NORTH MIAMI, FLA. — Meridian Capital Group has arranged a $21 million acquisition loan for Center Court Apartments, a 588-unit property located at 14797 N.E. 18th Ave. in North Miami. David Hayum and Tal Savariego of Meridian Capital’s New York City office arranged the seven-year loan through an unnamed balance sheet lender on behalf of the borrower, YMP Realty Management. The loan features a fixed interest rate of 3.98 percent and a 30-year amortization schedule.
WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 3,911-square-foot 7-Eleven store located at 1340 and 1344 Wisconsin Ave. in Washington, D.C.’s historic Georgetown neighborhood. Marty Zupancic, Dean Zang and Christian Barreiro of Marcus & Millichap’s Washington, D.C., office represented the seller, a local family estate that has owned the property since 1928. Zang and Josh Ein of Marcus & Millichap’s TZD Retail Team secured and represented the buyer, a local, privately held investment manager. 7-Eleven has roughly eight years remaining on its lease.
STOCKBRIDGE, GA. — Franklin Street has brokered the $2.5 million sale of Eagle Village, a 21,800-square-foot shopping center located at 600 Eagles Landing Parkway in Stockbridge, roughly 20 miles south of Atlanta. Built in 2002, the property was 77.3 percent leased at the time of sale to tenants such as Jimmy John’s, Johnny’s Pizza & Subs and H&R Block. Bryan Belk and John Tennant of Franklin Street’s Atlanta office represented the seller, Alpha Opportunity Fund I LLC, in the transaction. Ainbinder Properties LLC was the buyer.
Richmond has become a multifamily safe haven with unemployment rates below the national average and the second-best annual rental returns in the nation at 20.42 percent. Richmond’s high annual returns are due in large part to its population. The city has become a mecca for young adults as 32.2 percent of the population is in its 20s and 30s — well above the national average of 22 percent. This population’s drive for an urban, walkable lifestyle is generating a great deal of development in the CBD, as well as the Manchester submarket where Virginia Commonwealth University’s (VCU) Institute for Contemporary Art is located. VCU’s art institute is the No. 1 art and design school in the country, and continues to draw in Millennials looking to take advantage of the open and historic downtown district surrounding the James River. Richmond’s flourishing, younger population is demanding adaptive re-use and new development and developers in Richmond are answering the call. Areas such as Scott’s Addition, Shockoe Bottom and Manchester have all seen new mid and high-rise developments in recent months that are attracting a plethora of new tenants. Highlights of Richmond’s apartment market include: • 1,000 units are currently under construction with an …
CHICAGO — Meridian Capital Group has arranged $70.5 million in financing for the acquisition and renovation of 19 off-campus housing properties and two land parcels near the University of Chicago in the city’s Hyde Park neighborhood. Meridian arranged the financing for the buyer, Pioneer Acquisitions. The seller, the University of Chicago, acquired the properties over many decades and has operated this portfolio solely as student and faculty housing. The rental units are located in 19 non-contiguous multifamily properties on Hyde Park Boulevard, Dorchester Avenue, Kenwood Avenue, Blackstone Avenue and Woodlawn Avenue. While the recent revitalization and heavy new commercial development within Hyde Park have created strong demand for market rate housing in this submarket, the intent of Pioneer Acquisitions is to continue catering to students and faculty. A national debt fund provided the three-year, interest-only loans that include future funding for improvements, floating rates with weighted average spreads in the high 300s in basis points over the 30-day LIBOR rate, and two one-year extension options. The renovations, which are expected to begin immediately, will include upgrades to kitchens, bathrooms and common areas at all properties. Seth Grossman and Andy Strauss of the Carlsbad, Calif., office of Meridian Capital negotiated the …
OVERLAND PARK, KAN. — Mainstreet has opened The Healthcare Resort of Shawnee Mission in Overland Park, a southwest suburb of Kansas City. The 85,635-square-foot property, located at 7600 Antioch Road, features 125 beds and provides transitional care such as short-stay rehabilitation and therapy. The $19.8 million, three-story Healthcare Resort of Shawnee Mission includes a large therapy gym, a spa, a movie theater, an on-site chef and more. Mainstreet developed the project and The Ensign Group Inc. operates it.
FRANKLIN PARK, ILL. — Colliers International has arranged a 55,251-square-foot, long-term flex lease for Tax Air Freight. The 142,447-square-foot building is located at 10700 Waveland Ave. in Franklin Park, a northwest suburb of Chicago. Tax Air Freight will join two other tenants and will bring the facility to 100 percent occupancy. The building is situated on 8.2 acres and offers immediate access to I-294. Tax Air Freight’s facility includes 3,500 square feet of office space, 23 dock positions, 27 trailer stalls and room for 14 truck-parking stalls. Tax Air Freight will occupy the space starting March 2016. Tom Rodeno of Colliers International represented Tax Air Freight in the transaction. Jim Estus of Colliers International represented the landlord, CenterPoint Properties.
CAHOKIA, ILL. — The Kase Group has arranged the $5.25 million sale of Camp Jackson, a 108,979-square-foot shopping center located in Cahokia, five miles south of St. Louis. Jeff Gates of The Kase Group’s San Francisco office worked on behalf of the seller and procured the buyer, both undisclosed private investors, in the transaction. The 76 percent occupied center is home to tenants including Schnucks, Dollar General, Rent A Center, AutoZone, H&R Block, Cricket Wireless, Little Caesars and Mission Thrift.
ANN ARBOR, MICH. — Signature Associates has brokered the sale of a 23,000-square-foot industrial property in Ann Arbor. CSFB 2005-C6 Highland Industrial LLC sold the building located at 4260 Varsity Drive to Budget Truck Lease LLC for an undisclosed price. Jay Chavey of Signature Associates represented the seller in the transaction. Cody Bowlds of Sperry Van Ness/Stewart Commercial represented the buyer.
ALLENTOWN, PA. — The Waterfront Development Co. has broken ground for a $400 million mixed-use development along the western banks of the Lehigh River in Allentown. Spanning 26 acres, the project will include six office buildings, including the 157,498-square-foot 615 Waterfront Drive and the 131,457-square-foot 645 Waterfront Drive; three residential complexes, totaling 425 market-rate apartments; three parking structures; a main street and half-mile River Walk. Additionally, each of the 12 new buildings will offer retail and restaurant space. The development company comprises Jaindl Properties LLC, Dunn Twiggar Company LLC and Michael Dunn Co. LTD. Site-wide infrastructure is slated to take approximately 18 months, though building construction will be phased in and begin at any time during that timeframe. The project is expected to take approximately eight years for full build-out.