HOPKINS, MINN. — StarCycle, a cycling studio, has signed a lease to open at the new Hallon development in Hopkins, a southwest suburb of Minneapolis. The property is located at 8594 Excelsior Blvd. Mary Lindell of Christianson & Co. Commercial Real Estate Services represented the tenant. Jackie Taylor is bringing the StarCycle franchise from Oregon to Minnesota.
SAN JOSE, CALIF. — Atlanta Capital Partners has brokered the sale of The Plant, a regional power center in San Jose. Milan Capital Management, along with Arc Capital Partners, acquired the asset from an undisclosed seller for $95 million. Target, The Home Depot, Best Buy, PetSmart, Ross Dress of Less and Ulta Beauty are tenants at the 367,000-square-foot retail property, which was 65 percent occupied at the time of sale. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the seller and secured the buyer in the deal. Will Bryson of Atlantic Capital Partners was handling leasing of the property for the seller. Stephen Joseph, also of Atlantic Capital Partners, arranged a $71.2 million bridge loan on behalf of the buyers to facilitate the acquisition. The loan was placed with Bayview Asset Management.
REDMOND, WASH. — MainStreet Property Group has obtained a $32.6 million refinancing loan for Porch + Park, a multifamily property at 16050 Cleveland St. in downtown Redmond, a suburb east of Seattle. Seth Heikkila and Steve Petrie of JLL Capital Markets arranged the floating-rate loan through First Citizens Bank. Completed in 2022, Porch + Park features 106 studio, one-, two- and three-bedroom apartments and 9,178 square feet of ground-floor retail space. Apartments offer floor-to-ceiling windows, eco-friendly shower heads, work-from-home nooks, stainless steel appliances and luxury finishes. Community amenities include a rooftop deck and a 20-hour gym with Tempo Mirror, row machines, yoga spaces and a boxing area.
SAN DIEGO — Max Benjamin Partners has secured a $16.5 million loan for the construction of 10th & Robinson, a multifamily community in San Diego’s Hillcrest neighborhood. Jason Moyal and Max B. Mellman of Max Benjamin Partners arranged the loan for the undisclosed investor. The development will offer 70 apartments and, along with its sister building, will feature a pool, co-working space, gym and high-end finishes.
PARKER, COLO. — Trevey Commercial Real Estate has arranged the sale of a 27-acre development site at 8996 Motsenbocker Road in Parker, approximately 23 miles southeast of downtown Denver. Jeffrey and Diane Roth sold the asset to Perry Lane LLC for $3.5 million. The buyer plans to develop a mixed-use neighborhood on the site with 70 apartments in two- and three-story buildings, a five-acre neighborhood retail center and a 14.5-acre neighborhood park. Mitch Trevey of Trevey Commercial Real Estate represented the seller, while Travis Ackerman of Cushman & Wakefield represented the buyer in the deal.
MESA, ARIZ. — Greenlaw Partners has completed the disposition of 18.2 acres of undeveloped land, located at Pecos and Sossaman roads in Mesa, to Cavan Commercial for $6.5 million. Specific plans for the site, commonly known as Pecos 17, have not been announced, but the property is fully entitled for the development of 227,000 square feet of industrial space. Situated within the Pecos Advanced Manufacturing Zone, the site has access to robust infrastructure, affordable power capacity, fiber network, natural gas, and abundant water and wastewater capacity. Additionally, the site is under 30 miles from Phoenix Sky Harbor International Airport and six miles from Phoenix-Mesa Gateway Airport. Will Strong, Michael Matchett, Molly Hunt and Callahan Conway of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the transaction.
By Taylor Williams An attractive, successful woman walks into a bar and posts up. Within minutes, multiple men have approached her, offering to buy her a drink. And while she doesn’t really need the freebie, who can blame her for accepting it? After all, nothing’s more American than having a little extra icing on your cake. To analogize this scenario to commercial real estate, think of Texas as the woman and the burgeoning semiconductor industry as the free drinks. The state’s economy was doing just fine without the mega-boost from manufacturing initiatives stemming from the 2022 CHIPS and Science Act, which has resulted in tens of billions of dollars in capital investment for North and Central Texas. But with a well-deserved reputation for welcoming businesses of all types, Texas wouldn’t be Texas if it didn’t court and embrace these manufacturers in these areas, which for many years were predominantly rural communities. Semiconductors, or computer chips, are essential elements of virtually all electronic and computing devices, including electric vehicles, phones, tablets, TVs, home appliances, solar panels and video game consoles. The CHIPS and Science Act laid the framework for the country to gain market share in terms of manufacturing these components, …
LOS ANGELES — Barings has provided a $160 million construction loan alongside $155.5 million in C-PACE financing from a subsidiary of Counterpointe Sustainable Advisors for the development of Habitat, a “live-work-thrive” campus in Los Angeles. Lendlease is developing the project, which will include creative office space, luxury apartments, retail and an integrated park. Located at 3401 S. La Cienega Blvd. and offering immediate access to the LA Metro and Expo Bike Path, Habitat is situated where Culver City meets the heart of Los Angeles. Upon completion, which is slated for early 2026, the property will feature a six-story, 253,000-square-foot creative office building and a 12-story, 260-unit multifamily building. There will also be restaurant, retail and amenity space. Habitat will feature a unique terraced design along with walking paths, indoor-outdoor workspaces, integrated green spaces and private outdoor terraces. Lendlease is targeting LEED Gold certification for the residential building and LEED Platinum for the commercial portion. The project is certified Net Zero Carbon in construction and operations. Plans call for solar panels, 64 dedicated electric vehicle parking spots, 222 secured bike parking spaces and onsite stormwater treatment and infiltration. The $160 million senior loan features a five-year term, and the $155.5 million …
SAN ANGELO, TEXAS — General contractor Hoar Construction has completed a 140,000-square-foot healthcare project in the Central Texas city of San Angelo. Designed by O’Connell Robertson, the seven-story building is an expansion of the 1.5 million-square-foot Shannon Medical Center, and the operator of that facility is also the lead developer of the project. The building comprises three levels of parking and four levels of patient care facilities, including a 19,310-square-foot intensive care unit on the third floor. The fourth floor of the facility features patient rooms, and the fifth and sixth floors remain shell space to be built out for future use. Construction began in February 2022.
FORT WORTH, TEXAS — Generation Housing Partners will develop Heights at Crowley, a 96-unit affordable housing project in Fort Worth. The garden-style complex will house one-, two- and three-bedroom units and amenities such as a pool, playground, dog park, daycare facility and a nature trail. Ten units will be designated for renters earning 30 percent or less of the area median income (AMI); 18 will be set aside for residents at 50 percent or less of AMI; and 52 will be earmarked for residents earning 60 percent or less of AMI. The remaining 16 units will be rented at market rates. Financing for the project includes a $9.3 million Freddie Mac 9 Percent Forward Commitment, which was secured by BWE, and Low-Income Housing Tax Credits issued by the Texas Department of Housing & Community Affairs.