Property Type

Capstone Enters Utah Market, Acquires Trail Crossing Shopping Center in South Jordan

by Amy Works July 2, 2024

SOUTH JORDAN, UTAH — Capstone Advisors has entered the Utah market with the acquisition of Trail Crossing Shopping Center, a retail property at 5414 W. Daybreak Parkway in South Jordan, a suburb south of Salt Lake City. Wright Development Group sold the asset for an undisclosed price. Completed in 2017, Trail Crossing Shopping Center offers 38,397 square feet of retail space across five buildings. At the time of sale, the property was fully occupied, with Smith’s Food and Drug as the anchor tenant.

July 2, 2024

California Industrial Loans Self-Storage Western

Seven Hills Realty Trust Provides $23.8M Loan for Self-Storage Facility in Los Angeles

by Amy Works July 2, 2024

LOS ANGELES — Seven Hills Realty Trust (SEVN) has secured $23.8 million floating-rate first mortgage loan to recapitalize a self-storage facility located at 2515 S. Broadway in Los Angeles. Staley Point Capital is the borrower. The Extra Space Storage-branded facility offers 80,000 square feet of self-storage space. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Staley Point Capital.

July 2, 2024

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment, Oaks Commercial Arrange $3.8M Sale of McDonald’s-Occupied Property in Fountain Valley, California

by Amy Works July 2, 2024

FOUNTAIN VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors, in conjunction with Oaks Commercial Real Estate, has arranged the sale of a single-tenant restaurant property located at 11321 Talbert Ave. in the Orange County city of Fountain Valley. A Newport Beach-based family trust sold the absolute triple-net ground lease to a Fountain Valley-based 1031 exchange buyer for $3.8 million in an all-cash transaction. McDonald’s occupies the 3,500-square-foot property, which is an outparcel to a Costco Wholesale. Situated on an acre, the building was constructed in 2011. Bill Asher and Jeff Lefko of Hanley Investment Group, in association with Fred Encinas of Eastvale-based Oaks Commercial Real Estate, represented the seller. Robert Tran of Westminster-based HPT Realty represented the buyer in the deal.

July 2, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $2.7M Sale of Copper Gold Apartments in Golden, Colorado

by Amy Works July 2, 2024

GOLDEN, COLO. — NorthPeak Commercial Advisors has brokered the sale of Copper Gold Apartments, a 14-unit multifamily building located at 510 24th St. in Golden, a suburb west of Denver. The 4,464-square-foot asset traded for $2.7 million, or $192,857 per unit. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors handled the transaction. The names of the seller and buyer were not released.

July 2, 2024

Build-to-Rent Development Features Multifamily Single-Family Rental

Strong Tenant, Investor Demand Ensures Build-to-Rent Model Is Here to Stay

by Jeff Shaw July 2, 2024

— By Bendix Anderson — Empty nesters and millennials with children are increasingly drawn to new subdivisions of build-to-rent (BTR) houses for lifestyle and financial reasons. These professionally managed BTR homes come in many shapes and sizes. For a growing family, a new three- or four-bedroom rental house might be the ideal fit. Renters who don’t need a lot of space, but who value private parking and a modest backyard, can move into a one- or two-bedroom cottage-style home. These properties provide more living space and privacy than a typical apartment and at a more affordable cost than a for-sale home. New BTR developments of single-family rental (SFR) homes are finding renters in every region of the country. Developers define “BTR” in different ways, but all of them create new subdivisions of single-family homes offered as rentals. Urban Townhouses Draw Families In April, workers finished the first units at Oxenfree at WeHo, a new development of SFR townhouses in the Wedgewood-Houston neighborhood of Nashville. In May, the paint was finally dry on the model unit. By the beginning of June, work had finished on 10 new single-family townhouses. In the past month, Oxenfree has hosted nearly 50 in-person tours and …

