Property Type

Greystone Arranges $27.1M Financing for Seniors Housing Community in Columbia, South Carolina

by John Nelson January 10, 2023

COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a 120-unit seniors housing community in Columbia. The five-year loan for the independent living and assisted living community featured a floating interest rate, 30-year amortization schedule, three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong of Greystone worked with the client in placing the regional bank loan on behalf of the borrowers, AEW Capital Management and Merrill Gardens, a seniors housing owner-operator based in Seattle.

January 10, 2023

Acquisitions Georgia Retail Southeast

Northmarq Brokers $7.3M Sale of Retail Strip Center Near Savannah

by John Nelson January 10, 2023

POOLER, GA. — Northmarq has brokered the $7.3 million sale of Shops at Tanger Parkway, a 15,600-square-foot retail strip center located at 240 Tanger Outlets Blvd. in Pooler, a suburb of Savannah. David Annett and Anne Perrault of Northmarq’s Tulsa office represented the seller, a Utah-based developer, in the transaction. Mark Lovering of Northmarq’s Chicago office represented the buyer, a private equity firm based in Mexico City. Built in 2020, Shops at Tanger Parkway was fully leased at the time of sale to Tropical Smoothie Café, Tin Drum Asian Kitchen, LAX, T-Swirl Crepe, Wayback Burgers, Which Wich?, America’s Best Contacts & Glasses and Pita Mediterranean Street Food. The property is shadow-anchored by Tanger Outlets Savannah, an open-air outlet mall developed in 2015.

January 10, 2023

Acquisitions Florida Kansas Midwest Multifamily Southeast Top Stories

JRK Property Holdings Initiates Newly Closed $1B Multifamily Fund with $168.5M in Acquisitions

by Jeff Shaw January 10, 2023

LEAWOOD, KAN. AND SARASOTA, FLA. – JRK Property Holdings has acquired Residences at Park Place, a 258-unit mid-rise apartment and townhome community in the Kansas City suburb of Leawood, from VanTrust Real Estate. JRK is also under contract to purchase a luxury high-rise community located in downtown Sarasota from a separate seller. The total acquisition price for both properties $168.5 million. Los Angeles-based JRK is acquiring the properties through its newest multifamily value-add fund: the $1 billion JRK Platform V, which targets multifamily investments built after 1990. JRK presently owns and operates $7 billion in multifamily assets through its predecessor funds. Built in phases between 2014 and 2019 by the seller, Residences at Park Place is the residential component of Park Place Village, a mixed-use development offering retail, restaurants and nearly 500,000 square feet of office space. The property comprises three mid-rise apartment buildings offering one-, two- and three-bedroom apartment homes and a separate four-story residential building offering one- and two-bedroom loft units. Community amenities include a saltwater pool with grilling area, media and game rooms, coworking space, two 24-hour fitness facilities and customized concierge services. The property was 98 percent leased at closing. “The dramatic rise in interest rates …

January 10, 2023

Acquisitions Colorado Industrial Office Western

Flywheel Capital Divests of 289,018 SF Flex Portfolio in Colorado Springs for $54.3M

by Amy Works January 9, 2023

COLORADO SPRINGS, COLO. — Flywheel Capital has completed the disposition of a mission critical Class A office/flex and industrial manufacturing/distribution portfolio in Colorado Springs. A private partnership acquired the asset for $54.3 million. Totaling 289,018 square feet, the portfolio includes two two-story buildings located at 10125 and 10205 Federal Drive within Interquest Business Park. Building A (10125 Federal) is a fully leased, 191,924-square-foot, multi-tenant office building. Building B (10205 Federal) is a fully leased, 97,094-square-foot, industrial manufacturing and distribution facility occupied by a single tenant. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller in the transaction.

January 9, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $42M Construction Financing for Affordable Housing Property in La Mesa, California

by Amy Works January 9, 2023

LA MESA, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has provided a $31.9 million construction loan and a $10.9 million bridge loan to USA Properties Fund for the construction of an affordable housing community in La Mesa. Jeremiah Drake and Keven Ruf of KeyBank structured the financing. The property, 8181 Allison Apartments, will feature 147 one- and two-bedroom residences that meet income restriction requirements of 30 percent, 50 percent and 70 percent or less of the area median income. Onsite amenities will include social services to assist in income, employment and stabilization. The property will also include a two-bedroom, non-revenue manager unit. Additional funding included a $25.3 million federal low-income housing tax credit provided by WNC and $7 million in subsidy financing and $20.7 million in permanent financing from the California Housing Financing Agency Mixed Income Program. The City of San Diego provided a cost-free lease of the land for 65 years, valued at $6.6 million.

