Property Type

M&M Arranges Sale of 37-Unit Apartment Building in Metro Dallas

by Haisten Willis October 30, 2015

MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of Elm Street Village, a 37-unit apartment property located in McKinney. Stephen Crittenden of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden also procured the buyer, a private investor with prior duplex and quadplex investment experience. The seller had owned the asset for 15 years and sold it as part of a 1031 exchange. The buyer may redevelop the site in the future. Elm Street Village is located at 1303 S. Tennessee St. The asset is a collection of duplexes, quadplexes and office buildings. Originally constructed in 1953, it is situated on the corner of Elm and Tennessee streets across from McKinney Middle School.

October 30, 2015

Reed Construction Completes 11,250 SF Remodeling Project for MacNeal Hospital in Illinois

by Christina Cannon October 30, 2015

BERWYN, ILL. — Reed Construction has completed an 11,250-square-foot remodeling project for MacNeal Hospital in Berwyn, a western Chicago suburb. The remodeling was for the Acute Care Rehabilitation Center within the hospital. The renovation of the 427-bed facility involved interior demolitions, a complete rebuild and upgrades to the mechanical, electrical and plumbing systems. The new suite offers 13 patient rooms, two nurse’s stations, an employee breakroom and a room for the secure storage of medications. The suite also features a rehabilitation gym and an activities-of-daily-living (ADL) apartment, where patients can practice living independently under the supervision of their respective healthcare professionals. The entire project was completed in seven weeks. Joe Kozlowski was the project manager and Mac Flasch was the project engineer. MRF Ltd. and in.design inc. provided the design and architectural services.

October 30, 2015

Industrial Michigan Midwest

Colliers Arranges Sale of 30,000 SF Industrial Building in Rochester Hills, Michigan

by Christina Cannon October 30, 2015

ROCHESTER HILLS, MICH. — Colliers International has arranged the sale of a 30,000-square-foot industrial building in Rochester Hills, a northern suburb of Detroit. JAS Commodities LLC sold the facility to 1655 Hamlin Acquisition LLC for $1.1 million. Deborah’s Stage Door was built in 2007 and is a dance and performing arts studio.The asset is located at 1655 W. Hamlin Road. Peter J. Kepic and Peter E. Kepic of Colliers represented both parties in the transaction.

October 30, 2015

Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $2.5M Sale of Property Net Leased to Applebee’s in East Peoria, Illinois

by Christina Cannon October 30, 2015

EAST PEORIA, ILL. — Marcus & Millichap has brokered the sale of a 5,829-square-foot property net leased to Applebee’s for $2.5 million in East Peoria. The building is located at 900 Riverside Drive and was renovated in 2015. The property sits on an outparcel to a Walmart and Lowes. Matthew Wenger and Dominic Sulo of Marcus & Millichap represented both undisclosed parties in the transaction.

October 30, 2015

Industrial Midwest Wisconsin

Dickman Co. Arranges 36,523 SF Industrial Lease Near Milwaukee

by Christina Cannon October 30, 2015

WAUWATOSA, WIS. — The Dickman Company Inc./CORFAC International has arranged a 36,523-square-foot industrial lease in Wauwatosa, a western Milwaukee suburb. U.S. Aluminum Inc. will occupy the space located at 4600 N. 124th St. OTR Wheel Engineering is the landlord. Anthony Huenerbein of Dickman represented OTR Wheel Engineering in the transaction. Kurt Van Dyke of The Barry Co. represented U.S. Aluminum.

October 30, 2015

Michigan Midwest Office

Friedman Brokers Sale of 14,050 SF Office Property in Farmington Hills, Michigan

by Christina Cannon October 30, 2015

FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 14,050-square-foot office building located at 30375 Northwestern Highway in Farmington Hills, a northwest suburb of Detroit. 30375 Northwestern Highway LLC sold the building to Northwestern Investment Co. for an undisclosed price. Todd Hawley and Rick Kaplan of Friedman represented the seller in the transaction.

October 30, 2015

Georgia Loans Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $90M in Joint Venture Capital for Multifamily Portfolio

by Jeff Shaw October 30, 2015

ATLANTA — Cushman & Wakefield’s equity, debt and structured finance group in Atlanta has arranged a $90 million joint venture recapitalization of a five-property multifamily portfolio. The borrower, Peak Capital Partners, owns and operates the portfolio, which spans 1,249 units in Atlanta, Charlotte, Denver and Dallas. Mike Ryan, Telly Fathaly, John Alascio, Jeff Walker and Brian Linnihan of Cushman & Wakefield arranged the financing, which includes joint venture equity provided by an institutional investor and debt from GSE and conduit lenders.

October 30, 2015

AC Marriott Hotel at Phipps Plaza in Atlanta

Georgia Hospitality Southeast

Winter Construction Tops Out AC Marriott Hotel in Buckhead

by Jeff Shaw October 30, 2015

ATLANTA — Winter Construction has finished vertical construction on the AC Marriott Hotel at Phipps Plaza. The new six-story, 166-room hotel is located on the Phipps Plaza campus in Atlanta’s Buckhead district. Noble Investment is developing the property, which is the first AC Marriott in Georgia. The hotel will feature the AC Lounge, 2,500 square feet of meeting space, the AC Library, a fitness center, an indoor pool and a two-level parking deck that will connect to Phipps Plaza via a pedestrian walkway.

October 30, 2015

Florida Multifamily Southeast

Berkadia Arranges $27.1M Loan for Apartment Community in Florida

by Jeff Shaw October 30, 2015

SOUTH PASADENA, FLA. — Berkadia has arranged a $27.1 million loan for Waters Pointe Apartments, a multifamily community located at 1885 Shore Drive S. in South Pasadena, roughly 30 miles southwest of Tampa. The property was more than 97 percent occupied at the time of financing. Waters Pointe’s amenities include an Internet café, Olympic-sized swimming pool, fitness center, fishing pier, lounge area and a covered veranda. Mitch Sinberg and Michael Wallace of Berkadia’s South Florida office closed the 10-year, floating-rate loan through Freddie Mac on behalf of the borrower, Robbins Property Associates. Robbins will use the loan to refinance existing debt on the property and return equity to the sponsorship.

October 30, 2015

Office Southeast Virginia

NAI KLNB Brokers $15.3M Sale of Office Building in Northern Virginia

by Jeff Shaw October 30, 2015

FAIRFAX CITY, VA. — NAI KLNB has brokered the $15.3 million sale of Mosby Tower, a six-story, 114,000-square-foot office building located in Fairfax City in northern Virginia. The seller, Premier Suites LLC, recently invested $250,000 to transform the former apartment community into a small office suite complex. The buyer, Korth Investment Properties Group, was self-represented. Christopher Kubler, Brad Berzins and Josh Simon of NAI KLNB represented the seller in the transaction.

October 30, 2015

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