Property Type

UC Santa Cruz, Redtree Partners Plan 400-Bed Residence Hall Development

by Amy Works May 23, 2024

SANTA CRUZ, CALIF. — A public-private partnership between The University of California (UC) Santa Cruz and Redtree Partners is set to break ground on a residence hall development. Santa Cruz is located in the Central Coast region. The community will be located on Delaware Avenue and will offer 400 beds for upper-division undergraduate students, along with units for 60 university employees. The student housing portion of the project will offer rents priced at 20 percent below market rate and the employee housing will be priced at approximately 5 percent below market rate. Seven employee units will meet the city’s affordable housing designation, and another 12 units will be available to moderate-income employees. The university will lease the units from owner and developer Redtree Partners upon completion. Construction is scheduled to begin this summer with completion planned for fall 2026.

May 23, 2024

California Industrial Loans Self-Storage Western

Talonvest Capital Arranges $36.8M Bridge Loan for a Self-Storage Facility in Hawthorne, California

by Amy Works May 23, 2024

HAWTHORNE, CALIF. — Talonvest Capital has closed a $36.8 million bridge loan for a self-storage facility in Hawthorne, in the South Bay region of metro Los Angeles. The borrower is 1784 Holdings. The nonrecourse bridge loan includes a three-year term with two extension options and full-term interest-only payments. The financing was funded by a unique lending program. Jim Davies, Britt Taylor Mason Brusseau, Tom Sherlock and Lauren Maehler of Talonvest represented the borrower.

May 23, 2024

Acquisitions Colorado Industrial Western

John Propp Commercial Group Brokers $5.4M Sale of Industrial Building in Denver

by Amy Works May 23, 2024

DENVER — John Propp Commercial Group has arranged the sale of a single-tenant industrial building, located at 4695 N. Ironton St. in Denver. LVPA 4695 N Ironton Street OS Owner LLC acquired the asset from H.A.L. Construction for $5.4 million. Penske Truck Leasing occupies the 20,168-square-foot, multi-bay truck maintenance facility, which is situated on 3.4 acres and fully fenced. John V. Propp and Joshua Cohen of John Propp Commercial Group represented the seller, while Stream Realty represented the buyer in the transaction.

May 23, 2024

Development Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Joint Venture Plans Mixed-Use Redevelopment of The Quay Shopping Center in Fort Lauderdale

by Katie Sloan May 23, 2024

FORT LAUDERDALE, FLA. — A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale. The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina and a two-story office building. Redevelopment plans for the seven-acre site include the addition of up to 361 residential units and 12,000 square feet of retail and restaurant space. The existing property will also undergo improvements that align with the new development. Amerant Bank provided financing for the acquisition of the property. The transaction closed on May 22. A timeline for the project was not announced, but additional details are expected to be released over the coming months. This development marks the third joint venture between BH Group, PEBB Enterprises and Related Group. The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail, formerly an Office Depot headquarters, in Boca Raton. Miami-based BH Group is a development firm focused on luxury projects across South Florida. The company has experience in acquisition, construction, design, capital structuring and asset management. …

May 23, 2024

Market Reports Nevada Retail Western Western Market Reports

Las Vegas Retail Market: A Tale of Two Cities

by Jeff Shaw May 23, 2024

— By Geoffrey West, Senior Vice President, Investment Property Sales and Acquisitions, MDL Group/CORFAC International — The Las Vegas retail market remains a tale of two cities with the tourism-driven Resort Corridor and surrounding MSA comprising two very different markets. In the past, the stories of the “cities” were somewhat divergent with robust development, premium rents, and top-tier restaurant, bar, entertainment and retail tenants dominating in the Resort Corridor. In contrast, the primarily suburban MSA experienced decreasing rental growth rates, metered new development and fewer exciting new tenants. However, looking at the past and current years, as well as into 2025, it appears the party isn’t just on the Las Vegas Strip anymore. Due in part to a statistical undersupply, the suburban Las Vegas retail market is poised to experience increasing rental growth rates over the next 12 to 18 months. The lack of new supply is expected to put continued upward pressure on retail leasing rates and downward pressure on vacancy rates, which are expected to be nearing record 2007 levels. Economic Summary The Las Vegas market saw the completion of more than $8 billion in development in 2023. Among these are the $3.9 billion, 3,644-room Fontainebleau Las Vegas, …

