Property Type

Diamond Realty Holdings Buys Flex Property in El Segundo, California for $6M

by Jeff Shaw June 7, 2023

EL SEGUNDO, CALIF. — Diamond Realty Holdings has purchased an industrial flex/office building in El Segundo for $6 million. The property is located at the intersection of Lairport Street and East Mariposa Avenue. A long-term tenant currently occupies 2,400 square feet of the main, 14,400-square-foot structure. The remaining 12,000 square feet is available for lease and fully divisible. The new ownership plans to complete interior and exterior renovations to improve the façade and access to the site, as well as create open flex industrial space that can accommodate a variety of uses. CBRE’s Bob Healey, John Lane, Richard Melbye and Jane Healey represented both the buyer and the undisclosed seller in the transaction.

June 7, 2023

Leasing Activity Office Utah Western

CBRE Arranges Four New Leases at Office Building in Salt Lake City

by Jeff Shaw June 7, 2023

SALT LAKE CITY — CBRE has arranged leases for four new tenants at a 22-story, Class A office building in Salt Lake City. The building is located at 222 South Main St. and is now fully occupied. The new tenants include UMB Bank, global law firm Greenberg Traurig, CBRE itself and HKS Architects. CBRE’s Scott Wilmarth and Nadia Letey represented the landlord, KBS, in the lease transactions.

June 7, 2023

California Healthcare Leasing Activity Office Western

Pasadena Child Development Associates Leases 16,163 SF Medical Office Space in Pasadena, California

by Jeff Shaw June 7, 2023

PASADENA, CALIF. — Pasadena Child Development Associates (PCDA) has leased 16,163 square feet of office and medical office space in Pasadena. The lease encompasses two adjacent buildings, one located at 790 East Green St. and the other at 118 South Oak Knoll Ave. Both buildings are located in Pasadena’s Central Business District. The East Green space is an 8,027-square-foot office medical building. The Oak Knoll space is a two-story office building covering 8,136 square feet. Tina LaMonica of NAI Capital Commercial represented the tenant in the lease transactions.

June 7, 2023

Company News Multifamily Seniors Housing Washington Western

Veda Living to Manage 10 Seniors Housing Properties in Washington State

by Jeff Shaw June 7, 2023

WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.

June 7, 2023

Development Florida Multifamily Southeast

ROVR Development to Build 1,600-Unit River Rapids Apartments in Miami

by John Nelson June 7, 2023

MIAMI — ROVR Development plans to develop The River Rapids, a 1,600-unit apartment development situated on 10.2 acres along the Miami River. The developer recently acquired a 6.2-acre site for $23.5 million as part of the multi-phase community. Located at 2750 N.W. South River Drive, Phases I and II of River Rapids, dubbed Tides and Moorings, will add 600 units to the local supply. The properties will comprise an eight-story building and 12-story tower that will house units ranging from studios to three-bedroom apartments. ROVR plans to develop three more phases at adjacent sites located between 1701 and 1851 Delaware Parkway totaling 1,000 units. ATL Architecture and Michael Wolk Design are leading the designs for the Tides and Moorings communities.

June 7, 2023

Development Florida Loans Multifamily Southeast

JLL Secures $77M Construction Loan for Multifamily Project in Daytona Beach, Florida

by John Nelson June 7, 2023

DAYTONA BEACH, FLA. — JLL has secured $77 million in construction financing for the development of Atlantica at Daytona, a 341-unit apartment community located at 1799 N. Williamson Blvd. in Daytona Beach. The borrower, a joint venture between Sovereign Properties and Invest Capital Group, plans to open first units at the garden-style property in October 2024. Gregory Nalbandian, Jesse Wright and Joshua Odessky of JLL arranged the three-year loan with a 75 percent loan-to-cost ratio through Broadshore Capital Partners. Atlantica at Daytona will feature one-, two- and three-bedroom units averaging 981 square feet in size. Amenities will include a resort-style pool, grill station, screened lanai with a fireplace, bar and TVs, outdoor summer kitchen, dog park, coworking space, game room and a high-tech fitness center.

June 7, 2023

Arkansas Company News Development Retail Southeast

Walmart Opens Second In-Store Fulfillment Center in Bentonville, Arkansas

by John Nelson June 7, 2023

BENTONVILLE, ARK. — Walmart has opened its second in-store fulfillment center, dubbed Market Fulfillment Center (MFC), at a store in its headquarters city of Bentonville. The Walmart store (Store 100) is located at 406 S. Walton Blvd. The retail giant’s MFC strategy calls for high-tech fulfillment centers to be built within existing Walmart stores and powered by Alphabot, a proprietary storage and retrieval system. “This new order fulfillment system is truly game changing,” says Ryan Simpson, store manager at Store 100. “Not only does it enhance the customer experience through quicker, more accurate online order fulfillment, it also provides us the runway to continue growing our business now and in the future.” Walmart’s proof of concept store for the MFC strategy was in Salem, N.H. Walmart plans to continue opening MFCs in select stores in the coming years.

June 7, 2023

Development Florida Loans Multifamily Southeast

PCCP Provides $67.8M Construction Loan for Central Florida Multifamily Development

by John Nelson June 7, 2023

KISSIMMEE, FLA. — PCCP LLC has provided a $67.8 million construction loan for Parkway Crossings, a 309-unit apartment development in Kissimmee, about 20 miles south of Orlando. The borrower, Fore Property Co., has broken ground and plans to wrap up construction in 2025. Located on a six-acre site near the intersection of Orange Avenue and Osceola Parkway, Parkway Crossings will feature a mix of studios, one-, two- and three-bedroom units with an average size of 939 square feet. Amenities will include a tenant clubhouse, 24-hour fitness center, outdoor barbecue area, pool and lounge area, dog park and EV chargers, as well as a 570-space parking garage.

June 7, 2023

Acquisitions Georgia Retail Southeast

Dowd Cos. Arranges $16.3M Sale of Horizon Village Shopping Center in Suwanee, Georgia

by John Nelson June 7, 2023

SUWANEE, GA. — The Dowd Cos., a boutique real estate investment sales firm based in West Palm Beach, Fla., has arranged the $16.3 million sale of Horizon Village Shopping Center in Suwanee. The 97,000-square-foot shopping center is located at 2855 Lawrenceville-Suwanee Road in metro Atlanta’s Gwinnett County. Movie Tavern and YouFit Health Clubs anchor the property, which was built in 1996, according to LoopNet Inc. John Dowd and Theresa Johnson of The Dowd Cos. represented the seller in the transaction. Both the buyer and seller requested anonymity.

June 7, 2023

Development Industrial Michigan Midwest

GM to Invest $1B in Two Manufacturing Facilities in Flint, Michigan

by Kristin Harlow June 7, 2023

FLINT, MICH. — General Motors Co. (NYSE: GM) has unveiled plans to invest more than $1 billion in two of its manufacturing facilities in Flint — Flint Assembly and Flint Metal Center. The investments will be utilized to prepare the plants for the production of internal combustion engine (ICE) heavy-duty trucks. At Flint Assembly, GM will invest $788 million for a body shop building expansion, general assembly conveyor expansion and new tooling and equipment. At Flint Metal Center, GM will invest $233 million for new stamping dies as well as press refurbishments and new equipment. GM has announced more than $1.7 billion in investments for Flint-area operations in 2023.

June 7, 2023

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