ATLANTA — Crescent Resources has broken ground on Crescent Terminus, a $67 million mixed-use community that will bring the first apartment-living option to Buckhead's Terminus master development by Cousins Properties. The community will be built on the development's last vacant three acres, adding 355 luxury apartments. The site currently contains dining, retail and office space. The apartments are expected to be available by next spring.
ORLANDO — CBRE has arranged a $28 million acquisition loan for Broadwater Apartments, a 408-unit multifamily property located at 6677 Tanglewood Bay Drive in Orlando. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loan through Freddie Mac on behalf of the borrower, Advenir@Broadwater LLC. Apartment units at the property average 817 square feet, and the community consists of 22 two-story buildings. Community amenities include two pools with spa, a fitness center, clubhouse and an indoor racquetball court.
MEDLEY, FLA. — Terreno Realty Corp. has acquired a 49,000-square-foot industrial property at 12600 NW 107th Ave. in Medley, for $5.1 million. The property is fully leased to one tenant and includes dock-high truck loading on two sides and land for trailer storage or building expansion. The estimated stabilized capitalization rate of the property is 6.3 percent.
OLDSMAR, FLA. — Marcus & Millichap has arranged the sale of North Tampa Shores, a 31,022-square-foot retail property in Oldsmar for $5.1 million. The property is located at 4009-4013 Tampa Road and tenants include FedEx, AT&T, Flamestone American Grill and Moe's Southwest Grill. Rob Keeler of Marcus & Millichap represented the buyer, a limited liability company.
CHESAPEAKE, VA. — Transnational Foods has renewed its industrial lease for 141,050 square feet at the Diamond Hill Distribution Center in Chesapeake. The company, which has several distribution centers across the U.S., provides supermarkets, wholesalers, dollar stores and convenience stores a range of products through its own brands and private labels. Diamond Hill Distribution Center includes four buildings totaling more than 712,500 square feet, and is approximately 97 percent occupied. The property is located off Route 64 in the Bainbridge submarket.
UNION TOWNSHIP, OHIO — Capital Investment Group Inc. has broken ground on the $13 million Lofts at Ivy Pointe, a 133-unit multifamily community in Union Township, located about 20 miles east of Cincinnati. The four-story building will include one- and two-bedroom apartments. Amenities include a pool, clubroom and fitness center. Thompson Thrift Construction is serving as the project’s general contractor.
SCHAUMBURG, ILL. — Inland Private Capital Corp. (IPCC) has sold a 100,773-square-foot retail property, located at 905-915 E. Golf Road in Schaumburg, for $12.4 million. The property is anchored by Bed, Bath & Beyond and Golfsmith and is located near Woodfield Mall. Prior to completion of the sale, an affiliate of IPCC renegotiated and extended the leases of Bed, Bath & Beyond and Golfsmith through Jan. 31, 2023 and Sept. 20, 2017, respectively. Affiliates of Inland offered tenant-in-common interests in the property to a group of investors in a private offering in 2004 and continued managing the property on their behalf.
CHICAGO — The Blackhawk Investment Group LLC has acquired 2147 and 2151 W. Evergreen Ave. in Chicago for $5.7 million. Blackhawk purchased the properties from Chicago-based MCZ Development. The properties include 16 units with granite countertops, stainless steel appliances, Kohler fixtures and garage parking for all units. Blackhawk financed the acquisition with a long-term, fixed-rate Fannie Mae loan originated by Walker & Dunlop. The property was fully leased at the time of sale.
CHICAGO — Association Management Center Inc., has signed a 47,129-square-foot lease at the O’Hare Plaza office complex in Chicago. The family-owned company, which provides full-service management, consulting and outsourced services to nonprofit organizations, will occupy all of the third floor and most of the second floor at the O’Hare Plaza I building, located at 8735 W. Higgins Road. The four-building, 707,000-square-foot O’Hare Plaza complex features covered parking, conference facilities and a fitness center. Rick Benoy and Dan Fernitz of Jones Lang LaSalle represented the building’s owner, a private investment group advised by Fulcrum Asset Advisors LLC. Kevin Clifton and Gregg Witt of CBRE represented Association Management in the transaction.
LONG ISLAND, N.Y. — Harrison Street Real Estate Capital has purchased seven Class A seniors housing properties, located in Nassau and Suffolk counties, for $380 million. The seven assets total 1,047 beds, 80 percent of which are designated for assisted living and the rest for patients with memory care needs. Across the portfolio, residents pay an average of $4,200 per month to rent assisted living units and $5,500 for memory care units. The firm also formed a joint venture with the Engel Burman Group, which developed the assets. Engel Burman made an equity investment in the joint venture and will continue to manage the properties.