Property Type

Pacific Coast Commercial Brokers $8.4M Sale of Medical Office Building in La Mesa, California

by Amy Works December 5, 2022

LA MESA, CALIF. — Pacific Coast Commercial has negotiated the sale of a medical office property located at 8530 La Mesa Blvd. in Las Mesa. Magnolia Mar Properties sold the asset to Family Health Care Centers of San Diego for $8.4 million. The property features 25,916 square feet of medical office space. Current major tenants include County of San Diego and Penchecks. Brian Crepeau and Ken Robak of Pacific Coast Commercial represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal. US Bank provided acquisition financing.

December 5, 2022

Acquisitions Colorado Retail Western

Peakview Realty Purchases 32,297 SF Shoppes at Parker Commons in Aurora, Colorado

by Amy Works December 5, 2022

AURORA, COLO. — Peakview Realty has acquired Shoppes at Parker Commons, a retail center located at 2701-2787 S. Parker Road in Aurora. Special Servicer LNR Partners LLC sold the asset for $8.2 million, or $255 per square foot. Built in 1987, the 32,297-square-foot property was 92 percent at the time of sale. Tenants include H Mart, H&M Dental, Farmers Insurance, O’Hair Salon, Volcano Tea House, Neo Lashes and Nails, and QQ Massage. Jason Schmidt of JLL Retail Capital Markets Investment Sales and Advisory led the team that represented the seller in the deal.

December 5, 2022

Acquisitions California Hospitality Loans Retail Western

Marcus & Millichap Arranges $8.4M Acquisition Loan for Mixed-Use Asset in Glendale, California

by Amy Works December 5, 2022

GLENDALE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.4 million loan for the acquisition of a mixed-use property located at 202 E. Wilson Ave. in Glendale. The name of the borrower was not released. Bradley Buzil of MMCC’s West Los Angeles office secured the financing for the borrower. The 27,080-square-foot building features a 51-key hotel that can be converted into apartments and six ground-floor retail spaces.

December 5, 2022

Development Midwest Mixed-Use Ohio Top Stories

Bedrock, City of Cleveland Unveil Plans for $3.5B Cuyahoga Riverfront Project

by Taylor Williams December 5, 2022

CLEVELAND — A partnership between Detroit-based developer Bedrock and the City of Cleveland has unveiled plans for the Cuyahoga Riverfront, an initiative that will feature 3.5 million square feet of new development and adaptive reuse projects across 35 acres of publicly and privately owned waterfront land. According to multiple news outlets including The Plain Dealer and Spectrum News, the project is valued at $3.5 billion. Preliminary plans for the site call for the addition of approximately 2,000 residential units, 850,000 square feet of office space and 12 acres of open public space, as well as hospitality, retail and restaurant uses. The development team is targeting a 15- to 20-year timeline for full buildout and transformation of the site. In addition, Bedrock partnered with Sherwin-Williams Co. to acquire Landmark Office Towers and the Breen Technology Center. Specific plans regarding the future use of these buildings were not immediately disclosed. The development team — which includes master architect David Adjaye, local firm Osborn Engineering and urban planning firm MKSK — views the site as a natural connective bridge between the Cuyahoga River and downtown Cleveland. Adjaye spent the last several months in Cleveland cultivating a plan to make that vision a reality. …

December 5, 2022

Louisiana Market Reports Multifamily Southeast Southeast Market Reports

New Orleans Apartment Market is Performing Well Due to High Barriers to Entry

by John Nelson December 5, 2022

Increased interest rates and challenging insurance costs would normally stifle a multifamily market. However, an inventory constrained by a lack of land, supply chain issues, labor shortages and the increased cost of homeownership have contributed to a further stabilization of the metro New Orleans multifamily market. The overall vacancy factor for our seven primary submarkets that make up metro New Orleans are in the 5 to 6 percent range. We anticipate occupancy rates to steadily increase going forward as new construction has stalled and rising interest rates have delayed many tenants from transitioning to homeownership. Overall rental rates in the metro average in the $1,250 to $1,350 per month range. The rents represent a 3.5 percent increase over the past 12 months. It should be noted that some submarkets have seen considerably higher increases. The highest rental rates reported in the metro for garden-style communities are in Eastern St. Tammany Parish, where the newest inventory exists. The highest rents in New Orleans are downtown in the CBD/Warehouse District. These communities comprise mid-rise and high-rise developments and command rents exceeding $2.50 per square foot. The downtown market experienced some softness during the COVID-19 pandemic but made a robust recovery once restrictions …

