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Alexan-Pena-Station-Denver-CO
ColoradoDevelopmentLoansMultifamilyWestern

Berkadia Structures $81.2M in Joint Venture Equity for Alexan Pena Station Apartment Development in Denver

by Amy Works

DENVER — Berkadia has arranged $81.2 million in joint venture equity for Trammell Crow Residential (TCR) for the development of Alexan Pena Station, a multifamily development project in Denver. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital represented the sponsor, TCR, to arrange the joint venture equity partnership. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Located on the northeast side of Denver, Alexan Pena Station will feature 578 one-, two- and three-bedroom apartments, with an average unit size of 976 square feet, spread across 12 buildings. The community will offer 46 affordable units for individuals earning up to 60 percent of the area median income. Alexan Pena Station will be built over two phases on a 20-acre site with more than 725 parking spaces.

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Hadley-North-Scottsdale-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers Sale of 240-Unit Multifamily Community in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Hadley North Scottsdale, a midrise apartment property in the Phoenix suburb of Scottsdale. Completed in 2014, The Hadley North Scottsdale features 240 apartments with nine-foot ceilings, wood-style plank flooring, full-size washers/dryers, large walk-in closets and private patio or balconies. The average unit size is more than 1,000 square feet. Community amenities include a resort-style heated pool and a clubhouse with a conference room and workstations. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. The acquisition price was not released.

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Hampton-Inn-Artesia-NM
AcquisitionsHospitalityLoansNew MexicoWestern

MMCC Arranges $8.8M in Acquisition Financing for Hampton Inn & Suites Artesia in New Mexico

by Amy Works

ARTESIA, N.M. — Marcus & Millichap Capital Corp. (MMCC) has arranged $8.8 million in financing for the acquisition of Hampton Inn & Suites Artesia, a hotel located at 2501 S. Permian Pavilion Ave. in Artesia, located in the southeast corner of the state. Tyler Waller of MMCC’s Phoenix office secured the 10-year loan, which includes three years of fixed interest with a 25-year amortization schedule and 70 percent loan-to-value ratio, on behalf of a private client. Josh Tammen of Marcus & Millichap represented the both the buyer and seller in the transaction. Built in 2016, the Hampton Inn & Suites Artesia features 81 guest rooms and provides direct access to downtown Artesia and Artesia Municipal Airport.

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CVS-pharmacy-Placentia-CA
AcquisitionsCaliforniaRetailWestern

NewMark Merrill Buys 28,800 SF CVS-Occupied Retail Building in Placentia, California

by Amy Works

PLACENTIA, CALIF. — NewMark Merrill Cos. has acquired a retail building within Placentia Town Center, a 142,666-square-foot shopping center in the Orange County city of Placentia, for an undisclosed price. CVS/pharmacy occupies the 28,800-square-foot retail building. With the acquisition of the CVS building, NewMark Merrill now owns the entire shopping center. Additional tenants include Marshalls, Ross Dress for Less, Massage Envy, Philly’s Best, KC Nails, Avalon Bagels, Courtesy Cleaners, Mr. D’s Diner & Bar, Uptown Cheapskate and Beauty Avenue.   Greg Giacopuzzi of NewMark Merrill, along with Tony Veiller of Pegasus Investments, represented NewMark Merrill in the transaction.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Blueprint Arranges Sale of Three-Property Seniors Housing Portfolio in Metro Chicago

by Kristin Harlow

CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the sale of three value-add seniors housing properties in the western suburbs of Chicago for an undisclosed price. Opened between 1994 and 2000, the portfolio comprises approximately 290 assisted living and memory care units and roughly 40 Medicare-only skilled nursing units. According to Blueprint, the communities struggled post COVID and presented a meaningful value-add opportunity, despite some recent capital improvements. Ultimately, the seller elected to divest the properties to preserve liquidity. The buyer was a regional owner-operator looking to expand into Illinois. The seller was a national developer and investor. Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon led the Blueprint team.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Completes 148-Unit Apartment Complex in Downtown St. Louis

by Kristin Harlow

ST. LOUIS — Brinkmann Constructors has completed 11th and Spruce, a 148-unit apartment complex in downtown St. Louis. San Francisco-based Balboa Real Estate Partners was the developer. Located three blocks from Busch Stadium, the project features 3,000 square feet of ground-floor retail space as well as amenities such as a fitness center, clubroom, courtyard, pet spa, dog run and rentable work-from-home space. TR,i Architects was the project architect.

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IllinoisLoansMidwestMultifamilySeniors Housing

CFG Provides $13.6M in HUD-Insured Financing for Two Skilled Nursing Facilities in Illinois

by Kristin Harlow

ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois. The specific properties were not disclosed, but they total 173 beds. Tim Eberhardt and Ava Julio of CFG originated the loans.

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AcquisitionsIndustrialMidwestNAISelf-StorageWisconsin

NAI Pfefferle Brokers Sale of 135-Unit Self-Storage Facility in Highbridge, Wisconsin

by Kristin Harlow

HIGHBRIDGE, WIS. — NAI Pfefferle has brokered the sale of a 135-unit self-storage facility in Highbridge, a city in northern Wisconsin. While the sales price was undisclosed, the asking price was $1.5 million. The 31,040-square-foot property is located at 38147 State Highway 13. Jonathan Glassco of NAI Pfefferle and Scott Rihm of EquiCap Commercial brokered the transaction. Buyer and seller information was not provided.

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EpicCentral-Grand-Prairie
Market ReportsRetailTexasTexas Market Reports

Beyond the Hype: How AI Can Drive Success at Texas Retail Centers, Mixed-Use Destinations

by Taylor Williams

By J. Wickam Zimmerman, CEO, Outside The Lines Inc. The use of artificial intelligence (AI) technology is growing in retail commerce, where it’s already helping businesses track inventory, forecast demand and suggest new products to consumers. But how does AI figure into retail real estate? Can it be used to enhance engagement and drive success at the properties themselves? Could it help entice shoppers to step away from their online shopping carts and venture out into the real world? The answer is a resounding yes, and we’re already seeing this play out in the Lone Star State. Creating Spaces That Attract & Retain With major Texas markets like Dallas-Fort Worth and San Antonio seeing record-high retail occupancy rates, many property owners are focused on capitalizing on this momentum. To keep foot traffic high and remain competitive with other local developments and online shopping, it’s more important than ever to create unique draws to centers.  A key strategy involves creative placemaking and offering experiential destinations that are increasingly bolstered by technology, including AI. To stay ahead, retail centers today must offer an experience that can’t be replicated virtually. This requires having dynamic, interactive onsite features and leveraging technologies that are just …

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