Property Type

Friedman Brokers Sale of 91,264 SF Retail Center in Three Rivers, Michigan

by Christina Cannon July 12, 2016

THREE RIVERS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 91,264-square-foot shopping center in Three Rivers, approximately 30 miles south of Kalamazoo. Carson Equities LLC sold the building to Stockbridge Northridge LLC for an undisclosed price. The Three Rivers Shopping Center, located at 1320 W. Broadway St., is situated on 11.7 acres and is 81 percent occupied. Tenants at the center include Peebles, Dunham’s Sports and Family Farm & Home. The property is shadow anchored by Home Depot and Meijer. Rich Deptula of Friedman represented both parties in the transaction.

July 12, 2016

Illinois Midwest Multifamily Seniors Housing

Illinois St. Andrew Society Adds 20-Unit Memory Care Facility to Community Near Chicago

by Christina Cannon July 12, 2016

NORTH RIVERSIDE, ILL. — The Illinois St. Andrew Society has completed construction of The Caledonian House, a 20-unit memory care building in the Chicago suburb of North Riverside. The St. Andrew Society is the nonprofit operator of The Scottish Home assisted living and skilled nursing community. The Caledonian House is located on the community’s five-acre campus and will offer the first memory care services at the community.

July 12, 2016

Illinois Midwest Multifamily

Marcus & Millichap Brokers $1.6M Sale of Apartment Property in Downtown Chicago

by Christina Cannon July 12, 2016

CHICAGO — Marcus & Millichap has brokered the sale of a seven-unit apartment building in downtown Chicago for $1.6 million. A private owner sold the asset, which is located at 1953 N. Cleveland Ave., to Laramar Group. The property features hardwood floors, French doors, porches and a new water heater and boiler. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

July 12, 2016

Industrial Midwest Office Wisconsin

The Dickman Company Arranges 20,242 SF Industrial, Office Lease Near Milwaukee

by Christina Cannon July 12, 2016

PEWAUKEE, WIS. — The Dickman Company Inc./CORFAC International has arranged a 20,242-square-foot office and industrial lease in Pewaukee, approximately 20 miles west of Milwaukee. TF Final Mile LLC will occupy Suite 200 in the building, which is located at W233 N2800 Roundy Circle W. Byrne Family Limited Partnership & 3RP LLC is the landlord. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company represented the landlord in the transaction. Bill Langhoff of Colliers International represented the tenant.

July 12, 2016

Multifamily New York Northeast Top Stories

Fairstead Capital Acquires Savoy Park Apartments in Harlem for $315M

by Christina Cannon July 12, 2016

NEW YORK CITY — Fairstead Capital has acquired Savoy Park Apartments, a 1,790-unit multifamily campus in the Central Harlem neighborhood of Manhattan, for $315 million. An investor group that includes L+M Development Partners and Savanna sold the property, which is situated on 10.5 acres. Savoy Park consists of seven 16-story buildings, and is 100 percent rent-stabilized. Under the terms of the deal, Fairstead Capital will maintain the apartments as affordable housing until at least 2052. Fairstead Capital plans to upgrade the complex with renovations to interior common spaces, landscaping, public spaces and security systems. Savoy Park offers studio, one- and two-bedroom units and includes amenities such as walking paths, courtyards, playgrounds, laundry facilities, on-site parking and on-site maintenance and management. The complex, built in 1959, was last renovated in 2005. A real estate fund created by Citigroup and L+M purchased the complex, formerly known as Delano Village, in 2012, according to Real Estate Weekly. The deal, which prevented the property from going into foreclosure, was valued at $210 million. Savills Studley’s Jeffrey Baker and Graham Hobbs, along with Ariel Property Advisors’ Victor Sozio and Shimon Shkury, brokered the deal. Fairstead Capital is a real estate investor and manager specializing in …

