CAPRE’s Commercial Real Estate Headlines for November 8, 2019
Check out the latest deals and developments in commercial real estate for November 8, 2019:
- Morris Crossing Apartments Change Hands for $39.5 Million USD: JLL has also closed the $39.5 Million USD sale of Morris Crossing Apartments, a 123-unit, garden-style apartment community in Morristown, NJ, JLL marketed the property exclusively on behalf of the seller, Morris Crossing Apartments, to Shamah Properties. Morris Crossing is a six-building, institutional-quality community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units averaging 948 square feet. The 12-acre property is situated on a tranquil cul-de-sac just off Route 202, approximately one mile northwest of Morristown’s vibrant downtown. Morris Crossing is also located within one mile of both the Morris Plains and Morristown train stations, which provide direct service into Manhattan, and is close to Interstate 287 and various amenities. Features include wood-burning fireplaces, private garages, in-unit washers and dryers, central air conditioning and heating, and hardwood flooring. The property is 96% leased.
- Greystone Provides $10.8 Million USD in Fannie Mae DUS Financing for Minneapolis Multifamily Acquisition: Greystone, a leading national commercial real estate lending, investment and advisory company, announced it has provided a $10.8 Million USD Fannie Mae Delegated Underwriting and Servicing loan for the purchase of Brunsfield North Loop, a multifamily property in Minneapolis, Minnesota. The loan was originated by Kyle Jemtrud, on behalf of Phoenix – North Loop, LLC, with Abe Roberts of Marcus & Millichap acting as a correspondent. The $10,800,000 USD Fannie Mae DUS loan carries a 10-year fixed rate loan and 30-year amortization. Brunsfield North Loop is a multifamily property with 47 apartment units and 5,842 sf of ground floor commercial space. Built in 2013, Brunsfield North Loop is located in Hennepin County, MN. The property provides garage and open parking spaces, and offers on-site amenities including a community room, business center, fitness area, leasing office, bike storage, outdoor patio, grilling area, and coffee shop on its ground floor.
- JLL Arranges Sales of Bunzl Distribution Center in Buffalo for Foxfield Industrial: JLLt has closed the $8.3 Million USD sale of and arranged $5.1 Million USD in acquisition financing for Bunzl Distribution Center, a fully leased, 152,000-square-foot industrial warehouse and distribution center in suburban Buffalo, New York. JLL marketed the property on behalf of the seller, Foxfield Industrial. A private investor purchased the asset. Additionally, working on behalf of the new owner, JLL placed the long-term, fixed-rate acquisition loan with a life insurance company. Bunzl Distribution Center is fully leased to Bunzl Midatlantic, a division of Bunzl USA Holdings, a products supplier, which has operated at the property since 2006. The light industrial facility features 25-foot clear heights, 27 front-loading dock doors, deep trailer court, low office finish and 117 parking spaces. Situated on 8.38 acres at 3366 Walden Avenue in Depew, the property is in Buffalo’s East Industrial submarket.
- Morguard North American Residential REIT Acquires 50 Percent Ownership Position in Luxury Residential Complex in Downtown Chicago: Morguard North American Residential REIT will acquire a 51% ownership interest in a luxury residential complex, the Marquee at Block 37, in Chicago, IL. The REIT has agreed to acquire the remaining 51% not already owned by Morguard Corporation from its investment partner, with whom the property was developed in 2016. On closing, Morguard will increase its ownership from 49% to 50% and will operate the property on a 50/50 joint venture basis with the REIT. The transaction is expected to close by mid-December for a purchase price of US$265.0 Million USD. Management has secured mortgage financing on the property in the amount of $165.0 Million USD for a 10-year term at an interest rate of 3.27%. The Marquee at Block 37 is a 38-storey, high-rise apartment building located at the corner of West Randolph Street and North State Street. The property offers studio, one, two and three bedroom apartments ranging in size from 650 square feet to 2,100 square feet and features upscale finishes, spaces filled with natural light, and unique lake and city views from the heart of the Loop.
- RealPage to Acquire Buildium: RealPage has agreed to acquire Buildium, a leading SaaS real estate property management solution provider. RealPage expects to combine its best-in-class capabilities with Buildium to target smaller multifamily, single-family, Associations, and commercial real estate market segments. These areas collectively form the SMB market segment, which the company estimates to represent 50 million units in the U.S., and a significant growth opportunity. Used by more than 17,000 customers in over 50 countries, with approximately two million residential units under management, Buildium differentiates itself through its extraordinary ease-of-use, best-in-class customer support and rapid self-provisioning. RealPage intends to vastly expand this platform, incorporating “click-on” capabilities that: improve the renter leasing and living experience, improve the recovery of utility fees, enhance payment processing capabilities, and expand insurance offerings. By delivering more value to the SMB market segment, RealPage believes that the applicable revenue per unit can increase significantly.
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