Property Type

McColly Bennett Commercial Advantage Brokers $3.9M Sale of Indiana Office Property

by Kristin Harlow May 8, 2023

VALPARAISO, IND. — McColly Bennett Commercial Advantage has brokered the $3.9 million sale of Belden Center, a two-building office property in Valparaiso, a city in Northwest Indiana. Located on Eastport Centre Drive, the property totals 27,959 square feet on five acres. Jeff Bennett and Ken Williams of McColly Bennett represented the seller, George Uzelac, a private investor and developer. Uzelac developed the asset in 2008 and his real estate tax firm occupied space on the first floor. The buyer, Haresa Prithyani, plans to redevelop portions of the two buildings into a Montessori School. The buyer currently owns and operates a Montessori School in Chesterton, Ind. Additional tenants at Belden Center — Tech Credit and NYAP — will remain in their spaces. Ryan Peters of Streetfront Real Estate represented the buyer. Dan Duncan of People’s Bank structured an SBA 504 loan for the acquisition.

May 8, 2023

Loans Multifamily New Mexico Western

Gantry Arranges $45.5M Financing for Union 505 Apartments in Albuquerque

by Jeff Shaw May 8, 2023

ALBUQUERQUE, N.M. — Gantry has arranged $45.5 million in financing for the 572-unit Union 505 Apartments in Albuquerque. The community is located at 801 Locust Place NE. It offers studio, loft, and one- and two-bedroom renovated units in a garden-style format. The complex also features a newly remodeled clubhouse with free Wi-Fi, a fitness facility, outdoor sport court, open space and resort-style pool area. Gantry’s Adam Parker and Chad Metzger secured the loan on behalf of the repeat Gantry borrower. The seven-year, fixed-rate loan was placed with Freddie Mac. It features full-term, interest-only payments. Fannie Mae agreed to underwrite the debt-service-coverage ratio using a 35-year amortization instead of the normal 30-year amortization. The borrower wanted to maximize loan proceeds as they were using the cash to purchase another asset.

May 8, 2023

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 52-Unit Maple Glen in Shelton

by Jeff Shaw May 8, 2023

SHELTON, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Maple Glen, a 54-unit assisted living community in Shelton, approximately 55 miles southwest of Seattle. The facility was built in 2000. The property totals 50,555 square feet and is situated on approximately 3.7 acres of land. The buyer is a Pacific Northwest owner-operator and plans to spend money on capital improvements and increase the number of licensed beds. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of Senior Living Investment Brokerage handled the transaction. The seller and price were not disclosed.

May 8, 2023

Acquisitions Colorado Industrial Self-Storage Western

Pinnacle Negotiates $2M Sale of Self-Storage Facility in Aurora, Colorado

by Jeff Shaw May 8, 2023

AURORA, COLO. — A 1031 exchange buyer has acquired a self-storage facility in Aurora for $2 million. The facility is located at 1521 Oswego St. It features 180 storage units, plus a management office and apartment. The lot is two blocks away from the Anshutz Medical Campus. The buyer was able to sell multiple apartment buildings to exchange into this new venture. Quentin Shore, Chris Knowlton and Jim Knowlton of the Knowlton Lawson Team at Pinnacle Real Estate Advisors arranged the transaction.

May 8, 2023

Healthcare Leasing Activity Office Utah Western

PhyNet Dermatology Leases Space at 650 Main in Salt Lake City

by Jeff Shaw May 8, 2023

SALT LAKE CITY — PhyNet Dermatology has leased 14,556 square feet of office space at 650 Main in Salt Lake City. The space is located on the corner of Main Street and 600 South in downtown. The 10-story, Class A office building consists of 335,000 square feet that includes retail space. Jordan Wade and Allie McCracken of Transwestern represented the dermatology practice management company. CBRE has the leasing assignment for the building, which Patrinely owns.

May 8, 2023

California Company News Retail Western

Nordstrom to Close Two Stores in San Francisco

by Jeff Shaw May 8, 2023

SAN FRANCISCO — Nordstrom Inc. will close two stores located near San Francisco’s downtown, reports the Washington Street Journal. Located on Market Street, the first store will close Jul. 1, with the Westfield San Francisco Centre mall location scheduled to close at the end of August. “We can better serve our customers there by focusing on our 16 nearby Nordstrom and Nordstrom Rack locations, as well as online,” says a representative for the company.

