Property Type

ARLS Underway on 35-Acre Bel Air Village Mixed-Use Development in Metro Baltimore

by John Nelson January 30, 2023

BEL AIR, MD. — ARLS Properties LLC is underway on the construction of Bel Air Village, a 35-acre mixed-use community located in Bel Air, roughly 30 miles northeast of Baltimore. Upon completion, the development will feature 115,000 square feet of office and retail space, 252 multifamily units and 24 townhomes. Four freestanding buildings, ranging in size from 7,000 to 11,000 square feet, will comprise the retail component, along with five pad sites of one to two acres each. A 50-unit multifamily building will be completed first, with the additional multifamily buildings to be built next year. Completion of the first phase of the project is scheduled for later this year. Sean Langford and Tom Fidler of MacKenzie Commercial Real Estate Services LLC will handle retail leasing for the development.

January 30, 2023

Development Multifamily South Carolina Southeast

Atlas, FIDES Acquire Site in Charleston for 331-Unit Darby Apartment Project

by John Nelson January 30, 2023

CHARLESTON, S.C. — Atlas Real Estate Partners and FIDES Development have acquired a site in Charleston for the development of The Darby, a 331-unit multifamily community. Located at 1590 Meeting St., the asset will be situated in Charleston’s NoMo corridor. Full entitlements and site plan approval have been obtained for the project, which will include units in studio, one- and two-bedroom layouts. Upon completion, the community will feature two courtyards, a pool, pickleball court, dog park and 9,000 square feet of indoor amenity space, including a coworking facility. The sales price for the land was not disclosed.

January 30, 2023

Acquisitions Florida Retail Southeast

JLL Brokers $24.1M Sale of Shopping Center in St. Augustine, Florida

by John Nelson January 30, 2023

ST. AUGUSTINE, FLA. — JLL Capital Markets has arranged the $24.1 million sale of Parkway Village at St. Johns, a 52,070-square-foot retail center located at the intersection of International Golf Parkway and Commerce Lake Drive in St. Augustine, roughly 40 miles southeast of Jacksonville. Danny Finkle, Alex Sharrin, Eric Williams, Jorge Portela, Jeff Cicurel and Kim Flores of JLL brokered the sale on behalf of the developer and seller, a joint venture between Stiles Corp. and Cantrell & Morgan. Built in 2022, the property was fully leased at the time of sale. A 52,070-square-foot Publix anchors the center. Other tenants include Supercuts, Orangetheory Fitness and The Loop, with Starbucks Coffee and Heartland Dental occupying two outparcels. An undisclosed private buyer acquired the property.

January 30, 2023

Florida Loans Mixed-Use Office Retail Southeast

Whalou Properties Receives $24M Financing for Improvement of Mixed-Use Development in Miami

by John Nelson January 30, 2023

MIAMI — Whalou Properties has received $24 million in financing for the improvement and modernization of Mayfair in the Grove, a mixed-use development in Miami’s Coconut Grove neighborhood that comprises 281,721 square feet of office and retail space. Craig Romer of Dockerty Romer & Co. arranged the permanent mortgage financing through Guggenheim Partners on behalf of Whalou, which is owned and controlled by Timo Kipp. Mayfair in the Grove was fully leased at the time of sale to tenants including Sapient, Santander, Sony Music and One Park Financial. Whalou acquired the development in 2010.

January 30, 2023

Acquisitions California Development Hospitality Western

Weller Development Partners Buys 2,870-Acre Aetna Springs Resort in Napa Valley

by Amy Works January 30, 2023

POPE VALLEY, CALIF. — Weller Development Partners has acquired Aetna Springs, a 2,870-acre wine country resort in Pope Valley. Mosaic Real Estate Investors sold the asset for an undisclosed price. Located at 1600 Aetna Springs Road, the property has producing vineyards, a community clubhouse, a nine-hole golf course designed (currently closed, but minimally maintained), tennis courts, a swimming hole and 40 planned estate lots. Development plans include 70 guest cottages in the historic resort village, 18 glamping sites, expansion of the existing vineyards and construction of the estate homes. Additional plans include recreational activities on Lake Juliana, a full-service spa, recreational center, restaurants and a boutique winery. Six Senses will operate the resort upon completion. Aetna Springs’ history stems from its 19th century origins, when it was best known for its mineral hot springs and outdoor activities. The property is 16 miles north of downtown St. Helena, and its vineyards produce cabernet sauvignon, sauvignon blanc and petite syrah grapes that are sold to premier wine brands, including Rombauer, Frank Family, Duckhorn and The Prisoner. Henry Bose, Alex Lee-Bull, Elena Quach, Jeff Woolson, Tom Berry and Morgan Abbott of CBRE represented the seller in the deal.

