Property Type

Oakley Group Sells 96-Unit Apartment Community in Gulf Shores, Alabama

by John Nelson March 13, 2024

GULF SHORES, ALA. — An affiliate of Birmingham-based Oakley Group has sold Marbella, a 96-unit apartment community located at 1910 E. First St. in Gulf Shores, a city near the Alabama-Florida border. Atlanta-based Arcan Capital LLC purchased the property from an entity doing business as OG Marbella LLC for an undisclosed price. The buyer also assumed a HUD-insured loan previously executed by Berkadia. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller in the transaction. Situated on a 4.8-acre site, Marbella features one- and two-bedroom residences, as well as a clubhouse, pool, outdoor gathering spaces and grill stations.

March 13, 2024

Acquisitions California Mixed-Use Office Retail Western

Colliers Negotiates $13.5M Sale of Mixed-Use Property in Los Angeles

by Amy Works March 13, 2024

LOS ANGELES — Colliers has arranged the $13.5 million sale of 1001 Towne Avenue, a mixed-use retail and office building in the Fashion District of Los Angeles. Mark Schuessler, Sean Fulp and Ryan Plummer of Colliers represented the undisclosed seller, while Mark Hong of KORUS Real Estate represented the buyer, a local private individual, in the transaction. The four-story building offers 43,700 square feet of retail and office space in suites ranging in size from 481 square feet to 4,843 square feet. At the time of sale, the property was 82 percent leased to a mix of retail and wholesale apparel businesses.

March 13, 2024

Industrial Loans Nevada Self-Storage Western

Gantry Secures $7M Loan for Self-Storage Facility in Las Vegas

by Amy Works March 13, 2024

LAS VEGAS — Gantry has secured a $7 million permanent loan to retire construction financing for Epic Storage @ Ann Road, a self-storage facility in Las Vegas. Located at 10490 Hammer Lane, the property features 681 self-storage units and 46 RV parking spaces. The Class A property was delivered in third-quarter 2023. Chris Funai of Gantry’s Las Vegas office represented the borrower, a local real estate developer. The 10-year loan was procured from one of Gantry’s insurance company correspondents at a fixed rate and 30-year amortization period.

March 13, 2024

California Loans Multifamily Western

PSRS Arranges $3M Refinancing for Summerdale Apartments in Anaheim, California

by Amy Works March 13, 2024

ANAHEIM, CALIF. — PSRS has arranged $3 million in financing for Summerdale Apartments, a multifamily property in Anaheim. Constructed in 1978, Summerdale Apartments features 34 units, a pool, on-site laundry, gated facility and HVAC. Grady Seldin and Thomas Rudinsky of PSRS secured a non-recourse loan, with a seven-year, interest-only term, for the undisclosed borrower through a correspondent life insurance company.

March 13, 2024

Acquisitions California Industrial Western

Marcus & Millichap Brokers Sale of 4,800 SF Industrial Building in Redwood City, California

by Amy Works March 13, 2024

REDWOOD CITY, CALIF. — Marcus & Millichap has arranged the sale of an industrial property located at 2549 Middlefield Road in Redwood City, located in the southern Bay Area. An individual sold the asset to an undisclosed buyer for $1.7 million. Built in 1975, the 4,800-square-foot building features two grade-level roll-up doors, office space and two bathrooms. The property is currently undergoing significant street improvements, which will add to traffic counts. Carlos Azucena and Joshua Johnson of Marcus & Millichap represented the seller in the deal.

