Property Type

Marcus & Millichap Arranges Sale of Two Properties in Metro Houston

by Haisten Willis April 8, 2015

SUGAR LAND AND SPRING, TEXAS — Marcus & Millichap has arranged the sale of two properties in metro Houston. In the first transaction, the firm arranged the sale of The Crossing at Telfair Commons, a shopping center in Sugar Land. Justin Miller and Derek Hargrove marketed the property on behalf of the seller, a local developer. Miller and Hargrove also secured the buyer, a limited liability company. The Crossing at Telfair Commons is located at 520 Highway 6. It is shadow-anchored by an HEB grocery store and adjacent to Chuy’s Mexican Food and Whataburger. In the second transaction, Marcus & Millichap arranged the sale of Ace Hardware, a 15,500-square-foot, net-leased property located in Spring. Jerry Goldstein and Kelley Workman of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Goldstein secured and represented the buyer, a partnership. Ace Hardware is located at 9001 Spring Cypress.

April 8, 2015

American House Senior Living Communities Acquires Cedarlake Village in Plainfield, Ill.

by Danielle Everson April 8, 2015

PLAINFIELD, ILL. — A joint venture of American House Senior Living Communities and AEW has acquired Cedarlake Village in Plainfield. The seniors housing property is located at 14800 S. Van Dyke Road. Cedarlake Village includes 178 one-bedroom apartments in two buildings, Wheatland and Renwick. Currently, both buildings are independent living facilities. However, Renwick will be licensed and converted into assisted living. Beginning in late spring, the community will undergo renovations, including the addition of an Anytime Café, dining room, fitness center and game room. American House began managing the community on March 31. AEW acquired the property on behalf of AEW Senior Housing Investors II LP.

April 8, 2015

Retail Texas

Retail Property Sold for $4.7M in Houston

by Haisten Willis April 8, 2015

HOUSTON — The San Diego and Houston offices of Colliers International have arranged the sale of a 10,125-square-foot, single-tenant retail property located at 959 Bay Area Blvd. in Houston for $4.7 million. A CVS that has 11 years reaming on its 22-year lease occupies the property. Jon Busse and Charles Herder of Colliers International represented the seller, Burlingame Gulf LLC. David Wells of Wells Net Lease Group and JRW Realty represented the buyer, Exchange Right Real Estate LLC. The buyer is a tenant in common entity that specializes in the acquisition of single tenant, net-leased properties.

April 8, 2015

Industrial Michigan Midwest

Colliers Arranges Sale of 29,504 SF Industrial Building in Rochester Hills, Mich.

by Danielle Everson April 8, 2015

ROCHESTER HILLS, MICH. — Colliers International has arranged the sale of a 29,504-square-foot industrial building located at Rochester Industrial Court in Rochester Hills. Peter E. Kepic, Peter J. Kepic and Ryan Brittain of Colliers International represented the buyer, Gantz LLC. The seller is a private entity. Gantz purchased the property as an investment and has awarded Colliers International the right to lease the building once renovations are complete.

April 8, 2015

Illinois Midwest Retail

Quantum Real Estate Advisors Brokers Sale of Shepard Square in Libertyville, Ill.

by Danielle Everson April 8, 2015

LIBERTYVILLE, ILL. — Quantum Real Estate Advisors has brokered the $2.2 million sale of a multitenant retail building located at 200-218 S. Milwaukee Ave. in Libertyville. Shepard Square is fully leased to tenants Randstad, @Properties, Pizza Italia, Bite 9, Village Cleaners and Lovely Nails. A Lake Bluff, Ill.-based real estate investor purchased the property. A Chicago-based private real estate investor purchased the property. Chad Firsel of Quantum Real Estate Advisors was the sole broker in the transaction.

