OXNARD, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.5 million loan for the acquisition of a 37,500-square-foot single-tenant retail property located in Oxnard. Esporta Fitness occupies the building, which was constructed in 1970 and renovated in 2017. Ron Balys of MMCC secured the financing on behalf of the buyer.
PUEBLO, COLO. — Cushman & Wakefield has arranged the sale of Belmont Heights Apartments, a multifamily community located at 1408-1224 E. 21st St. in Pueblo. Anchor Belmont purchased the asset from an entity doing business as Belmont Heights Apartments LLC for $3.6 million, or $100,000 per unit. Lee Wagner and Jeff Dimmen of Cushman & Wakefield’s Multifamily Investment Services team in Colorado Springs, Colo., represented the buyer and seller in the transaction. The five-building complex features 36 units, including select units offering extra half-bathrooms and fireplaces, 20 townhome-style units and outdoor courtyards. The property offers a mix of 16 one-bedroom, 16 two-bedroom and four three-bedroom floor plans.
Central Florida retail is alive, well and growing, thanks in large part to Florida’s continuing resilience to the nation’s economic challenges. Thousands of people are moving to the state each week, the Orlando area’s economy continues to diversify beyond tourism and residents continue to show confidence with their retail spending. That said, there are significant challenges facing new retail developments, due to the cost of construction and other inflationary pressures. We expect this to be a major issue for the rest of this year, and it will require thoughtful planning for everyone involved in these projects. As we look at the remainder of 2023, we see two big takeaways: • For brick-and-mortar retail, it’s important for developers and owners to bring in concepts that are new and fresh. In some cases, this involves established retailers getting creative with their spaces, like what Macy’s is doing with its new Market by Macy’s concept, which uses a smaller footprint than traditional Macy’s stores. • To make new retail developments happen, developers, landlords and tenants need to be inventive in how they structure deals, whether it’s sharing in construction cost overages or giving tenants more time to get their spaces ready. With that …
NEW YORK CITY — JLL has arranged a $132.3 million loan for the refinancing of a national portfolio of 22 industrial outdoor storage properties. The borrower was a joint venture between locally based investment firm Criterion Group and Seattle-based Columbia Pacific Advisors. The portfolio totals approximately 220 acres, and the properties are scattered across nine different states. Specific names and addresses of the properties were not disclosed, but the sites average approximately 10.5 acres each and are located in prime distribution markets within the Northeast, Southeast and Texas regions. Christopher Peck, Peter Rotchford and Christopher Pratt of JLL arranged the five-year, floating-rate loan through Axos Bank. “With the growing necessity of last-mile logistics due to the continued growth of e-commerce, leasing for industrial outdoor storage assets has started to shift from non-credit, local tenants to national credit tenants, thus attracting more institutional investors,” says Rotchford. “The broad geographic scope of this portfolio positions it to increase in value as last-mile logistics drives increased demand for parking and outdoor storage space,” adds Shibber Khan, principal at Criterion Group. Industrial outdoor storage is an emerging subcategory of industrial real estate that typically features secure “yards” in which products such as heavy machinery …
GREENSBORO, N.C. —Walker & Dunlop has arranged construction financing and joint venture equity for the development of Lynxs GSO Technix, a build-to-suit maintenance and repair operations (MRO) facility at Piedmont Triad International Airport in Greensboro. Upon completion, the development will feature a 218,200-square-foot building with an MRO hangar, paint hangar and office and support space, as well as a 396,386-square-foot apron for aircraft fueling, defueling and washing. Lynxs GSO will also include seven bays with six standard hangars and one paint hangar. Tom Fish and Drew Van Norman of Walker & Dunlop secured the financing on behalf of the borrower, Lynxs Group. An affiliate of UK-based Marshall Aerospace will occupy the facility.
CHARLOTTESVILLE, VA. — GW Real Estate Partners and Virtus Real Estate Capital have broken ground on a 279-unit apartment community located at the entrance to North Pointe, a 224-acre mixed-use development in Charlottesville. Dubbed The Ridge at North Pointe, the community will comprise seven three-story buildings with units in one-, two- and three-bedroom floor plans averaging 988 square feet, as well as 502 parking spaces. Delivery is scheduled for the second quarter of 2024. United Bank provided construction financing for the project.
MONROE, N.C. — Cushman & Wakefield has brokered the sale-leaseback of a 183,509-square-foot manufacturing facility located at 1710 Airport Road in Monroe. Circor International sold the property, which will continue to serve as the headquarters for the company’s IMO Pump brand. Built in 1979, the building was expanded in 2008. Rob Cochran, Bill Harrison, Nolan Ashton and Tommy Whitmore of Cushman & Wakefield represented Circor International in the transaction. Monroe Airport Industrial LLC, an affiliate of Welcome Group, acquired the facility for an undisclosed price. Ted Kakambouras of Welcome Group and Allen de Olazarra of Equity Real Estate Partners represented Welcome Group in the transaction. Jason Hochman, Ron Granite and Bradley Geiger of Cushman & Wakefield secured acquisition financing on behalf of the buyer.
NEW ORLEANS —SRSA Commercial Real Estate has arranged the sale of Algiers Plaza, a 228,000-square-foot shopping center located at 4100 General De Gaulle Drive in New Orleans. Tenants at the property include Winn-Dixie, Walgreens, Ross Dress for Less, T.J. Maxx, Petco, Five Below and Chick-fil-A. Steve Reisig, Kirsten Early and Christopher Robertson Jr. of SRSA, along with Scott DeYoung and Jeff Conover of Faris Lee Investments, represented the seller, N3 Real Estate, in the transaction. The buyer and sales price were not disclosed.
GOODYEAR, ARIZ. — Greenlight Communities has completed the disposition of Cabana Encanto, an attainable housing property located within the Palm Valley master-planned community in Goodyear. A partnership between Sunrise Multifamily and Ascent Equity Group acquired the asset for $61 million, or $213,287 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Situated on 8.8 acres, Cabana Encanto features 286 apartments with 9-foot ceilings, 8-foot keyless entry doors and front porches or patios. Community amenities include controlled access, a leasing office, clubhouse with social space, coworking booths with soundproof panels, a swimming pool, grilling stations, a multipurpose event lawn and Zen gardens.
PASADENA, TEXAS — An affiliate of New York City-based Olive Tree Holdings has completed the $4 million renovation of The Life at Beverly Palms, a 308-unit apartment community located in the eastern Houston metro of Pasadena. The property was built in 1971 and offers one-, two- and three-bedroom units. Unit interiors received new paint and windows, and exterior upgrades included refreshed sidewalks, roofs and landscaping. Olive Tree also enhanced the amenity spaces, which include a community room, pool, picnic area, laundry center, dog park and playground.
