Property Type

Diamond Point, Ardent Open 700-Unit Self-Storage Facility in Frederick, Maryland

by John Nelson April 17, 2023

FREDERICK, MD. — Diamond Point Development and The Ardent Cos. have opened a 100,000-square-foot self-storage facility located at 1845 Brookfield Court in Frederick. Formerly the Frederick Indoor Sports Center, the two-story facility comprises 700 climate-controlled units across 74,000 rentable square feet. The property is also fully solar powered, marking the first environmentally friendly self-storage facility in the city, according to the developers. Buffalo, N.Y.-based Life Storage operates the property.

April 17, 2023

Acquisitions California Retail Western

JLL Negotiates $40.5M Sale of Two Retail Centers in Fremont, California

by Jeff Shaw April 17, 2023

FREEMONT, CALIF. — JLL Capital Markets has brokered the $40.5 million sale of two retail centers in the Bay Area city of Fremont. The first property, Franciscan Center, comprises 106,840 square feet and the second, Mohave Center, totals 10,228 square feet. Together, the centers were 92 percent leased at the time of sale to tenants including Safeway, Taco Bell, KFC, Burger King, Bank of America and 7-Eleven. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Eric Kathrein of JLL represented the undisclosed seller in the transaction. Sterling Organization acquired the properties.

April 17, 2023

Affordable Housing California Development Multifamily Western

R.D. Olson Breaks Ground on $17.8M Emporia Housing Affordable Community in Ontario, California

by Jeff Shaw April 17, 2023

ONTARIO, CALIF. — R.D. Olson Construction has broken ground on the Emporia Housing development in the Inland Empire city of Ontario. The 50-unit affordable housing complex is scheduled for completion by mid-summer 2024. Located at 310 W. Emporia St. in a semi-residential neighborhood, the $17.8 million, 60,000-square-foot project will be the second phase of the development, with Phase I already completed. The new buildings are slated to be two and three stories in height. R.D. Olson partnered with Danielian Associates Architects on the project.

April 17, 2023

Development Florida Mixed-Use Multifamily Southeast

GreenBarn, Skyview Underway on 312-Unit Allen Apartment Community in Central Florida

by John Nelson April 17, 2023

KISSIMMEE, FLA. — GreenBarn Investment Group and Skyview Cos. are underway on the first phase of The Allen, a mixed-use development situated on 20 acres within the Medical Arts District of Kissimmee. Upon completion, the property’s first phase will feature an apartment community comprising 312 units. Sumitomo Mitsui Trust Bank has provided a $52.7 million construction loan for the residential development, and NTT Urban Development Corp. and Rithm Capital Corp. are co-investors. Plans for the project site currently include up to 1 million square feet across three phases of development, with the possibility of an additional 300 multifamily units and a medical office building.

April 17, 2023

Acquisitions Retail Southeast Tennessee

Edwards Realty, Core Acquisitions Buy 514,000 SF Shopping Center in Metro Memphis

by John Nelson April 17, 2023

COLLIERVILLE, TENN. — Edwards Realty Co. and Core Acquisitions have acquired The Shops at Carriage Crossing, a 514,000-square-foot shopping center located in Collierville, roughly 30 miles outside Memphis. The joint venture purchased the property for $25 million from an undisclosed seller. Jones Aur Commercial Real Estate will lead leasing efforts at the property on behalf of the new owners.

April 17, 2023

Acquisitions Healthcare Multifamily New Mexico Seniors Housing Western

ESI Brokers $16.5M Sale of Skilled Nursing Community in New Mexico

by Jeff Shaw April 17, 2023

NEW MEXICO — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing community on behalf of a Southwest regional operator. The asset is located in the northwestern part of New Mexico and included 101 skilled nursing beds. Despite the community being located in a rural market, the asset maintained an occupancy average of 83 percent during the marketing process. Upon closing, the community was 95 percent occupied. A West Coast-based group acquired the asset for $16.5 million or $163,366 per bed. It is the buyer’s first property in New Mexico. Details regarding the seller were not disclosed.

April 17, 2023

Acquisitions Affordable Housing Multifamily Seniors Housing Washington Western

PEF Advisors Acquires 92-Unit Webster Court Affordable Apartments in Kent

by Jeff Shaw April 17, 2023

KENT, WASH. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Webster Court, a 92-unit, four-story affordable seniors housing community in Kent, 20 miles south of Seattle. PEF Advisors has budgeted approximately $1.2 million, or $12,915 per unit, to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The seller and price were not disclosed. Resident parking consists of 38 uncovered spaces. All 92 apartment units are one-bedrooms and average 458 square feet. As of March 2023, the property was 88 percent occupied, with occupancy numbers expected to rise as property improvements are completed. Webster Court primarily serves seniors age 55 and older, as well as people with disabilities. It was originally built in 1994 with tax credits from the Washington State Housing Finance Commission (WSHFC) and is governed by a LIHTC LURA that restricts 24 units at 35 percent of area median income (AMI), and 66 units at 60 percent AMI.

April 17, 2023

California Healthcare Leasing Activity Office Western

Progressive Arranges 5,020 SF Dental Office Lease at Hesperia Square in California

by Jeff Shaw April 17, 2023

HESPERIA, CALIF. — Progressive Real Estate Partners has arranged a 5,020-square-foot lease for West Coast Dental (WCD) at Hesperia Square in Hesperia, a city in San Bernardino County. WCD has signed a 10-year lease at the property, which Vallarta and Dollar Tree anchor. Albert Lopez of Progressive represented the landlord in the negotiations. Chris Beauchamp of Lee & Associates represented the tenant.

April 17, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Partnership Breaks Ground on Final Phase of Mixed-Income Redevelopment in Boston

by Taylor Williams April 17, 2023

BOSTON — A partnership between the Preservation of Affordable Housing (POAH), the Boston Housing Authority (BHA), the City of Boston and Madison Park Development Corp. has broken ground on the third and final phase of a mixed-income redevelopment project in the city’s Lower Roxbury neighborhood. Known as Flat 9 at Whittier, the final phase will deliver 172 affordable housing units and 9,000 square feet of commercial space in a 13-story building to the site of the former Whittier Street Apartments. Phases I and II of the redevelopment, which will ultimately house 300 residences that will be subject to a range of income restrictions, were completed in 2020 and 2021, respectively.

April 17, 2023

Civic Development Massachusetts Northeast

Inquilinos Boricuas Receives Approval for $25M Community Center Project in Boston

by Taylor Williams April 17, 2023

BOSTON — Inquilinos Boricuas en Accion, an affordable housing owner-operator, has received approval from the Boston Planning & Development Agency, as well as the Zoning Board of Appeal, for the construction of a $25 million community center. Known as the Center for the Arts, Self-Determination and Activism (CASA), the facility will span 26,425 square feet and house a performance hall, classrooms, private offices, a gym and other common spaces. Studio ENÉE and Annum are the project architects. Construction is scheduled to begin this fall and to be complete in late 2024.

April 17, 2023

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