Property Type

Alpine Realty Capital Brokers Sale of 123-Room Hotel in Mayfield Heights, Ohio

by Christina Cannon February 4, 2016

MAYFIELD HEIGHTS, OHIO — Alpine Realty Capital LLC has brokered the sale of a Staybridge Suites hotel in Mayfield Heights, approximately 22 miles east of Cleveland. A local developer sold the asset to Arbor Lodging Group for an undisclosed price. The 123-room extended stay hotel opened in 2007 and is located at 6103 Landerhaven Drive. Arbor Lodging Group plans to renovate and upgrade the guestrooms, public areas and hotel exterior. The hotel features a meeting room, outdoor pool and breakfast area. Ed Walsh of Alpine Realty Capital brokered the transaction.

February 4, 2016

Indiana Industrial Midwest

JLL Arranges 43,750 SF Industrial Lease in Indianapolis

by Christina Cannon February 4, 2016

INDIANAPOLIS — JLL has arranged a 43,750-square-foot industrial lease in Indianapolis. Carpet Cushion & Supplies, a wholesale distributer of carpet pads and flooring installation products, will occupy the space at 6737 E. 30th St. The facility was built in 1995 and features high-quality finishes that will work well as a showroom for Carpet Cushion & Supplies. Brian Seitz and Brian Buschuk of JLL represented the landlord, First Industrial, in the transaction. Joel Friedland and Steve Stone of Transwestern and Steve Schwegman of JLL represented the tenant.

February 4, 2016

Mixed-Use Southeast Virginia

U.S. Navy Awards Hourigan-Sundt JV $36M Contract to Construct Facility in Virginia Beach

by John Nelson February 4, 2016

VIRGINIA BEACH, VA. — The U.S. Naval Facilities Engineering Command in Norfolk has awarded Hourigan-Sundt a $36 million contract to design, construct and renovate an Explosive Ordnance Disposal Consolidated Operations Complex in Virginia Beach. The 150,000 project will be situated within the Joint Expeditionary Base Little Creek-Fort Story. The facility will provide space for operations, logistics, storage and administrative support services. Hourigan-Sundt, a joint venture between Hourigan Construction and Sundt Construction Inc., expects to break ground on the project in mid-2016. Completion is slated for October 2018. Sundt has five other construction projects with the Navy, including the Camp Johnson Bachelor Enlisted Quarters at Camp Lejeune, N.C.

February 4, 2016

Baptist Oxford Medical Office Building Oxford

Healthcare Mississippi Southeast

Duke Realty to Develop 78,000 SF Medical Office Building in Oxford

by John Nelson February 4, 2016

OXFORD, MISS. — Duke Realty will soon begin developing the Baptist Oxford Medical Office Building in Oxford, about 80 miles south of Memphis and home of the University of Mississippi. The three-story, 78,000-square-foot medical office building will be located on the campus of the new replacement Baptist Memorial Hospital-North Mississippi at 1100 Belk Blvd. The 600,000-square-foot, five-story hospital has a completion date set for fall 2017. Duke Realty plans to deliver the medical office building in August 2017. About 49,000 square feet of the medical office building will house Baptist Memorial Hospital-North Mississippi services, including outpatient physical therapy, wound care, a sleep lab, education/simulation and administrative space. Baptist Medical Group physician offices will occupy approximately 8,200 square feet in the facility, and the Stern Cardiovascular Foundation will operate in roughly 6,000 square feet of space. The property will also house other medical specialty practices. The design team includes general contractor Robins & Morton, which is based in Birmingham, Ala., and architect Earl Swenson Associates, which is based in Nashville, Tenn.

February 4, 2016

Georgia Retail Southeast

WP Glimcher Sells Northlake Mall in Atlanta

by John Nelson February 4, 2016

ATLANTA — WP Glimcher, a publicly traded retail REIT based in Columbus, Ohio, has sold Northlake Mall, a nearly 1 million-square-foot regional mall located at 4800 Briarcliff Road N.E. in Atlanta. The REIT sold the mall and Forest Mall in Fond Du Lac, Wisc., for a combined $30 million. The buyers were undisclosed private real estate investors. Built in 1971 and formerly owned by Simon Property Group, Northlake Mall’s tenant roster includes Kohl’s, Macy’s, JC Penney and Sears. WP Glimcher received approximately $10 million in cash at closing for the two malls and provided $20 million in short-term seller financing.

