Property Type

Wegmans Opens New 81,300 SF Grocery Store in Metro D.C., Two More Planned to Open

by John Nelson May 24, 2022

WASHINGTON, D.C. — Wegmans, an upscale supermarket chain based in Rochester, N.Y., is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Va., a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Va., and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in July and the Reston store is set to open in early 2023. Wegmans is also opening an 84,000-square-foot store in Wilmington, Del., this fall.

May 24, 2022

Acquisitions Georgia Multifamily Southeast

CBRE Investment Management Provides $85.3M Acquisition Loan for Multifamily Community in Metro Atlanta

by John Nelson May 24, 2022

DORAVILLE, GA. — A fund sponsored by CBRE Investment Management closed on an $85.3 million mortgage loan to finance Atlanta-based Carroll’s acquisition of the 592-unit Arium Winters Chapel apartment community in the Atlanta suburb of Doraville. The floating-rate loan has an initial term of three years with a two-year extension option. The loan features future funding to finance the sponsor’s business plan. Robert Kadoori of CBRE’s Debt & Structured Finance team in Atlanta arranged the loan on behalf of Carroll. Formerly known as Jasmine at Winters Chapel, Arium Winters Chapel is a garden-style property located at 4335 Winters Chapel Road and offers one-, two- and three-bedroom floor plans. Units feature hardwood-style flooring, resurfaced cabinets, private balconies, tile backsplashes and washer/dryers in select units. Community amenities include a fitness center, two swimming pools, soccer field, picnic and grilling areas, two dog parks, playground, clubhouse, business center and controlled gated access.

May 24, 2022

Loans Office Washington Western

CBRE Places $32.5M in Financing for Seattle South Lake Union Office Building

by Amy Works May 24, 2022

SEATTLE — CBRE, on behalf of Swift Real Estate Partners, has placed $32.5 million in financing for 425 Pontius, an office building located in Seattle’s South Lake Union neighborhood. The borrower acquired the property in March 2022. Swift Real Estate Partners will use the financing for the acquisition and renovation of the four-story, 75,000-square-foot office building. The property features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 and underwent a lobby renovation in 2018. Swift plans to reposition the asset into creative office space and renovate the exterior and make cosmetic upgrades to the lobby, elevators and common areas. Mike Walker and Brad Zampa of CBRE’s San Francisco office, alongside Jeff Henderson in the Seattle office, arranged the four-year, floating-rate loan through an undisclosed West Coast-based bank. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller, a local private partnership, in the sale of the property in March.

May 24, 2022

Arkansas Development Multifamily Southeast

ERC Holdings, Mia Rose to Develop 152-Unit Pure Lowell Apartment Community in Northwest Arkansas

by John Nelson May 24, 2022

LOWELL, ARK. — Rogers, Ark.-based ERC Holdings and St. Louis -based Mia Rose Holdings have begun development of Pure Lowell, a multifamily community in the northwest Arkansas city of Lowell. The project includes new construction of 152 one- and two-bedroom units visible off I-49 and conveniently located near the corporate headquarters of J.B. Hunt and Mercy Pediatric and Mercy Behavioral Health clinics. Pure Lowell will include 109 one-bedroom units and 43 two-bedroom units spread across 115,000 square feet in 10 three-story buildings. All units will have washers and dryers, Energy Star-rated kitchen appliances, energy-efficient mechanical systems, upgraded interior finishes and window coverings. Community amenities will include walking trails, a resort-inspired pool, clubhouse, bicycle garage, 1,000-square-foot fitness center, technology lounge and business center, a pocket park and numerous greenspace gathering areas. The project team includes architectural firm Sharp Architects Inc., general contractor Pick-It Construction Inc. and property management firm Trinity Multifamily. First National Bank of NWA is providing construction financing for the project, which will break ground immediately. The developers expect to deliver Pure Lowell in the third quarter of 2023. ERC and Mia Rose are also co-developing the 234-unit Pure Springdale community, which is under construction 10 miles away.

May 24, 2022

Florida Leasing Activity Office Southeast

Cushman & Wakefield Arranges 42,000 SF Office Lease at 800 Brickell in Miami

by John Nelson May 24, 2022

MIAMI — Cushman & Wakefield has arranged a 42,000-square-foot office lease at 800 Brickell, an office tower in Miami’s Brickell district. The tenant, IT management software provider Kaseya, is slated to officially move into the top three floors of the 15-story building next year. The 800 Brickell location will be Kaseya’s third office in Brickell. Tony Jones of Cushman & Wakefield represented Kaseya in the lease negotiations. The landlord is Naba Realty LLC.

