Property Type

Westside Ironwroks in Atlanta Adds Retailer, Restaurants to Tenant Roster

by John Nelson February 18, 2015

ATLANTA — Westside Ironworks, a 19,000-square-foot, $8.5 million retail redevelopment in Atlanta’s West Midtown neighborhood, has added three new tenants, bringing its pre-leasing to 75 percent occupancy. The new tenants include O-Ku (3,200 square feet), a Southern-style sushi restaurant; Dixon Rye (5,000 square feet), an upscale, rustic-style home furnishings retailer; and Tom+Chee (2,600 square feet), a café-style, comfort food restaurant known for its Grilled Cheese Donut. All three retailers are expected to open this fall. The Westside Ironworks redevelopment transforms the former site of Iron-Works International Inc. into a retail destination. The project is spearheaded by Westside Ironworks LLC, a partnership between Frank Buonanotte and Jeff Stein. Buonanotte is the founder and chairman emeritus of The Shopping Center Group and the founder and principal of Metro Real Estate Investment Advisors, a real estate investment fund. In 2010, Stein founded Stein Investment Group, which has invested in and is actively acquiring real estate throughout metro Atlanta and the Southeast.

February 18, 2015

New York Northeast Retail

Marcus & Millichap Brokers Sale of 107,065 SF Retail Property in New York

by Amy Works February 18, 2015

SPENCERPORT, N.Y. — Marcus & Millichap has arranged the sale of Spencerport Village Plaza, a retail property located at 27 Slayton Ave. in Spencerport. A private institution purchased the 107,065-square-foot property for $8.8 million. Joseph French, Thomas Dalzell, Mike James and Nathan Barnes of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

February 18, 2015

Florida Loans Multifamily Southeast

Oak Grove Capital Arranges $9.5M Refinance of Apartment Community in Fort Lauderdale

by John Nelson February 18, 2015

FORT LAUDERDALE, FLA. — Oak Grove Capital has arranged the $9.5 million refinance of Venice Cove, a 150-unit apartment community in Fort Lauderdale. Tim Leonhard of Oak Grove Capital arranged the standard rate lock loan through Freddie Mac on behalf of the unnamed borrower.

February 18, 2015

Hospitality Northeast Pennsylvania

Optimum Hotel Brokerage Brokers Sale of 77-Unit Best Western Genetti Inn & Suites

by Amy Works February 18, 2015

HAZLETON, PA. — Optimum Hotel Brokerage has brokered the sale of the Best Western Genetti Inn & Suites, located at 1341 N. Church St. in Hazleton. A local hotel owner and operator purchased the 77-unit property for an undisclosed price. The hotel features wireless Internet in public areas, a heated outdoor pool, a 24-hour front desk staff, banquet and meeting facilities, a ballroom and business center. Joe McCann and Sabena Arora of Optimum Hotel Brokerage represented the seller in the transaction.

February 18, 2015

Florida Retail Southeast

Colliers Brokers $6.6M Sale of CVS/pharmacy in Orlando

by John Nelson February 18, 2015

ORLANDO, FLA. — Colliers International has brokered the $6.6 million sale of a 13,813-square-foot, single-tenant retail property at 5886 Conroy Road in Orlando. The triple-net leased asset is fully leased to CVS/pharmacy. Confl LLC purchased the asset from ECK 51 Conroy LLC. Cynthia Shelton and Kane-Morris Webster of Colliers International Central Florida, along with Jereme Snyder and Eric Carlton of Colliers International Greater Los Angeles, represented the seller in the transaction. CVS/pharmacy has roughly 10 years remaining on its lease.

February 18, 2015

Affordable Housing Loans Multifamily South Carolina Southeast

TD Bank Provides $6M Redevelopment Loan for Affordable Housing Apartment Complex in Charleston

by John Nelson February 18, 2015

CHARLESTON, S.C. — TD Bank has provided approximately $6 million for the renovation and rehabilitation of 100 affordable housing multifamily units in Charleston’s Ashley River submarket. Lori Swan of TD Bank structured the five-year loan with a 25-year amortization schedule on behalf of the developer, The Hampstead Group. The loan will be used to renovate the apartment units at Palmilla Parkside, previously known as St. Andrews Gardens, to provide housing for moderate-income residents. The original apartments were built in the 1970s as low-income housing and recently fell into disrepair. As part of its planned remodeling, Hampstead will install energy-efficient windows, plank flooring, stainless steel appliances and other upgrades in this community. Construction began in January 2015 and is expected to be complete within the next 15 months.

