Property Type

Crescent Real Estate Divests of 1 MSF Office Portfolio in Colorado Springs for $180M

by Amy Works December 8, 2022

COLORADO SPRINGS, COLO. — Crescent Real Estate has completed the disposition of a Class A office portfolio totaling 1 million square feet in Colorado Springs. The 13-building asset was sold as a mix of individual buildings and micro-portfolios to multiple buyers during the past four years for an aggregate price of $180 million. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller in the disposition of the entire portfolio. Crescent Real Estate originally acquired the portfolio of mid-rise and single-story office buildings in 2018 for $125 million. Crescent began divesting of the assets in 2019 through 2022. The portfolio includes: Epic One, a 145,694-square-foot building at 10807 New Allegiance Drive InterQuest I, a 74,005-square-foot facility at 9945 Federal Drive InterQuest II, a 54,057-square-foot building at 9925 Federal Drive InterQuest III, a 66,223-square-foot building at 9950 Federal Drive InterQuest IV, a 46,948-square-foot property at 9960 Federal Drive Patriot Park I, a 103,183-square-foot facility at 985 Space Center Drive Patriot Park II, a 33,190-square-foot building at 980 Technology Court Patriot Park V, a 51,770-square-foot property at 745 Space Center Drive Patriot Park VI, a 103,970-square-foot asset at 655 Space Center Drive Patriot Park VII, an 89,624-square-foot facility at 565 …

December 8, 2022

Arizona Build-to-Rent Development Loans Western

JLL Arranges $30M Construction Loan for Villas Litchfield Park Build-to-Rent Community in Phoenix

by Amy Works December 8, 2022

PHOENIX — JLL Capital Markets has arranged a $30 million construction loan for Villas Litchfield Park, a build-to-rent community in Phoenix. The borrower is a joint venture between Blue Vista Capital Management and Family Development. Upon completion, Villas Litchfield Park will feature 153 one- and two-bedroom, freestanding, single-story units for residences. All units will offer simulated wood flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and private backyards. Community amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge areas and grill area. Brian Walsh, Brad Miner and Dave Hunter of JLL Capital Markets secured the 3.5-year loan through Old National Bank for the borrower.

December 8, 2022

Acquisitions Affordable Housing California Multifamily Western

PEF Advisors Acquires Alcove East Village Affordable Housing Community in San Diego for $20M

by Amy Works December 8, 2022

SAN DIEGO — Preservation Equity Fund Advisors has purchased Alcove East Village (formerly known as Nook East Village) in San Diego from an undisclosed seller for $20 million. Built in 2019, the five-story Alcove East Village features 91 affordable residences for individuals and veterans. Each apartment averages 254 square feet and includes kitchenettes with under-counter refrigerators, two-burner stove tops, microwaves, private bathrooms and hardwood floors. Select units offer balconies. The community has eight units allotted for residents earning up to 30 percent of the area median income (AMI), two units at 65 percent AMI, 80 units at 80 percent AMI and one manager unit. Regulatory agreements require five units to be fully handicap accessible and two unit to be accessible to the hearing and visually impaired. As of September 2022, the property was 95.6 percent occupied. Onsite amenities include a community room, laundry facilities, elevator, controlled access, leasing office, rooftop patio, bike parking, Amazon Hub lockers and valet trash pickup.

December 8, 2022

California Development Industrial Western

JK Management Sells 21.3-Acre Industrial Development Site in Holtville, California

by Amy Works December 8, 2022

HOLTVILLE, CALIF. — JK Management has completed the disposition of a 21.3-acre industrial site at 2255 Melon Road in Holtville. An undisclosed owner/occupier acquired the asset for $4.2 million. The buyer has not released future plans for the facility. The property currently features 101,665 square feet of industrial building improvements, with a 57,310-square-foot refrigerated space, two shop buildings and office space. Matt Davis, Melanie Haynes and Shannon Whitfield of Cushman & Wakefield’s National Land Advisory Group represented the seller in the deal.

December 8, 2022

Acquisitions Industrial Oregon Self-Storage Western

Marcus & Millichap Negotiates $4.2M Sale of Summit Self Storage in Bend, Oregon

by Amy Works December 8, 2022

BEND, ORE. — Marcus & Millichap has arranged the sale of Summit Self Storage, a self-storage facility at 720 SE 9th St. in Bend. An individual/personal trust sold the asset to a limited liability company for $4.2 million. Built in 1977, Summit Self Storage features 146 units and was 98 percent occupied at the time of sale. Christopher Secreto and Samuel Olson of Marcus & Millichap’s Portland office represented the seller and buyer in the deal.