July 12, 2016

Features Industrial Top Stories

Record Absorption Leads to Lowest U.S. Industrial Vacancy Rate of Past 30 Years, Says Cushman & Wakefield

by John Nelson July 12, 2016

NEW YORK — The U.S. industrial market has absorbed a record-setting 70.1 million square feet of space in the second quarter, up 6 percent from the same period a year ago, according to Cushman & Wakefield. Year-to-date, the industrial sector has absorbed 132.2 million square feet. The second-quarter figure marks 25 consecutive quarters of net occupancy gains for the industrial sector, with the current quarter’s absorption reaching a new cyclical high. Nationally, the industrial vacancy rate is currently tracking at 5.8 percent, the lowest level of the past 30 years and 270 basis points below the 10-year historical average. Additionally, 38 U.S. markets reported more than 1 million square feet of absorption during the second quarter, with 11 markets recording more than 2 million square feet of absorption. Kevin Thorpe, Cushman & Wakefield’s chief economist, says that despite a series of shocks to the U.S. economy this year and heightened uncertainty emanating from Europe, economic fundamentals remain mostly solid, which ultimately benefits the U.S. industrial sector. “We expect to see some headwinds form in manufacturing and exporting created by the stronger U.S. dollar, but other important industrial-related indicators, such as containerized traffic flows, transportation indices, and business inventories, demonstrate that …

July 12, 2016

California Multifamily Western

Greystar Equity Partners Buys Two LA Apartment Communities for $178M

by Nellie Day July 11, 2016

LOS ANGELES — Greystar Equity Partners has purchased two apartment communities in Los Angeles for a total of $178 million. The properties contain a total of 374 units. The assets were purchased through Greystar Equity Partners IX LP (GEP IX). The transactions include the 195-unit Gardens at Wilshire Center at 3675 Wilshire Blvd. in Koreatown, along with the 215-unit Villas at Rancho Palos Verdes at 6600 Beachview Drive in Ranchos Palos Verdes. The communities were purchased from two different sellers, which were not disclosed. GEP IX is part of Greystar’s flagship, value-add fund series.

July 11, 2016

California Loans Retail Western

Meridian Capital Secures $19.6M Acquisition Loan for Pear Tree Center in Ukiah

by Nellie Day July 11, 2016

UKIAH, CALIF. — Meridian Capital Group has secured $19.6 million in acquisition financing for the purchase and repositioning of Pear Tree Center in Ukiah. The three-year loan, provided by a debt fund, features full-term, interest-only payments and two one-year extension options. Seth Grossman and Sarah Kuebler of Meridian Capital arranged the financing for the undisclosed borrower. Located at 504 E. Perkins St., the 199,565-square-foot Pear Tree Center is occupied by JCPenney, Ross Dress For Less, Big 5 Sporting Goods and Lucky Supermarket.

July 11, 2016

California Loans Retail Western

IPA Capital Markets Arranges $12M Loan for Auto Shopping Center in San Jose

by Nellie Day July 11, 2016

SAN JOSE, CALIF. — Institutional Property Advisors Capital Markets has arranged $12 million in financing for a 13-acre auto shopping center located at 740-750 Capital Expressway in San Jose. Anita Paryani and Jake Roberts of IPA Capital Markets arranged the debt placement. The loan features a 50 percent loan-to-value ratio and three years with no prepayment penalty.

July 11, 2016

Loans Multifamily Seniors Housing Utah Western

Love Funding Secures $6.6M Bridge Loan for Construction of Assisted Living Community in Utah

by Nellie Day July 11, 2016

ODGEN, UTAH — Love Funding, a lender based in Washington, D.C., has arranged a $6.6 million bridge loan for the construction of Shadow Valley Assisted Living and Memory Care, a 62-bed community in Ogden, approximately 35 miles north of Salt Lake City. Local developer Giza Development is building the community. The financing will allow Giza to start construction more quickly than a HUD-insured loan. Giza plans to convert the financing to a permanent HUD loan after three years. James Vanar of Love Funding’s Los Angeles office arranged the loan. Midland States Bank, which is Love Funding’s parent company, will provide the capital.

July 11, 2016

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