Property Type

Dougherty Funding Arranges $10.3M Loan for Apartment Project in Minneapolis

by Danielle Everson April 24, 2015

MINNEAPOLIS — Dougherty Funding has arranged a $10.3 million construction loan for a new six-story, 45-unit apartment project in Minneapolis. The site for the project is located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood. Dougherty Funding arranged financing for the borrower, Laguna Property Investors LLC. CPM Development will begin construction on the project in May. Construction is expected to take 12 months. Dougherty Funding LLC serves as lead lender and servicer for the loan.

April 24, 2015

Michigan Midwest Retail

M&M Brokers $2.5M Sale of 17,561 SF Retail Property

by Danielle Everson April 24, 2015

WASHINGTON TOWNSHIP, MICH. — Marcus & Millichap has brokered the $2.5 million sale of a 17,561-square-foot retail property in Washington Township. The asset is located at 8583 26 Mile Road and is fully leased to tenants including Great Clips, The UPS Store, AAA Insurance, Expert Eyes, Miracle Ear and others. The property is an out lot to Meijer and is adjacent to Buffalo Wild Wings. Austin Weisenbeck, Sean Sharko, Aaron Baum, Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, a developer, and the buyer, a limited liability company. Steve Chaben also of the firm assisted in closing the transaction.

April 24, 2015

Illinois Midwest Office

Reed Construction Completes Office Renovation, Expansion for Rise Interactive

by Danielle Everson April 24, 2015

CHICAGO — Reed Construction has completed a 20,000-square-foot renovation and expansion for Rise Interactive at 1 S. Wacker in Chicago. The build-out included the addition of an internal steel staircase with glass handrails, connecting the third and fourth floors, as well as the installation of a reclaimed wood barn door at the suite’s entry. In addition, two large meeting rooms were built-out and now feature a bar for internal company meetings and client entertainment. Reed Construction also built 10 additional private offices, eight conference rooms and two on-site cafés. Steve Sandquist was the project manager for Reed Construction. Hydzik Schade Associates provided architectural services. Rise Interactive is a digital marketing agency that specializes in traffic generation and web analytics.

April 24, 2015

Illinois Midwest Office

Bradford Allen Arranges 18,222 SF Office Lease in Des Plaines, Ill.

by Danielle Everson April 24, 2015

DES PLAINES, ILL. — Bradford Allen Realty Services has arranged a lease renewal and restructure of 18,222 square feet for Ex Libris Group in Des Plaines. The library automation solutions company will occupy space in a 244,049-square-foot office space located at 1350 E. Touhy Ave., just north of the Allstate Arena, between I-90 and Mannheim Road. The property recently underwent renovations. Ben Azulay and Joel Berger represented the tenant. Fred Ishler of Transwestern represented ownership, Steinco Inc.

April 24, 2015

Florida Multifamily Southeast

Wood Partners to Break Ground on $41.9M Apartment Community in Orlando

by John Nelson April 24, 2015

ORLANDO, FLA. — Wood Partners LLC will break ground this month on Alta Eastmar Commons, a 312-unit, $41.9 million apartment community in Orlando. The asset will be located on 29.3 acres at 159 Dean Road. The property is Wood Partners’ 12th apartment community developed in Orlando. Construction is expected to wrap up in the fourth quarter of 2016, and Wood Partners plans to begin leasing the residences in the first quarter of 2016. Upon completion, the property will feature a two-story clubhouse, pool, nature trails, 516 surface parking spaces and 54 detached garages. Eastmar Commons Partnership was the seller of the land, and Jay Ballard of Cushman & Wakefield of Florida was the broker. CBREGI is the equity partner. BB&T provided the construction loan. Chancey Design Partnership (architect), Mellich Blenden Engineering (civil engineer) and Libra Design Group (landscape architect) designed the project. Wood Florida Builders is the general contractor, and Wood Residential Services will manage the community once it’s complete.

April 24, 2015

Loans Multifamily North Carolina South Carolina Southeast

NorthMarq Capital Arranges Two Multifamily Loans in the Carolinas Totaling $34.8M

by John Nelson April 24, 2015

ROCK HILL, S.C. AND GASTONIA, N.C. — NorthMarq Capital has arranged two refinance loans totaling $34.8 million for two multifamily properties in the Carolinas. The assets include the 436-unit Brentwood Chase Apartments at 1654 Lowell Bethesda Road in Gastonia and the 248-unit Cowan Farms at 1310 Cypress Point Drive in Rock Hill. Bill Matone of NorthMarq Capital’s Charlotte office arranged both loans with 10-year terms and 30-year amortization schedules. Brentwood Chase’s loan amount was $21.8 million and Cowan Farms’ was $13 million.

April 24, 2015

Maryland Retail Southeast

CBRE Brokers $19.5M Sale of Grocery-Anchored Center in Gaithersburg

by John Nelson April 24, 2015

GAITHERSBURG, MD. — CBRE’s National Retail Investment Group has brokered the $19.5 million sale of Goshen Crossing, a 78,456-square-foot grocery-anchored shopping center in Gaithersburg. Giant Food anchors the center and master ground leases the entire property on a long-term triple-net basis, occupying the majority of the center and subleasing the remaining portion to a mix of national and local tenants. The center was fully leased at the time of sale. Jeffrey Dunne, David Gavin, Bill Kent and Ryan Sciullo of CBRE represented the seller, GC Gaithersburg LLC, an entity controlled by Ceruzzi Properties. The CBRE team also procured the buyer, a private investor based in New York that acquired the asset as part of a 1031 tax-deferred exchange.

April 24, 2015

Seniors Housing South Carolina Southeast

Graycliff Capital Develops New South Carolina Assisted Living Facility

by John Nelson April 24, 2015

SIMPSONVILLE, S.C. — Construction is underway on Fairview Park Assisted Living Facility, developed by Graycliff Capital Senior Housing, across a 10-acre parcel near Hillcrest Memorial Hospital in Simpsonville. Planned to accommodate 80 total beds, Fairview was modeled on Graycliff’s Spring Park concept and will comprise two residential assisted living wings containing common areas and 56 beds, as well as a 24-bed memory care wing with private common areas. Development cost is $11.2 million, and Graycliff expects to complete construction by November 2015.

April 24, 2015

Signal Mountain Chattanooga Ziff Properties

Retail Southeast Tennessee

Ziff Properties Acquires Chattanooga Shopping Center for $4.8M

by John Nelson April 24, 2015

CHATTANOOGA, TENN. — Ziff Properties Inc. has acquired Signal Mountain Shopping Center in Chattanooga for $4.8 million. The 61,284-square-foot center is anchored by a BI-LO grocery. Sharon Bands and Susan Bands of Marcus & Millichap represented the seller. Ziff Properties was self-represented by Christian Chamblee.

April 24, 2015

Industrial New Jersey Northeast

Advance Realty, F. Greek Development Complete 190,000 SF Refrigerated Storage Facility

by Amy Works April 24, 2015

WOODBRIDGE, N.J. — A joint venture between Advance Realty and F. Greek Development has completed the construction of a refrigerated storage and distribution center in Woodbridge. Preferred Freezer Services, a worldwide operator of temperature-controlled warehouses, has leased the 190,000-square-foot built-to-suit facility. Located on 9.3 acres at 275 Blair Road, the facility is designed to accommodate temperatures of negative 10 degrees and features a 53-foot clearance height.

April 24, 2015

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