April 8, 2015

Midwest Minnesota Retail

M&M Arranges $1.3M Sale of 40,000 SF Self-Storage Facility in Forest Lake, Minn.

by Danielle Everson April 8, 2015

FOREST LAKE, MINN. — Marcus & Millichap has arranged the $1.3 million sale of TNC Mini Storage, a 40,000-square-foot, 203-unit self-storage facility located in Forest Lake. TNC Mini Storage is a two-property self-storage facility separated into two parcels that are located less than one-half mile from each other. The facility was 96 percent occupied at the time of sale. Adam Haydon and Adam Schlosser of Marcus & Millichap represented the seller, a private investor, and the buyer, another private investor.

April 8, 2015

Florida Loans Multifamily Office Southeast

NXT Capital Provides $37.9M to Refinance Office Campus in Fort Lauderdale

by John Nelson April 8, 2015

FORT LAUDERDALE, FLA. — NXT Capital has provided a $37.9 million first mortgage loan to refinance Crown Center Offices, a five-building, 350,000-square-foot office campus in Fort Lauderdale. The property is located within a mile of I-95 and three miles from the Florida Turnpike. Paul Ahmed of Walker & Dunlop arranged the loan through NXT Capital on behalf of the undisclosed borrower.

April 8, 2015

Florida Multifamily Southeast

Alonzo Mourning, HTG Close Financing for New Miami Apartment Community

by John Nelson April 8, 2015

MIAMI — NBA Hall of Fame member Alonzo Mourning, now head of AM Affordable Housing, has teamed up with Housing Trust Group to develop the 84-unit Phase I of Courtside Family Apartments, an affordable housing development in Miami’s Overtown neighborhood. The partnership recently closed on the property’s financing. Courtside’s Phase II will include 120 seniors housing units and Phase III will comprise 80 rental units. The property will include a multi-purpose community room with gaming tables, a theater/media room, computer lab and fitness center, as well as an outdoor basketball court, covered picnic areas and gardens. Located at 1700 N.W. 4th Ave., the property is expected to create roughly 150 jobs during the 14-month construction process. Development costs are estimated at $22.8 million, and the partnership is financing the project through RBC Tax Credit equity estimated at $9 million raised from the purchase of Florida Housing Finance Corporation low-income housing tax credits (LIHTC); construction and permanent debt financed by Citi Community Capital totaling $3.3 million; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; Miami-Dade County Surtax loan for approximately $1.8 million; and developer equity.

April 8, 2015

Connecticut Multifamily Northeast

IPA Arranges $49.9M Sale of Connecticut Multifamily Property

by Amy Works April 8, 2015

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of TGM Waterford Commons, an apartment community located at 30 Catherine’s Way in Manchester. Beachwood Residential LLC purchased the 303-unit property from TGM Waterford LLC, an affiliated entity of New York City-based TGM Associates, for $49.9 million, or $165,000 per unit. The 13-building property features 47 one-bedroom/one-bath apartments, 193 two-bedroom/two-bath units and 63 three-bedroom/two-bath units ranging from 690 to 1,350 square feet. Units feature walk-in closets, in-home full-size washer/dryer units and a private patio or balcony area. Community amenities include a clubhouse, heated indoor swimming pool and spa, movie theater, fitness center, sauna and steam room, volleyball court, tennis court, playground, barbecue and picnic area, storage units and carports. Steve Witten and Victor Nolletti of IPA represented the seller in the transaction.

April 8, 2015

Mississippi Multifamily Southeast

Morgan Properties, DRA Advisors Acquire Apartment Community in Towson

by John Nelson April 8, 2015

TOWSON, MD. — Morgan Properties and DRA Advisors LLC have acquired The Colony at Kenilworth, a 383-unit apartment community located in Towson. Morgan and DRA plan to execute a value-enhancement strategy that will address capital needs, reposition the property and enhance the value of the asset. The partnership intends to upgrade unit interiors and also has plans to improve common area amenities by renovating the fitness center and clubhouse. The Colony marks the third acquisition that Morgan Properties and DRA have purchased together in the Maryland-Washington, D.C. Corridor. The seller and the sales price were undisclosed.

April 8, 2015

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