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4025-Camino-del-Rio-S-San-Diego-CA
AcquisitionsCaliforniaOfficeWestern

CES Remington Buys Aerofund Financial Plaza Office Building in San Diego for $9.8M

by Amy Works

SAN DIEGO — CES Remington has acquired Aerofund Financial Plaza, a multi-tenant office building situated on 1.3 acres in San Diego’s Mission Valley neighborhood, for $9.8 million. The seller was not disclosed. Located at 4025 Camino del Rio S., the three-story, u-shaped building offers 48,571 square feet of space. At the time of sale, the property was fully leased to nine tenants across a diversified mix of industries and sizes. Jeffrey Cole, Nico Napolitano, Mark Avilla and Brooks Campbell of Cushman & Wakefield’s capital markets and private capital groups in Southern California collaborated to represent the seller, while Brandon Keith of Voit Real Estate Services represented the buyer in the deal.

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3110-R-St-Merced-CA
AcquisitionsCaliforniaRetailWestern

Matthews Negotiates $5.8M Sale of Retail Strip Center in Merced, California

by Amy Works

MERCED, CALIF. — Matthews Real Estate Investment Services has arranged the sale of 3110 R Street, a retail strip center in the San Joaquin Valley city of Merced. The asset traded for $5.8 million, or $828 per square foot. The retail center is occupied by corporate-guaranteed tenants, with Chipotle and Panera Bread occupying the end-cap storefronts. Chipotle recently extended its lease for an additional 10 years. Clay Smith of Matthews represented the seller in the transaction.

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AcquisitionsArizonaIndustrialWestern

Cushman & Wakefield | PICOR Brokers Sale of 40,078 SF Industrial Space in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of 40,078 square feet of industrial space at 2106 N. Forbes Blvd. in Tucson. North Forbes LLC sold the asset to Block “C” Properties LLC for $3.9 million. Stephen Cohen of Cushman & Wakefield | PICOR represented both parties in the transaction.

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DevelopmentMultifamilySoutheastStudent HousingTennesseeTop Stories

Subtext Begins Development of 498-Bed Student Housing Property Near the University of Tennessee

by Kristin Harlow

KNOXVILLE, TENN.— Subtext has started development of VERVE Knoxville, a 498-bed student housing property located at 1919 Lake Ave. adjacent to the University of Tennessee campus in Knoxville. The community will span 329,294 square feet, including nine floors of residential space and a five-level parking garage. The development will offer 136 fully furnished units in one-, two-, three- and four-bedroom configurations. More than 12,500 square feet of shared amenity spaces will include a wellness suite with sauna and meditation rooms; state-of-the-art fitness center and yoga studio; study pods and open study lounges; a pool terrace; and rooftop deck and lounge. The project is scheduled for completion in summer 2026. The development team includes general contractor Brinkmann Constructors and architect Dynamik Design. The community is Subtext’s second development in the Knoxville market following TENN, which opened in 2018. St. Louis-based Subtext, founded in 2014, is a student housing and multifamily developer. — Kristin Harlow and Katie Sloan

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Diplomat Beach Resort
FloridaHospitalityLoansSoutheast

Joint Venture Receives $575M Refinancing for Diplomat Beach Resort in Hollywood, Florida

by Hayden Spiess

HOLLYWOOD, FLA. — JLL’s Hotel & Hospitality group has arranged $575 in refinancing for the Diplomat Beach Resort, a 1,000-room beachfront resort located in Hollywood, roughly 10 miles south of Fort Lauderdale and 20 miles north of Miami.  Kevin Davis and Mike Huth of JLL secured the financing on behalf of the borrower, a joint venture between funds managed by Trinity Investments and funds managed by UBS Asset Management’s Real Estate & Private Markets Multi-Managers business that acquired the property in 2023. Citi and Deutsche Bank provided the five-year, floating-rate loan, which also included mezzanine financing provided by Ohana Real Estate Investors and the Canadian Pension Plan Investment Board (CPPIB).  Comprising a 36-story tower, the property features 200,000 square feet of meeting and events space in addition to the guest rooms and suites. Amenities at the resort include a 15,000-square-foot spa, six restaurants and bars, multiple swimming pools and waterfalls. The resort, which Hilton Hotels and Resorts currently manages under its Curio Collection by Hilton brand, underwent a $90 million renovation and repositioning in 2018. 

