Property Type

NAI Mertz Brokers Sale of Pennsylvania Development Site for Assisted Living Project

by Amy Works April 30, 2015

HUNTINGDON VALLEY, PA. — NAI Mertz has brokered the sale of a 4.45-acre development site located on Lieberman Drive in Huntingdon Valley. First Baptist Church of Huntingdon Valley sold the parcel to Artis Senior Living for $850,000. The buyer plans to develop a 72-bed memory-care, assisted living residence on the site. Groundbreaking for the assisted living facility is slated for early summer. This facility will be the company’s fourth Artis community under construction or in operation. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller in the deal.

April 30, 2015

Hospitality Northeast Pennsylvania

HREC Brokers Sale of Three-Property Hospitality Portfolio

by Amy Works April 30, 2015

CARLISLE AND MECHANICSBURG, PA., AND HAGERSTOWN, MD. — HREC Investment Advisors has arranged the sale of a three-property hospitality portfolio located in Pennsylvania and Maryland. Keystone Lodging Enterprise sold the properties for an undisclosed price. The portfolio consists of the 99-room Sleep Inn in Carlisle, the 93-room Wingate by Wyndham in Mechanicsburg, and the 96-room Sleep Inn & Suites in Hagerstown. Ketan Patel and Geoff Davis of HREC represented the seller in the transaction. The name of the buyer was not released.

April 30, 2015

Multifamily New York Northeast

TerraCRG Arranges $1.5M Sale of Brooklyn Multifamily Building

by Amy Works April 30, 2015

NEW YORK CITY — TerraCRG has arranged the sale of a multifamily building located at 208 Starr St. in Brooklyn’s Bushwick neighborhood. The asset sold for $1.5 million. The two-story building features four free-market residential apartments, which were delivered vacant. Matthew Cosentino and Eric Satanovsky of TerraCRG represented the undisclosed seller in the transaction. The name of the buyer was not released.

April 30, 2015

Whole Foods St. Matthews Louisville Bluegrass Manor Shopping Center

Kentucky Retail Southeast

Faris Lee Investments Brokers $46.1M Sale of Whole Foods-Anchored Center in Metro Louisville

by John Nelson April 30, 2015

ST. MATTHEWS, KY. — Faris Lee Investments has brokered the $46.1 million sale of Bluegrass Manor Shopping Center, a Whole Foods-anchored shopping center in St. Matthews, a suburb of Louisville. The property’s retail tenant roster includes Toys “R” Us and LA Fitness. The Whole Foods Market is the only Whole Foods in the Louisville area. Rick Chichester and Donald MacLellan of Faris Lee represented the seller, P&P, and the buyer, The Hocker Group, in the transaction. The property sold at a 6.65 percent cap rate.

April 30, 2015

Odenton Meade Center All American Steakhouse & Sports Theatre

Maryland Mixed-Use Southeast

Baybridge Properties Breaks Ground on Mixed-Use Project in Metro Baltimore

by John Nelson April 30, 2015

ODENTON, MD. — Baybridge Properties has kicked off construction on Phase I of Meade Center, a mixed-use project in Odenton, roughly 20 miles south of Baltimore. Phase I comprises the All American Steakhouse & Sports Theatre, which is slated for a fall 2015 opening. Phase II includes a 29,800-square-foot center with roughly 14,300 square feet of ground-level retail space and 15,500 square feet of second-floor office space. Phase II is expected to be completed by the second quarter of 2016. Klein Enterprises/Metropolitan Management LLC will lease the asset. The Meade Center location in Odenton will be All American Steakhouse & Sports Theatre’s eighth location, according to owners George Jones and Brock Anderson.

April 30, 2015

North Carolina Retail Southeast

EDENS Acquires Grocery-Anchored Shopping Center in Charlotte

by John Nelson April 30, 2015

CHARLOTTE, N.C. — EDENS, a shopping center owner, developer and operator based in Columbia, S.C., has purchased Myers Park Center in Charlotte for an undisclosed price. The 75,075-square-foot shopping center is anchored by a two-story Harris Teeter and is located in Charlotte’s affluent Myers Park neighborhood. EDENS owns other shopping centers in Charlotte, including Park Road Shopping Center, Atherton Mill and Kenilworth Commons.