January 30, 2023

Acquisitions Idaho Retail Western

Ironwood Partners Sells 105,406 SF Ironwood Square Shopping Center in Coeur d’Alene, Idaho

by Amy Works January 30, 2023

COEUR D’ALENE, IDAHO — Ironwood Partners LLC has completed the disposition of Ironwood Square, a retail center in Coeur d’Alene. EMES Ironwood LLC acquired the property for an undisclosed price. Kobe Furqueron of Marcus & Millichap’s Salt Lake City office represented the seller, while Allan Friedman of Westlake Associates procured the buyer in the deal. Adam Lewis is Marcus & Millichap’s brokers of record in Idaho. At the time of sale, the 105,406-square-foot Ironwood Square was 96.2 percent occupied. Current tenants include Staples, Rite Aid, Holiday’s Hallmark, Wells Fargo, Tesoro Fuel Center, Beyoutiful Hot Yoga and Norco Medical. Staples and Rite Aid recently extended their leases by seven and 10 years, respectively.

January 30, 2023

Arizona Development Industrial Western

Thompson Thrift Breaks Ground on 1 MSF Germann Commerce Center in Queen Creek, Arizona

by Amy Works January 30, 2023

QUEEN CREEK, ARIZ. — Thompson Thrift has started construction on the first phase of Germann Commerce Center, a 1 million-square-foot industrial development in Queen Creek, approximately 35 miles southeast of downtown Phoenix. Located on the southwest corner of Germann and Meridian roads, the first phase will consist of 400,000 square feet of speculative light industrial space spread across five standalone buildings on 26 acres. The facilities will feature front-park/rear-load industrial space, 28-foot to 32-foot clear heights and frontage on East Germann Road. At full buildout, the multi-phase project will provide up to 1 million square feet of warehouse, distribution, light assembly and manufacturing space covering 68 acres. Thompson Thrift plans to complete the first phase in first-quarter 2024, with build-to-suit and for-sale options in Phase II following immediately after.

January 30, 2023

Colorado Hospitality Loans Western

Flynn Properties Receives $30M in Financing for The Madeline Hotel in Telluride, Colorado

by Amy Works January 30, 2023

TELLURIDE, COLO. — Flynn Properties has received $30 million in financing for The Madeline Hotel, Auberge Resorts Collection, in Telluride. Jordan Angel, Jeffrey Bucaro and Ethan Habecker of JLL Capital Markets’ debt advisory team arranged the five-year, floating-rate loan through Värde Partners. The transaction refinances debt on the resort hotel. Originally built in 2009 and renovated in 2020 and 2021, The Madeline features 83 guest rooms and 56 separately owned condominiums. The hotel offers a spa, 24-hour fitness studio, outdoor retail plaza and Sky Terrace, which features an outdoor pool, two oversized spas, multiple fire pits and a bar. Onsite food and beverage outlets include Black Iron Kitchen & Bar and Timber Room. The hotel also offers ski-in/ski-out access to the 147 trails of the Telluride Ski Resort and curated experiences including heli-skiing, dog sledding, snowshoeing and ice climbing in the winter, and fly fishing, dirt biking, horseback riding and helicopter tours in the summer.

January 30, 2023

Acquisitions California Retail Western

Blue West Capital Brokers $4M Sale of Shops at Belleview in Littleton, Colorado

by Amy Works January 30, 2023

LITTLETON, COLO. — Blue West Capital has arranged the acquisition of Shops at Belleview, a net-leased retail building, located at 2727 and 2817 W. Belleview Ave. in Littleton. A Hawaii-based 1031 exchange investor acquired the asset from an undisclosed seller for $4 million. Shops at Belleview consists of two structures totaling 7,359 square feet, and was fully occupied at the time of sale. Current tenants include Black Rock Coffee, WingStop, Marco’s Pizza, Metro by T-Mobile and Trinity Nails & Spa. Bryce McNeely of Blue West Capital represented the buyer in the deal.

January 30, 2023

Acquisitions Loans Multifamily Texas

Trez Capital Sells Two Apartment Communities Totaling 608 Units in Metro Austin

by Taylor Williams January 30, 2023

PFLUGERVILLE, TEXAS — Trez Capital has sold The Dalton and The Beacon, two apartment communities in the northern Austin suburb of Pflugerville that total 350 and 258 units, respectively. Trez Capital developed both properties in partnership with Thompson Realty Capital, with construction on both projects commencing in late 2019/early 2020 and wrapping up in 2021 and 2022, respectively. The Dalton and The Beacon both feature one-, two- and three-bedroom units and amenities such as pools, fitness centers, outdoor grilling and dining areas, dog parks and resident lounges. TerraCap Management purchased the assets. The sales price was not disclosed, but global real estate private equity firm ACRE provided $111 million in acquisition financing for the deal. Newmark arranged the debt.

January 30, 2023

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