Property Type

Franklin Street, Neal Realty Broker $9.1M Purchase of Two Shopping Centers in Palm Beach County

by Haisten Willis October 26, 2015

DELRAY BEACH AND BOYNTON BEACH, FLA. — Franklin Street and Neal Realty & Investments Inc. have brokered the purchase of two shopping centers in Palm Beach County totaling $9.1 million. Greg Matus and Peter Crane of Franklin Street and Tim Neal of Neal Realty represented the buyer, Perkins Realty Management LLC, in both transactions. The acquisitions include the $5.1 million purchase of the 23,094-square-foot Shoppes of Delray in Delray Beach and the $4 million acquisition of the 18,311-square-foot Gables End Plaza in Boynton Beach. Shoppes of Delray was nearly 90 percent leased at the time of sale to tenants such as Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance. David Donnellan of CBRE represented the seller in the transaction. Built in 2000 and renovated in 2014, Gables End Plaza was 100 percent leased at the time of sale. As part of the two deals, the buyer has obtained a new CMBS loan for both assets.

October 26, 2015

Georgia Multifamily Seniors Housing Southeast

Griffin, Canyon Break Ground on New Seniors Housing Community in Metro Atlanta

by Haisten Willis October 26, 2015

ROSWELL, GA. — California-based developer Griffin Real Estate Management and investment firm Canyon Partners Real Estate, in partnership with operator Thrive Senior Living, have started construction of The Georgian Lakeside Assisted Living and Memory Care, a 95-unit community in the Atlanta suburb of Roswell. Thrive will operate the community — which comprises 70 assisted living units and 25 memory care units — when complete.

October 26, 2015

Florida Retail Southeast

RD Management Buys Shopping Center in North Fort Myers for $20.5M

by Haisten Willis October 26, 2015

NORTH FORT MYERS, FLA. — RD Management has purchased Merchants Crossing, a 323,061-square-foot shopping center located at 15201 N. Cleveland Ave. in North Fort Myers, for $20.5 million. The property’s tenants include a 16-screen AMC Theatre, Bealls Outlet and Jo-Ann Fabrics. RD’s plans for the center include a major façade renovation, remodel and re-tenanting of the vacant Sears building, landscape modifications and an upgrade to the courtyard. RD purchased the asset from Noble Properties. HFF brokered the transaction.

October 26, 2015

Florida Multifamily Southeast

Bell Partners Acquires Apartment Community in Metro Orlando for $33.5M

by Haisten Willis October 26, 2015

SANFORD, FLA. — Bell Partners Inc. has purchased the newly built Integra Village, a 209-unit apartment community located at 101 Integra Village Trail in Sanford, a suburb of Orlando. Bell Partners purchased the property for $33.5 million on behalf of Bell Fund V. Developed by The Integra Land Co. in 2015, the property’s interiors feature kitchen islands, granite countertops, stainless steel appliances, new cabinetry, hard-surface flooring tile baths and screened-in porches. Community amenities include a salt water pool with an outdoor grilling area, fitness center and a clubhouse with a billiards room. Bell Partners will manage the property and will rename it Bell Lake Forest. The purchase of Bell Lake Forest was the sixth multifamily acquisition for Bell in 2015. With this transaction, Bell has completed more than $980 million in total transactions this year.

October 26, 2015

District of Columbia Hospitality Mixed-Use Multifamily Southeast

Lima Hotels to Develop Mixed-Use Project in Downtown D.C.

by Haisten Willis October 26, 2015

WASHINGTON, D.C. — Lima Hotels, a new company established by developer Habte Sequar, plans to develop a 14-story hotel and apartment building in downtown Washington, D.C. The high-rise property will be located at 317 K St. N.W. at the corner of 4th and K streets in the Mount Vernon Triangle neighborhood in Washington’s East End district. A small commercial building and auto body shop on the site will be demolished. The project will feature 200 hotel rooms on the first 11 floors and 30 apartment units on floors 12 through 14. Lima Hotels has selected PGN Architects and Gordon & Greenberg to co-design the project.