April 30, 2015

Florida Hospitality Southeast

Aztec Group Brokers $8.6M Sale of Historic Miami River Inn in Miami

by John Nelson April 30, 2015

MIAMI — Aztec Group has brokered the $8.6 million sale of Miami River Inn, Miami’s longest operating hotel. Vagabond Group, led by developer Avra Jain, purchased the 58-room hotel, which is located along the Miami River at 118 S.W. South River Drive. Vagabond Group plans to renovate the hotel, which was built in 1906. Jason Katz of Aztec Group represented Vagabond in the transaction. Alfonso Jaramillo of Fortune International Realty represented the seller, Habitat Group.

April 30, 2015

Market Reports Midwest Midwest Market Reports Multifamily Nebraska

Why The Performance of Omaha’s Apartment Market Continues to Excel

by Danielle Everson April 30, 2015

Just like Omaha’s diverse and strong economy — a 3.2 percent unemployment rate as of December 2014 — the local apartment market continues to shine. Occupancy remains high, rents are up significantly over the past year as additional charges continue to be passed through to tenants, and new construction has not yet overtaken demand. In short, 2014 was another golden year for apartments. We expect more of the same in 2015 because the market has not yet peaked. The latest estimate by the Institute of Real Estate Management (IREM) is that there are now 95,128 apartment units in the Omaha metro area, with an overall occupancy level of nearly 96 percent as of fall 2014. This strong occupancy level is virtually unchanged from the fall of 2013 when it stood at 96.17 percent. From a historical perspective, the occupancy level for Omaha’s market over the past decade has remained strong, ranging from a low of 92 percent to a high of 96 percent. We expect Omaha’s occupancy rate in 2015 to remain strong, likely in the 95 to 96 percent range. Rents on the Rise Not surprisingly, the higher occupancy gives landlords greater pricing power. Historically we have observed about …

April 30, 2015

Affordable Housing Top Stories

Related Cos. to Acquire 17 Affordable Housing Properties in the Midwest for $270M

by Danielle Everson April 29, 2015

CHICAGO — Related Cos., an owner of affordable housing in the United States, is in the process of acquiring 17 properties totaling 3,062 affordable housing units across the Midwest for $270 million. In addition, the company has acquired Metroplex Inc., an affordable property management company in Illinois. Through a public-private partnership with the city of Chicago and Illinois Housing Development Authority (IHDA), affordability of the units will be preserved for an additional 30 years and more than $262 million will be invested in the rehabilitation of the properties. The portfolio acquisition by Related Affordable and Related Midwest, divisions of Related Cos., includes more than 1,500 units in the city of Chicago, including the 628-unit Marshall Field Garden Apartments. The community was due to lose its affordable designation in 2017, but has been extended three more decades as a result of Related’s acquisition. “Related has preserved more than 35,000 affordable housing units, and we have never converted a single unit to market-rate,” says Matthew Finkle, president of Related Affordable. “Through public-private partnerships like this, we will be able to significantly improve the lives of the residents who call these communities home, and ensure that thousands of residences in the city of …

April 29, 2015

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Health Services Open Transitional Care Facility in Carmel, Ind.

by Danielle Everson April 29, 2015

CARMEL, IND. — Mainstreet and Trilogy Health Services have completed construction on a transitional care facility in Carmel. Wellbrooke of Carmel is located at 12315 Pennsylvania St. The new facility will provide transitional care (short-stay rehabilitation and therapy) and assisted living. Construction on Wellbrooke of Carmel started in April 2014. The 68,590-square-foot property includes 94 beds. Amenities include a therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 374 construction jobs and 120 permanent jobs. A community open house for Wellbrooke of Carmel will take place on May 3.

April 29, 2015

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