CLIFTON, N.J. — Lee & Associates has brokered the sale of a 20,000-square-foot warehouse in the Northern New Jersey community of Clifton. The building at 25 Styertowne Road is a single-tenant property that was fully leased to food manufacturer Pereg Gourmet at the time of sale. Josh Krantz of Lee & Associates represented the seller, New Jersey-based Kessler-Schwartz Associates, and procured the undisclosed buyer in the off-market deal.
ORLANDO, FLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $9.6 million in acquisition financing for Magic Mall Plaza, a flea market-style shopping center located at 2155 W. Colonial Drive in Orlando. Built in 1971 and renovated in 2000, the 128,939-square-foot complex houses multiple stores and restaurants, as well as event spaces. Garrett Fierstein of MMCC’s Orlando office originated the financing on behalf of the undisclosed borrower. The 10-year loan features a fixed 5.68 percent interest rate, 25-year amortization schedule and a loan-to-value ratio of 75 percent.
LOS ANGELES — A joint venture between Kairos Investment Management Co. (KIMC) and Harbor Associates has purchased 6922 Hollywood Boulevard, a 12-story office and retail property in the Hollywood neighborhood of Los Angeles. Terms of the transaction were not released. Situated at the intersection of North Orange Drive and Hollywood Boulevard, the 208,000-square-foot building features 37,000 square feet of ground-floor retail space and an underground and adjacent five-story parking garages. Retail tenants include Wahlburgers, CaboWabo, US Bank and Line Friends. The Trail Park Group occupies the top three floors of office space. The joint venture plans to implement site and façade improvements and update vacant office space with a goal of reaching 85 percent to 90 percent occupancy by the end of 2025.
LOS ANGELES — Meta Housing Corp., in partnership with The People Concern, has opened LAMP Lodge, an affordable housing community in downtown Los Angeles’ Skid Row neighborhood. Located at 656-660 Stanford Ave., the 82-unit property will provide affordable and accessible housing to individuals and families who have faced the challenge of homelessness. Meta Housing assembled the capital and managed ground-up construction of the property. The project included the demolition of an existing 50-unit building and the development of the LAMP Lodge, which features a central courtyard, community room, garden boxes, modern security system, laundry facilities and accessible units and features. The People Concern will provide ongoing supportive services to tenants at the property. The redevelopment team included Los Angeles County’s Housing Authority, Department of Mental Health and Department of Health Services; the California Department of Housing and Community Development; and the City of Los Angeles’ Housing Department and Housing Authority. Funding was provided by Federal Home Loan Bank of San Francisco, J.P. Morgan Chase Bank, Boston Financial Investment Management and the California Tax Credit Allocation Committee. KFA Architecture served as architect for the project.
LOS ANGELES — JLL Capital Markets has arranged a $10.5 million construction takeout refinancing for Park Place at Jordan Downs, an affordable multifamily project in Los Angeles. The borrower is BRIDGE Housing Corp. Anson Snyder led the JLL Capital Markets Debt Advisory team to secure the 17-year, fixed-rate Fannie Mae loan. JLL Real Estate Capital, a Fannie Mae DUS lender, will service the loan. Built in 2022, Park Place features 80 apartments that are both rent- and income-restricted at 30 percent, 40 percent, 50 percent, 60 percent and 80 percent of area median income. The property is part of the Housing Authority of the City of Los Angeles’ multibillion-dollar plan to redevelop the Jordan Downs public housing community. Upon completion, the entire development will have nearly 1,600 affordable and market-rate apartments. The complex will also include more than 150,000 square feet of commercial space, a large community center and several public parks. Park Place at Jordan Downs is located at 2062 E. 99th Place in the Watts neighborhood of southeast Los Angeles.
WELLINGTON, COLO. — Cushman & Wakefield has arranged the acquisition of a single-tenant freestanding retail property located at 7590 Fifth St. in Wellington. A joint venture between Stover LLC, Cheyenne I LLC, Cheyenne II LLC and Meldrum LLC acquired the asset from Wellington CO DG LLC for $2.5 million. Dollar General occupies the 9,100-square-foot building, which was built in 2021. Jared Goodman and Anne Spry of Cushman & Wakefield represented the buyer, while John Wertz of Wertz Real Estate & Investment Services represented the seller in the deal.
CENTENNIAL, COLO. — Blue West Capital has brokered the sale of a single-tenant retail property, located at 20201 E. Smoky Hill Road in Centennial. A Colorado-based real estate investment company sold the asset to a Colorado-based family for $2.7 million. Starbucks Coffee occupies the newly constructed building on a net-lease basis. Tom Ethington of Blue West Capital represented the seller in the transaction.
PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) plans to open as many as “75 to 100” new House of Sport stores over the next five years, according to Lauren Hobart, CEO of the Pittsburgh-based retailer. House of Sport is a retail concept that provides interaction and experiences including putting greens, rock walls, batting cages and turf baseball fields, along with sports-related apparel and equipment for sale. There are currently three House of Sport stores in Rochester, N.Y.; Knoxville, Tenn.; and Minnetonka, Minn. “House of Sport will be a significant part of our future growth story,” says Hobart. “Over the next two years, we plan to open around 20 additional locations, including downtown Boston and our two hometowns of Pittsburgh and Binghamton, N.Y.” Hobart’s comments came during an earnings call following the release of Dick’s Sporting Goods’ fiscal fourth-quarter 2022 earnings report. According to CNBC, Dick’s outperformed expectations with a 5.3 percent increase in same-store sales during its fiscal 2022, which ended Jan. 28. Analysts predicted the retailer’s same-store sales would rise only 2.1 percent. Dick’s recently announced its decision to exit its Field & Stream brand, which focused on outdoor sports such as fishing and hunting. As a result, the …
— By Shane Shafer, Managing Director, Northmarq — Orange County remains a highly desirable market for multifamily investors — and for good reason. It’s a flight-to-quality market with a strong employment base and continued expectations of future job growth. This drives demand for rental units and pushes rent growth and occupancy. Add to that a severe shortage of rental housing supply, more would-be homebuyers remaining renter, and Orange County’s affordability compared with other Southern California markets, and it points to a robust investor market. The employment market continues to show signs of growth and resurgence, adding 73,000 jobs in 2022. Unemployment is an extremely low 2.5 percent. Orange County is long known for its tech startups, tourism and hospitality sectors, though healthcare and bioscience are expanding here as well. For example, Washington-based health system Providence is investing $712 million in Orange County to build two new multi-specialty medical centers and a new patient care tower for Providence Mission Hospital. The centers will be in San Clemente and Rancho Mission Viejo. This strong job market gives multifamily investors confidence in their expected returns as they aggressively pursue assets when they hit the market. Central OC Leads in Rental Gains Central Orange County experienced a …
WEST PALM BEACH, FLA. — Related Group has delivered Icon Marina Village, a luxury apartment community in West Palm Beach totaling 399 units. Situated along the Intracoastal Waterway, the project comprises two high-rise towers and represents the first phase of the 20-acre Marina Village master plan. Icon Marina Village comprises studio, one-, two- and three-bedroom apartments, with each unit featuring condominium-level touches such as floor-to-ceiling windows, high ceilings and oversized balconies. The project also includes 22 penthouses. Pricing at Icon Marina Village ranges from $2,900 for a studio to more than $10,000 for a 3,000-square-foot penthouse. Additionally, Icon Marina Village’s amenities include an oceanside pool with private cabanas, fitness studio, spa and wellness center, club room and a private theater. The design-build team includes architectural firm Arquitectonica, interior designer V Starr and general contractor Balfour Beatty.