SAN DIEGO — R.L. Jones Customhouse Brokers has leased a 240,975-square-foot industrial building currently under construction at Landmark at Otay in San Diego. The facility is situated at the intersection of SR-905 and SR-125. Targeted for shell completion in May 2023, R.L. Jones will relocate its corporate headquarters to 1610 Landmark Road as it expands its operations in the park to nearly 400,000 square feet across two new Class A industrial structures. R.L. Jones signed its first lease, totaling more than 150,000 square feet, within the same park in 2021. The new agreement represents the largest non-Amazon industrial lease in Otay Mesa in the past decade, and the largest in San Diego County in the past five years, according to the Colliers San Diego team of Mark Lewkowitz, Chris Holder and Will Holder, which is responsible for marketing and leasing the development. Majestic Realty Co. and Sunroad Enterprises are the developers behind Landmark at Otay.
HERNDON, VA. — Progress Capital has arranged a $60.5 million acquisition loan for South Lake at Dulles Corner Business Park, a 270,000-square-foot office building in Herndon leased to Amazon. Brad Domenico of Progress Capital arranged the loan through Societe Generale Corp. on behalf of the borrower, Vision Properties. The loan features five years of interest-only payments. The seller was not disclosed. Built in 2008 and renovated in 2020 ahead of Amazon’s occupancy, the 10-story office building features a new fitness center, full-service café, modern conference facilities, tenant gaming rooms, outdoor dog park, bicycle room and a 921-space parking garage with EV charging stations. South Lake is located within Dulles Corner Business Park at 13820 Sunrise Valley Drive, which is near Dulles International Airport and the Silver Line Innovation Center Metro station.
HTG, Mount Hermon AME Church Break Ground on Affordable Seniors Housing Community in Fort Lauderdale
FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal (AME) Church Inc. has broken ground on Mount Herman Apartments, an affordable seniors housing project in Fort Lauderdale. The seven-story property will be located at 750 NW 4th St. and offer one- and two-bedroom units ranging from 650 to 950 square feet. Apartments will be reserved for income-qualifying residents 62 and older who earn at or below 25 and 60 percent of the area median income (AMI), with rents ranging from $425 to $1,225 per month. Amenities will include a rooftop pool and pool deck with lounge seating, fitness center, multipurpose clubroom with kitchenette and an outdoor community gathering space. Services provided at the community will include 24-hour resident assistance and a resident assurance check-in program, adult literacy training and assistance with light housekeeping, grocery shopping and laundry. Funding sources for Mount Hermon Apartments include $32.6 million in 9 percent LIHTC equity syndicated through Raymond James, a $33 million construction loan through TD Bank, a $7.5 million Freddie Mac loan through Berkadia and a $640,000 loan from the City of Fort Lauderdale. HTG and Mount Hermon AME Church plan to open the property in late 2024.
WILMINGTON, N.C. — A joint venture between two Southeast-based general contractors, Swinerton and Monteith Construction, will construct a four-story mass timber office building on the Live Oak Bank campus in Wilmington. The 67,000-square-foot property will be the fourth building on the campus and the first to be 100 percent mass timber, a sustainable building method that more developers are opting to utilize. The local office of LS3P designed Building Four to achieve LEED Silver certification. The property is expected to accommodate 200 Live Oak Bank employees upon completion, which Swinerton and Monteith are expecting in early 2024. Swinerton’s sister company Timberlab will provide both the glue-laminated timber and the cross-laminate timber fabrications for the Building Four project.
ASHEVILLE, N.C. — Clarion Partners Real Estate Income Fund Inc., an investment vehicle sponsored by New York-based Clarion Partners, has acquired Retreat at Weaverville, a 176-unit apartment community in Asheville. The seller and sales price were not disclosed. Completed in 2021, the property sits on a 16.9-acre site within one mile of I-26. Community amenities include a clubhouse, coffee bar, dog park and dog wash station, fitness center, yoga and spin room, office workspaces and a swimming pool. The new, undisclosed property manager will complete numerous amenity upgrades over the next year at Retreat at Weaverville, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker and elevated landscaping.
MIAMI — Club Studio, a fitness retail concept and part of Fitness International LLC, has signed a 38,400-square-foot lease at Grove Central, a mixed-use development underway in Miami’s Coconut Grove neighborhood. A joint venture between Miami-based developers Terra and Grass River Property is developing Grove Central, which is expected to open in 2024. The project will feature a 23-story residential tower with 402 multifamily, workforce and co-living units, a new 1,250-space public parking garage and a total of approximately 170,000 square feet of neighborhood-oriented retail space. Other retailers committed at the project include Target, Sprouts Farmers Market, Total Wine and Five Below. Grove Central is situated adjacent to the Coconut Grove Metrorail station, The Underline linear park and U.S. Highway 1.
SKOKIE, ILL. — Unibail-Rodamco-Westfield has unveiled plans to add up to 200,000 square feet of healthcare space to its redevelopment of Westfield Old Orchard mall in Skokie. The medical space is expected to be available for leasing in 2024. Greg Gerber and Chris Cummins of JLL will handle the leasing assignment. In 2022, Unibail-Rodamco-Westfield unveiled plans for the redevelopment of Westfield Old Orchard mall to include health and wellness amenities, luxury residences and open green space. Currently, there are 17 restaurants, 143 retailers, two fitness studios and 1.7 million square feet of retail space.
BELLEVILLE AND ROMULUS, MICH. — Crestlight Capital, in partnership with Sabal Investment Holdings, has acquired a four-property industrial portfolio totaling 1.1 million square feet near the Detroit Metropolitan Wayne County Airport. The purchase price was undisclosed. The buildings are located at 7525 and 6505 Cogswell St. in Romulus and 41133 and 41199 Van Born Road in Belleville. They are fully leased to various tenants. Crestlight has retained Dan Labes, Jack Coury and Chris Hill of Newmark to manage and lease the buildings.
DALLAS — Marcus & Millichap has brokered the sale of a portfolio of three multifamily properties totaling 782 units in the Dallas area. Mercer Park is a 248-unit property in Arlington that was built in 1984. Timber Oaks in Grand Prairie, which was constructed in 2003, totals 264 affordable housing units, and Plum Meadow, located in the Redbird area of Dallas, consists of 270 market-rate units that were completed in 1984. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, NeuRock Capital, in the transaction. Additional terms of sale were not disclosed.
ALMA, MICH. AND MUNSTER, IND. — iBorrow has provided a $13.5 million loan for the refinancing of two industrial properties in Alma and Munster. The two manufacturing facilities are fully leased and total 301,000 square feet. The loan will enable the borrower to refinance $12 million in existing debt on the portfolio, as well as recapitalize the ownership structure by buying out an equity partner. The properties are located at 2000 Michigan Ave. in Alma, a city in central Michigan, and 9325 Kennedy Court in Munster, a city in Northwest Indiana.