Property Type

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

Development Multifamily Texas

Sueba USA Opens 318-Unit San Estrella Apartments in Houston’s Energy Corridor

by Taylor Williams January 30, 2023

HOUSTON — Locally based developer Sueba USA has opened San Estrella, a 318-unit apartment community in Houston’s Energy Corridor neighborhood. Units come in one-, two- and three-bedroom floor plans that range in size from 480 to 2,087 square feet. Residences are furnished with stainless steel appliances, granite countertops, tile backsplashes and walk-in closets. Amenities include a pool, fitness center, internet café, business center, catering kitchen and outdoor grilling and dining areas. Rents start at roughly $1,200 per month for a one-bedroom unit.

January 30, 2023

Affordable Housing Development Multifamily Oklahoma Texas

TWG to Develop $47M Affordable Housing Project in Oklahoma City

by Taylor Williams January 30, 2023

OKLAHOMA CITY — Indianapolis-based multifamily developer TWG will build Fairground Flats, a $47 million affordable housing project in Oklahoma City. The six-building, 216-unit complex will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a pool, fitness center, playground and a clubhouse with a computer lab. The Oklahoma Housing Finance Agency provided a $33.6 million tax-exempt bond for the project. Construction is slated for an early 2024 completion.

January 30, 2023

Acquisitions Multifamily Texas

Northmarq Arranges Sale of 74-Unit Multifamily Property in Corpus Christi

by Taylor Williams January 30, 2023

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Carmel Apartments, a 74-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units, as well as a pool and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.

January 30, 2023

Industrial Leasing Activity Texas

SUNRGY Solar Distribution Signs 47,332 SF Industrial Lease in Missouri City, Texas

by Taylor Williams January 30, 2023

MISSOURI CITY, TEXAS — SUNRGY Solar Distribution has signed a 47,332-square-foot industrial lease in the southwestern Houston suburb of Missouri City. A.J. Williams and Travis Land of Partners, the locally based investment and brokerage firm formerly known as NAI Partners, represented the tenant in the lease negotiations. Beau Kaleel and Brooke Swerdlow with Cushman & Wakefield represented the landlord, Logistics Property Co.

January 30, 2023

Development Mixed-Use New York Northeast

Arden Group Underway on 351,000 SF Mixed-Use Project in Manhattan

by Taylor Williams January 30, 2023

NEW YORK CITY — Philadelphia-based development and investment firm Arden Group is underway on construction of a 351,000-square-foot mixed-use project at 4650 Broadway in Manhattan’s Inwood neighborhood. Designed by Handel Architects, the 20-story building will house 222 residential units that will come in studio, one- and two-bedroom formats, with 30 percent of the apartments subject to income restrictions. Residential amenities will include a fitness center, resident lounge, screening room and a children’s play area. In addition, 4650 Broadway will house 120,000 square feet of commercial space. Of that space, 80,000 square feet is earmarked for a charter school or medical office user, and at least 16,000 square feet will be marketed to grocers. Completion is slated for 2025.

January 30, 2023

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $6.8M Sale of Apartment Building in East Orange, New Jersey

by Taylor Williams January 30, 2023

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $6.8 million sale of a 52-unit apartment building in the Northern New Jersey community of East Orange. The historic building at 60 N. Arlington Ave. offers 30 one-bedroom units, 17 two-bedroom residences and four three-bedroom apartments. David Oropeza of Gebroe-Hammer represented the seller, a limited liability company, in the transaction. Oropeza also procured the buyer, a private investor. Both parties requested anonymity.

January 30, 2023

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