Property Type

Alliance Residential Delivers 340-Unit Prose Columbus Apartments in Georgia

by John Nelson May 10, 2024

COLUMBUS, GA. — Alliance Residential Co. has opened Prose Columbus, a 340-unit apartment community located at 6700 River Road in Columbus. Situated less than 80 miles southwest of Atlanta via I-85, the multifamily development features one- and two-bedroom floor plans averaging 960 square feet in size. Monthly rental rates begin at $1,470, according to the property website. Designed by architect Dynamik Design, amenities include a resort-style, saltwater pool with tanning shelves and in-pool loungers, two grilling stations and a resident clubroom with an entertainment kitchen. Additional features include a 24-hour fitness center with Precor equipment, mailroom with Luxor parcel lockers, business center with coworking space and a fenced dog park. Prose Columbus represents the fourth Prose-branded community to open in Georgia. Alliance Residential recently completed Prose LaGrange as well and is under construction on its sixth and seventh Prose developments in the state: Prose Gainesville and Prose McDonough.

May 10, 2024

Acquisitions Industrial Loans Mississippi Southeast

CBRE Arranges $41M Acquisition Loan for Metro Memphis Industrial Portfolio for Hillwood

by John Nelson May 10, 2024

OLIVE BRANCH AND SOUTHAVEN, MISS. — CBRE has arranged a $41 million loan for Hillwood Investment Properties, a Perot company based in Dallas, to finance the acquisition of a three-building industrial portfolio in metro Memphis. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing through Thrivent. The properties, which span 893,458 square feet, are located in Olive Branch and Southaven and were fully occupied at the time of financing to five tenants, including three third-party logistics firms. All three assets were built between 2013 and 2022. The seller was not disclosed.

May 10, 2024

Development Florida Leasing Activity Restaurant Southeast

Chick-fil-A to Open Four New Restaurants in Metro Miami

by John Nelson May 10, 2024

ATLANTA — Atlanta-based fast-casual brand Chick-fil-A will open four new restaurants in metro Miami. Chick-fil-A has broken ground on the first of the units, a Cutler Bay restaurant that will span 4,800 square feet. Dustin Griffiths of Chick-fil-A and David Emihovich of Katz & Associates represented Chick-fil-A in the lease negotiations. Michael Berkowitz of Berkowitz Development Group and Douglas Landsea of Landsea Development are the landlords. Development is scheduled to begin on three additional restaurants — which will be located in Miami Shores, Pinecrest and Princeton — later this year.

May 10, 2024

Arizona Loans Multifamily Walker & Dunlop Western

River City Bank Provides $15M Loan for Refinancing of Villa Montaña Apartments in Scottsdale

by Amy Works May 10, 2024

SCOTTSDALE, ARIZ. — River City Bank has provided a $15 million loan for the refinancing of Villa Montaña, a 208-unit apartment complex located at 11350 E. Sahuaro Drive in Scottsdale. Built in 1986, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and a 24-hour laundry room. Mark Plenge and Grant Robertson of Walker & Dunlop arranged the fixed-rate loan on behalf of the borrower, The Al Angelo Co.

May 10, 2024

Colorado Development Industrial Western

Confluent Development Unveils Plans for 175,000 SF Deer Creek Commerce Center in Denver Area

by Amy Works May 10, 2024

LITTLETON, COLO. — Confluent Development has unveiled plans for Deer Creek Commerce Center (previously known as Ken Caryl Commerce Center), a 175,000-square-foot industrial project in Littleton, a southern suburb of Denver. Located at the intersection of C-470 and South Kipling Parkway, Deer Creek Commerce Center will consist of two buildings that can accommodate users with requirements of 20,000 to 175,000 square feet. Building features will include ESFR sprinklers, 28-foot clear heights and access to 250 parking spots. Murray & Stafford is serving as general contractor for the development, the groundbreaking of which is slated for later this month. CBRE is the leasing agent for the project.

May 10, 2024

California Industrial Loans Western

MMCC Arranges $7.1M Loan for Refinancing of Bay Area Industrial Facility

by Amy Works May 10, 2024

SAN LORENZO, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.1 million loan for the refinancing of a 63,245-square-foot industrial building in the Bay Area community of San Lorenzo. Bradley Buzil and Connie Duong of MMCC secured the financing through a local credit union on behalf of the undisclosed borrower. Feng Transportation, a wholesaler and third-party logistics company, occupies the property, which is located at 2225 Grant Ave.

May 10, 2024

Development Life Sciences Massachusetts Northeast

Related Beal Underway on 345,000 SF Life Sciences Project in Boston

by Taylor Williams May 10, 2024

BOSTON — Related Beal, the Boston office of Related Cos., is underway on construction of Phase III of Innovation Square, a 345,000-square-foot life sciences project in Boston. The 1.8-acre site is located within Raymond L. Flynn Marine Park in the Seaport District, and the seven-story building is fully preleased to Vertex Pharmaceuticals. A consortium of lenders consisting of Santander Bank, Ullico, LBBW and Washington Capital are providing construction financing for Phase III of Innovation Square, and Basis Investment Group is an equity investor in the project. Completion is slated for 2026. The project is expected to generate as many as 700 construction jobs and approximately 500 permanent jobs for the city.

May 10, 2024

Acquisitions Multifamily New York Northeast

Benchmark Real Estate Acquires Manhattan Apartment Building for $43M

by Taylor Williams May 10, 2024

NEW YORK CITY — Locally based investment firm Benchmark Real Estate Group has acquired a 62-unit apartment building located at 194 E. 2nd St. in Manhattan’s East Village area for $43 million. The elevator- and doorman-served building was constructed in 1999 and houses one-, two-, four- five- and six-bedroom units as well as 10,000 square feet of ground-floor retail space. Joe Koicim, Logan Markley and Matt Berger of Marcus & Millichap represented the seller, Skyline Developers, which purchased the building in 2000, in the transaction.

May 10, 2024

Acquisitions Development Industrial New York Northeast

Bungalow Projects, Bain Capital Buy Industrial Development Site in Brooklyn for $34M

by Taylor Williams May 10, 2024

NEW YORK CITY — Bungalow Projects, a real estate investment firm specializing in media and content production facilities, in partnership with Boston-based Bain Capital Real Estate, has purchased an industrial development site in the Red Hook area of Brooklyn for $34 million. The partnership’s plans for the property at 145 Wolcott St. include a 225,000-square-foot production facility with four soundstages averaging 18,000 square feet each, as well as 82,000 square feet of ancillary production support space and 200 below-grade parking spaces. David Behin of Newmark represented ownership in its off-market purchase of the property.

May 10, 2024

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers $9.4M Sale of Retail Building Leased to Bank of America in Brooklyn

by Taylor Williams May 10, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $9.4 million sale of a 6,250-square-foot retail building in Brooklyn’s Clinton Hill neighborhood that is leased to Bank of America. The financial institution has occupied the building since 2006, and the lease is corporately guaranteed through 2034 and includes multiple renewal options. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.

May 10, 2024

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