May 24, 2022

California Loans Retail Western

Gantry Arranges $24M Loan for Refinancing of Southern California Retail Center

by Amy Works May 24, 2022

MOORPARK, CALIF. — San Francisco-based mortgage banking firm Gantry has arranged a $24 million bridge loan for the refinancing of Village at Moorpark, a retail center located at 706-790 Los Angeles Ave. in Moorpark. Amazon Fresh, Dover Saddlery and other local, regional and national tenants occupy the 129,000-square-foot property. Mark Ritchie and Austin Ridge of Gantry’s Los Angeles office arranged the financing on behalf of the borrower, a private real estate investor. An investment management platform firm provided the loan, which features earn-out provisions with holdbacks tied to future performance milestones and extensions.

May 24, 2022

Acquisitions Arizona Industrial Western

Sealy & Co. Acquires 85,259 SF Sky Harbor Center Industrial Property in Phoenix

by Amy Works May 24, 2022

PHOENIX — Sealy & Co. has purchased Sky Harbor Center, a Class A industrial building located at 801 S. 16th St. in Phoenix. An affiliate of Cohen Asset Management sold the asset for an undisclosed price. The 85,259-square-foot property is situated on 7.5 acres within the Sky Harbor Airport submarket and was fully leased to two tenants at the time of sale. Will Strong, Greer Oliver, Kirk Kuller and Connor Nebeker-Hay of Cushman & Wakefield represented the seller in the transaction. Cooper Fratt, John Werstler and Tanner Ferrandi of Cushman & Wakefield provide leasing advisory services for the property.

May 24, 2022

Acquisitions Idaho Industrial Western

Cushman & Wakefield Brokers $17.7M Sale of Industrial Facility in Boise

by Amy Works May 24, 2022

BOISE, IDAHO — Cushman & Wakefield has arranged the sale of a newly renovated industrial facility situated on more than 3 acres in Boise. An undisclosed buyer acquired the asset from an entity doing business as Emerald Town LLC for $17.7 million. Located at 11193 Emerald St., the 77,962-square-foot property was fully leased to four tenants at the time of sale. The property features five roll doors, an insulated roof, upgraded office and restroom space, upgraded freezer/cooler space, resurfaced and restriped parking lot and revamped dock door systems. Jennifer McEntee, Bree Wells and D.J. Thompson of Cushman & Wakefield represented the seller in the deal.

May 24, 2022

Acquisitions Multifamily Washington Western

MJW Investments Buys 56-Unit Apartment Building in Vancouver, Washington

by Amy Works May 24, 2022

VANCOUVER, WASH. — Los Angeles-based MJW Investments has acquired Avenue 66, a multifamily community in Vancouver, in an off-market transaction. The seller and sales price were not released. Built in 2016, the garden-style property features 56 apartments in a mix of one- and two-bedroom floor plans. The average unit size is 840 square feet. MJW Investments plans to make light improvements to unit interiors, clubhouse and other common areas. Affinity Property Management will oversee operations and the renovation of the property. Banc of California provided acquisition financing.

May 24, 2022

Acquisitions Massachusetts Northeast Retail Rhode Island

Wilder, TA Realty Acquire Shopping Center Portfolio in Massachusetts, Rhode Island, for $390M

by Taylor Williams May 24, 2022

BOSTON — A partnership between two Boston-based firms, Wilder Cos. and TA Realty, has acquired a portfolio of nine grocery-anchored shopping centers totaling 729,437 square feet for $390 million. Eight of the properties are located in Massachusetts, and one is located in Rhode Island. At the time of sale, the portfolio was 95 percent leased, with grocers such as Whole Foods Market, Shaw’s, Star Market and Dave’s Fresh Marketplace serving as anchor tenants. Robert Griffin, Geoffrey Millerd, Jonathan Martin, Paul Penman and Mathew Adler of Newmark represented the undisclosed seller and procured the buyer in the transaction. Richard Ruggerio of Newmark assisted in closing the deal as the local broker of record.

May 24, 2022

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