March 13, 2024

Retail Southeast Top Stories Virginia

Dollar Tree to Close 1,000 Stores Nationwide

by Kristin Harlow March 13, 2024

CHESAPEAKE, VA. — In its fourth-quarter fiscal 2023 results released today, Dollar Tree Inc. (NASDAQ: DLTR) announced that it plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have hurt Family Dollar’s brand, reports CNN. The discount chain is known for catering to low-income customers predominately in cities. Dollar Tree, which focuses more on middle-income shoppers in suburbs, bought Family Dollar in 2015 for $8.5 billion. While Family Dollar has struggled, rival Dollar General has opened about 1,000 stores per year, making it the fastest-growing retailer in the United States, according to CNN. Dollar General’s portfolio totals around 18,000 stores. For the quarter that ended Feb. 3, Dollar Tree reported a net loss of $1.71 billion compared with a profit of $452.2 million during the same period last year. Part of the loss is attributed to “a comprehensive …

March 13, 2024

Acquisitions Florida Retail Southeast

JLL Brokers $74.5M Sale of Publix-Anchored Shopping Center in Key West, Florida

by John Nelson March 12, 2024

KEY WEST, FLA. — JLL has brokered the $74.5 million sale of Key Plaza Shopping Center, a 230,970-square-foot retail center located at 1107 Key Plaza in Key West. Publix anchors the center, along with junior anchors OfficeMax and Dollar Tree. Manny DeZarraga, Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the undisclosed seller in the transaction.

March 12, 2024

Development Florida Industrial Southeast

Stonemont Delivers 1.3 MSF Speculative Industrial Park in Fort Pierce, Florida

by John Nelson March 12, 2024

FORT PIERCE, FLA. — Stonemont Financial Group has completed South Florida Logistics Center 95, a 1.3 million-square-foot industrial park in Fort Pierce, a city in Southeast Florida’s St. Lucie County. The complex is located at the intersection of South Kings Highway and Orange Avenue, near I-95 and the Florida Turnpike. At 1.1 million square feet, Building 1 at the complex is the largest speculative building in Southeast Florida, according to Stonemont, while Building 2 spans 245,000 square feet. The design-build team includes construction firm Evans General Contractors, architect Ware Malcomb and civil engineer Engineering Design & Construction Inc. Sky Groden of JLL’s Fort Lauderdale office is handling leasing at South Florida Logistics Center 95, both buildings of which are available for lease.

March 12, 2024

Development Florida Hospitality Southeast

Hyatt to Renovate, Rebrand 354-Room Hotel in Miami Beach

by John Nelson March 12, 2024

MIAMI BEACH, FLA. — Hyatt Hotels Corp. plans to renovate The Confidante Miami Beach, a 354-room hotel that comprises three towers overlooking the Atlantic Ocean. The hotel giant is rebranding The Confidante as Andaz Miami Beach and plans to debut the overhauled hotel in the fourth quarter. The hotel’s owner, Sunstone Hotel Investors Inc., will suspend operations from late March through the end of the hotel’s renovation. The improvements will include a redesigned lobby, two reconceptualized pools and outdoor recreation experience and redesigns for the hotel’s spa, guestrooms, suites and 25,000 square feet of event and meeting space. Sunstone and Hyatt are also partnering with a new culinary provider, José Andrés Group, at Andaz Miami Beach, including an outdoor venue on the second level called Andaz Lounge. The hotel will be the first Florida property for the Andaz brand, which has 29 properties globally to date.

March 12, 2024

Development Self-Storage Southeast Virginia

Madison Capital, BCDC Break Ground on Five-Story Self-Storage Property in Charlottesville, Virginia

by John Nelson March 12, 2024

CHARLOTTESVILLE, VA. — A joint venture between Madison Capital Partners and Batson-Cook Development Co. (BCDC) has broken ground on Go Store It Self Storage Charlottesville, a five-story self-storage facility. The 704-unit property will be located at the intersection of Rio Road West and Seminole Trail, about three miles north of the University of Virginia. The 92,585-square-foot facility will feature climate-controlled units, interior loading areas and 24/7 security. Project partners include general contractor BenCo Construction, architect JMN Architecture and civil engineer Shimp Engineering. United Bank is providing construction financing to Madison Capital and BCDC, which expect to deliver Go Store It Self Storage Charlottesville in early 2025.

March 12, 2024

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