October 26, 2015

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $24M Construction Loan for Assisted Living Community in Westmont, Illinois

by Christina Cannon October 26, 2015

WESTMONT, ILL. — CBRE’s debt and structured finance team has secured $24 million in construction financing for Pathway Senior Living and Virtus Real Estate Capital. The joint venture partnership will use the financing to construct Aspired Living of Westmont, a Class A assisted living and memory care facility in Westmont, a western Chicago suburb. The property will consist of 75 assisted living units and 34 memory care units. The 123,000-square-foot, three-story building will be situated on 3.5 acres. The loan was originated at 70 percent loan-to-cost and includes a four-year floating rate and 36 months of interest-only payments. Aron Will of CBRE arranged the financing provided by a regional bank. Chicago-based Pathway Senior Living is a privately held company. Austin, Texas-based Virtus Real Estate Capital is a real estate private equity sponsor.

October 26, 2015

Illinois Midwest Multifamily

Vail Davis Building in Chicago Undergoes $1.4M Renovation

by Christina Cannon October 26, 2015

ARLINGTON HEIGHTS, ILL. — The historic Vail Davis Building, located at 15 N. Vail Ave. in Arlington Heights, a northwest Chicago suburb, has undergone a complete makeover to create 16 luxury residences for upscale renters. CF Real Estate and 33, a real estate firm, acquired the historic mixed-use building in June 2014 for $2.5 million in an off-market transaction. Renovations at the Vail Davis Building included a total rehabbing of all rental units, new HVAC systems, electrical systems upgrades, new windows and a restored underground sewer system. The $1.4 million project was completed in early November and the 16 units are 100 percent leased. Restaurants La Tasca and Bangkok Café currently lease the ground-level retail space and have continued to operate during the renovations. Completed in 1929, the building originally included 16 apartments on the second and third floors and eight retail establishments on the first floor: Redker Real Estate, a druggist, barber, fish market, tailor, restaurant, Western Union and the Hoggay pool hall. In later years, one of the more well-known tenants in the building was the Hertzog cigar factory, makers of the hand-rolled Gander Cigar. The Vail Davis Building, which features an English-style architecture, includes a distinctive castle …

October 26, 2015

Illinois Industrial Midwest

Essex Realty Brokers $1.5M Sale of Vacant Industrial Property on Chicago’s South Side

by Christina Cannon October 26, 2015

CHICAGO — Essex Realty Group Inc. has brokered the $1.5 million sale of a vacant warehouse property on the south side of Chicago. The building, Kissel Kar Lofts, is three stories and 54,000 square feet. Located at 2550 S. Wabash Ave., the property is in need of a full rehabilitation. Doug Fisher and Jason Fishleder of Essex brokered the transaction. The buyer and seller were undisclosed.

October 26, 2015

Midwest Office Retail Wisconsin

Siegel-Gallagher Arranges 7,037 SF of Lease Renewals in Southeast Wisconsin

by Christina Cannon October 26, 2015

RACINE AND OCONOMOWOC, WIS. — Brokerage firm Siegel-Gallagher has completed two lease renewals in separate transactions in Wisconsin. In the first transaction, Check Into Cash of Wisconsin LLC renewed its 1,200-square-foot retail lease at 5201-5409 Washington Ave. in Racine. The property is owned by Racine Shopping Centre LLC. Devin Tessmer of Siegel-Gallagher arranged the transaction. In the second deal, Froedtert Memorial Lutheran Hospital renewed its 5,837-square-foot office lease in Oconomowoc. Ohio National Life Insurance is the landlord of the property located at 1230 Corporate Center Drive. Shaun Dempsey of Siegel-Gallagher brokered the deal.

October 26, 2015

Florida Market Reports Multifamily Southeast Southeast Market Reports

Job Growth Key to Orlando Apartment Market’s Strong First-Half Performance

by John Nelson October 26, 2015

Orlando’s multifamily market is in the midst of a golden era of sorts, as it sits squarely at the intersection of strong employment growth, an increasing population, a major demographic shift and a variation in lifestyle preferences. Together, these factors provide a tremendous tailwind for future strength in the local apartment market. While the national multifamily market continues to perform at a high level, Orlando is starting to show up on the radar of more institutional investors due to its recent outperformance and tremendous growth prospects. According to recent data from MPF Research, Orlando is on pace to see 5.6 percent rent growth in 2015, followed by 4.7 percent growth in 2016. The strong momentum in the MSA is being driven by a rapidly expanding and increasingly diversified job market. Going forward, the picture looks even brighter. MPF Research ranks Orlando as the No. 1 metro in the nation for job growth through 2020, with a growth rate (2.7 percent), more than twice the national average (1.1 percent). Unlike previous cycles, today’s growth is spread more evenly across employment industries, resulting in a more diverse, dynamic labor market. The highest growth sectors are forecast to be construction, healthcare/bio-tech, business services, …

October 26, 2015

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