December 5, 2022

Development Georgia Mixed-Use Southeast

SJC Ventures Tops Out Second Phase of $750M Interlock Mixed-Use Development in Atlanta

by John Nelson December 2, 2022

ATLANTA — SJC Ventures has topped out the second phase of The Interlock, a $750 million mixed-use project located in Atlanta’s West Midtown district. The second phase, built by Choate Construction and anchored by a 42,000-square-foot Publix, features 275,000 square feet of commercial space and 670 units of student housing for Georgia Tech students. Construction on the second phase began in May 2021. Additionally, four new retailers have inked leases at The Interlock. Pinky Promise Champagne Bar, The X Pot — a Korean barbecue and hot pot restaurant, City Nails and GoodVets will join the tenant lineup. Previously announced tenants include Starbucks Coffee, Kura Revolving Sushi Bar, Salon Lofts and Five Guys. Stream Realty Partners is managing leasing for the office space at the development on behalf of SJC Ventures.

December 2, 2022

Development Florida Hospitality Multifamily Southeast

Urban Network Capital Plans $170M Visions Orlando Residential Development

by John Nelson December 2, 2022

ORLANDO, FLA. — Urban Network Capital Group (UNCG) plans to break ground on Visions Orlando, a 42-acre residential and hospitality community in Orlando, in the second quarter of 2023. The $170 million project will feature three components: Illusions, Reflections and Inspirations. Illusions will feature 48 single-family homes in seven- and eight-bedroom layouts, with prices beginning at $799,000. Reflections will comprise 132 townhomes featuring five- and six-bedroom layouts. Pricing for the townhomes will start at $629,000. Inspirations will be the condo hotel component of the development, with 181 one- and two-bedroom units. Prices for these units will begin at $235,000. The property will feature the Disney Good Neighbor Program qualification for the condo hotel and the Disney Vacation Home Rental Program qualification for the single-family residences and townhomes. Initial completions are scheduled for the second quarter of 2024. A 12,000-square-foot clubhouse will feature amenities including a gym, Pilates rooms, yoga deck, steam room, sauna, restaurant, bar, lounges, movie theater, kids room, arcade, business center and driving simulators. Outdoor amenities will include a pool with a waterpark, Jacuzzis, hot tubs, cabanas, a playground, croquet lawn, golf putting, a bikeshare and tennis, volleyball and pickleball courts.

December 2, 2022

Development Industrial South Carolina Southeast

Magnus Begins Construction on Two Buildings at 803 Industrial Park in Columbia, South Carolina

by John Nelson December 2, 2022

COLUMBIA, S.C. — Magnus Development Partners has broken ground on two buildings at 803 Industrial Park, a development in Columbia adjacent to the Columbia Metropolitan Airport. Dubbed Gateway One and Gateway Three, the buildings comprise 252,720 square feet each. Delivery is scheduled for the second quarter of 2023. Magnus will break ground on a third building, the 408,240-square-foot Gateway Two, in the second quarter of 2023. Magnus also plans to develop the Gateway Four building, details of which were not disclosed, at a later date. Colliers manages leasing and marketing at the park on behalf of Magnus.

December 2, 2022

Acquisitions Industrial South Carolina Southeast

JLL Brokers Sale of 837,400 SF Industrial Property in Metro Charleston

by John Nelson December 2, 2022

LADSON, S.C. — JLL Capital Markets has arranged the sale of TradePark East, a newly constructed industrial campus comprising 837,400 square feet in Ladson, roughly 15 miles outside of Charleston. Patrick Nally, Pete Pittroff, Dave Andrews and Josh McArdle of JLL brokered the transaction on behalf of the seller, Trinity Capital Advisors. A partnership between TPG Capital and Dogwood Industrial Properties acquired the property, which was fully preleased during construction, for an undisclosed price.

December 2, 2022

Development Florida Multifamily Southeast

FaverGray, Chance Partners Break Ground on 288-Unit Apartment Community in Wildwood, Florida

by John Nelson December 2, 2022

WILDWOOD, FLA. — FaverGray and development partner Chance Partners have broken ground on The Juliette at Wildwood, a 288-unit multifamily development in Wildwood, approximately 50 miles northwest of Orlando. The project marks the second joint venture between the two companies. Situated on a 21.9-acre site, the community will feature amenities including a pool, clubhouse with a fitness room and coworking area, a dog park and dog spa and bocce ball court. Delivery is scheduled for the fourth quarter of 2024.

December 2, 2022

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