CALDWELL, IDAHO — StorageMart, the largest privately-owned self-storage company, has expanded its footprint in Caldwell. The company has added two storage facilities with a combined net rentable space of 131,686 square feet, providing customers with a variety of storage unit sizes and drive-up options. The storage properties provide a range of unit sizes from compact five-foot by five-foot units to 10-foot by 30-foot units. StorageMart continues to grow its presence in Idaho, catering to the increasing demand for self-storage solutions in the area.
FAIRFIELD, CONN. — HJ Sims, a Fairfield-based investment bank and wealth management firm, acted as financial advisor in securing a $10.6 million life insurance company loan. The transaction marks a unique conclusion to a two-year plan with a returning client for the refinance of an assisted living and memory care community in the Southwest. The borrower is a regional owner-operator that currently manages a portfolio of 19 communities in the West. The borrower partnered with Sims in 2021 to close on the acquisition of the value-add, pre-stabilized community. Since the acquisition, the borrower successfully refreshed the building, and slightly raised monthly rental rates while also increasing census to over 95 percent occupancy. However, with increased expenses and labor costs felt industry-wide, combined with an ever-changing interest rate environment, the options for permanent debt to refinance out the entire high-leverage bridge loan were becoming more and more constrained. The fixed-rate debt was structured at a 70 percent loan-to-value ratio with a five-year term, including 24 months of interest-only payments followed by a 30-year amortization. In addition, terms were negotiated to include the ability to pay off the loan with no penalty any time after the first 18 months. Further details on …
SAN DIEGO — McCarthy Building Cos. is strengthening its presence in the San Diego market with a 30,000-square-foot lease at One Paseo, a newly developed mixed-use campus. McCarthy, known for its construction projects in the area, has chosen a prime location surrounded by retail and dining options for its new office. McCarthy’s new office space features modern design and amenities to support its construction and preconstruction services. JLL’s Nicole Winters, Shawn Lorentzen and Scott Wetzel represented McCarthy in the transaction.
FRANKLIN AND HENDERSONVILLE, TENN. — CBRE has arranged $32.2 million in financing for the acquisition of Vitality Living Franklin and Vitality Living Hendersonville, both located in high-growth suburbs of Nashville. The borrowers were Winterpast Capital Partners (WCP), Scribner Capital and its institutional partner, and Broadview Real Estate Partners. Vitality Living, WCP’s wholly owned operating platform, will manage the communities under a traditional third-party agreement. The portfolio consists of 256 assisted living and memory care units. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing arranged the financing, which features a three-year term and two years of interest-only payments. A regional bank provided the funds.
WASHINGTON, D.C. — Texas A&M University has signed a 23,000-square-foot office lease expansion at 1620 L Street, a 171,000-square-foot office building in Washington, D.C. The university, which first signed on at the building in 2020, now occupies approximately 70,500 square feet. Doug Mueller, Evan Behr, Nathan Beach and Thomas Myers of JLL represented the landlord, DivcoWest, in the lease negotiations. Doug Damron and Chris Lucey of Newmark represented Texas A&M. Texas A&M uses 1620 L Street as a “beachhead” location for students in the D.C. area. The building houses the university’s Bush School of Government and Public Service and includes classrooms, conference rooms, study lounges, collaborative/huddle rooms, an admissions center, catering kitchen, snack and beverage stations and a 150-seat theater/lecture hall.
CHARLESTON, S.C. — Hunter Hotel Advisors has arranged the sale of Holiday Inn-Charleston Riverview, a 179-room hotel situated along the Ashley River in Charleston. The seller, Charlotte-based Park Place Hospitality Group, recently completed a full renovation to the hotel prior to the sale. A partnership led by Rick Patton of Rio Partners purchased the hotel for an undisclosed price. Robert Taylor and Sophia Pittaluga of Hunter’s Miami office represented Park Place Hospitality in the transaction.
SARASOTA, FLA. — Ian Black Real Estate has brokered the $8.2 million sale of Crowder Plaza, a 25,000-square-foot retail center located at 2507 Lakewood Ranch Blvd. in Sarasota. Shadow-anchored by Ace Hardware, the center was fully leased at the time of sale to tenants including Big Top Brewery, Goodwill, The Granary, Blossom Nails, The Boutique Out East, Premier Tackle and Domino’s Pizza. George Brusco of Ian Black Real Estate represented the seller, an entity doing business as Crowder Enterprises LLC, in the transaction. Marny Lewis of Berkshire Hathaway HomeServices, Florida Realty represented the buyer, an entity doing business as Crowder Village LLC. Brusco has managed the leasing for Crowder Plaza since 2014.
BALTIMORE — Chasen Cos. has signed interactive mini-golf retail concept Puttshack to join the tenant roster at The Whitney, a five-story mixed-use building in Baltimore’s Harbor East neighborhood. The historic property was originally the home of the Meyer Seed Co. Set to open in late 2024, the Baltimore Puttshack will be the brand’s first location in Maryland. The almost 25,000 square-foot space will feature three nine-hole mini-golf courses, as well as private event space, two full-service bars and an outdoor patio space with seating for almost 50 patrons. Since opening its first location in 2018, Chicago-based Puttshack now has nine locations in the United States: Atlanta, Boston, Chicago, Miami, Denver, Houston, Pittsburgh, Scottsdale and St. Louis, as well as four in the United Kingdom. Puttshack plans to open Dallas and Nashville venues by the end of the year.
HOUSTON — Broadshore Capital Partners will renovate Eldridge Oaks, a 14-story, 349,190-square-foot office building in Houston’s Energy Corridor area. The renovation will update outdoor amenities to further enhance the tenant experience and upgrade the first- and second-floor lobbies, conference center and on-site food services. The project team also plans to add a tenant lounge space and enhance other common spaces. IA Interior Architects and OJB designed the project. Stream Realty Partners is the leasing agent.
ROCKWALL, TEXAS — San Diego-based investment firm Westcore has acquired Rockwall Distribution Center, a 301,120-square-foot industrial property located on the eastern outskirts of Dallas. Building features include 32-foot clear heights, 185-foot truck court depths, ESFR sprinklers, 68 dock-high loading doors and 62 trailer parking spots. Dustin Volz, Stephen Bailey and Dom Espinosa of Newmark, along with Matt Dornak and Ryan Wolcott of Stream Realty Partners, represented the undisclosed seller in the transaction. The facility was roughly 70 percent leased at the time of sale to an unnamed tenant.