Property Type

CBRE Negotiates $50.2M Sale of Three-Property Multifamily Portfolio in Maine

by Amy Works December 10, 2015

PORTLAND AND SCARBOROUGH, MAINE — CBRE/New England and CBRE – The Boulos Company has arranged the sale of the Casco Bay Portfolio, a three-property multifamily portfolio located in Portland and Scarborough. An affiliate of Chestnut Realty Management acquired the assets from an affiliate of Resource Real Estate for $50.2 million. The 309-unit portfolio includes the 115-unit Tamarlane Apartments in Portland; the 104-unit Foxcroft Apartments in Scarborough; and the 90-townhome Coach Lantern Apartments in Scarborough. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the seller and procured the buyer in the transaction.

December 10, 2015

Multifamily New York Northeast

Eastern Consolidated Arranges $27M Sale of Two Multifamily Properties in Chelsea

by Amy Works December 10, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of two multifamily properties located in the Chelsea neighborhood of Manhattan. Skyland Management LLC sold the properties to 117 West 15th Street LLC and 119 West 15th Street LLC for $27 million, or $1,085 per square foot. Totaling 25,330 square feet, the properties include a five-story walk-up at 117 W. 15th St. and a six-story walk-up at 119 W. 15th St. The assets feature a total of 40 units in a mix of studio, one-, two- and three-bedroom layouts. Steven Zimmerman and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.

December 10, 2015

Loans Northeast Office Pennsylvania

Cronheim Mortgage Secures $26.3M Loan for Office Building in Pennsylvania

by Amy Works December 10, 2015

HARRISBURG, PA. — Cronheim Mortgage has secured $26.3 million in permanent financing for Market Square Plaza, a 172,629-square-foot office building and 275-space parking facility in downtown Harrisburg. The loan features a 10-year term and a 30-year amortization schedule. The property has maintained 100 percent occupancy since its development in 2005. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the financing for the borrower.

December 10, 2015

Affordable Housing Loans Multifamily Northeast Vermont

KeyBank Provides $6.8M in Financing for Vermont Affordable Housing Properties

by Amy Works December 10, 2015

HARTFORD, VT. — KeyBank has provided a $6.8 million construction loan to Twin Pines Housing Trust & Housing Vermont for the development and rehabilitation of historic affordable housing properties. The properties are part of Hartford Scattered Sites LP, which is located in downtown White River Junction in Hartford. Lynne Callis-Wilson of Key Community Development Lending arranged the financing.

December 10, 2015

Industrial Massachusetts Northeast

Calare Properties Acquires 40,000 SF Industrial/Flex Building in Massachusetts

by Amy Works December 10, 2015

RAYNHAM, MASS. — Calare Properties has acquired an industrial/flex building located at 480 Paramount Drive in Raynham for an undisclosed price. The 40,000-square-foot property is currently vacant. Situated on 7.5 acres and built in 2004, the facility features 20-foot clear ceiling heights, eight tailboard doors, loading docks and 111 surface-level parking spaces. Calare Properties expects the facility to be fully leased in the first half of 2016. CBRE/New England is handling leasing efforts for the property. The name of the seller was not released.

December 10, 2015

Speakers at the "State of the Industry" panel at the InterFace Seniors Housing Texas conference

Conference Coverage Features Multifamily Top Stories

Will Seniors Housing Developers and Lenders Stay Disciplined In This Cycle? InterFace Panelists Weigh In

by Jeff Shaw December 10, 2015

Development booms have come and gone in the U.S. seniors housing industry over the past 20 years. In the late 1990s, the construction wave was fueled by Wall Street investors. Another building boom occurred from 2004 to 2007 when all forms of real estate were awash in capital just prior to the Great Recession. Now the seniors housing industry is in the midst of another burst of construction activity, most notably in Texas. So, how does the sharp upturn in new construction over the past few years compare with previous boom times? “I would say it’s quite similar,” said Patricia Will, founder and CEO of Houston-based Belmont Village Senior Living. “That is to say in places where it’s relatively easy to develop, there is lots of open land. When you combine that with the kind of liquidity we see now and we saw in the mid-2000s and in the late 1990s, you are going to get what I would characterize as oversupply. This cycle is no different in that respect. There isn’t sufficient institutional memory to discipline both equity and debt when it comes to putting capital out. “ Will’s remarks came before an audience of over 240 industry professionals …

