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Allen Morris Co. Sells Apartment Community in Downtown St. Petersburg for $107.6M

by John Nelson January 14, 2019

ST. PETERSBURG, FLA. — The Allen Morris Co., through an affiliate company named The Hermitage St. Pete LLC, has sold a 348-unit apartment community located at 151 7th St. South in downtown St. Petersburg. Toronto-based Brass Enterprises Inc. purchased the eight-story property, known as The Hermitage Apartment Homes, for $107.6 million. Walker & Dunlop represented The Allen Morris Co. in the transaction. Built in 2016, The Hermitage features a parking garage, rooftop terrace, sky lounge, resort-style swimming pool, fitness center, spa, package lockers, bike storage, business center, conference room, outdoor kitchen and fire pits, coffee bar and a pet grooming station. According to Apartments.com, monthly rental rates range from $1,565 for a studio apartment to $4,040 for a two-bedroom unit.

January 14, 2019

Acquisitions Georgia Retail Southeast

CBRE Brokers Sale of Trader Joe’s-Anchored Shopping Center in Midtown Atlanta

by John Nelson January 14, 2019

ATLANTA — CBRE’s National Retail Partners has brokered the sale of Midtown Promenade, a 110,988-square-foot shopping center located at 931 Monroe Drive in Midtown Atlanta. Charlotte-based Asana Partners, which purchased Krog Street Market in Atlanta’s Inman Park neighborhood last year, bought the shopping center from an affiliate of Atlanta-based Ackerman & Co. for an undisclosed price. Chris Decoufle, Kevin Reavey and Kevin Hurley of CBRE represented the seller, Ackerman-Midtown Associates LLC. Anchored by Trader Joe’s, Midtown Promenade was 99 percent leased at the time of sale to tenants including Landmark Theaters Midtown Art Cinema, Starbucks Coffee, Richard’s Variety Store, MetroFresh, Apres Diem, The Highlander, The Independent and F.R.O.G.S. The shopping center sits on the edge of Piedmont Park along the Atlanta BeltLine’s Eastside Trail.

January 14, 2019

Acquisitions Illinois Midwest Multifamily

Joint Venture Acquires 558-Unit Apartment Community in Westmont, Illinois

by Kristin Harlow January 14, 2019

WESTMONT, ILL. — A joint venture between a fund managed by DRA Advisors LLC and Marquette Cos. has acquired Westmont Village Apartments, a 558-unit apartment community in Westmont, about 20 miles west of Chicago. The purchase price was not disclosed. The property consists of 31 buildings. Units average 1,100 square feet. The seller, Long Wharf Capital LLC, recently completed unit renovations and constructed a new resident clubhouse with a fitness center, outdoor swimming pool, dog park and picnic area. Kevin Girard, Marty O’Connell, Sean Fogarty and Wick Kirby of HFF represented the seller.

January 14, 2019

Acquisitions Illinois Industrial Midwest

Podolsky Circle Arranges $8M Sale of Industrial Building in Crystal Lake, Illinois

by Kristin Harlow January 14, 2019

CRYSTAL LAKE, ILL. — Podolsky Circle CORFAC International has arranged the sale of 300 Millennium Drive in Crystal Lake for $8 million. The 92,453-square-foot industrial building is fully leased. It features a clear height of 21 feet, three truck docks, three drive-in doors and office space. Alissa Adler, John Homsher, Paul Tesdal and Stephen Podolsky represented the buyer, MR Michigan LLC. A local investor purchased the asset.

January 14, 2019

Acquisitions Loans Seniors Housing Texas

CBRE Arranges Sale of 224-Unit Assisted Living Portfolio in Houston

by John Nelson January 11, 2019

HOUSTON — CBRE National Senior Housing has arranged the sale and acquisition financing for The Village Portfolio, a two-property, 224-unit assisted living portfolio in Houston. Lisa Widmier of CBRE National Senior Housing represented the institutional seller. Aron Will of CBRE National Senior Housing and Austin Sacco of CBRE National Senior Housing arranged acquisition financing on behalf of a joint venture between Bridgewood Property Co. and an institutional investor. CBRE secured two separate five-year, non-recourse, floating-rate loans on an interest-only basis from a debt fund. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the portfolio.

January 11, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $15.5M Sale of Apartment Building in Brooklyn

by David Cohen January 11, 2019

NEW YORK CITY — GFI Realty Services has brokered the $15.5 million sale of a six-story, pre-war apartment building in the Madison section of Brooklyn. Located at 2261 Ocean Ave., the 52,812-square-foot property consists of 54 rent-stabilized apartments. Erik Yankelovich of GFI represented the seller, a group of local investors, in the transaction. Josh Orlander of GFI represented the buyer, who was undisclosed.

January 11, 2019

Acquisitions California Retail Western

Newmark Knight Frank Directs Sale of 503,710 SF Chico Mall in Northern California

by Amy Works January 11, 2019

CHICO, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of Chico Mall, a regional mall located off Highway 99 and East 20th Street in Chico. Ethan Conrad Properties acquired the 503,710-square-foot property for an undisclosed price. Situated on nearly 39 acres, the mall features more than 30 tenants, including Dick’s Sporting Goods, JCPenney and Forever 21. Nicholas Bicardo, Thomas Dobrowski and Brandon Rogoff of NKF represented the undisclosed seller in the deal.

January 11, 2019

Acquisitions North Carolina Retail Southeast

Madison Marquette Sells Chapel Hill Shopping Center for $51.5M

by John Nelson January 11, 2019

CHAPEL HILL, N.C. — Madison Marquette has sold University Place, a 372,190-square-foot shopping center in Chapel Hill, for $51.5 million. Harris Teeter, SilverSpot Cinema, Planet Fitness and Southern Season anchor the 39.5-acre property. Other tenants include Burlington Shoes, City Kitchen, Chick-fil-A, Bath & Body Works, AT&T, Stoney River Steakhouse and Grill and Bartaco. University Place was originally built in 1973 and most recently renovated in 2013. Daniel Finkle, Richard Reid, John Owendoff, Jordan Lex, Tom Kolarczyk and Kim Flores of HFF represented the seller in the transaction. Ram Realty Advisors purchased the asset.

January 11, 2019

Acquisitions Indiana Midwest Office

Colliers Brokers Sale of Seven-Building Office Portfolio in Indianapolis

by Kristin Harlow January 11, 2019

INDIANAPOLIS — Colliers International has brokered the sale of Commerce Park, a seven-building office portfolio in Indianapolis. The sales price was not disclosed. The portfolio totals 133,749 square feet and is located off 86th Street. The buildings are home to a variety of healthcare, construction and professional services tenants. Alex Cantu and Alex Davenport of Colliers represented the seller, Orton Development Inc. Ziff Properties Inc. purchased the portfolio.

January 11, 2019

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Brokers Sale of 309-Unit Multifamily Community in Kansas City

by Kristin Harlow January 11, 2019

KANSAS CITY, MO. — Marcus & Millichap has brokered the sale of View High Lake, a 309-unit multifamily community in Kansas City. The sales price was not disclosed. Built in 1973, the property is situated near I-470 and Highway 350. Nick Fluellen, Bard Hoover and Max Helgeson of Marcus & Millichap brokered the transaction. In addition to the apartment complex, the sale includes a 31-acre parcel to the south and an 18-acre parcel to the north that will enable the new owner to construct common area amenities, additional apartment buildings or single-family homes, according to Fluellen.

January 11, 2019

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