Property Type

JLL Brokers $11.2M Sale of Distribution Facility in Santa Fe Springs, California

by Amy Works January 22, 2024

SANTA FE SPRINGS, CALIF. — JLL Capital Markets has arranged the sale of a warehouse and distribution facility, located at 10329 Painter Ave. in Santa Fe Springs, a suburb southeast of Los Angeles. An affiliate of Zurich Alternative Asset Management sold the asset to Sterling Investors LP for $11.2 million. The 42,725-square-foot property features 30-foot clear heights, six dock-high doors, one grade-level door and an 82-foot truck court. At the time of sale, the building was fully leased to a single tenant. Mark Detmer, Chad Solomon, Makenna Peter, Cameron Driscoll and Luke McDaniel of JLL Capital Markets represented the seller and procured the buyer in the deal.

January 22, 2024

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates $4.3M Sale of Harbor Freight Tools-Occupied Property in Cave Creek, Arizona

by Amy Works January 22, 2024

CAVE CREEK, ARIZ. — Marcus & Millichap has arranged the sale of a net-leased retail property located at 4868 E. Carefree Highway in Cave Creek, a suburb north of Phoenix. A limited liability company sold the asset to an undisclosed buyer for $4.3 million. Harbor Freight Tools occupies the 15,300 square feet of retail space. The sale included a lease with 10 years remaining and 10 percent rental increase every five years with multiple renewal options. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.

January 22, 2024

Acquisitions Georgia Industrial Kentucky Loans North Carolina South Carolina Southeast Tennessee

PCCP Provides $102M Acquisition Loan for Southeast Industrial Portfolio

by John Nelson January 22, 2024

LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.

January 22, 2024

Development Southeast Student Housing Tennessee

Annex Group, University of Memphis to Develop 540-Bed On-Campus Residence Hall for Student-Athletes

by John Nelson January 22, 2024

MEMPHIS, TENN. — A public-private partnership between The Annex Group and the University of Memphis has announced plans to develop a 540-bed residence hall on the university’s campus in Tennessee. The community will offer a mix of studio, two- and four-bedroom units alongside 300 parking spaces. The property will target occupation by student athletes. Shared amenities will include study space, social gathering areas, outdoor living space and grab-and-go dining options. The community will be part of the university’s Park Avenue Campus development, which will include Tiger Park, an academic and athletic facilities complex that will be developed in phases over the next 10 years. “Living in the vicinity of where [our student-athletes] practice, compete and train will significantly enhance their experience, and a development like this sets our university apart when it comes to recruitment,” says Brooks Monaghan, the university’s head women’s soccer coach. The residence hall is expected for completion in fall 2026. The development team for the project includes architectural firm LRK.

January 22, 2024

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

HTG, Elite Equity Break Ground on $44M Affordable Seniors Housing Community in Leisure City, Florida

by John Nelson January 22, 2024

LEISURE CITY, FLA. — Housing Trust Group (HTG) has begun construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes, Fla.-based Elite Equity Development. The eight-story property will feature 120 units (91 one-bedroom, 29 two-bedroom) reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in the spring of 2025. The building will total 117,000 square feet and the developers will seek National Green Building Standard certification. Funding sources for Phase I include $26 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $26.2 million provided by TD Bank, a permanent Freddie Mac loan of $9 million through Berkadia, a Florida Housing Finance Corp. Viability Loan of $4.3 million and a $3 million loan from the Miami-Dade County Affordable Housing Surtax Program. The design-build team includes architect ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior designer Builders Design and landscape …

January 22, 2024

Development Mixed-Use Texas

Craig International to Develop $6B Preston Harbor Master-Planned Development in Denison, Texas

by Taylor Williams January 22, 2024

DENISON, TEXAS — Craig International, a locally based developer that is perhaps best known for the $5 billion Craig Ranch project in McKinney, has closed on 3,114 acres in Denison for the development of Preston Harbor, a $6 billion master-planned community. The site on Lake Texoma is located about 75 miles north of Dallas. Preliminary plans for Preston Harbor call for approximately 7,500 residential units, a resort hotel, retail, restaurants and a marina. The residential component will include single-family, active adult and multifamily uses. Plano-based Aimbridge Hospitality will develop the $100 million hotel, which will be operated under the Margaritaville brand. Steve Cook of Steve Cook & Co. and Jim Meara of Jim Meara Co. represented the sellers, entities doing business as Preston Harbor LP and Preston Harbor Homeplace LP, in the disposition of the land. Both entities are part of the estate of George Schulte, the developer who originally amassed and assembled the site. John Auletta and Kaitlyn Sogga of JTA CR Group represented Craig International. Other project partners include The Choctaw Nation of Oklahoma, Horizon Capital Partners and N9 Capital Partners. The development team is currently finalizing plans and engineering work and expects to break ground before the end …

January 22, 2024

Acquisitions Affordable Housing Michigan Midwest Multifamily Walker & Dunlop Wisconsin

Walker & Dunlop Arranges Sales of Four Affordable Housing Communities in Detroit, Milwaukee

by Kristin Harlow January 22, 2024

DETROIT AND MILWAUKEE — Walker & Dunlop has arranged the sales of four Section 8 affordable housing communities in Detroit and Milwaukee. Sales prices were not provided. The Detroit properties total 81 units and include Aaron Apartments, Field Place Apartments and West Boston Apartments. All three communities underwent significant rehabilitation in 2007 facilitated by 9 percent Low-Income Housing Tax Credits (LIHTCs). In Milwaukee, Boulevard Apartments features 235 units. The property boasts a 100 percent LIHTC allocation and is further supported by 15 percent Section 811 Project Rental Assistance. Aaron Hargrove and Eric Taylor of Walker & Dunlop represented the undisclosed buyers and sellers in all four deals.

January 22, 2024

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Brokers Sale of 264-Unit Yorktowne Farms Apartments in Suburban Indianapolis

by Kristin Harlow January 22, 2024

GREENWOOD, IND. — Marcus & Millichap has brokered the sale of Yorktowne Farms Apartments, a 264-unit multifamily property in the Indianapolis suburb of Greenwood. Built in 1982, the community features amenities such as a pool, playground, laundry facilities, and basketball and tennis courts. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the buyer, ICONIC Property Partners. The seller and sales price were undisclosed.

January 22, 2024

Acquisitions Midwest Missouri Retail

Quantum Negotiates $2.2M Sale of CVS-Occupied Property in Kansas City

by Kristin Harlow January 22, 2024

KANSAS CITY, MO. — Quantum Real Estate Advisors Inc. has negotiated the sale of a CVS-occupied retail property in Kansas City for $2.2 million. CVS has nine years remaining on its lease. Nick Hilgendorf of Quantum represented the seller, a Midwest-based investor, and the buyer, a Southeast-based investment firm completing a 1031 exchange. Quantum also assisted the seller throughout its loan defeasance process.

January 22, 2024

Development Illinois Midwest Office

Farbman Group Opens New Amenity Space at Chicago Office Building

by Kristin Harlow January 22, 2024

CHICAGO — Farbman Group has opened “The LookOut,” an amenity space within its 100 N. LaSalle office building in Chicago. The space was formerly a 26th-floor penthouse suite. Key features of The LookOut include a lounge and dining space, views of downtown Chicago, a workout facility and artwork. Farbman partnered with Michigan-based Soul Studio, an art program and gallery by nonprofit Friendship Circle that provides adults with special needs a safe space to create and connect through art. Farbman commissioned a piece entitled “Rhythmic Grid Space” by Aislinn Wendrow as a mural for the amenity space.

January 22, 2024

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