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Cedarwood-Homes-Pittsburgh
Affordable HousingDevelopmentMultifamilyNortheastPennsylvania

Tryko Partners Begins Leasing 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams

PITTSBURGH — New Jersey-based Tryko Partners has begun leasing Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in project financing, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer.

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AcquisitionsIndustrialMassachusettsNortheastPennsylvaniaRhode Island

Realterm Acquires Three Industrial Outdoor Storage Facilities Totaling 24.8 Acres

by Taylor Williams

ANNAPOLIS, MD. — Annapolis, Md.-based investment firm Realterm has acquired three industrial outdoor storage sites totaling 24.8 acres in the Northeast. The sites are located in the metro areas of Boston, Providence and Philadelphia and are all utilized as truck terminals, with a combined capacity to support 163 such vehicles. Realterm acquired the sites from logistics giant Yellow Corp. as part of its Chapter 11 bankruptcy proceedings. The sales price(s) was not disclosed.

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Koll-Cotton-Center_Phoenix
AcquisitionsArizonaIndustrialWestern

Cushman & Wakefield Brokers $38M Sale of Koll Cotton Center Industrial Complex in Phoenix

by Hayden Spiess

PHOENIX — Cushman & Wakefield has brokered the $38 million sale of Koll Cotton Center, a light industrial property located at 4050 E. Cotton Center Blvd. in Phoenix. The property comprises 228,605 square feet across seven buildings on 17.8 acres. California-based G.W. Williams Co. acquired the development, which was 98 percent leased at the time of sale, from TerraCap Management. Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield arranged the sale in collaboration with Tracy Cartledge and Robert Buckley, also of Cushman & Wakefield. The seller orginally acquired the property in 2021 and implemented upgrades including new roofs and exterior improvements. 

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Cypress-Village-Apartments_Buena-Park-Calif
AcquisitionsCaliforniaLoansMultifamilyWestern

Priya Living Sells Cypress Village Apartments in Buena Park, California for $34.4M

by Hayden Spiess

BUENA PARK, CALIF. — Priya Living has sold Cypress Village Apartments, a multifamily community in the Orange County city of Buena Park, for $34.4 million. Northmarq represented the seller in the transaction. Nate Prouty, Briana Harney DeHaan, Andrew Deaver and Soraya Rios of Northmarq arranged $19.7 million in acquisition financing for the undisclosed buyer. Built in 1963 and renovated in 2023, the property features 88 two-bedroom apartments. Amenities at the community, which was 95.5 percent occupied at the time of sale, include a swimming pool, courtyard, BBQ area and clubhouse. The seller was not disclosed. 

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AcquisitionsNet LeaseRetailWashingtonWestern

Matthews Negotiates $5.9M Sale of 7-Eleven-Occupied Property in Everett, Washington

by Hayden Spiess

EVERETT, WASH. — Matthews Real Estate Investment Services has arranged the $5.9 million sale of a single-tenant property in Everett, approximately 25 miles north of Seattle. 7-Eleven occupies the building, which is situated at 7500 Hardeson Road, on a net-lease basis. Brandon Sontz, Nick Hahn and Chad Kurz of Matthews brokered the transaction. A local developer sold the property to an undisclosed buyer. 

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2203-E-Bermuda-St_Long-Beach-Calif
AcquisitionsCaliforniaMultifamilyWestern

CBRE Arranges $2.7M Sale of Multifamily Community in Long Beach, California

by Hayden Spiess

LONG BEACH, CALIF. — CBRE has arranged the $2.7 million sale of a multifamily community located at 2203 E. Bermuda St. in Long Beach. Built in 1985, the apartment building totals 8,364 square feet across eight units. Dan Blackwell, Trey Mitchell and Jack O’Connor of CBRE represented the California-based, all-cash buyer in the transaction. The seller is also based in California. This marks the first sale of the property since its construction. 

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Valley-Grove_Pleasant-Grove-Utah
Leasing ActivityMixed-UseRestaurantRetailUtahWestern

Three Restaurants Sign Leases at $1.2B Valley Grove Development in Pleasant Grove, Utah

by Hayden Spiess

PLEASANT GROVE, UTAH — Three restaurants have signed new leases at Valley Grove, a mixed-use property currently being developed by St. John Properties in Pleasant Grove, approximately 35 miles south of Salt Lake City. Wayback Burgers, The Smoked Taco and Sip’N Drinks & Treats are scheduled to open at the property later this year, occupying spaces totaling 6,011 square feet. Upon full build-out, the cost of the project, which features office, retail, hotel and research and development space, is expected to total $1.2 billion. Ryan Stewart, Erik Hulbert and Chris Flesner of Mountain West Commercial represented Wayback Burgers in the lease negotiations, and Stewart also represented The Smoked Taco in negotiations. Roger Woolstenhulme and Collin Cook of Wyngate Properties represented Sip’N Drinks & Treats. Other retail tenants at Valley Grove include AT&T, Café Rio, Da Cloud Boba Shoppe, Jersey Mike’s Subs, Kolache Krave, R&R BBQ, Starbucks Coffee, Slim Chickens, Verizon and Village Baker.

