Property Type

AGS Properties Acquires 112,000 SF Last-Mile Industrial Facility in Metro Tampa

by Julia Sanders March 29, 2022

GIBSONTON, FLA. — AGS Properties has acquired a newly constructed, last-mile delivery facility located within Tampa Regional Industrial Park in Gibsonton, about 15.6 miles from Tampa. Tampa Regional Industrial Park is a master-planned distribution park that totals 1.4 million square feet and includes tenants such as Republic National Distributing Co. and Siemens Corp. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Kayla Hankins of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 2022, the facility totals 112,000 square feet and was fully leased at the time of sale to an unnamed e-commerce company. Property amenities include LED lighting, 32-foot minimum clear heights, a 9 per 1,000-square-foot parking ratio and direct access to Interstate 75, U.S. Highway 41 and the Port of Tampa. The facility also offers future development capabilities through a 44,000-square-foot expansion of the existing facility and construction of an additional 198,000-square-foot facility. Located at 13010 Bay Industrial Drive, the property is situated 25.4 miles from Tampa International Airport.

March 29, 2022

Florida Loans Retail Southeast

Concord Summit Capital Secures $16M Refinancing for Shopping Center in Delray Beach, Florida

by Julia Sanders March 29, 2022

DELRAY BEACH, FLA. — Concord Summit Capital LLC has secured a $16 million loan for the refinancing of Bed Bath & Beyond Plaza, a shopping center in Delray Beach. The Florida-based sponsor, Berta Management, will use the bridge loan to construct a new Starbucks store, provide for capital improvements and pay off existing debt. Massachusetts-based Seven Hills Realty Trust provided the non-recourse loan. Justin Neelis and Daniel Rojo of Concord Summit Capital LLC sourced the financing on Berta Management’s behalf. Bed Bath & Beyond Plaza was 86 percent leased at the time of financing to a newly renovated Bed Bath & Beyond and a CVS/pharmacy, which was built in 2018. The property also features tenants including Enterprise, Marios Market, Agapi Gourmet, Jack’s Pizza, Philly Grill, USPS, JN Nails and Celebrity Dry Cleaning. The Starbucks will be built as an outparcel facing Atlantic Avenue. Site work is underway, and once construction is completed, the shopping center will total 86,043 square feet of leasable space. Built in 1981 at 14802 S. Military Trail, the shopping center is situated seven miles from Boca Raton and Boca Raton Airport.

March 29, 2022

Acquisitions Multifamily Southeast Tennessee

Marcus & Millichap Arranges Sale of 200-Unit Apartment Community in Memphis

by Julia Sanders March 29, 2022

MEMPHIS, TENN. — Marcus & Millichap has arranged the sale of Ashton Hills Apartments, a 200-unit complex in Memphis. Bryan Sisk, David Dorris and Brad Barham of Marcus & Millichap represented the seller, an Iowa-based limited liability company. The team also secured the buyer, an investment group out of Denver. The sales price was not disclosed. Built in 1975, Ashton Hills offers one-, two- and three-bedroom floorplans with a unit size range of 580 to 1,044 square feet. Unit features include washer and dryer hookups, vinyl flooring and walk-in closets. Community amenities include a pool, package service, maintenance onsite, property manager onsite, business center and a playground. The seller previously made significant upgrades to the property, according to Marcus & Millichap. Located at 4183 Troost Drive on 12.6 acres, Ashton Hills is situated 20.6 miles from Memphis International Airport and 13.9 miles from downtown Memphis.

March 29, 2022

Acquisitions Development Life Sciences Loans Massachusetts Northeast

JLL Arranges $542.5M in Financing for Spec Life Sciences Project in Boston’s Seaport District

by Taylor Williams March 29, 2022

BOSTON — On behalf of Boston Global Investors, JLL has arranged $542.5 million in financing for 10 World Trade, a 555,250-square-foot speculative life sciences project in Boston’s Seaport District. The financing package consists of a $382.5 million construction loan from an undisclosed life insurance company and $160 million in joint venture equity contributions from PGIM Real Estate and Wheelock Street Capital. Designed by Sasaki, the 17-story building will house office and life sciences users on floors three through 17, while the ground floor will feature a two-story public atrium with a 45-foot domed ceiling, a food hall and a garden lounge. Sitework began recently, and completion of the project is slated for late 2024. Anthony Cutone and Andrew Gray of JLL structured the financing on behalf of the borrower. JLL has also been retained to lease the building.

