Property Type

Colliers Mortgage Provides $12.9M HUD-Insured Loan for Refinancing of Iowa Multifamily Property

by Kristin Harlow January 17, 2023

FORT DODGE, IOWA — Colliers Mortgage has provided a $12.9 million HUD-insured loan for the refinancing of District 29 Apartments and Townhomes in Fort Dodge, about 90 miles north of Des Moines. The 118-unit property features studio, one- and two-bedroom apartment units as well as two- and three-bedroom townhome units. Amenities include a fitness center, community room, mail room and dog park. The loan features a 35-year term and a 35-year amortization schedule. Fritz Waldvogel of Colliers originated the loan on behalf of the borrower, District 29 Apartments LLC.

January 17, 2023

California Loans Multifamily Western

Dwight Capital Provides $45M HUD Refinancing for Villa Lucia Apartments in Fresno, California

by Amy Works January 17, 2023

FRESNO, CALIF. — Dwight Capital has provided a $45 million HUD 223(f) loan for Villa Lucia Apartments, a multifamily community in Fresno. The financing features a 35-year term and fixed interest rate. Dwight previously provided a HUD 223(f) loan for Villa Lucia Apartments in 2016 and the subsequent cash-out refinance closed in December 2022. Ari Mandelbaum of Dwight Capital originated both transactions for the borrower, Latco Enterprises. The refinancing benefited from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property qualifies for National Green Building Standard Bronze Certification. Situated on 20 acres, the 272-unit community consists of 42 one- and two-story residential buildings, 19 garage buildings and a clubhouse. Community amenities include a courtyard, fitness center, playground, pool and spa.

January 17, 2023

California Development Multifamily Student Housing Western

Pierce Education Properties Breaks Ground on 169-Bed TOPAZ Apartments Near San Diego State University

by Amy Works January 17, 2023

SAN DIEGO — Pierce Education Properties has started construction of TOPAZ, a 169-bed student housing development located adjacent to the San Diego State University campus. Pierce Education Properties is developing the property in a joint venture with an undisclosed entity. The community will offer 53 units in one- to four-bedroom configurations with bed-to-bath parity. Select units will offer upgrades, including two ‘penthouse’ units on the upper level, which will feature balconies and 70-inch smart televisions. Four units will include a billiards table in the common area along with a large sectional sofa. Shared amenities are set to include landscaped courtyards; private study and conference rooms; a spa; lounge and game rooms; a fitness center; and vertical tanning booth. The development will also include 10,000 square feet of ground-floor retail space, with tenants set to include McDonald’s, Handel’s Homemade Ice Cream, Jimmy John’s and Dunkin’ Donuts. Units are currently being pre-leased at the property, which is scheduled for completion in August 2023.

January 17, 2023

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers Sale of 150-Bed Rehabilitation Centre of Beverly Hills in Los Angeles

by Amy Works January 17, 2023

LOS ANGELES — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing facility in Los Angeles. The Rehabilitation Centre of Beverly Hills is a premier, state-of-the-art, all-Medicare nursing facility located near Cedars-Sinai Medical Center, one of the most prestigious hospitals in the United States. A private, high-net-worth owner-operator based in Los Angeles was the buyer. The seller and price were not disclosed.

January 17, 2023

Moreno-Valley-Logistics-Center-Moreno-Valley-CA

Acquisitions California Industrial Western

Dalfen Industrial Acquires 95,922 SF Moreno Valley Logistics Center in California

by Amy Works January 17, 2023

MORENO VALLEY, CALIF. — Dalfen Industrial has purchased Moreno Valley Logistics Center, an industrial property situated less than three miles from Interstate 215 in Moreno Valley. Terms of the transaction were not released. Moreno Valley Logistics Center features 95,922 square feet of industrial space. The asset is in close proximity to State Route 60 and State Route 91, enabling east-west connectivity including to the Port of Long Beach and Port of Los Angeles.

January 17, 2023

Acquisitions Retail Washington Western

Hanley Investment Group Negotiates Sale of Retail Property in Everett, Washington

by Amy Works January 17, 2023

EVERETT, WASH. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail building located at 1031 SE Everett Mall Way in Everett. An Orange County, Calif.-based private investor company sold the asset to a Seattle-based private investor for $2.8 million. Pacific Dental Services and Coldwell Banker occupy the two-tenant 3,816-square-foot building, which was built in 1975 and renovated in 2017. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with ParaSell, represented the seller, while Michael Finch of CenturyPacific represented the buyer in the deal.

