Property Type

SRS Negotiates $3.2M Ground-Lease Sale of Tampa Bay Retail Property Occupied by Fifth Third Bank

by John Nelson October 26, 2022

BRADENTON, FLA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $3.2 million ground-lease sale of a single-tenant retail property in Bradenton occupied by Fifth Third Bank. Built in 2007 and situated on about 1.1 acres, the 3,500-square-foot property is located at 6550 Cortez Road W. Patrick Nutt and William Wamble of SRS represented the seller, a California-based private investor, in the transaction. The buyer was Massachusetts-based Dorchester Avenue Holding LLC. Fifth Third Bank has more than 13 years remaining on its corporate-guaranteed lease, according to SRS.

October 26, 2022

Leasing Activity Mixed-Use North Carolina Office Southeast

Google Fiber Signs Long-Term Office Lease at Camp at North End in Charlotte

by John Nelson October 26, 2022

CHARLOTTE, N.C. — Gigabit-speed internet provider Google Fiber has signed a 10-year lease at Camp at North End, a 76-acre adaptive reuse development in north Charlotte. The company will occupy 5,884 square feet at the historic Gama Goat Building, located at 1801 N. Graham St. John Christenbury of CBRE represented Google Fiber, which will relocate from its current Charlotte headquarters space at the Phillip Carey building in Uptown’s First Ward Park neighborhood. Jessica Brown and David Dorsch of Cushman & Wakefield represented the landlords, ATCO Properties & Management and Shorenstein Properties LLC. Other office tenants at Camp at North End include Kingsmen Software, Centene Corp., Ally Financial, AON and CloudGenera. Google Fiber is working with Alliance Architecture and Swinerton on the build-to-suit space at the Gama Goat Building, which the firm will occupy beginning in early 2023.

October 26, 2022

Development Multifamily New York Northeast

RXR Tops Out 27-Story Multifamily Project in The Bronx

by Taylor Williams October 26, 2022

NEW YORK CITY — Locally based developer RXR has topped out Maven, a 27-story multifamily project in the Mott Haven neighborhood of The Bronx. Designed by CetraRuddy and built by LRC Construction, Maven will feature 200 units, 60 of which will be rent-stabilized, as well as 81 enclosed parking spots and 721 square feet of retail space. Amenities will include rooftop grilling and dining areas, a lounge, game room and landscaped courtyards. The project, which is RXR’s first in The Bronx, is slated for completion next year.

October 26, 2022

Acquisitions New York Northeast Retail

KABR Group Acquires Shopping Center in New York’s Rockland County for $30M

by Taylor Williams October 26, 2022

NEW CITY, N.Y. — New Jersey-based development and investment firm KABR Group has acquired New City Shopping Center, a 125,110-square-foot property located north of New York City in Rockland County, for $30 million. KABR Group acquired the grocery-anchored center, which was 96 percent leased at the time of sale, in partnership with Long Island-based retail operator BTF. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce of JLL represented the undisclosed seller in the transaction.

October 26, 2022

Acquisitions Arizona Multifamily Western

Tower 16 Capital Sells 456-Unit Multifamily Portfolio in Tucson, Arizona for $65.1M

by Amy Works October 26, 2022

TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners has completed the disposition of two apartment properties in Tucson to an undisclosed buyer for $65.1 million. The seller assembled the portfolio over the last 24 months and repositioned the properties, Sierra Vista and La Mirada. Both assets received significant renovations, including the leasing offices, outdoor amenity areas and interior unit renovations on 40 percent of the units. Tower 16 purchased the properties for $36 million and spent $4.9 million on improvements. The new buyer plans to continue the renovation efforts. Located at 3535 N. 1st Ave., Sierra Vista features 258 apartments, two pools and a new clubhouse, leasing office and gym. La Mirada, located at 4415 E. Grand Road, offers 201 apartments, two pools, a new clubhouse with a fitness center and new outdoor amenity area. Art Wadlund, Clint Wadlund and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

October 26, 2022

Arizona Development Industrial Western

ViaWest Group, Willmeng Construction Break Ground on Sight Logistics Park in Tempe, Arizona

by Amy Works October 26, 2022

TEMPE, ARIZ. — Phoenix-based ViaWest Group, with Willmeng Construction as general contractor, has broken ground on Sight Logistics Park in Tempe. The infill redevelopment project will revitalize the 17.9-acre parcel that was the former global headquarters for Insight Enterprises. Located at 6820 S. Harl Ave., Sight Logistics Park will offer two industrial buildings totaling 356,904 square feet. The 155,717-square-foot building and the 201,187-square-foot building will both feature 32-foot clear heights, 33 dock-high doors and four drive-in doors. McCall & Associates Architects designed the project, which is slated for completion in nine months. Demolition of the former Insight headquarters began in July for completion in July 2023. Rob Martensen, Phil Breidenbach and Sam Jones of Colliers Arizona are handling the leasing of Sight Logistics Park.

