REBusinessOnline

Madison Capital, PGIM Real Estate Acquire 160,451 SF Mixed-Use Asset in San Francisco

SAN FRANCISCO — Madison Capital and PGIM Real Estate have purchased 360 Spear Street, a five-story mixed-use building located in San Francisco’s South Financial District. The transaction was valued at $95 million. The buyers plan to reposition the 160,451-square-foot property. In addition to 49,992 square feet of office space, the property features 110,459 square feet of life science, light industrial and production, and development and repair space. Approximately one-third of the …

Koelsch Communities Plans $15M Memory Care Community Puyallup, Washington

PUYALLUP, Wash. — Koelsch Communities has unveiled plans for Deer Ridge Memory Care, a 52-unit standalone memory care community in Puyallup, approximately 35 miles south of Seattle. Deer Ridge will total roughly 42,000 square feet, with an estimated project cost of $15 million. The community will stand on a four-acre site that is under contract to close for approximately $2 million later this year. Koelsch plans to break ground in April of 2019, with an anticipated opening in June of …

Redmond Development Ventures Sells Retail Property in Oregon for $1.5M

REDMOND, ORE. — Redmond Development Ventures has completed the $1.5 million sale of a retail building in Redmond. Located at 3113 S. Highway 97, the property features 11,076 square feet of retail space. Robert Raimondi and Russell Huntamer of Compass Commercial Real Estate Services represented the seller in the deal. The name of the buyer was not

Avison Young Brokers $2.7M Sale of Industrial Building in Temecula, California

TEMECULA, CALIF. — Avison Young has brokered the sale of an industrial property located at 43223 Business Park Drive in Temecula. Forum Capital acquired the building from a locally based owner-occupant for $2.7 million. Built in 1991 and situated within Rancho California Business Park, the 25,182-square-foot building features 22-foot to 24-foot clear height warehouse space. In addition, the property contains 6,000 square feet of office space in a two-story configuration with a reception …

Brookdale Completes $2.5M Memory Care Expansion at Community in Phoenix

PHOENIX — Brookdale Senior Living has completed an expansion at its Brookdale Desert Ridge community in Phoenix, adding 20 units for memory care residents. Brookdale invested approximately $2.5 million into the project. Memory care will be provided through the company’s Clare Bridge program. A grand opening for the expansion was held on Thursday, Oct. 11. Brookdale Senior Living is the largest owner and operator in the United States, with approximately 980 communities in 46

S3 Capital Partners Arranges $76M Construction Loan for 21-Story Hotel in Manhattan

NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an …

KeyBank Provides $38.1M CMBS Loan for Medical Office Property in Greenlawn, New York

GREENLAWN, N.Y. — KeyBank Real Estate Capital has provided a $38.1 million CMBS loan for a 199,128-square-foot medical office property in Greenlawn. Built in 1966 and renovated in 2017, the 17.7-acre property is located at 5 Cuba Hill Road and is comprised of four two-story buildings. William Cassidy of KeyBank provided the undisclosed borrower with a non-recourse, fixed-rate loan with a 10-year term and a 30-year amortization schedule. The loan was used to refinance existing

IPA Brokers Sale of 339-Unit Multifamily Property in Groton, Connecticut

GROTON, CONN. — Institutional Property Advisors has brokered the sale of The Ledges Apartment Homes, a 339-unit multifamily property in Groton. The sales price was undisclosed. The property was built in 2004 and comprises 14 buildings on nearly 30 acres. The average unit size is 1,034 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller, B.A.G. Investments Inc., in the transaction. The buyer was Merion Realty

Taurus Investment Acquires 296-Unit Multifamily Property in Orlando for $47.9M

ORLANDO, FLA. — An affiliate of Boston-based Taurus Investment Holdings has purchased Canopy Apartment Villas, a multifamily property located at 5762 Folkstone Lane in Orlando. Robbins Property Associates and Philadelphia-based LEM Capital sold the asset to Taurus for $47.9 million, or $161,993 per unit. Developed in 1981, the property comprises 56 one- and two-story villa and townhome-style residential buildings featuring 296 units in a mix of one-, two- and three-bedroom units. The units …

Carter Multifamily Buys Apartment Community Near New Orleans for $28.6M

SLIDELL, LA. — Carter Multifamily has acquired Pelican Pointe Apartments, a multifamily community located in Slidell, approximately 30 miles northeast of downtown New Orleans. An undisclosed seller sold the property for $28.6 million. Built in 2000, Pelican Pointe comprises 22 three-story residential buildings, a two-story clubhouse/office building and a maintenance building. The property features 266 units in a mix of one-, two- and three-bedroom layouts. Carter Multifamily plans to …

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