconsin Avenue and M Street. Thor plans to convert the former Lantham Hotel into a boutique hotel with up to 100 rooms, an upscale restaurant, food and beverage options and 27,000 square feet of retail space on the ground, lower and second levels of the property.

July 21, 2016

Mixed-Use Southeast Virginia

Akridge Sells Westfields Development Sites to Elm Street, Northwood Ravin

by John Nelson July 21, 2016

CHANTILLY, VA. — Akridge has sold The Preserve at Westfields in Chantilly to Elm Street Development and Northwood Ravin. Prior to the sale, Akridge had the site rezoned from 1.2 million square feet of office to mixed-use within Westfields. Westfields is located just south of Dulles International Airport off of Route 28 in Fairfax County. The development includes 155 townhomes, up to 650 multifamily units and up to 15,000 square feet of retail space. Situated next to the planned Wegmans retail development, the project will also include an amphitheater, pavilion, nature trail and lake. Elm Street will develop the townhome component, and Northwood Ravin will develop the multifamily and retail components. John Sheridan and Nathan Barth of CBRE represented Akridge in the sale of The Preserve’s multifamily and retail components to Northwood Ravin. Construction is slated to begin this month, with the first townhome scheduled to deliver in the summer of 2017. The multifamily project will include luxury finishes and amenities such as a resort-style spa, a health club featuring workout options such as yoga and crossfit, resident co-working space, a pet run and spa and retail shops. Construction on the first phase of the multifamily development is expected to …

July 21, 2016

Florida Multifamily Southeast

ARA Newmark Brokers $42.8M Sale of Apartment Community in Central Florida

by John Nelson July 21, 2016

OCOEE, FLA. — ARA Newmark has brokered the $42.8 million sale of Oak Forest, a 408-unit, garden-style apartment community in Ocoee, a suburb of Orlando. Miami-based Advenir Real Estate Management purchased the asset from New York-based Palatine Capital Partners. Built in two phases from 1989 to 1991, the property features two swimming pools, a newly remodeled clubhouse, fitness center, basketball and tennis courts and a playground. Kevin Judd, Scott Ramey, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented Palatine Capital Partners in the transaction.

July 21, 2016

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $9.8M Acquisition Loan for Student Housing Community in North Carolina

by John Nelson July 21, 2016

PEMBROKE, N.C.— NorthMarq Capital has arranged $9.8 million in acquisition financing for Pembroke Place, a 336-bed student housing community located near the University of North Carolina at Pembroke campus in Pembroke. The transaction was structured with a 15-year term and 25-year amortization schedule. Lee Weaver and Steve Whitehead of NorthMarq arranged financing for the borrower, Pembroke Place CP LLC, through its Fannie Mae DUS program.

July 21, 2016

Florida Retail Southeast

NAI Miami Negotiates NightLife Brewing’s Lease at Shops of Marlins Park in Miami

by John Nelson July 21, 2016

MIAMI — NAI Miami has arranged a 10-year, 11,300-square-foot retail lease at Shops of Marlins Park in Miami for a new brewery. NightLife Brewing Co. will open its new microbrewery facing the main pavilion of Marlins Park in the Home Plate parking garage known as P1 at Marlin’s Park, located at 1588 N.W. 7th St. The Shops of Marlins Park spans 57,501 square feet of office and retail space situated in three of the four parking garages of Marlins Park, home of the Miami Marlins baseball team. With the NightLife Brewing lease, occupancy at the Shops of Marlins Park is at 61 percent. Jeremy Larkin and Joseph Gallaher of NAI Miami represented the landlord, the city of Miami, in the lease transaction, which was valued at $2.6 million. The lease marks the first brewery approved in a retail zoning for the city of Miami.

July 21, 2016

Illinois Midwest Multifamily Seniors Housing

Anthem Opens $12.5M, 82-Bed Memory Care Community in Illinois

by Christina Cannon July 21, 2016

TINLEY PARK, ILL. — Anthem Memory Care has opened its ninth community, Porter Place, in Tinley Park, approximately 30 miles southwest of Chicago. Development costs were estimated at $12.5 million for the 82-bed memory care community. LTC Properties Inc., a real estate investment trust that primarily invests in seniors housing and healthcare properties, financed the development and construction. CB Two Architects designed the community. Adair Group and Pickus Construction served as general contractors. Woolpert Inc. handled civil engineering services.

July 21, 2016

Hospitality Michigan Midwest

NAI Wisinski Brokers Sale of Land for Future Hotel Development in Michigan

by Christina Cannon July 21, 2016

HOLLAND, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 2.5-acre plot of land in Holland, approximately 30 miles southwest of Grand Rapids, which will be home to a new hotel. The Home 2 Suites by Hilton will be located on West Shore Drive. The extended-stay hotel will be pet friendly and feature full kitchens. Doug Taatjes of NAI Wisinski of West Michigan represented the seller, West Shore Investors LLC. Berkshire Hathaway’s Cheri Renfeld represented the buyer, IMDC Acquisitions LLC.

July 21, 2016

Iowa Midwest Multifamily Seniors Housing

Hubbell Realty to Break Ground on $12M, 60-Unit Assisted Living Community in Des Moines

by Christina Cannon July 21, 2016

DES MOINES, IOWA — Hubbell Realty Co. will break ground July 28 on Edencrest at Beaverdale, an assisted living and memory care community in Des Moines. The community will feature 30 units each of assisted living and memory care. Development costs are estimated at $12 million. When completed, Senior Housing Management will operate the community. Edencrest at Beaverdale will be Hubbell’s third community, all located within the greater Des Moines area. The company is also planning to build two more Edencrest communities in the region.

July 21, 2016

Illinois Industrial Midwest

Principle Construction Finishes Work on 70,000 SF Industrial Project in Illinois for Saia

by Christina Cannon July 21, 2016

GRAYSLAKE, ILL. — Principle Construction Corp. has completed two industrial buildings for Saia LTL Freight. The buildings, located at 2260 S. Midlothian Road in Grayslake, will serve as administrative, maintenance and operations space for Saia. The two buildings are situated on 33 acres and total 70,000 square feet. Amenities at the property include 16-foot clear heights, over 100 docks and a fueling facility with 12 service bays and two wash bays. The project also features parking for 94 automobiles, 294 trailers, 34 tractors and 30 dollies. Larry L. Christian Architects designed the project, and Cushman & Wakefield represented Saia.

July 21, 2016

Industrial New York Northeast Top Stories

GFI Brokers $195M Sale of 656,000 SF Warehouse in Queens

by John Nelson July 21, 2016

NEW YORK CITY — GFI Realty Services LLC has arranged the $195 million sale of 23-02 49th Ave., a seven-story, 656,000-square-foot warehouse in the Long Island City section of Queens. The property is fully occupied by three tenants whose leases are expiring in 2020: the New York City Housing Authority, Eagle Transfer Co. and Mayo Studios. The undisclosed buyers plan on converting the building into office space upon the termination of the current leases. According to Crain’s New York, the buyers are Westbrook Partners, a privately owned real estate investment management firm, and investor Andrew Chung, a former executive with the Carlyle Group. Crain’s reports the sellers are Ruby Schron and the Fruchthandler family. “Long Island City office is booming, and industrial conversion is bringing many new office properties to market,” says Yisroel Pershin, director of GFI Realty. “Once the property is converted to office use, the buyers anticipate strong leasing activity because of the unmet demand for creative office facilities and the ability to offer space at a 50 percent discount to Manhattan rates.” Pershin and Yosef Katz of GFI Realty brokered the sale of the warehouse, which traded at a capitalization rate below 3 percent. “The extremely low …

July 21, 2016

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