Property Type

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

Georgia Retail Southeast

Ziff Properties Buys Starbucks-Anchored Shopping Center in Columbus for $6.6M

by John Nelson April 8, 2015

COLUMBUS, GA. — Charleston, S.C.-based Ziff Properties has purchased St. Francis Marketplace, a 62,535-square-foot shopping center located in Columbus, for $6.6 million. The property was 98 percent leased at the time of sale to tenants such as Starbucks Coffee, Planet Fitness, Rent a Center, Peluso’s and The Yogurt Shoppe. The asset, which was constructed in 1971 and renovated in 1994, is located directly across from St. Francis Hospital. Ziff Properties acquired the property from Woodruff Real Estate. Craig Taylor of CBRE’s Atlanta office represented Ziff in the transaction.

April 8, 2015

Multifamily Northeast Rhode Island

CBRE/NE Brokers $31.7M Sale of Rhode Island Multifamily Community

by Amy Works April 8, 2015

WEST WARWICK, R.I. — CBRE/New England has brokered the sale of The Apartments at Royal Mills, a multifamily community located at 125 Providence St. in West Warwick. JG Royal Mill LLC/JJH Royal Mill LLC, an affiliate of Readville, Mass.-based Geraghty Associates, purchased the 251-unit property for $31.7 million from SBER Royal Mill LLC. The property consists of two main historic mill buildings: Royal Mill, ranging from four to six stories, and the four-story Ace Dye Mill. Additionally, the property features a two-story machine shop mill with two townhome units and a vacant two-story gatehouse building, which can be converted into amenity or residential space. Community amenities include a clubhouse, pool table, wet bar, fireplace, resident lounge, fitness and business centers, riverfront barbeque area, kayak launch, landscaped river walk, waterfall-powered hydro plant, landscaped common areas and courtyards and climate controlled on-site garage parking. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

April 8, 2015

Industrial Northeast Pennsylvania

The Garibaldi Group, Avison Young Broker Sale of 284,582 SF Industrial Property

by Amy Works April 8, 2015

YORK, PA. — The Garibaldi Group and Avison Young have brokered the sale of an industrial property located at 57 Grumbacher Road in York. Boston-based High Street Realty Co. purchased the property for an undisclosed price. Situated on 11.8 acres, the 284,582-square-foot property offers 6,000 square feet of office space and 27 dock-high doors with one drive-in door. Additionally, the site can accommodate up to 92 trailer lot stalls or a 55,000-square-foot standalone building. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Brendan Kelly of Avison Young, represented the seller, Bell Sport Inc., in the transaction.

April 8, 2015

Industrial New Jersey Northeast

Commercial Realty Group Buys 142,620 SF Industrial Building in New Jersey

by Amy Works April 8, 2015

PARSIPPANY, N.J. — Commercial Realty Group (CRG) has acquired an industrial building, located at 7 Eastmans Road in Parsippany, for an undisclosed price. CRG plans to reposition the 142,620-square-foot property to Class A status. Renovations and improvements will include a new roof and energy-efficient lighting, as well as raising ceiling heights to 24 feet in a portion of the building and upgrading the landscaping. Additionally, the buyer plans to reskin the building’s façade, upgrade the loading docks and expand the parking area. Jules Nissim, Stephen Elman and Chris Kinum of Cushman & Wakefield negotiated the transaction and represented the seller, a trust, in the deal. Additionally, CRG has retained Cushman & Wakefield to market and lease the property.

April 8, 2015

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