Property Type

Gantry Arranges $28M Refinancing for Medical Office Building in Torrance, California

by Amy Works March 8, 2024

TORRANCE, CALIF. — Gantry has secured a $28 million permanent loan to refinance Torrance Memorial Lundquist-Lurie Cardiovascular Center, located at 2841 Lomita Blvd. in Torrance, a southern suburb of Los Angeles. The three-story, 65,000-square-foot medical office building is fully occupied by physicians and technicians providing outpatient services on behalf of Torrance Memorial Medical Center, a full-service, Cedars Sinai-affiliated hospital. George Mitsanas, Braden Turnbull and Alicia Sabanero of Gantry’s Los Angeles (El Segundo) office secured the financing for the borrower, a private real estate company. The 10-year permanent loan was placed with one of Gantry’s correspondent insurance company lenders at a fixed rate with 30-year amortization and pre-payment flexibility after year seven.

March 8, 2024

Acquisitions Arizona Industrial Western

MDC Realty Advisors Acquires 114,907 SF Industrial Facility in Phoenix for $24.3M

by Amy Works March 8, 2024

PHOENIX — Canada-based MDC Realty Advisors has purchased an industrial property located at 2632 E. Chambers St. in Phoenix. American Refrigerator Supplies sold the asset for $24.3 million. In conjunction with the acquisition, the seller signed a long-term lease for the Class A facility. Situated on seven acres, the 114,907-square-foot building features 28-foot clear heights, 30,500 square feet of office space and immediate access to Phoenix Sky Harbor International Airport, SR-143 and Interstate 10. Phil Haenel, Will Strong, Foster Bundy and Katie Rapine of Cushman & Wakefield’s private capital group represented the buyer and seller in the deal.

March 8, 2024

Acquisitions Multifamily New Mexico Western

Bascom Group Buys 96-Unit San Miguel Court Apartments in Santa Fe, New Mexico

by Amy Works March 8, 2024

SANTA FE, N.M. — The Bascom Group has acquired San Miguel Court Apartments, a multifamily property at 2029 Calle Lorca in Santa Fe. Terms of the transaction were not released. Built in 1974, San Miguel Court features 96 one-, two- and three-bedroom apartments with in-home washers/dryers, hardwood-style flooring, stainless steel appliances and large walk-in closets. Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with La Salle Debt Investors as the lender. Apartment Management Consultants will manage the asset, and SD-CAP will provide construction management services.

March 8, 2024

Acquisitions Colorado Industrial Western

JLL Negotiates Sale of 101,788 SF Industrial Building in Denver

by Amy Works March 8, 2024

DENVER — JLL Capital Markets has brokered the sale of Saltbox Denver – Park Hill, an industrial property located at 4800 Dahlia St. in Denver. Rob Key and Larry Thiel of JLL Capital Markets handled the transaction. Terms of the sale were not released. Saltbox fully occupies the 101,788-square-foot, side-loading building on a net-lease basis. Situated on 5.5 acres, the asset was built in 1959 and most recently renovated in 2021. The building features 22-foot clear heights, 14 dock-high doors, two grade-level doors and 144 parking spaces. The tenant offers digital commerce companies a flexible and tenant-ready office, warehousing and distribution solution to solve challenges in e-commerce.

March 8, 2024

Company News Development Retail Top Stories

Aldi Plans 800-Store Expansion Across the US by 2028

by Jeff Shaw March 8, 2024

BATAVIA, ILL. — German discount grocer Aldi has announced plans to add 800 new locations across the United States by the end of 2028. The company will invest more than $9 billion into the expansion plan, which will be implemented through a combination of new openings and store conversions. In August, Aldi acquired American grocery brands Winn-Dixie and Harveys Supermarket as part of a larger divestiture of parent company Southeastern Grocers. Aldi’s expansion plans in the Southeast include both new openings and converting some of the former Winn-Dixie and Harveys locations to Aldi-branded stores. The locations that are not converted will continue to operate under the Winn-Dixie and Harveys brands. Aldi plans to add nearly 330 stores across the Northeast and Midwest. Additionally, Aldi will expand its presence in the West by adding more stores in Southern California and Phoenix, as well as entering new markets such as Las Vegas. “Our growth is fueled by our customers, and they are asking for more Aldi stores in their neighborhoods nationwide,” says Jason Hart, CEO of Aldi. “With this commitment to add 800 stores in the next five years, we’ll be where our shoppers need us while positively impacting the communities we serve.” Aldi …

