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AlabamaLoansRetailSoutheast

CBRE Arranges $16.5M Refinancing for Westbury Square Shopping Center in Huntsville

by John Nelson

HUNTSVILLE, ALA. — CBRE has arranged a $16.5 million loan for the refinancing of Westbury Square, a 117,689-square-foot shopping center in south Huntsville. Richard Henry, Mike Ryan, Brian Linnihan, and Taylor Crowder of CBRE arranged the financing through Delta Community Credit Union on behalf of the borrower, Branch Properties, which acquired the property in March 2018. Situated on 11.5 acres about 10 miles south of downtown Huntsville, Westbury Square was 98.5 percent leased at the time of financing to 20 tenants, including T.J. Maxx, Ross Dress for Less and pOpshelf.

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AcquisitionsAlabamaSelf-StorageSoutheast

Marcus & Millichap Brokers Sale of 302-Unit Self-Storage Facility in Bessemer, Alabama

by John Nelson

BESSEMER, ALA. — Marcus & Millichap has brokered the sale of Second Attic Storage, a 302-unit self-storage facility located on a three-acre site at 1760 4th Ave. SW in Bessemer, about 19 miles southwest of Birmingham. Eddie Greenhalgh, Jake Payne and Lee Thornton of Marcus & Millichap’s Birmingham office represented the seller and procured the buyer, both limited liability companies that requested anonymity, in the transaction. The sales price was also not disclosed.

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AcquisitionsIndustrialMarylandSoutheast

Cushman & Wakefield Negotiates Sale of New 130,389 SF Warehouse in Hanover, Maryland

by John Nelson

HANOVER, MD. — Cushman & Wakefield has negotiated the sale of a newly constructed warehouse located at 7314 Race Road in Hanover, roughly 30 miles northeast of Washington, D.C. The 130,389-square-foot facility was 67 percent leased at the time of sale to one credit tenant. Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield represented the undisclosed seller in the transaction. Sagard Real Estate purchased the warehouse for an undisclosed price. Situated near Md. Route 100 and I-95, 7314 Race Road features 32-foot clear heights, 32 loading positions and 98 parking spaces.

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AcquisitionsCaliforniaMultifamilyWestern

Advanced Real Estate Acquires Canvas LA Apartments in Downtown Los Angeles for $62M

by Amy Works

LOS ANGELES — Advanced Real Estate has purchased Canvas LA, a multifamily property along 110 Freeway in downtown Los Angeles, for $62 million. Canvas LA offers 210 apartments; a resort-style pool with cabanas; large gym with separate cardio studio; game room; conference and office space; screening room; and sky deck with fire pit. Advanced Real Estate plans to lightly renovate the asset, which underwent a $3 million renovation in 2018. Blake Rogers, Kevin Sheehan, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Alexandra Caniglia and Kip Malo of JLL Capital Markets brokered the sale. Advanced procured a $39.9 million Freddie Mac loan at a fixed rate for seven years with full-term interest-only payments for the acquisition. Kevin MacKenzie, Greg Brown and Charlie Vorsheck of JLL Capitla Markets arranged the financing. The seller was not disclosed.

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CaliforniaDevelopmentMultifamilyStudent HousingWestern

San Francisco State University Completes 700-Bed Residence Hall Project

by Amy Works

SAN FRANCISCO — San Francisco State University (SFSU) has completed West Grove Commons, a 700-bed residence hall located on the university’s campus in San Francisco. The 120,000-square-foot community features a cluster format wherein groups of 35 students occupy triple rooms with a dedicated lounge and all-gender bathroom facilities. The six-story project was funded by a California Affordable Student Housing grant and the community will offer beds with a 25 percent reduction in room fees compared to SFSU’s standard rates. The project also includes a second 50,000-square-foot building, which will feature a dining commons and student health and wellbeing center. The development team for the project included general contractor McCarthy Building Cos. and EHDD Architecture.

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AcquisitionsMichiganMidwestMultifamilySeniors Housing

Blueprint Arranges Sale of 374-Unit Continuing Care Retirement Community in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 374-unit continuing care retirement community in Grand Rapids for an undisclosed price. Samaritas, a Michigan-based nonprofit owner and operator, selected Blueprint to negotiate the disposition. Since its original construction in 1977, the 40-acre community has grown to include 24 independent living cottages, 148 independent living apartments, 17 assisted living units, a 60-unit memory care community and a 125-bed skilled nursing and long-term care facility. The buyer was Optalis Healthcare, a post-acute rehabilitation and long-term care provider across Michigan and Ohio. StoryPoint Group, another Michigan-based senior living provider, will manage the independent living community on the campus, formerly known as The Terraces.

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AcquisitionsColoradoRetailWestern

Cushman & Wakefield Brokers $14M Sale of Harmony Commons Shopping Center in Fort Collins, Colorado

by Amy Works

FORT COLLINS, COLO. — Cushman & Wakefield has arranged the sale of Harmony Commons, a neighborhood retail center located at 3541 and 3581 Harmony Road in Fort Collins. Denver-based Urban Village sold the asset to an undisclosed investor for $14 million. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller, while Joshua Guernsey of Waypoint Real Estate represented the buyer in the deal. Built in 2017, Harmony Commons consists of two multi-tenant, single-story retail buildings totaling 25,701 square feet. At the time of sale, the property was 87 percent occupied by eight tenants.

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IllinoisLeasing ActivityMidwestOffice

Zynga Signs 14,000 SF Office Lease at Cumberland Centre in Chicago

by Kristin Harlow

CHICAGO — Zynga Inc., a global interactive entertainment company known for its social games such as FarmVille and Words With Friends, has signed a 14,000-square-foot office lease at Cumberland Centre in Chicago. The relocation marks an expansion for Zynga, which previously leased 12,448 square feet in a nearby single-story office complex. Cumberland Centre is a three-story office building that has recently undergone significant renovations. The lobby area features modernized lighting, seating areas and pop-culture décor. Amenities under construction include common-area hallway upgrades, a building café and a tenant lounge. These enhancements are slated for completion in 2025. Jason Wurtz and Jack Reardon of NAI Hiffman represented the owner, Integris Ventures. Jim Rose of JLL represented the tenant.

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DevelopmentMidwestMinnesotaOfficeRetail

Asana Partners Redevelops Event Center in Minneapolis into Retail, Office Property

by Kristin Harlow

MINNEAPOLIS — Asana Partners has completed The Saxon, a redevelopment project that transformed an existing event center into retail and office space in the North Loop neighborhood of Minneapolis. NELSON Worldwide served as the architect. The development team unified the building’s three sections, each built in different periods, into a cohesive retail and lifestyle destination. The redesign integrates retail spaces on the first and third levels with offices on the second. Solidcore is a retail tenant on the ground floor.

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AcquisitionsIndustrialWashingtonWestern

Davis Property & Investment Sells Warehouse Building in Sumner, Washington for $10.5M

by Amy Works

SUMNER, WASH. — Davis Property & Investment (DPI) has completed the disposition of Sumner North 140, an industrial property in Sumner, approximately 30 miles south of Seattle. An undisclosed buyer acquired the asset for $10.5 million, or $173.94 per square foot. Constructed in 2017 through a joint venture between DPI and Highmark Investments, Sumner North 140 is a 60,375-square-foot build-to-suit facility for Penny’s Salsa with extensive freezer, cooler and food processing improvements. The building offers 3,500 square feet of office space, 30-foot clear heights, 1,600 amps of three-phase 480-volt power, 20 dock-high doors, two on-grade doors and a 120-foot truck court.

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