January 17, 2023

Data Centers Development Oregon Top Stories Western

Crane, Principal Asset Management to Develop Data Center Campus Near Portland, Oregon

by John Nelson January 17, 2023

FOREST GROVE, ORE. — Crane Data Centers Inc. and Principal Asset Management plan to develop a data center campus in Forest Grove, a suburb of Portland. The campus will be situated near the Hillsboro data center ecosystem, which houses data centers for users including Meta, Twitter and Microsoft, among others. The estimated development cost for the project was not disclosed. “We’re honored to partner with Principal Real Estate Investors to develop a new data center campus in the Portland market,” says Matt Pfile, CEO of Crane. “This strategic partnership with Crane and data center investment in the Portland area is an exciting project for all parties involved and makes for an excellent addition to our current portfolio of data centers,” says Ben Wobschall, managing director of real estate at Principal Asset Management. The first phase of the project includes a data center spanning approximately 300,000 square feet on a 35-acre site. The facility will have an initial capacity of 50 megawatts (MW) with plans to expand to over 100 MW, according to the developers. The two-story property will have 30-foot clear heights with flooring that can support 400 pounds per square foot, according to Crane. The construction timeline for Phase …

January 17, 2023

Industrial Market Reports Texas Texas Market Reports

Houston’s Outlying Submarkets Offer Promising Industrial Opportunities

by Taylor Williams January 17, 2023

By David Ebro, president of Levey Group Despite the nearly 6.4 million square feet of new project starts during the fourth quarter of 2022, which grew the volume of Houston’s industrial space currently under construction to 33.5 million square feet, the market posted a record 30.3 million square feet of net absorption for the year. This activity drove Houston’s vacancy rate down to 3.8 percent — a decline of 220 basis points from the end of 2021. The remarkable growth throughout the Houston MSA — the nation’s fourth-largest metropolitan area — has developers racing to find buildable sites both within and beyond the city limits. As a result, industrial development is bulging out of the city and into submarkets such as Baytown, Richmond and Brookshire as developers pursue more economically feasible land among these growing population centers. Beyond favorable land opportunities, Houston’s outlying submarkets offer the workforces that tenants require for their warehouse and distribution operations. These growing submarkets are also generating an increasing amount of demand from e-commerce users in the consumer goods sector. Record Growth East of Houston Much of the industrial growth can be found east of town, near and along the Houston Ship Channel. For the …

January 17, 2023

Development Florida Mixed-Use Southeast

Related Group Forms Joint Venture to Develop Bahia Mar Mixed-Use Project in Fort Lauderdale

by John Nelson January 16, 2023

FORT LAUDERDALE, FLA. — The Related Group has finalized a joint venture agreement with Tate Capital and Rok Enterprises Inc. to co-develop Bahia Mar, a long-awaited, waterfront mixed-use complex in Fort Lauderdale. Designed by Arquitectonica, the development will include a luxury hotel and resort with 60 for-sale condominiums; 350 apartments across four high-rises; a yacht marina with 245 slips; 87,000 square feet of commercial space, including offices, shops and restaurants; a half-mile pedestrian boardwalk; green space; and 160,000 square feet of space across 7.3 acres to accommodate the Fort Lauderdale International Boat Show (FLIBS). Bahia Mar will serve as the permanent hosting site for FLIBS, which is the world’s largest boat and yacht show. The construction timeline was not disclosed.

January 16, 2023

Development Georgia Industrial Southeast

MDH Partners, Hight Knox Deliver 420,750 SF Warehouse in Shannon, Georgia

by John Nelson January 16, 2023

SHANNON, GA. — MDH Partners and Hight Knox Properties have delivered Hillman Group Building, a 420,750-square-foot warehouse situated on nearly 60 acres at 6695 New Calhoun Highway NE in Shannon. The property was a build-to-suit for The Hillman Group, a building solutions and hardware supplier firm based in Cincinnati. Currently the firm operates three separate facilities in the Georgia cities of Rome, Smyrna and Adairsville. The new Shannon warehouse will support 200 jobs, including 144 transferring from an existing location. Hillman Group Building features 210 parking spaces, 107 exterior dock doors and 36-foot clear heights.

January 16, 2023

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