Property Type

HAP Investments Opens Eight-Unit Apartment Building in East Harlem

by Amy Works January 15, 2015

NEW YORK CITY — HAP Investments LLC has opened HAP 1, a residential building located at 419 East 117th St. in East Harlem. The six-story property features eight apartments, including a duplex penthouse and full-floor garden apartment. The original building was renovated and two floors and an elevator were added. All units offer Porcelanosa bath and kitchen features, as well as in-unit washer/dyers. The building features a rooftop terrace and a backyard garden, which is available for the lower level full-floor apartment.

January 15, 2015

Connecticut Northeast Office

Deloitte Takes 117,700 SF at BLT Financial Centre in Connecticut

by Amy Works January 15, 2015

STAMFORD, CONN. — Deloitte has taken occupancy of its new offices at BLT Financial Centre at 200 Elm St. in downtown Stamford. The 117,700-square-foot space was tailored to accommodate Deloitte’s Next Generation Workplace, a collaborative environment with flexible workstations. BLT Financial Centre recently underwent a comprehensive renovation and repositioning program. The property comprises two six-story interconnected buildings and features a four-story glass atrium main lobby and 1,400 covered parking spaces. Building and Land Technology owns the 594,000-square-foot property, which it acquired in 2011.

January 15, 2015

Florida Loans Retail Southeast

Integra Real Estate Capital Arranges $49M Loan for Miami Shopping Center

by John Nelson January 15, 2015

MIAMI — New York City-based Integra Real Estate Capital has arranged a $49 million, non-recourse loan for Fontainbleau Park Plaza, a 235,000-square-foot shopping center in Miami. The shopping center’s anchor tenants include Walmart Supercenter and LA Fitness. Russell Kimyagarov of Integra arranged the 10-year, interest-only loan on behalf of the borrower, a Miami-based ownership group.

January 15, 2015

Georgia Hospitality Southeast

Noble Investment Group, Simon Break Ground on AC Hotel Buckhead

by John Nelson January 15, 2015

ATLANTA — Noble Investment Group, in a joint venture with Simon Property Group, has broken ground on the AC Hotel Buckhead. The 166-room hotel will be located at the intersection of Peachtree and Wieuca roads in Atlanta’s Buckhead neighborhood across from the Nordstrom at Phipps Plaza. This will be AC Hotels by Marriott’s first hotel in the Atlanta area. Upon completion in early 2016, the hotel will feature an AC Lounge, 2,500 square feet of meeting space, the AC Library, a fitness center and an indoor pool.

January 15, 2015

Florida Retail Southeast

Branch Properties Breaks Ground on $40.8M Island Walk Project in Palm Coast

by John Nelson January 15, 2015

PALM COAST, FLA. — Atlanta-based Branch Properties LLC has begun construction on Phase I of Island Walk, a $40.8 million retail and restaurant redevelopment of the Palm Harbor shopping center in Palm Coast. Phase I includes the demolition of the buildings to the west of the existing Publix. The redevelopment will add 50,000 square feet of retail space to Palm Harbor. Phase I, which includes the majority of Island Walk’s small shop tenants, is expected to be complete in the spring. Phase II, which will include the redevelopment/expansion of the Publix and the addition of more small shop space, is slated to finish in the fall. Publix has signed a lease for the new 53,785-square-foot store, which is roughly 20 percent larger than the existing store. Phase III, which will include additional retail space to the east of the Publix, is slated to open in mid-2016. Palm Harbor’s tenant roster, including Publix, Starbucks Coffee, The UPS Store, Eyeglass Express, Coast Dental & Orthodontics and Salsa’s Mexican Restaurant, will remain open during the redevelopment. Branch Properties, along with Michael Collard Properties, purchased the 28.7-acre site for the future Island Walk in May 2014 from The Inland Real Estate Group.