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Multifamily-Development_Charlotte-N.C
DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Concord Summit Capital Arranges $75M Construction Financing for Multifamily Development in Charlotte

by Hayden Spiess

CHARLOTTE, N.C. — Concord Summit Capital has secured $75 million in financing for the construction of a multifamily development in Charlotte. Upon completion, the community will feature a swimming pool and sun deck, rooftop terrace, fitness center, private work and conferencing spaces, garage parking with electric vehicle charging, a top-floor lounge and kitchen with a bar, bike parking and repair shop, grilling areas, a dog park and spa, community WiFi and elevators connecting parking to interior corridors. Daniel Eidson of Concord Summit arranged the financing — which will be used to refinance the existing land loan and complete construction — on behalf of the undisclosed borrower. According to Concord Summit, the initial lender for the project “encountered fiscal difficulties and could no longer fund” the development.

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AcquisitionsMultifamilySeniors HousingSouth CarolinaSoutheast

Kauhale Health Acquires 66,765 SF The Parker Assisted Living Community in Greenville, South Carolina

by Hayden Spiess

GREENVILLE, S.C. — Kauhale Health has acquired The Parker, a 66,765-square-foot assisted living and memory care facility located in the Pettigru Historic District, roughly one mile outside downtown Greenville. Comprising 75 assisted living and 17 memory care private suites, the property will be rebranded as Kauhale Pettigru. Amenities at the facility, which is 100 percent private pay, include common dining areas, private dining, a beauty salon, community room, game room, parlor room, theater, gardens, patios and multiple walking paths.   A subordinate of Kauhale Health will operate the community, with Kauhale Healthcare Management managing the facility. Built in 2001 on 3.5 acres, the property recently underwent renovations to the common areas and one-third of the residential units. 

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The-Plaza-One-Shopping-Center_Monroe-La
AcquisitionsLouisianaRetailSoutheast

Marcus & Millichap Negotiates $10.5M Sale of The Plaza One Shopping Center in Monroe, Louisiana

by Hayden Spiess

MONROE, LA.— Marcus & Millichap has brokered the $10.5 million sale of The Plaza One Shopping Center, a retail center located at 2810 Louisville Ave. in Monroe. Super 1 Foods anchors the property, which totals 96,765 square feet. The center was fully leased at the time of sale. Zach Taylor and Philip Levy of Marcus & Millichap represented the seller, a Texas-based private investor, in the transaction. Steve Greer assisted in closing the sale as the Louisiana broker of record. 

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Bayberry Road office building
AcquisitionsFloridaOfficeSoutheast

NAI Hallmark Brokers $4.1M Sale of Office Property in Jacksonville, Florida

by Hayden Spiess

JACKSONVILLE, FLA. — NAI Hallmark has brokered the $4.1 million sale of 8014 Bayberry Road, an office property in Jacksonville. Built in 1978 and renovated in 2007, the building totals 32,781 square feet. Petticoat Schmitt Civil Contractors acquired the property, which features web-based HVAC controls, access-point badge reading technology, interior and exterior camera systems and an uninterruptible power supply (UPS) system with a 175-Kilowatt back-up diesel generator. Daniel Burkhardt of NAI Hallmark represented the seller, Bayberry Wells Leasing, in the transaction. 

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IllinoisIndustrialLeasing ActivityMidwest

John B. Sanfilippo & Son Inks 444,600 SF Industrial Lease at Venture Park 47 in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — John B. Sanfilippo & Son Inc. has inked a 444,600-square-foot industrial lease at Venture Park 47 in the Chicago suburb of Huntley. Completed in 2023, the building at 12300 Jim Dhamer Drive totals 729,823 square feet. Frank Griffin and John Sharpe of Lee & Associates represented the tenant, which has begun occupying the facility concurrently with a tenant improvement build-out. Brian Kling and Reed Adler of Colliers represented the owner, Venture One Real Estate. The transaction marks the largest industrial lease of the second quarter in Chicago’s North Kane County submarket and the fourth largest in metro Chicago, according to Lee & Associates. John B. Sanfilippo & Son is a processor, packager and marketer of a wide variety of nut and snack products.

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