Property Type

Patrinely Group, Dune Real Estate Break Ground on 544,115 SF Gateway at Menifee Spec Industrial Project in Southern California

by Amy Works February 22, 2023

MENIFEE, CALIF. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on Gateway at Menifee, a speculative industrial project near Interstate 215 and Scott Road in Menifee. Totaling 544,114 square feet, the project will offer three Class A industrial buildings. Spanning 36.4 acres, the three rear-load buildings will feature 32- to 36-foot clear heights, 107 total dock-high doors and 130- to 190-foot court depths. The project is the second and final phase of the industrial park, which features a 229,934-square-foot building, a 220,606-square-foot building and a 93,575-square-foot building. Patrinely Group is developing the project, which KPRS will build. Ryan Bos and Colin MacMillan of KBC Advisors and Scotts Stewart and Gordon Mize of Lee & Associates will handle leasing of the project under the direction of Phillip Moore and Dennis Tarro of Patrinely Group.

February 22, 2023

Arizona Build-to-Rent Loans Single-Family Rental Western

JLL Arranges $33.8M Construction Loan for Villas Goodyear Build-to-Rent Community in Arizona

by Amy Works February 22, 2023

GOODYEAR, ARIZ. — JLL Capital Markets has arranged a $33.8 million construction loan for Villas Goodyear, a build-to-rent residential development at 816 S. Sarival Ave. in Goodyear. The borrower is a joint venture between Blue Vista Capital Management and Family Development. Upon completion, Villas Goodyear will feature 151 one- and two-bedroom, freestanding, single-story units with spacious floor plans, simulated wood flooring, quartz countertops, stainless steel appliances and private backyards. Community amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge area and grill area. Brian Walsh, Brad Miner and Dave Hunter of JLL Capital Markets secured the three-year, fixed-rate loan through a regional bank for the borrower.

February 22, 2023

Arizona Development Industrial Western

SkyBridge Starts Construction of 205,000 SF Industrial Building in Mesa, Arizona

by Amy Works February 22, 2023

MESA, ARIZ. — SkyBridge Arizona has broken ground on SkyBridge Building 109, the latest addition to SkyBridge’s 435-acre mixed-used development adjacent to the runway at Phoenix-Mesa Gateway Airport in Mesa. Building 109 is the first of two 250,000-square-foot, Class A manufacturing/warehouse/logistics buildings that SkyBridge plans to break ground on at Gateway Airport during the first half of the year. Building 109 will feature immediate access the airport, 32-foot clear heights, 30 dock-high doors, six ground-level doors and generous power and parking. Additionally, the building is divisible to approximately 80,000 square feet, allowing it to serve a wide range of tenant types and sizes. At full build-out, SkyBridge will be the nation’s first cargo hub with a joint U.S.-Mexico Customs inspection facility on site. The project is slated for 1.3 million square feet of aeronautical development, 2.2 million square feet of non-aeronautical development and 270,000 square feet of commercial retail and office space. ADM Group is serving as architect for SkyBridge Building 109 and Graycor Construction Co. is serving as general contractor. Jackie Orcutt, Pete Wentis, Kevin Cosca, Jonathan Teeter and Alex Wentis of CBRE are the leasing brokers for the project.

February 22, 2023

Acquisitions California Industrial Office Western

Versum Materials US Buys 19,601 SF Flex Building at Palomar Oaks Tech Center in Carlsbad, California

by Amy Works February 22, 2023

CARLSBAD, CALIF. — Versum Materials US has acquired a building at Palomar Oaks Tech Center in Carlsbad from Bemer USA for $5.7 million. Located at 1989 Palomar Oaks Way, the asset offers 19,601 square feet of flex space. Jeff Abramson of Lee & Associates North San Diego County represented the seller, while Casey Sterk of JLL and Greg Bisconti represented the buyer in the deal.

February 22, 2023

Acquisitions Colorado Industrial Western

NorthPeak Commercial Brokers Sale of 11,000 SF Industrial Property in Englewood, Colorado

by Amy Works February 22, 2023

ENGLEWOOD, COLO. — NorthPeak Commercial Advisors has arranged the sale of an industrial building located at 2931 S. Tejon St. in Englewood. The 11,000-square-foot asset traded for $1.7 million, or $155 per square foot. Drew Williams, Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the undisclosed buyer and undisclosed seller in the deal.

February 22, 2023

Acquisitions Connecticut Industrial New York Northeast Pennsylvania Top Stories

Centerbridge Partners, GIC Real Estate Agree to Acquire INDUS Realty Trust for $868M

by Kristin Harlow February 22, 2023

NEW YORK CITY — Affiliates of Centerbridge Partners LP and GIC Real Estate Inc. have entered into an agreement to acquire INDUS Realty Trust Inc. (Nasdaq: INDT) in an all-cash transaction valued at approximately $868 million. Participating members of INDUS’ board of directors have unanimously approved the deal. Under the terms of the merger agreement, INDUS stockholders will receive $67 per share in cash. That figure represents a premium of 17 percent to the company’s closing stock price on Nov. 25, the date of Centerbridge’s initial public announcement that it intended to issue a takeover offer with GIC to acquire INDUS. “The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history,” says Michael Gamzon, president and CEO of INDUS. INDUS, a New York City-based industrial REIT, owns 42 buildings totaling roughly 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. The deal is expected to close this summer and is subject to customary closing conditions. Upon completion of the transaction, INDUS’ common stock will no longer be listed on Nasdaq and INDUS will become a privately held …

February 22, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 328-Unit Self-Storage Facility in Haltom City, Texas

by Taylor Williams February 21, 2023

HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Haltom City Self Storage, a 328-unit facility located on the northern outskirts of Fort Worth. The property was built in 1985 and totals 39,570 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a Dallas-based private investor, in the off-market transaction. The duo also procured a Phoenix-based investment firm as the buyer. Both parties requested anonymity.

February 21, 2023

Acquisitions Multifamily Texas

MLG Capital Acquires 232-Unit Springs at Alamo Ranch Apartments in San Antonio

by Taylor Williams February 21, 2023

SAN ANTONIO — Wisconsin-based investment firm MLG Capital has acquired Springs at Alamo Ranch, a 232-unit apartment community in San Antonio. The 227,000-square-foot, Class A community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, pet playground and an onsite car care center. MLG Capital plans to implement a value-add program and rebrand the property as Reata Alamo Ranch. The seller was not disclosed.

February 21, 2023

Wood-Meadow-Apartments-North-Richland-Hills

Acquisitions Multifamily Texas

SPI Advisory Sells 222-Unit Wood Meadow Apartments Near Fort Worth

by Taylor Williams February 21, 2023

NORTH RICHLAND HILLS, TEXAS — SPI Advisory, an investment firm with offices in Dallas and Austin, has sold Wood Meadow Apartments, a 222-unit multifamily property located in the Fort Worth suburb of North Richland Hills. Built in 1984 and renovated in 2018, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and courtyards. SPI and its partners acquired Wood Meadow Apartments in 2017. The buyer and sales price were not disclosed.

February 21, 2023

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates $21M Sale of Seniors Housing Property in San Antonio

by Taylor Williams February 21, 2023

SAN ANTONIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Inn at Los Patios, a 166-unit independent living and assisted living community in San Antonio. A New York-based private equity group acquired the property for $21 million in an all-cash transaction. Blueprint represented a court-appointed receiver to maximize proceeds for the trustee group and stakeholders involved. The buyer plans to install its Texas-based operator partner to manage the community.

February 21, 2023

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