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PRP-Flint-Development
DevelopmentIndustrialSouth CarolinaSoutheastTop Stories

PRP, Flint Development Complete 1.9 MSF Distribution Center in Moore, South Carolina

by Katie Sloan

MOORE, S.C. — A partnership between PRP and Flint Development has completed the development of a 1.9 million-square-foot distribution center in the Greenville-Spartanburg metropolitan area community of Moore.  The property is fully leased to an affiliate of Hong Kong-based power tool manufacturer Techtronic Industries Co. and will distribute goods from the company’s Hart Consumer Products division. The development is one of the largest single-story logistics properties in the United States, according to PRP.  The center features a cross-dock loading configuration with 40-foot clear heights, 338 dock doors and a 185-foot truck court, with 835 spaces of excess trailer parking across 178 acres of land. The development is located near the Greenville-Spartanburg International Airport and Inland Port Greer, which offers direct rail connection to the Port of Charleston. Techtronic Industries leases a second 1.4 million-square-foot logistics center roughly 11 miles away in Duncan, which PRP also developed. The property distributes products from the company’s Hoover brand.  PRP is a Washington, D.C.-based real estate investment management company with a focus on corporate headquarters facilities, office properties, logistics facilities, high-street retail properties, multifamily and data centers. Prairie Village, Kan.-based Flint Development is a commercial real estate development firm specializing in industrial, multifamily and …

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IndianaMarket ReportsMidwestMidwest Market ReportsMixed-Use

Mixed-Use Development Takes Center Stage in Downtown Indianapolis

by Kristin Harlow

By Stephen Daum, Colliers The eyes of the sporting world once again focus on downtown Indianapolis as it hosts the 2024 NBA All-Star Game at Gainbridge Fieldhouse in mid-February. It is anticipated that the game will have a $320 million economic impact to the city. Indianapolis was set to hold the 2021 NBA All-Star Game, but the COVID-19 shutdown forced a postponement until 2024.  Similarly, the pandemic also stunted development efforts in the central business district. But like the return of the All-Star Game, downtown development projects have rebounded, with an estimated $9 billion in projects set to be completed over the next few years.  In anticipation of hosting the All-Star Game, Pacers Sports & Entertainment finished an extensive $400 million remodel of Gainbridge Fieldhouse, including new seats, expanded social gathering areas, plus the new outdoor Bicentennial Unity Plaza — offering public basketball courts and an ice skating rink in the winter. Overlooking Bicentennial Plaza is Commission Row, a 30,000-square-foot mixed-use, multi-story development. Basketball isn’t the only sport driving downtown development. Indy Eleven, a United Soccer League (USL) franchise headed by local developer Ersal Ozdemir, has begun construction on its expansive Indy Eleven Park. This will be located just south …

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AcquisitionsConference CoverageFeaturesMultifamilySeniors Housing

Seniors Housing Investors Are Ready to Switch to Acquisitions Mode, Say InterFace Panelists

by Jeff Shaw

LOS ANGELES — In 2023, particularly in the second half of the year, a combination of forces slowed property sales to a crawl in the seniors housing sector. Amy Sitzman, executive managing director of seniors housing and care at Blueprint Healthcare Real Estate Advisors, laid out the laundry list of challenges. “The bid-ask spread conversation really has everything to do with what’s gone on in the market the past year and a half,” she said. “It has been trying for everybody dealing with interest rate hikes, inflation, operations, staffing challenges, expenses going out of control, the minimal lack of stabilized assets out on the market. We’re just trying to get our head around the value of assets today.” Sitzman made her comments as moderator of a panel titled “Investment Outlook: When Will the Bid-Ask Gap Narrow and Transactions Resume in Earnest?” at France Media’s InterFace Seniors Housing West conference, held Feb. 1 at the Omni Los Angeles. Speakers at the session included Michelle Kelly, senior vice president of investments, NHI; Darrin Smith, executive vice president of Investments, Sabra Health Care REIT; Bryan Schachter, chief investment officer, Watermark Retirement Communities; and Clint Malin, co-president and chief investment officer, LTC Properties. While …

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