January 9, 2023

Acquisitions Arizona Hospitality Western

Sethi Management Sells Hyatt Place in Gilbert, Arizona to HWC Hospitality for $19.5M

by Amy Works January 9, 2023

GILBERT, ARIZ. — Sethi Management has completed the disposition of Hyatt Place Gilbert, a six-story hotel located at 3275 S. Market St. in Gilbert. HWC Hospitality acquired the asset for $19.5 million. Bill Murney and Jesse Heydorff of Cushman & Wakefield represented the seller in the deal. The hotel features 127 guest rooms, 1,100 square feet of event space, a 24-hour business center, express check-in/check-out and free onsite self-parking.

January 9, 2023

Acquisitions California Restaurant Retail Western

Beta Agency Arranges $14M Sale of Smart & Final-Anchored Retail Center in Lawndale, California

by Amy Works January 9, 2023

LAWNDALE, CALIF. — Beta Agency has arranged the sale of Lawndale Plaza, a shopping center in Lawndale. A San Pedro-based private shopping center owner sold the asset to a Los Angeles-based entity for $14 million. Lawndale Plaza features a Smart & Final store and a multi-tenant retail building, occupied by Subway, Wingstop, Panda Express, Daily Nails & Spa and Wells Fargo. At the time of sale, the property was 100 percent occupied. Richard Rizika and Vanessa Zhang of Beta Agency represented the seller, while Adam Friedlander of Beta Agency and Moon Lim of JLL represented the buyer in the deal.

January 9, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Brokers Sale of 66-Bed Barrington Place Memory Care in Clinton, Utah

by Amy Works January 9, 2023

CLINTON, UTAH — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Barrington Place, a 66-bed memory care community in Clinton, 30 miles north of Salt Lake City. The facility was built in 2016, totaling approximately 32,862 square feet on 2.9 acres of land. A national owner-operator seeking to sell non-core assets sold the property to a family office based in the West for an undisclosed price. The new owner plans to install Ridgeline Management Co. as the operator. Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction. “Barrington Place is a well-constructed, newer, standalone memory care community that fits in well with the new owner’s long-term strategy to expand its seniors housing portfolio,” says Punzel.

January 9, 2023

Development Mixed-Use Office Retail South Carolina Southeast

Keith Corp. to Break Ground on 400,000 SF Adaptive Reuse Project in Rock Hill, South Carolina

by John Nelson January 9, 2023

ROCK HILL, S.C. — The Keith Corp., with partners Springsteen Properties and Capitol Broadcasting Co., will break ground Tuesday, Jan. 17 on The Thread, a 400,000-square-foot adaptive reuse project located in Rock Hill, roughly 30 miles southwest of Charlotte. Built in 1946, the property originally housed a textile mill and warehouse. Upon completion, the first phase of development will feature 170,000 square feet of office space and 30,000 square feet of ground-floor retail space. Delivery is scheduled for January 2024. Horizon Bank is providing construction financing. A second phase — construction of which will commence upon completion of the first — will include 200,000 square feet of residential and retail space, with apartments in one-, two- and three-bedroom layouts.

January 9, 2023

Acquisitions Development Life Sciences North Carolina Office Southeast

Cushman & Wakefield Brokers Sale of 438,144 SF Office Property in Charlotte, Buyer Plans Life Sciences Conversion

by John Nelson January 9, 2023

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of The Commons at the Park, an adaptive reuse campus located at 6800 Solectron Drive in Charlotte. The property comprises a 438,144-square-foot office building and two additional land parcels. The buyer, Albemarle U.S. Inc., a specialty chemicals company, will utilize the property as a lithium research and development center. Completion of the project, dubbed Albemarle Technology Park, is scheduled for late 2026. Keith Bell, Matt Treble, Dirk Riekse and Eric Sorenson of Cushman & Wakefield represented the buyer in the transaction. Jessica Brown, David Dorsch and Jordan Williams of Cushman & Wakefield represented the seller, a Shorenstein Properties entity doing business as 6800 Solectron Owner LP.

January 9, 2023

Newer Posts

Older Posts