May 8, 2023

Development Loans Multifamily New York Northeast Top Stories

Affinius Capital Provides $110M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams May 8, 2023

NEW YORK CITY — Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has provided a $110 million construction loan for a 193-unit multifamily project in Brooklyn. The transit-served site spans a full city block along Fourth Avenue between Union and Sackett streets where the borough’s Park Slope and Gowanus neighborhoods converge. The borrower and developer, a partnership between New York City-based firms Gindi Capital and Avery Hall Investments, acquired the site in 2019. The building will rise 13 stories and house 14,000 square feet of retail and restaurant space. An undisclosed number of units will be reserved as affordable housing. Information on floor plans was also not disclosed. Amenities will include a rooftop lounge and pool, coworking space, children’s playroom, fitness center, pet washing station, tenant storage and a bike room. Christopher Peck and Peter Rotchford of JLL arranged the financing. Specific loan terms were not disclosed. Sitework on the project began in 2022, and full completion is scheduled for some time in 2024. “By creating high-quality housing at a range of income levels with a full suite of amenities in one of the most exciting parts of Brooklyn, our project will transform …

May 8, 2023

Industrial Market Reports Maryland Southeast Southeast Market Reports

Reports of Industrial, Warehouse Slowdown in Baltimore Are Greatly Exaggerated

by John Nelson May 8, 2023

National headlines report Amazon, arguably the largest warehouse user in the country, curtailing demand and, in some cases returning space back to landlords. This is sandwiched by stories detailing rising interest rates and land prices, stricter entitlement guidelines and NIMBYs working to apply the brakes on new developments. But, in “The Land of Pleasant Living,” (a Baltimore nickname made popular by the smart advertising of a local beer), the industrial revolution continues. And, for good reason. More than 2.3 million square feet of industrial/warehouse space was leased in the greater Baltimore metropolitan region in fourth-quarter 2022, with a net absorption of more than 1.2 million square feet of space, contributing to an overall vacancy rate of 4.5 percent. Additionally, more than 13 million square feet of space is currently under construction and rents have soared more than 50 percent over the past two years, with an average rent of just under $8 per square foot in late 2022. Significant leases signed in fourth-quarter 2022 included Baltimore International Warehousing & Transportation’s 244,304-square-foot lease at 5250-5330 Holabird Ave.; Amazon’s 241,962-square-foot lease at 1713 E. Patapsco Ave. and the 168,655-square-foot lease executed by Transdev at 1610 Wicomico St. Baltimore is contained within …

May 8, 2023

Acquisitions Georgia Mixed-Use Southeast

Armada Hoffler Agrees to Acquire Commercial Portion of The Interlock in Atlanta for $215M

by John Nelson May 5, 2023

ATLANTA — Armada Hoffler has entered into a purchase agreement to acquire the commercial portion of The Interlock, a nine-acre mixed-use development in Atlanta’s West Midtown district. The seller and developer, locally based SJC Ventures, has agreed to sell about 311,000 square feet of office and retail space at The Interlock for $215 million. Armada Hoffler served as the general contractor for The Interlock. The acquisition includes offices anchored by Georgia Advanced Technology Ventures, a cooperative organization of nearby Georgia Tech, as well as retail space leased to Puttshack and Velvet Taco, among other tenants. The acquisition also includes an 835-space parking garage and Rooftop L.O.A., a 38,000-square-foot rooftop destination that includes a full-service restaurant, indoor and outdoor bars, an event pavilion and swimming pool. The commercial portion of The Interlock is currently 89 percent leased, with another 6 percent of space spoken for. Not included in the sale is the 161-room Bellyard hotel or the project’s multifamily or student housings components. Armada Hoffler plans to fund the acquisition using $100 million of new fixed-rate financing, the conversion of its existing mezzanine loan into equity and the issuance of units of limited partnership interest in the company’s operating partnership to …

May 5, 2023

Development Industrial Southeast Tennessee

Griffin Partners Underway on 2 MSF Industrial Project in Metro Nashville

by John Nelson May 5, 2023

LEBANON, TENN. — Texas-based Griffin Partners is underway on the development of a 2 million-square-foot industrial project in Lebanon, roughly 30 miles east of Nashville. Dubbed Earhart Industrial Park, the property will comprise two large speculative warehouses. The first warehouse will total 863,573 square feet and feature 367 car parking spaces and 196 trailer parking spaces. Totaling nearly 1.2 million square feet, the second building will include 448 car parking spaces and 284 trailer spaces. Both warehouses will have depths of 640 feet and clear heights of 40 feet. Melissa Alexander, W.B. Scoggin, Casey Flannery and Warren Snowdon of Foundry Commercial’s Industrial Services team will handle leasing at the development, which is scheduled for delivery in the third quarter of 2024.

May 5, 2023

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