SUNRISE, FLA. — Capital Funding Group has provided a $27.2 million construction loan for the conversion of a partially completed hotel in South Florida to a 191-unit assisted living community. The property is located at 3003 N. University Drive in Sunrise, about 10 miles west of Fort Lauderdale. The borrower, YMP Real Estate Management, will use $7.4 million of the financing to complete the shell construction. YMP will also manage the seniors housing community when it opens. The construction timeline was not disclosed.
DAVENPORT, FLA. — Austin, Texas-based Virtus Real Estate Capital and Charleston, S.C.-based Blaze Capital Partners have acquired The Pointe at Siena Ridge, a 163-unit active adult residential community in the Orlando suburb of Davenport. The seller and sales price were not disclosed. The property was constructed in 2021 and features a mix of one- and two-bedroom apartments ranging in size from 753 to 1,046 square feet that are reserved for residents 55 and older. Each unit features 9-foot ceilings, in-unit washers and dryers, stainless steel appliances and private, screened-in balconies and patios. Community amenities include a resort-style swimming pool, elevator access, fitness center, movie theater, hair salon, bocce ball court, clubhouse and coffee bar and wine lounge. The property also provides tenants with 23 detached garages and electric vehicle charging stations. The Pointe at Siena Ridge is Blaze Capital’s fourth active adult acquisition in Florida.
KENNESAW AND ATLANTA, GA. — Atlanta Property Group (APG) has sold two office buildings in metro Atlanta for a combined $18.5 million. The transactions include the $8.1 million sale of 1075 Big Shanty, a 72,000-square-foot, single-story office building located at 1075 Big Shanty Road in Kennesaw, and the $10.4 million sale of Paces Cumberland, a 70,000-square-foot, multi-tenant office building located in Atlanta’s Vinings district. The buyers were not disclosed. APG currently owns or operates nearly 4.5 million square feet of office and industrial properties throughout the Southeast.
HENDERSON, NEV. — MIG Real Estate has sold Pecos Plaza, a 124,000-square-foot medical and office campus in Henderson, to Woodside Health for $26.7 million. The Class B medical and office campus is located at 9005-9089 South Pecos Road. It includes a two-story building complemented by seven single-story medical/professional office buildings situated on a 7.6-acre parcel. The assets are 93 percent occupied with a tenant roster that includes Belle Medical, Las Vegas Urology, Serenity Dental, and Innovative Pain Care Center, among others. Cushman & Wakefield and JLL represented MIG in the transaction.
KIRKLAND, WASH. — Waterton has re-entered the Seattle market with its purchase of the 123-unit 128 on State apartment community in Kirkland. The property is situated at the crossroads of NE 85th Street and Interstate 405. The buyer plans to execute a value-add renovation at the 1.5-acre community. The property provides an opportunity for an impactful value-add renovation scope, according to Waterton. This would include upgrading residences (all of which are in original condition) to a modern finish level with quartz countertops, tile backsplashes and refinished cabinetry in kitchens; new tile and tub surrounds in bathrooms; new carpeting in bedrooms; and updated lighting and plumbing fixtures throughout. Common areas will also be updated with modern furniture and finishes, including a new yoga studio in the fitness center.
PEORIA, ARIZ. — Gantry has arranged $12.9 million of permanent financing for the acquisition of a newly constructed, 157,000-square-foot warehouse facility in the Phoenix suburb of Peoria. The space is fully leased to a single credit tenant. The modern facility is the first building completed within Peoria Logistics Park, a 150-acre, master-planned industrial development two miles east of Loop 101. The acquired property includes a dedicated vehicle maintenance building. Tim Storey and Chad Metzger of Gantry’s Phoenix production office secured the loan for the buyer, a private real estate entity. One of Gantry’s correspondent life company lenders provided the fixed-rate, 11-year loan.
ORINDA, CALIF. — Volwood Management has acquired a Class A office building in the East Bay submarket of Orinda for $12.8 million. The boutique asset is situated northeast of Oakland. It was built in 1974 and renovated in 2018. The space is currently 91 percent leased and features exposed brick and timber, as well as upgraded HVAC and lighting. The JLL Capital Markets team of Erik Hanson, Rob Hielscher, David Dokko, Adam Lasoff, Mike Matera and Caroline Reynolds represented the seller, Long Market Property Partners, in the transaction. Knute Bucklew, head of agency leasing for JLL’s East Bay region, oversaw leasing advisory services.
SAN FRANCISCO — Shartsis Friese LLP has relocated to a 26,000-square-foot office space at 425 Market St. in San Francisco’s Financial District. This is the first time the national law firm has moved headquarters in more than 30 years. It will occupy the space in early 2024. Interior improvement design is now underway on the new 11th-floor space. Gensler and JLL Project & Development Services are working with the tenant to create a modern workplace befitting the evolving needs of the workforce both today and in the future. JLL’s Hugh “Scotty” Scott, Matt Aljets and Travis James represented Shartsis Friese in the lease transaction. JLL project manager Michael Payne leads the interior improvements efforts. Skyline Construction is general contractor. MetLife and Norges own the building.
BOSTON — Berkeley Investments has received approval from the Boston Planning & Development Agency to move forward with development of its 176 Lincoln mixed-use project in Boston’s Allston neighborhood. Plans call for Class A lab and R&D space, offices and apartment units. Designed by CBT, 176 Lincoln will be built on a five-acre site with two acres of landscaped open space. The two main commercial buildings will include 720,000 square feet of lab, R&D and office space. The project will also include onsite housing, including 252 apartment units with 10 live-work units for artists. The project will be situated within immediate proximity to Harvard’s recently completed Paulson School of Engineering and Applied Sciences, the Harvard Business School and the recent expansion of Harvard academic and cultural facilities such as the Harvard Innovation Labs. The expanding Harvard presence in Allston is establishing a new cluster for innovation and research in greater Boston, according to Berkeley. “With its location adjacent to Harvard’s growing Allston campus and its introduction of state-of-the-art, Class A lab space, 176 Lincoln will be an important addition to the rapidly growing life sciences, medical, academic research and corporate corridor stretching through Boston and into Cambridge,” says Young Park, …
COLONIAL HEIGHTS AND ASHLAND, VA. — A joint venture between Lingerfelt and Partners Group has purchased a nearly 1.2 million-square-foot industrial portfolio in metro Richmond for $105.6 million. The seller was not disclosed. The portfolio includes Walthall Distribution Center, a three-building property in Colonial Heights spanning 868,601 square feet, and Northlake Distribution Center, a 293,115-square-foot facility in Ashland. Developed between 2000 and 2003, the facilities include cross-dock and rear-load configurations, 32-foot clear heights, a high ratio of dock positions, ESFR fire protection and ample auto parking spaces. The portfolio was fully leased at the time of sale to 18 separate tenants. Matt Anderson and Harrison McVey of Colliers will handle the marketing and leasing of the portfolio on behalf of the new ownership. Colliers will also provide property and facility management services for the properties and tenants.