July 2, 2024

Development Mixed-Use New York Northeast Office Retail Top Stories

Ingka Investments Acquires Stake in Fifth Avenue Mixed-Use Tower Development in Manhattan, Now to Feature IKEA Store

by John Nelson July 2, 2024

NEW YORK CITY — Ingka Investments, the investment arm of Ingka Group, which owns and operates a majority of IKEA stores globally, has purchased a one-third stake in the development of a 1 million-square-foot mixed-use tower underway in Manhattan. As part of the arrangement, IKEA will open a two-level store at the base of 570 Fifth Avenue, which will include a corner entrance along Fifth Avenue. Extell Development Co. is the master developer of 570 Fifth Avenue, which will feature Class A retail space and offices at the intersection of Manhattan’s Plaza and Grand Central districts. The project marks the largest development on Fifth Avenue in more than 60 years, according to Ingka Investments. “We have been working on assembling this project for almost two decades, and Ingka Investments’ substantial commitment allows us to move forward with the construction and leasing of the best new office building in New York,” says Gary Barnett, founder and chairman of Extell Development, which will retain a two-thirds ownership stake in the development. Ingka Investments’ stake in the tower includes the planned IKEA store. IKEA will open a “customer meeting point,” the retailer’s small-format store prototype, within the tower’s 80,000 square feet of planned …

July 2, 2024

Development Florida Industrial Southeast

Excel Construction Delivers 266,000 SF Industrial Facility in Metro Miami for World Electric Supply

by John Nelson July 1, 2024

HIALEAH GARDENS, FLA. — Excel Construction has delivered a 266,000-square-foot industrial facility at 10701 N.W. 142nd St. in Hialeah Gardens, approximately 20 miles outside Miami. World Electric Supply will occupy the property, which features 253,390 square feet of warehouse and packaging space and 12,862 square feet of office space. The building is situated within Northwest Dade Logistics Center I, which is owned by The Easton Group. Ware Malcomb was the architect on the project, and Luis Caicedo and Juancarlo Lopez of Excel served as the project manager and superintendent, respectively.

July 1, 2024

Development Maryland Southeast Student Housing

MCB Real Estate Tops Out 473-Bed Student Housing Project Near Morgan State University in Baltimore

by John Nelson July 1, 2024

BALTIMORE — MCB Real Estate has completed vertical construction on The Enolia, a 473-bed, off-campus student housing development located in Baltimore near Morgan State University. According to the developer, this marks the first off-campus housing project for the university in 20 years. Scheduled to open in 2025, the property will feature 151 units at 4529 Harford Road. The project is named after civil rights icon Enolia Pettigen McMillan.

July 1, 2024

Development Florida Mixed-Use Southeast

City of Jacksonville Approves Incentive Package, Rezoning for 8.3-Acre PHXJAX Mixed-Use Development

by John Nelson July 1, 2024

JACKSONVILLE, FLA. — The Jacksonville City Council has approved a $5.5 million incentive package from the Office of Economic Development for Phoenix Arts & Innovation District (PHXJAX), an 8.3-acre mixed-use project currently underway by Future of Cities (FoC) in Jacksonville. Additionally, FoC received approval for rezoning to allow for commercial and multifamily residential uses. The developer has invested $38 million into the project. Upon completion, the development will comprise 10 separate properties, with creative office space, artist studios, galleries, event and gathering spaces and retail and restaurant space. The first phase of development began in December 2023 with the groundbreaking for Emerald Station. Construction is also underway on Liberty Building, which will total 17,850 square feet. The buildings are scheduled for completion in the third quarter of 2024 and second quarter of 2025, respectively. A nearby property at 2335 Market St. will serve as an outdoor market, offering green and community activity space, and PHXJAX will also include dedicated office space for the Jacksonville Small and Emerging Business (JSEB) organization. The City of Jacksonville has also authorized a 50 percent, 15-year recaptured enhanced value (REV) grant not to exceed $1.5 million for the project.

July 1, 2024

Acquisitions Florida Industrial Southeast

Basis Industrial, NexPoint Acquire Lakefront Campus in Orlando for $25M

by John Nelson July 1, 2024

ORLANDO, FLA. — Basis Industrial and NexPoint Real Estate Advisors have acquired Lakefront I and II, a multi-tenant industrial property in Orlando, for $25 million. Located at 6101, 6149, 6203 and 6251 Chancellor Drive and 6330 Emperor Drive, the property totals 192,767 square feet. Tenants at the development include CVS’ Advanced Care Scripts, Regions Bank, Rotech, U.S. Marshals and the Florida Agency for Workforce Innovation. Anthony Scavo of Basis represented the new ownership in the transaction, and Ron Rogg of CBRE represented the seller, B Group. Argentic provided 10-year acquisition financing to the buyers, which plan to invest in renovations to the property, including roof maintenance, new cameras, exterior and interior improvements, converting an office to warehouse space, rebranding and immediate repairs.

July 1, 2024

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