May 23, 2024

Industrial Loans Texas

JLL Arranges Refinancing of 1.2 MSF Industrial Building at AllianceTexas in North Fort Worth

by Taylor Williams May 22, 2024

FORT WORTH, TEXAS — JLL has arranged a loan of an undisclosed amount for the refinancing of a 1.2 million-square-foot industrial building at AllianceTexas in North Fort Worth. Alliance Westport 25 was originally launched as a 1 million-square-foot speculative building in August 2022 and was subsequently expanded to meet the needs of the tenant, Georgia-based wire and cable manufacturer Southwire. The developer, Hillwood, completed the property, which features 40-foot clear heights, 188 dock doors and four drive-in doors, in April. Trey Morsbach, D.J. Meagher, Ryan Pollack and Chad Lisbeth of JLL arranged the debt on behalf of Hillwood. The direct lender was an undisclosed life insurance company.

May 22, 2024

Development Industrial Texas

Harrison Street, PowerHouse Data Centers to Develop 946,000 SF Campus in Irving

by Taylor Williams May 22, 2024

IRVING, TEXAS — Chicago-based investment firm Harrison Street and PowerHouse Data Centers, a division of Virginia-based American Real Estate Partners, will develop a 946,000-square-foot campus in Irving. PowerHouse Irving will span 50 acres within the Las Colinas district and will consist of three buildings with a total power capacity of 200 megawatts. The site at 111 Customer Way is also situated adjacent to an existing Oncor substation. Construction is scheduled to begin in early 2025, with the first powered shell structure set to be delivered by late 2025.

May 22, 2024

Acquisitions Industrial Texas

Partners Capital Buys 196,000 SF Industrial Flex Property in Metro Houston

by Taylor Williams May 22, 2024

SPRING, TEXAS — Partners Capital, the investment arm of Partners Real Estate, has purchased Old Town Spring Business Center, a 196,000-square-foot industrial flex property located on the northern outskirts of Houston. The property consists of four 49,000-square-foot buildings with suites that range in size from 2,625 to 35,875 square feet, as well as two acres of undeveloped land for future expansion. Veritex Bank provided acquisition financing for the deal. The seller and sales price were not disclosed.

May 22, 2024

Acquisitions Hospitality Texas

TMG Negotiates Sale of 130-Unit Hospitality Property in Holly Lake Ranch, Texas

by Taylor Williams May 22, 2024

HOLLY LAKE RANCH, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of a 130-unit hospitality property in Holly Lake Ranch, a census-designated area located about 100 miles east of Dallas. Holly Lake Resort spans 100 acres and features one- and two-bedroom cabins with an average size of 708 square feet. Amenities include a restaurant, movie theater, activity center with a game room, fitness center, fishing piers, pools, a minigolf course and tennis, pickleball and basketball courts, as well as access to kayaking, canoeing and hiking trails. Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

May 22, 2024

Development Hospitality Texas

Club Quarters Completes 70-Room Apartment Hotel in Downtown Houston

by Taylor Williams May 22, 2024

HOUSTON — Club Quarters Hotels, an owner-operator of boutique hospitality properties, has completed a 70-unit apartment hotel in downtown Houston. Rusk House Serviced Apartments offers studio, one- and two-bedroom units that feature living rooms complete with sofas, as well as desks, dining areas, fully equipped kitchens and bathroom amenities. Guests also have access to onsite dining, housecleaning and laundry services. Rates start at $199 per night.

May 22, 2024

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