March 8, 2024

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Multifamily Remains Promising Amid Challenges

by Jeff Shaw March 8, 2024

— By John Kobierowski, President/CEO, ABI Multifamily — Phoenix has experienced a surge in population due to its favorable climate, affordable cost of living and thriving job market. Since 2012, Phoenix has seen an average of 1.6 percent in population growth per year versus an annual U.S. average of 0.6 percent. The city’s allure is particularly strong among young professionals drawn to its continued job growth and retirees seeking sunny skies. This rising demand has translated into increased rental rates and occupancy levels over time, making the Phoenix market highly appealing to investors seeking stable and profitable ventures To meet the rising demand for multifamily housing, developers have ramped up construction activities in Phoenix. There are 40,459 new construction projects planned for 50-plus-unit construction. The market has also witnessed an escalation in the number of new projects — 28,841, according to Yardi). These include luxury apartments, mixed-use developments and affordable housing options. These projects not only cater to professionals, but target Millennials and members of Generation Z, who are increasingly gravitating toward rental properties. However, ABI Multifamily outlook sees a substantial drop-off in completions starting at the end of 2024 through 2025 as a result of increased pricing in materials, …

March 8, 2024

Development District of Columbia Mixed-Use Multifamily Retail Southeast

Donohoe Development, Aimco Complete Final Phase of $300M Mixed-Use Development in D.C.

by John Nelson March 7, 2024

WASHINGTON, D.C. — Donohoe Development, in partnership with Apartment Investment and Management Co. (Aimco), has opened the final phase of Upton Place on Wisconsin, a $300 million adaptive reuse project located at 4000 Wisconsin Ave. NW in Washington, D.C. The mixed-use development features 689 multifamily residences, 65 of which are income-restricted, as well as 100,000 square feet of retail space and an 800-space parking garage. AIR Communities is the property manager for the development’s two apartment communities — the 234-unit The Parc and 455-unit 4K Wisconsin. SK+I Architecture designed the residential buildings, which feature swimming pools, rooftop entertainment space, courtyards, commuter lobbies and social spaces. 4K Wisconsin will also host a 150-room pop-up hotel beginning this spring. Anchor tenants of the retail space include a 55,000-square-foot OneLife Fitness and 30,000-square-foot Lidl grocery store.

March 7, 2024

Development Loans Mixed-Use Multifamily Southeast Virginia

Kennedy Wilson Provides $96M Construction Loan for Office-to-Residential Conversion Project in Alexandria, Virginia

by John Nelson March 7, 2024

ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, a mixed-use project in Alexandria. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield arranged the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans include the redevelopment of three existing office buildings to feature 169 multifamily residential units, 65 condominiums and 7,000 square feet of commercial space. The property is situated with direct access to the Mount Vernon Trail and features views of the Potomac River. Construction is scheduled to begin immediately, with completion expected in 2026.

March 7, 2024

Development Industrial North Carolina Southeast

Samet, Lee-Moore Deliver 340,000 SF Industrial Facility in Metro Raleigh for FedEx Ground

by John Nelson March 7, 2024

NEW HILL, N.C. — A joint venture between Samet Corp., Lee-Moore Capital and a Denver-based family office has delivered a 340,000-square-foot industrial facility located in New Hill, roughly 20 miles southeast of Raleigh. FedEx Ground fully occupies the newly completed building. The facility comprises Phase I of TIP West, a section of the 450-acre Triangle Innovation Point life sciences, manufacturing and industrial park with the capacity for an additional 2 million square feet of development. Matt Winters and Al Williams of JLL manage leasing at the property on behalf of the joint venture, along with Brian Hall of Samet Corp.

March 7, 2024

Development Multifamily Texas

Legacy Partners Completes 361-Unit Ovation at Galatyn Park Apartments in Metro Dallas

by Taylor Williams March 7, 2024

RICHARDSON, TEXAS — San Francisco-based developer Legacy Partners has completed Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG Architecture, Ovation at Galatyn Park offers one-, two- and three-bedroom units that range in size from 500 to 1,700 square feet and are furnished with quartz countertops and various pieces of smart-home technology products. Amenities include a pool, fitness center, sky lounge, outdoor game room, arcade, billiards room and a podcast studio. Legacy developed the project in partnership with Bridge Investment Group. Construction began in June 2021. Rents start at $1,525 per month for a one-bedroom apartment.

March 7, 2024

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