February 18, 2015

Features Multifamily Top Stories

Multifamily Sector Still Humming With 95 Percent of Major U.S. Markets in ‘Expansionary Phase,’ Says IRR

by John Nelson February 18, 2015

After years atop the commercial real estate food chain, the multifamily sector remains the darling of the commercial real estate investment world, according to Integra Realty Resources (IRR). In its annual Viewpoint study, the commercial real estate valuation, consulting and advisory firm reports that 95 percent of the major U.S. markets it tracks are currently in the expansionary phase of the real estate life cycle. In the expansionary phase, 95 percent of U.S. metros are experiencing decreasing vacancy rates, moderate-to-high new construction, high absorption, moderate-to-high employment growth and medium-to-high rental rate growth. One of the many multifamily markets in that category is Miami. “Miami is definitely in an expansion phase because we’re building new product. There are 2,500 units under construction in downtown Miami and about 7,000 units county-wide under construction,” says Anthony Graziano, senior managing director of IRR – Miami/Palm Beach. Graziano has been with IRR since its inception in 1999. “The new construction, coupled with sub-5 percent vacancies and rent growth at 8 to 12 percent annually — that puts us in the expansion phase.” Miami is ahead of the national average in several statistical categories, such as Class A and B vacancy rates and rental rate growth. …

February 18, 2015

Hospitality Washington Western

Provenance Hotels, NBP Capital to Buy the Roosevelt Hotel in Seattle

by Nellie Day February 18, 2015

SEATTLE — Provenance Hotels and partner NBP Capital have agreed to purchase the 151-room Roosevelt Hotel in Seattle for an undisclosed sum. The hotel is located at intersection of 7th Avenue and Pine Street in the city’s Downtown region. The Roosevelt Hotel is situated across from the Washington State Convention Center, near the Central Business District, Pike Place Market and the waterfront. Provenance Hotels had owned the property with the seller, North Coast Washington LLC, since 1985. The property will continue to be affiliated with Coast Hotels for the next 60 days until Provenance Hotels assumes management. Provenance Hotels and NBP Capital are both headquartered in Portland, Ore. They are equal partners in the acquisition. The partners plan to bring a marquee restaurant to the Roosevelt Hotel, which originally opened in 1930. The pair also purchased the historic Woodlark and Cornelius buildings in Downtown Portland earlier this month.

February 18, 2015

California Office Western

Meridian Provides $35M in Financing for San Francisco Office, Retail Property

by Nellie Day February 18, 2015

SAN FRANCISCO — Meridian Capital Group has provided $35 million in acquisition financing for an office and retail property in San Francisco. The 46,000-square-foot property is located at 166 Geary Street in the city’s Union Square area. The loan was provided to The Jackson Group, Sun Equity Partners and Concord Real Estate. The 36-month, floating-rate mortgage was structured to accommodate the sponsors’ unique business plan. The borrowers plan to separate the asset into two commercial condos post-closing by pre-allocating $25 million to one portion of the asset and $10 million to the remainder. Financing was provided by a national balance sheet lender. It features full-term, interest-only payments. The loan was arranged by Shaya Ackerman and Moshe Majeski of Meridian Capital Group.

February 18, 2015

Colorado Mixed-Use Western

SkyHouse Denver Luxury Apartments Breaks Ground

by Nellie Day February 18, 2015

DENVER — Simpson Housing, Novare Group and Batson-Cook Development Co. have broken ground on the 354-unit SkyHouse Denver. The new community will be located on the corner of Broadway and 18th Avenue in uptown Denver. The mixed-use project will also feature 6,900 square feet of ground-floor retail space. The signature SkyHouse on the top floor of the building includes a club room, swimming pool and fitness center. SkyHouse will also feature vehicle charging stations, bike storage, bike kitchen, a dog walk area and a dog washing station. The new community is situated in the Central Business District, near MetroRide and the 16th Street MallRide, both of which provide direct access to Union Station. It is also in close proximity to the Light Rail. Additional nearby attractions include the state capitol complex, the Denver Art Museum, and City Park, home to the Denver Zoo and the Denver Museum of Nature and Science. SkyHouse Denver is the 14th SkyHouse-branded apartment community in the U.S. and its first out West. Equity was provided by Simpson Housing, Batson-Cook Development Co. and NGI Investments. Construction financing was provided by JP Morgan and US Bank. The building will be built by Batson-Cook Construction and Swinerton Builders …

February 18, 2015

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