Property Type

Kinzie Real Estate Group to Build 258-Unit Luxury Apartment Complex in Chicago Suburb

by Christina Cannon March 22, 2016

ELGIN, ILL. — Kinzie Real Estate Group will construct a new luxury rental community in Elgin, approximately 40 miles northwest of Chicago. Kinzie, which will serve as the general contractor for Watermark at the Grove, is expected to break ground on the project in April. Watermark at the Grove will be situated on 11 acres and will include 258 units within five three-story buildings. Floor plans will include studios, one- and two-bedroom units. Amenities will feature a clubhouse, event space, a fitness facility, theater room, outdoor pool, dog park, walking trails and secure auto and bike parking. Interstate Partners LLC is the project developer.

March 22, 2016

Indiana Midwest Multifamily

RESOURCE Commercial Real Estate Arranges Sale of 121-Unit Apartment Property in Indianapolis

by Christina Cannon March 22, 2016

INDIANAPOLIS —RESOURCE Commercial Real Estate has brokered the sale of a 121-unit apartment community, Abbey Meadows Apartments, for an undisclosed price. KAG Indy I LLC purchased the property from Brayden James Investments LLC. Abbey Meadows, located in Indianapolis, features all two-bedroom/one-bathroom units, which are approximately 750 square feet. The apartments were constructed in 1960. Michael Wernke of RESOURCE Commercial Real Estate arranged the transaction.

March 22, 2016

Midwest Multifamily Ohio Seniors Housing

Marcus & Millichap Brokers $4.5M Sale of 183-Unit CCRC in Ohio

by Christina Cannon March 22, 2016

CINCINNATI — Marcus & Millichap has arranged the sale of Scarlet Oaks, a 183-unit continuing care retirement community in Cincinnati. Continuing care retirement communities are comprised of various operational models that include independent living, assisted living, memory care and skilled nursing. An East Coast-based private owner/operator purchased the 75-year-old property from a national owner/operator for $4.5 million, or $25,000 per unit. The names of the parties were not disclosed. Mark Myers, senior vice president of investments, and Joshua Jandris, vice president of investments, along with associates Ryan Fleming, Peyton Stanforth and Charles Hilding, all from Marcus & Millichap’s Chicago office, handled the sale.

March 22, 2016

Illinois Midwest Retail

Baceline Investments Acquires Suburban Chicago Shopping Center for $4M

by Christina Cannon March 22, 2016

HAZEL CREST, ILL. — Baceline Investments LLC has acquired The Commons at Hazel Crest shopping center for $4 million. The Commons at Hazel Crest is located at 18220-18244 Kedzie Ave. in Hazel Crest, approximately 30 miles southwest of Chicago. Dollar Tree and CSL Plasma anchor the 51,222-square-foot shopping center. The property was built in 1972. The seller in the transaction was undisclosed.

March 22, 2016

Illinois Midwest Mixed-Use

Target to Open at Vue53 Mixed-Use Development near the University of Chicago

by Christina Cannon March 22, 2016

CHICAGO — Target is set to open a 21,000-square-foot location at Vue53, a mixed-use development located in Chicago. Peak Campus and Avison Young are currently developing the project, which is located just north of Nichols Park within a few blocks of the University of Chicago campus. The complex will offer 267 apartment units, approximately 28,000 square feet of ground-floor retail and 230 parking spaces. The residential component, set to open in September, will offer studio, one- and two-bedroom units with washers and dryers. Community amenities will include a multi-purpose clubhouse with Wi-Fi, a 24-hour desk attendant, fitness center and business center, study and conference lounges, an outdoor terrace and a rooftop sundeck. The Target store is projected to open by early spring 2017.

March 22, 2016

Florida Mixed-Use Southeast

Suffolk Construction, Related Group Top Off City Place Doral

by John Nelson March 22, 2016

DORAL, FLA. — Suffolk Construction and The Related Group have topped off Phase II of City Place Doral, a mixed-use and residential development in Doral, a western suburb of Miami. Upon completion at year-end 2016, the project will feature 300,000 square feet of retail including entertainment, dining, spa and fitness components. The project will also feature 280,000 square feet of Class A office space and 322 residential units. Last year, The Related Group secured a $137 million construction loan for the development. In 2014, Suffolk Construction completed Phase I of the project, Manor at City Place Doral.

March 22, 2016

Multifamily North Carolina Southeast Student Housing

Pierce Education Properties Acquires Student Housing Property Near East Carolina University for $42M

by John Nelson March 22, 2016

GREENVILLE, N.C. — Pierce Education Properties LP has acquired The Landing, an 888-bed student housing property located near the East Carolina University campus in Greenville, for $42 million. The 288-unit community offers fully furnished two-, three- and four-bedroom apartments with bed to bath parity, stainless steel appliances and washers and dryers. Community amenities include three resort-style pools, a 24-hour, fitness center, an outdoor basketball court, upgraded game room and high-speed Internet. The community is served by a dedicated university-operated shuttle service.

March 22, 2016

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $15.2M Construction Loan for Metro Orlando Apartment Community

by John Nelson March 22, 2016

SANFORD, FLA. — NorthMarq Capital has arranged a $15.2 million construction loan for Residences at Seminole Commons, a 175-unit apartment community in Sanford, a northern suburb of Orlando. The property will be situated on Rinehart Road south of West 1st Street, near the extension of the SunRail subway line. Will James of NorthMarq’s Atlanta office, along with Bill Hardman of the firm’s Orlando office, arranged the three-year, interest-only loan through Synovus Bank of Orlando on behalf of the borrower, Inland Atlantic Development Corp.

March 22, 2016

Florida Retail Southeast

Rosemurgy Properties Acquires Retail Center in Tampa for $10.5M

by John Nelson March 22, 2016

TAMPA, FLA. — Rosemurgy Properties has purchased The Shops on South Howard, a 21,393-square-foot retail center located at 533 S. Howard Ave. in south Tampa, for $10.5 million. The property’s tenant roster includes Chipotle, Jimmy John’s, GNC, The Optic Shop and Edward Jones. Nat Scarmazzi of HFF’s Miami office represented Rosemurgy Properties in the transaction.

March 22, 2016

North Carolina Retail Southeast

Colliers Brokers $10.5M Sale of Lowe’s Store in Metro Charlotte

by John Nelson March 22, 2016

CONCORD, N.C. — Colliers International has brokered the $10.5 million sale of a 135,197-square-foot, freestanding Lowe’s Home Improvement store located at 940 Concord Parkway in Concord, a northern suburb of Charlotte. Built in 1999, the property currently has three-and-a-half years remaining on its 20-year lease. Jon Busse of Colliers International’s San Diego region and Greg Copps of the firm’s Charlotte office represented the seller, Carolina Emerald LLC, in the transaction. Brad Grow of Colliers International’s Charlotte office represented the buyer, Tailwind Charlotte Retail LLC, a private investment group based in Dallas.

March 22, 2016

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