ROCKINGHAM, N.C. — Northmarq has brokered the $9.5 million sale-leaseback of a single-tenant industrial property located at 235 River Road in Rockingham. The seller, Mount Vernon Mills Inc., fully occupies the 270,252-square-foot facility on a corporate guaranteed, triple-net-lease basis. Built in 1973, the property is situated on 27.7 acres and offers room for expansion. Robert Poirier of Northmarq represented both the seller and buyer, an Arizona-based institutional investor.
MCDONOUGH, GA. — Extended Stay America has opened an Extended Stay Suites hotel in McDonough, roughly 30 miles southeast of Atlanta. Developed by TGC Group, the property totals 84 rooms. Amenities include complimentary WiFi, free breakfast, cable, a fitness room, onsite guest laundry and a lobby. TGC Hospitality Management is the hotel’s property manager.
TAMPA, FLA. — CBRE has arranged a 33,175-square-foot lease at Rivergate Tower, a 515,965-square-foot office building located at 400 N. Ashley Drive in Tampa. Law firm Johnson Pope Bokor Ruppel & Burns LLP will occupy the space beginning in October of this year. Amenities include a tenant lounge, café, two conference/training centers, dry cleaning services, a fitness center, valet parking and an outdoor terrace café/bar. A Malio’s Steakhouse restaurant also operates at the property. Roxanne Kemph and Kelley Matheson of CBRE represented the landlord, Banyan Street Capital, in the lease negotiations. Chris Butler, Ryan McCurdy and Lorenzo Gonzalez of Franklin Street represented the tenant.
HOUSTON — Envolve Communities, an Alabama-based multifamily owner-operator, has received $24.8 million in financing for the acquisition and rehabilitation of Coral Hills Apartments, a 172-unit affordable housing complex in Houston. Built in 1973, the property consists of 16 two-story buildings that house one- and two-bedroom units that are reserved for households earning 30, 50 or 60 percent or less of the area median income. The financing includes $14.6 million in Low-Income Housing Tax Credit equity, which was provided by Hunt Capital Partners, as well as $11.8 million in construction financing from M1 Bank. Bellwether Enterprise Real Estate Capital also provided a $6.7 million permanent loan.
LOS ANGELES — Silverstein Properties has completed its $60 million capital improvement program at U.S. Bank Tower in downtown Los Angeles. The two-year renovation was designed to meet the evolving needs of traditional and creative office tenants. Silverstein acquired the tower in September 2020 and began the capital improvements in May 2021. Informed by hospitality design, upgrades across 35,000 square feet of common spaces include a redesigned main entrance and lobby; new contactless elevators and elevator lobbies; a new day-to-night juice and cocktail bar; a grab-and-go market; and seating and collaboration areas. By November 2020, five new leases were signed at the tower, including Walter P. Moore, a global management consulting firm, Lincoln International, Rothschild & Co. and Morgan & Morgan.
ANAHEIM, CALIF. — A joint venture between MBK Rental Living and Haseko Corp. has started construction of the 315-unit Zia multifamily community in Anaheim. Located at 1600 W. Lincoln Ave., the development will feature luxury interior finishes and sustainable elements, including quartz countertops, stainless-steel appliances, distinctive wood-style plank flooring and large-scale precision windows. Zia will offer studio to three-bedroom floorplans ranging from 600 to 1,900 square feet. The grand opening is scheduled for mid-2024.
GOODYEAR, ARIZ. — UrbanStreet Group has purchased a nearly 17-acre land parcel at the Douglas at Goodyear Airport Commons in Goodyear for $14.5 million. The parcel comes with fully approved plans for a 307-unit build-to-rent (BTR) townhome community. ABI Multifamily’s Patrick Burch and John Klocek represented the seller, Blueprint Capital, in this transaction.
SAN JUAN CAPISTRANO, CALIF. — ALMQUIST has signed 21 tenants to River Street Marketplace, a 60,000-square-foot retail development currently underway in San Juan Capistrano. Concepts that will join the lineup include Bred’s Hot Chicken, Capistrano Brewing, Common Thread, Fermentation Farm, Finca by David Pratt, Free People, Gueros Cevicheria, Hudson’s Cookies, Kozan Teahouse & Boba, La Vaquera, McConnell’s Ice Cream, The Meat Cellar Market and Steakhouse, Mendocino Farms, Nana’s Fish Chippery, Nom, SALT., Seager, Shootz Hawaiian, Toes on the Nose, Ubuntu Café and Wildfire Mercantile.
LAREDO, TEXAS — Marcus & Millichap has brokered the sale of Budget Self Storage, a 199-unit facility located in the Rio Grande Valley city of Laredo. The facility was built in 1970 and totals 25,600 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
SAN ANTONIO — JLL has arranged a 33,301-square-foot office lease at 8700 Tesoro Drive in San Antonio. The building, known as Onyx at the Airport, sits on 9.3 acres just north of Loop 410 between Broadway and Nacogdoches streets. Meredith Muecke Howard and Robert McDonough of JLL represented the landlord, Windmill Investments, in the lease negotiations. Andrew Price and Daniel Wall of CBRE represented the tenant, tech education company Codeup Inc.