February 4, 2016

Loans Maryland Multifamily Southeast

Greystone Closes $26M Acquisition Loan for Apartment Community in Metro Baltimore

by John Nelson February 4, 2016

DUNDALK, MD. — Greystone has provided a $26 million bridge loan for the acquisition of Three Garden Village Apartments in Dundalk, a suburb of Baltimore in Baltimore County. The borrower, The SilverBrick Group, will invest $4 million to renovate the 592-unit property, which will be renamed SilverBrick Townhomes. The real estate developer and investor plans to ultimately invest $12 million in multiple phases to overhaul the asset. Donny Rosenberg of Greystone arranged the two-year loan on behalf of SilverBrick Group. The loan features two six-month extension options.

February 4, 2016

Georgia Multifamily Southeast

Monument Capital Management Acquires Apartment Community in Athens for $13.5M

by John Nelson February 4, 2016

ATHENS, GA. — Monument Capital Management has purchased Legacy of Athens, a 240-unit apartment community located at 100 Ashley Circle in Athens, for $13.5 million. Built in 1970, the apartment community features a clubhouse, pool, playground, picnic area and a tennis court. The property is the third acquisition for Monument Capital’s recently launched Monument Opportunity Fund III. Monument Capital’s sister company, Monument Real Estate Services, will manage the property. Robert Stickel of Multi Housing Advisors’ coastal Georgia team represented the sellers, Hawthorne Residential Partners and IBUS USA Inc., in the transaction.

February 4, 2016

Multifamily Washington Western

Fowler Property Acquisitions Buys Landing at Dashpoint Apartment Complex Near Seattle for $46M

by Nellie Day February 4, 2016

SEATTLE — Fowler Property Acquisitions has purchased the 388-unit Landing at Dashpoint apartment community in the Seattle submarket of Federal Way for $46 million. The community is located at 31004 19th Place SW. Landing at Dashpoint was built in 1976. It was 95 percent occupied at the time of sale. Fowler plans to continue upgrading the interiors, a project that was initiated by the seller, Bridge Investment Group. The new owner will also complete renovations to the property’s exterior. Kenneth Dudunakis, Ben Johnson and David Sorensen of Berkadia executed the transaction.

February 4, 2016

California Multifamily Seniors Housing Western

Harbert, JEA Acquire Six-Property Memory Care Portfolio

by Nellie Day February 4, 2016

REDLANDS, CALIF. — A joint venture between Harbert Seniors Housing Fund I LP and JEA Senior Living has purchased a six-asset memory care portfolio across five states for an undisclosed price. The Class A communities include Blossom Grove in Redlands, Calif; Prairie Meadows in Omaha, Neb.; High Plains in Lincoln, Neb.; North Ridge in Albuquerque, N.M.; Autumn Hills in Bloomington, Ill.; and Maple Wood in Springfield, Mo. The portfolio totals 395 beds and was 79 percent occupied at the time of sale. JEA, an owner-operator based in Vancouver, Wash., developed all six properties and will continue to manage them. This marks the first transaction for Harbert Seniors Housing Fund I. The fund is sponsored by Harbert Management Corporation, a Dallas-based owner and operator of multifamily, office, industrial, retail and self-storage properties throughout the United States.

February 4, 2016

Arizona Restaurant Retail Western

LGE Design Build Breaks Ground on Dierks Bentley’s Whiskey Row in Gilbert

by Nellie Day February 4, 2016

GILBERT, ARIZ. — LGE Design Build has broken ground on Dierks Bentley’s Whiskey Row, an 8,000-square-foot restaurant located in Gilbert. The property will feature a 10,000-square-foot patio, a large dance floor for country line dancing and an outdoor area for games including corn hole and Ping-Pong. The restaurant, set for completion in late 2016, will be constructed with reclaimed wood, steel, high ceilings and natural lighting.

February 4, 2016

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