March 29, 2022

Data Centers Development Industrial Midwest Missouri

Meta to Build $800M Data Center in Kansas City

by Kristin Harlow March 29, 2022

KANSAS CITY, MO. — Meta Platforms Inc., formerly known as Facebook Inc., plans to build a nearly 1 million-square-foot data center in Kansas City. Meta will invest more than $800 million for the project, which will support up to 100 jobs. The facility is expected to be operational in 2024. The data center will be located in Golden Plains Technology Park, a 5.5 million-square-foot data center campus. The site will be supported by 100 percent renewable energy. Meta plans to use the Data Center Sales Tax Exemption Program, a tool that incentivizes the location and expansion of data centers in the state of Missouri.

March 29, 2022

Indiana Loans Midwest Multifamily

Berkadia Arranges $91M Acquisition Loan for Indianapolis Apartment Community

by Kristin Harlow March 29, 2022

INDIANAPOLIS — Berkadia has arranged a $91 million loan for the acquisition of The Whit in downtown Indianapolis. The 334-unit apartment community is located at 307 N. Pennsylvania St. Amenities include a pool, fitness center, courtyard and dog park. The property also features an attached 540-space parking garage and 10,687 square feet of retail space, which is leased to 16 Bit Bar+Arcade and MassageLuXe. Jason Brown and Austin Katai of Berkadia arranged the five-year loan through a debt fund lender. The borrower was Indiana-based Zidan Management Group Inc.

March 29, 2022

Hospitality Loans Midwest Minnesota

Colliers Mortgage Provides $14.9M Loan for Construction of New Hotel in St. Paul, Minnesota

by Kristin Harlow March 29, 2022

ST. PAUL, MINN. — Colliers Mortgage | Commercial Finance has provided a $14.9 million loan for the construction of Courtyard by Marriott-Gateway St. Paul. The 120-room hotel will be situated across from the Xcel Energy Center, a downtown arena. The Xcel Energy Center is home to more than 150 sporting and entertainment events each year. Loan terms and the borrower were not disclosed.

March 29, 2022

Acquisitions Illinois Midwest Multifamily Student Housing

Interra Realty Brokers $5.2M Sale of Student Housing Property in Chicago

by Kristin Harlow March 29, 2022

CHICAGO — Interra Realty has brokered the sale of The Loyola, a 49-bed student housing property in Chicago’s Rogers Park neighborhood, for nearly $5.2 million. Completed in August 2021, the four-story building is located along West Loyola Avenue. The property, which includes 1,500 square feet of retail space, was built on the site of former office and storage space for the Chicago Waldorf School. The property was 25 percent leased at the time of sale and 60 percent pre-leased for the upcoming fall semester. Residents have access to a community room, fitness center and rooftop deck. Craig Martin of Interra represented the undisclosed seller and procured the all-cash buyer, who owns and operates student living communities locally.

March 29, 2022

Acquisitions Midwest Ohio Retail

Marcus & Millichap Negotiates $2.2M Sale of Rite Aid-Occupied Property in Sandusky, Ohio

by Kristin Harlow March 29, 2022

SANDUSKY, OHIO — Marcus & Millichap has negotiated the $2.2 million sale of an 11,325-square-foot property net leased to Rite Aid in Sandusky, a city in northern Ohio located along Lake Erie. The property is located at 334 W. Perkins Ave. Rite Aid has roughly six years remaining on its lease. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the Ohio-based private seller as well as the buyer, a Michigan-based limited liability company.

March 29, 2022

Acquisitions Healthcare Texas

JLL Negotiates Sale of 227,657 SF Legacy Oaks Medical Office Campus in San Antonio

by Taylor Williams March 29, 2022

SAN ANTONIO — JLL has negotiated the sale of the 227,657-square-foot Legacy Oaks Medical Complex, which is located adjacent to South Texas Medical Center in San Antonio. The campus comprises seven buildings that house primary care, pediatrics, rheumatology, ophthalmology, optometry, radiology, pain management and outpatient rehabilitation users. Brian Bacharach, Vasili Davos and John Taylor of JLL represented the seller, Dallas-based private equity firm Velocis, in the transaction. A joint venture between Altera Fund Advisors and Harrison Street acquired the property for an undisclosed price.

March 29, 2022

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