January 15, 2015

Florida Multifamily Southeast

Northland Investment Corp. Buys Two Apartment Communities in Florida

by John Nelson January 15, 2015

COCONUT CREEK AND WEST PALM BEACH, FLA. — Northland Investment Corp. has acquired two apartment communities in Coconut Creek and West Palm Beach. The two properties include the 300-unit Cypress Shores in Coconut Creek and the 202-unit Village Place in West Palm Beach. Cypress Shores’ amenities include a pool and poolside Wi-Fi, picnic areas, a fitness center, tennis and sand volleyball courts, car wash bay and three lakes with fountains. At Village Place, the amenities include a computer lounge, area for barbeques and picnics, multipurpose court for sports and recreation, swimming pool, dog park and a fitness center. With these two transactions, Northland now owns and operates 20 properties spanning 5,600 apartment units in Florida.

January 15, 2015

Georgia Multifamily Southeast Student Housing

PEP Buys Student Housing Community Near Georgia Tech for $28M

by John Nelson January 15, 2015

ATLANTA — Pierce Education Properties (PEP) has purchased 100 Midtown, an off-campus student housing community serving Georgia Institute of Technology and Georgia State University students, for $28 million. KeyBank Real Estate Capital provided PEP with $14.3 million in debt financing for the acquisition. The 330-bed, 118-unit 100 Midtown is located across from the Georgia Tech campus in the heart of Midtown Atlanta. The fully furnished community features two- and four-bedroom units, each equipped with modern appliances and washers and dryers. PEP will be adding large, flat-screen TVs in every unit. Property amenities include a 24-hour fitness center, movie theater, computer lab, video gaming room, conference room and study rooms. 100 Midtown also houses a Chinese restaurant on-site, Chinese Buddha.

January 15, 2015

Connecticut Market Reports Northeast Northeast Market Reports Retail

Retail Development Branches Out in Connecticut

by Jaime Lackey January 15, 2015

Large-scale new retail development in Connecticut has historically been relegated to super-regional markets or traditional retail nodes — north of Fairfield County, for the most part. It’s really a simple formula: strong national and regional retailers typically want to be surrounded by dynamic retail synergy, and if there’s a great enough demand for a specific market, developers jump on the opportunity to capitalize. It’s happened in Manchester/South Windsor, it’s happened in Milford and its happened in Danbury. From time to time we see pockets of development in less traditional markets but overall, developers stick to “less risky” markets where demand is imminent and the municipalities are of the pro-development variety. Recently, though, larger-scale developments in smaller towns are starting to appear more frequently and retailers and brokers seem to be slowly embracing the emerging trend. Are we running out of developable land in the super regional markets? I don’t think this is the case. I think developers are recognizing that well-placed, large-scale retail projects in smaller towns are garnering significant interest from national brands of all sizes. Developers have had success getting the ever-important anchors to these sites, and that is more than half the battle. -Smaller-format retailers follow in …

January 15, 2015

Midwest Retail Wisconsin

Mid-America Arranges Sale of Chippewa Commons in Chippewa Falls, Wis.

by Danielle Everson January 14, 2015

CHIPPEWA FALLS, WIS. — Mid-America Real Estate Corp. has arranged the sale of Chippewa Commons in Chippewa Falls. An Eau Claire, Wis.-based private investment group purchased the 169,631-square-foot, multi-tenant shopping center. Chippewa Commons is located at the southeast corner of U.S. Highway 124 and Woodward Avenue. Dollar Tree, GNC, H&R Block and Check ‘n Go are tenants at the center. Ben Wineman of Mid-America and Mark Robinson of Mid-America Real Estate – Minnesota LLC brokered the transaction on behalf of a public traded real estate investment trust.

January 14, 2015

Illinois Midwest Retail

Quantum Brokers Sale of 57,499 SF Shopping Center in Orland Park, Ill.

by Danielle Everson January 14, 2015

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has brokered the $5.4 million sale of a 57,499-square-foot shopping center. Marley Creek Square is located at 18000-18092 Wolf Road in Orland Park. The center consists of three buildings — a 27,550-square-foot building inline with Jewel-Osco and anchored by Chase Bank; a 24,461-square-foot building anchored by Barraco’s restaurant; and a 5,488-square-foot outlot building anchored by Starbucks and Jimmy Johns. A local real estate operator sold the property to a Rolling Meadows, Ill.-based private real estate investor. Chad Firsel and Conor Bossy of Quantum represented the seller in the transaction.

January 14, 2015

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