December 10, 2015

Florida Retail Southeast

Konover South to Develop Aldi-Anchored Shopping Center in Florida

by John Nelson December 10, 2015

STUART, FLA. — Konover South LLC plans to develop Stuart Landings, a 30,587-square-foot shopping center located at 3801 S.E. Federal Highway in Stuart. Upon completion in summer 2016, the shopping center will feature a 17,837-square-foot Aldi, 3,500-square-foot Aspen Dental, a 4,000-square-foot fast food restaurant outparcel and another 5,250 square feet of inline retail space. The new development will be situated adjacent to an existing Walmart Supercenter. Konover South purchased the 4.4-acre land parcel from Industrial Development Corp. for approximately $2.3 million. Al Cicchese of SLC Commercial Realty & Development brokered the transaction. The Shopping Center Group represented Aldi in its lease transaction, and Katz & Associates represented Aspen Dental.

December 10, 2015

Seniors Housing South Carolina Southeast

McCrory Breaks Ground on $19M Seniors Housing Community in South Carolina

by John Nelson December 10, 2015

SIMPSONVILLE, S.C. —McCrory Construction Co., a South Carolina-based general contractor, has broken ground on The Crossing at Five Forks, an independent living, assisted living and memory care community in Simpsonville, located in Upstate South Carolina. Virginia-based developer Smith/Packett Med-Com LLC is developing the 197,702-square-foot community, which will feature 100 independent living units, 48 assisted living units and 24 memory care units. Development costs are estimated to be $19 million. More than 15 percent of the population in Greenville County, where the community will be located, is above 62 years of age. Studies project that in 10 years, one of every four residents in Greenville will be over 55, according to McCrory. The Crossing at Five Forks is the second seniors housing community McCrory is building in South Carolina for Smith/Packett and its subsidiary Harmony Senior Services. The Crossings at Wescott Plantation, located in Charleston, is scheduled for completion in the fall of 2016.

December 10, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $9.5M Sale of Shopping Center in Fort Walton Beach

by John Nelson December 10, 2015

FORT WALTON BEACH, FLA. — Marcus & Millichap has brokered the $9.5 million sale of Choctaw Plaza, a 97,171-square-foot shopping center located at 111 Racetrack Road N.W. in Fort Walton Beach. The property’s tenant roster includes Big Lots, Dollar General, Rent A Center, Compass Bank, Coldwell Banker and U.S. and Florida government agencies. Marc Strauss and Al Palacios of Marcus & Millichap represented the seller, a partnership based in Destin, Fla., in the transaction. Cory Gross of Marcus & Millichap’s Denver office secured and represented the buyer, a limited liability company based in Syasset, N.Y.

December 10, 2015

Industrial South Carolina Southeast

Colliers Brokers $3.5M Sale of Manufacturing Facility in Spartanburg

by John Nelson December 10, 2015

SPARTANBURG, S.C. — Colliers International has brokered the $3.5 million sale of a 133,240-square-foot industrial facility located at 2641 New Cut Road in Spartanburg. Reger Holdings LLC purchased the former Faurecia manufacturing facility from Faurecia Emissions Control Technologies LLC. Faurecia is a manufacturer of automotive seating, interior systems, automotive exteriors and emissions control technologies and is major supplier for BMW, which has a major presence in South Carolina. Colliers is the global real estate services provider for Faurecia, which has 238 production facilities and 38 research and development centers in 33 countries. Chuck Salley, Dave Mathews, Givens Stewart, Sam Myers, Garrett Scott and Brockton Hall of Colliers represented both the buyer and seller in the transaction. Reger Holdings has retained Colliers to lease and manage the facility.

December 10, 2015

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