Property Type

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

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Arranges $4.1M Permanent Loan for Southern New Jersey Apartments

by Taylor Williams October 26, 2022

VINELAND, N.J. — Cronheim Mortgage has arranged a $4.1 million permanent loan for Vineland Apartments, a 104-unit multifamily property in Southern New Jersey. The garden-style property comprises seven two-story buildings that house one- and two-bedroom units ranging in size from 680 to 868 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage arranged the financing on behalf of the borrower, New Jersey-based investment firm Marshall Weinerman Real Estate. The direct lender was not disclosed.

October 26, 2022

Leasing Activity New Jersey Northeast Retail

Tropical Supermarket to Open 15,800 SF Grocery Store in South Plainfield, New Jersey

by Taylor Williams October 26, 2022

SOUTH PLAINFIELD, N.J. — Tropical Supermarket will open a 15,800-square-foot grocery store at Clinton Corners, a 30,331-square-foot neighborhood retail center located in the Northern New Jersey community of South Plainfield. The tenant will backfill a space previously occupied by grocer Bravo, maintaining the property’s 100 percent occupancy rate. Vanessa Fernandez-Kelty of Levin Management Corp. represented the undisclosed landlord in the lease negotiations.

October 26, 2022

Acquisitions Midwest Missouri Multifamily

Avanti Residential Purchases Kansas City Apartment Complex for $94M

by Kristin Harlow October 26, 2022

KANSAS CITY, MO. — Avanti Residential has purchased Artistry Apartments in Kansas City’s Crossroads Arts District for $94 million. The 341-unit, Class A apartment complex marks Avanti’s seventh investment in the Kansas City market. Constructed in 2021, Artistry Apartments features 11,675 square feet of street-level retail space that is 70 percent leased to Sola Salon. Jeff Stingley and Max Helgeson of CBRE represented the seller, a joint venture between Milhaus Development and CrossHarbor Capital Partners. Brady O’Donnell, Jill Haug, Alexandra Scott and Kyle Tucker of CBRE arranged acquisition financing on behalf of Avanti. The property was 95 percent leased at the time of sale.

October 26, 2022

Acquisitions Indiana Industrial Midwest

MDH Partners Acquires 162,228 SF Industrial Building in Noblesville, Indiana

by Kristin Harlow October 26, 2022

NOBLESVILLE, IND. — MDH Partners has acquired Washington Business Park 1, a 162,228-square-foot industrial building in the Indianapolis suburb of Noblesville. The purchase price was undisclosed. The property, which is 85 percent leased to four tenants, is situated within the 142-acre Washington Business Park. The building was constructed earlier this year. Houston Hawley served as the acquisition lead for Atlanta-based MDH. Bryan Poynter of Cushman & Wakefield represented MDH, while Ryan Baker of Cushman & Wakefield represented the undisclosed seller. The purchase of Washington Business Park 1 increases MDH’s Indiana footprint to more than 1.1 million square feet.

October 26, 2022

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