December 8, 2022

Acquisitions Arizona Multifamily Top Stories Western

IPA Brokers $116M Sale of Liv Crossroads Apartment Community in Gilbert, Arizona

by Jeff Shaw December 8, 2022

GILBERT, ARIZ. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Liv Crossroads, a multifamily property located in Gilbert, approximately 20 miles southeast of Phoenix. The 356-unit property sold for $116 million, which equates to $325,843 per unit. Completed earlier this year, the property comprises 19 residential buildings, as well as a clubhouse, heated pool and fitness center. Other amenities at the community include a car care center, electric car charging stations, bicycle repair station and community garden. Averaging 876 square feet, the apartments feature walk-in closets, vinyl plank flooring, stainless steel appliances and granite countertops in the kitchens. According to the community’s website, studio rents start at $1,330 per month and one-bedroom units start at $1,603 per month. Located within Gilbert’s central business district, Liv Crossroads is approximately two miles from the 250-acre mixed-use Rivulon development, where office tenants include Morgan Stanley, Deloitte, Merill Lynch, Amerifirst Financial and the headquarters of Isagenix International. The property is also adjacent to the Chandler Airpark area. Gilbert and Chandler are together home to companies including Honeywell, Intel, PayPal, Amazon, Wells Fargo, Dignity Health and Northrop Grumman. Steve Gebing and Cliff David of IPA represented the seller, Liv Communities. …

December 8, 2022

Industrial Life Sciences Market Reports Northeast Northeast Market Reports Pennsylvania

Logistics, Life Sciences at Center of Philadelphia’s New, Transformational Development

by Taylor Williams December 8, 2022

By Andrew Chused, founding partner, head of investments, Hilco Redevelopment Partners From the nation’s beginning to modern times, Philadelphia has been a bellwether city with a proud legacy of leading the nation to many of its firsts, including the country’s inaugural medical school, library, hospital, business school and stock exchange. In this city of firsts, Hilco Redevelopment Partners (HRP) is unlocking and reinventing a large portion of the city: the former 1,300-acre Philadelphia Energy Solutions (PES) site on the city’s southwest side. Not only is the redevelopment of this site transforming a relic of the city’s industrial age into a new, sustainable economy for the first time, but the project will also transform the way logistics and life sciences companies grow in southwest Philadelphia. An Economic Hub The site, aptly named The Bellwether District, represents a new ecosystem for a variety of tenants, including logistics, e-commerce and life sciences. Located in the shadows of University City and along the Schuylkill River, the project will create over 32,000 jobs and serve as an economic catalyst that drives growth to the city and region for generations to come. Upon its acquisition of the property in June of 2020, HRP quickly began the …

December 8, 2022

John Ducey Walker & Dunlop Affordable Housing

Affordable Housing Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Affordable Housing Crisis Calls For New Solutions, Effective Programs

by Sarah Daniels December 8, 2022

By John Ducey, chief production officer of Walker & Dunlop’s affordable lending group Private industry and the federal government are rallying to recover ground lost to a housing affordability crisis that has been decades in the making. Nearly half of the nation’s renters, 46 percent, are housing cost-burdened, which the Census Bureau defines as those families paying 30 percent or more of their income on rent and utilities. The burden is higher for some, with nearly one in four families (23 percent of Americans) paying half or more of their income for housing. The situation calls for a change in tactics, a recognition of recent policy failures and a shared commitment to double down on programs with proven efficacy. As a nation we must ask, what can we do differently to put more homes within reach for the growing ranks of Americans who struggle to meet basic housing costs? A Building Problem The gap between housing costs and strained household budgets has widened due to both insufficient supply and wage stagnation that has fueled demand for affordable housing. The larger of the two issues — a lack of supply — traces chiefly to the 2008 financial crisis, which put a …

December 8, 2022

Development Healthcare Michigan Midwest

Pfizer to Invest $750M to Expand Production Plant in Kalamazoo, Michigan

by Kristin Harlow December 7, 2022

KALAMAZOO, MICH. — Pfizer Inc. (NYSE: PFE) has unveiled plans to invest $750 million in its sterile injectable facility in Kalamazoo. This investment builds upon a $465 million Phase I investment in the facility in 2018 and is expected to create 300 additional jobs at the location. One of Pfizer’s largest plants, the Kalamazoo property is a global supplier of sterile injectable, liquid and semi-solid medicines as well as active pharmaceutical ingredients. Currently, the multi-story, 400,000-square-foot facility employs 3,000 employees and contractors. The plant has been in operation since 1948. Pfizer’s stock price opened at $49.76 per share Wednesday, Dec. 7, down slightly from $51.72 per share one year ago.

December 7, 2022

Acquisitions Midwest Multifamily Northmarq Wisconsin

Northmarq Brokers Sale of 1,288-Unit Multifamily Property in Madison, Wisconsin

by Kristin Harlow December 7, 2022

MADISON, WIS. — Northmarq has brokered the sale of a four-property multifamily portfolio totaling 1,288 units in Madison for an undisclosed price. The properties include Carolina Apartments, The Monticello, Monona Lakeview and Country Meadows. They were built from 1956 to 1992. Parker Stewart and Dominic Martinez of Northmarq represented the seller, who was the original developer of The Monticello and Carolina Apartments as well as the long-term owner of the other two communities. A Wisconsin-based investor purchased The Monticello, Carolina Apartments and Monona Lakeview. A Chicago-based investor purchased Country Meadows, which totals 466 units.

December 7, 2022

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