October 26, 2022

Acquisitions California Net Lease Restaurant Retail Western

Storm Properties Sells Aldi-Anchored Redondo Plaza in Gardena, California for $15.1M

by Amy Works October 26, 2022

GARDENA, CALIF. — Storm Properties has completed the disposition of Redondo Plaza, a grocery-anchored retail center located at 1550 W. Redondo Beach Blvd. in Gardena. A private 1031 exchange buyer acquired the asset for $15.1 million. Built in 2002 and renovated in 2018, Redondo Plaza features 28,000 square feet of retail space. Aldi anchors the property with 11.5 years remaining on its existing triple-net lease. At the time of sale, the property was fully occupied. Tenants include Domino’s Pizza, T-Mobile, Jackson Hewitt, Super Laundry and Crazy Rock’n Sushi. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Bryan Ley of JLL Retail Capital Markets Investment Sales and Advisory team represented the seller in the deal.

October 26, 2022

Affordable Housing Loans Multifamily New York Northeast

Barings Provides $11.5M Permanent Loan for Brooklyn Affordable Housing Project

by Taylor Williams October 26, 2022

NEW YORK CITY — Barings has provided an $11.5 million permanent loan for Euclid Glenmore Apartments, a 135-unit affordable housing project in Brooklyn. Upon completion, a date for which was not disclosed, the eight-story building will house units for renters earning 60 percent or less of the area median income. More than half the units will be set aside for formerly homeless families or individuals, and the community will include a dedicated medical support area with childcare services. The borrower is a partnership between Lantern Organization and Mega Contracting Group.

October 26, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Oxford Capital, Fortress Investment Acquire Three Seniors Housing Communities in Sequim, Washington

by Amy Works October 26, 2022

SEQUIM, WASH. — A joint venture between Oxford Capital Group LLC and Fortress Investment Group LLC has acquired a three-property, 256-unit seniors housing portfolio in Sequim. The properties are located northwest of Seattle, just across the Salish Sea from Victoria, British Columbia. The buyer acquired the properties from an independent family operator. Oxford’s seniors housing management affiliate, Oxford Living US LLC, will manage the properties. Terms of the transaction were not disclosed. “We are excited to continue to expand our seniors housing silo as we strategically assemble a portfolio of properties throughout the United States and Canada,” says John Rutledge, founder, chairman and CEO of Oxford Capital Group. “Oxford Living has made targeted seniors housing acquisitions and investments in a number of growing markets throughout the southeastern United States and Canada, including Florida and Ontario. We plan further portfolio acquisitions in these and other markets.” “This transaction builds further on our strategy of acquiring seniors housing assets with scale in attractive demographic areas that are well positioned to weather an inflationary environment,” adds Peter Stone, managing director at Fortress. “While most institutional investors focus on high-end development in urban centers, our strategy is to buy overlooked mid-market properties which are …

October 26, 2022

Affordable Housing California Development Multifamily Western

Forge Development, Bridge Investment Open 240-Unit Studio Apartment Complex in San Francisco

by Amy Works October 26, 2022

SAN FRANCISCO — A partnership between Forge Development Partners and Bridge Investment Group has opened TL Residences, a studio apartment community in San Francisco’s Tenderloin neighborhood. Located at 361 Turk St. and 145 Leavenworth St., the two-building community offers 240 studio apartments, ranging from 230 square feet to 280 square feet, and more than 3,000 square feet of ground-floor retail space. Thirty-one units are available at below-market rate to renters with qualifying annual incomes of $32,000 or less, as mandated by the City of San Francisco’s Office of Housing and Inclusionary Housing Ordinance. An additional 94 units are set aside for renters with voluntarily imposed qualifying annual incomes ranging from $75,000 to $80,000. The remaining units are market rate, ranging from $2,467 to $3,791 per month. Community amenities include a rooftop lounge, community kitchen, yoga studio and pet zone. San Francisco-based Gensler is the architect of record for the project.

October 26, 2022

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