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AcquisitionsHealthcareIndianaMidwest

Holladay Properties Sells 11,700 SF Urgent Care Facility in La Porte, Indiana

by Kristin Harlow

LA PORTE, IND. — Holladay Properties has sold an 11,700-square-foot primary and urgent care facility occupied by Northwest Health in La Porte, a city in Northwest Indiana. The sales price and buyer were undisclosed. Northwest Health will continue to operate the facility, which offers primary and urgent care services, two separate entrances and 80 parking spaces. Holladay Properties developed the building and Holladay Construction Group served as general contractor. Holladay has developed and constructed three buildings for Northwest Health with a fourth currently under construction in Valparaiso. Brian Wilcox of Holladay facilitated the transaction.

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DevelopmentMidwestMissouriMultifamilySeniors Housing

Spellman Brady & Co. Completes Interior Design for Memory Care Addition in Shrewsbury, Missouri

by Kristin Harlow

SHREWSBURY, MO. — Spellman Brady & Co. (SBC) has completed the interior design for the addition to Our Mother of Perpetual Help Memory Care at the Cardinal Ritter Senior Service’s campus in Shrewsbury, a western suburb of St. Louis. SBC selected the project’s interior finishes as well as the furnishings and artwork. The single-story memory care addition features two memory care households consisting of 13 private units each. Bright door colors were used in the hallways to help residents locate their units. SBC collaborated with Vessel Architecture, which developed the building addition, and BSI Constructors, the general contractor.

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AcquisitionsMultifamilyOregonSeniors HousingWestern

Cushman & Wakefield Brokers $57.8M Sale of The Alexander Bend Independent Living Community in Bend, Oregon

by Amy Works

BEND, ORE. — Cushman & Wakefield has arranged the sale of The Alexander Bend, a 136-unit independent living community in Bend. Opened in late 2019 and representing the city of Bend’s newest independent living offering in over 10 years, The Alexander Bend features 3.1 acres of adjacent land. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard represented the seller, BPM Real Estate Group, in the transaction. The buyer was Touchmark, which renamed the community Touchmark at Pilot Butte and will operate it alongside Touchmark at Mount Bachelor Village on the west side of Bend. The price was $57.8 million.

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400-S-Fourth-St-Las-Vegas-NV
AcquisitionsNevadaOfficeWestern

DIG Sells 109,189 SF City Centre Place Office Building in Downtown Las Vegas

by Amy Works

LAS VEGAS — Dornin Investment Group (DIG) has completed the disposition of City Centre Place, an office building located at 400 S. Fourth St. in downtown Las Vegas. California-based Ally Investments acquired the asset for $15.2 million. The six-story City Centre Place features 109,189 square feet of Class A office space. At the time of sale, the property was 36 percent occupied. Onsite amenities include an atrium, attached parking garage, controlled access, monument signage and security. Marc Magliarditi and Travis Landes of CBRE represented the seller in the transaction.

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Springs-at-Northgate-Colorado-Springs-CO.jpg
ColoradoDevelopmentMultifamilyWestern

Continental Properties Opens 240-Unit Springs at Northgate Multifamily Community in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Continental Properties has opened Springs at Northgate, an apartment property located at 93 Clear Pass View within the 200-acre master-planned Polaris Pointe development in Colorado Springs. Springs at Northgate features 240 townhome-style studios, one-, two- and three-bedroom apartments with modern floor plans, high-end finishes, gourmet kitchens, abundant natural light, in-unit washers/dryers and private patios or balconies. Onsite amenities include a swimming pool, community clubhouse, outdoor grill area, 24-hour fitness center, car care area and leash-free dog park.

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7-Eleven-Indio-Perris-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Arranges Sales of Two 7-Eleven-Occupied Properties in Riverside County, California

by Amy Works

INDIO AND PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of two new properties leased by 7-Eleven in Riverside County. Two different buyers acquired the assets for a combined total of $10.1 million. Bill Asher and Jeff Lefko of Hanley Investment Group represented the sellers, TSC Perris LLC and TSC Indio Golf Center LLC, in both transactions. In the first transaction, a private investor acquired a newly constructed, 3,494-square-foot 7-Eleven convenience store and gas station at the intersection of Golf Center Parkway and Avenue 45 in Indio. The property traded for $5.1 million, or $1,474 per square foot. Rick Lazar of Lee & Associates in Riverside represented the buyer. In the second deal, a Los Angeles-based private investor purchased a recently completed, 2,950-square-foot 7-Eleven convenience store and gas station at Perris and Harley Knox boulevards in Perris. The asset traded for $5 million, or $1,695 per square foot. Pooya Dayanim of Beverly Hills-based Dayanim Real Estate Corp. represented the buyer.

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3589-Harbor-Blvd-Costa-Mesa-CA
AcquisitionsCaliforniaIndustrialLee & AssociatesWestern

Lee & Associates Negotiates $6.1M Sale of 19,271 SF Flex Building in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial/flex building in Costa Mesa. The property traded for $6.1 million. Located at 3587-3589 Harbor Blvd., the 19,271-square-foot building features a large fenced yard, three ground-level doors and 400 amps, 120/208 volt power. Greg Diab of Lee & Associates Orange represented the buyer in the deal.

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AcquisitionsAffordable HousingMultifamilySouth CarolinaSoutheastTop Stories

Greystone to Develop Four Affordable Housing Properties in South Carolina

by Jeff Shaw

GREENVILLE, SPARTANBURG AND COLUMBIA, S.C. — Greystone Affordable Development is serving as development manager four affordable housing properties totaling 855 units in South Carolina. The three properties include: The Park at Sondrio in Greenville, which comprises 271 one- and two-bedroom units. Greystone acquired the property for $38.1 million. The Park at Vietti in Spartanburg, which comprises 204 units. Greystone acquired the property for $26.9 million. According to Apartments.com, the property was originally built in 1986, and offers one- and two-bedroom floor plans. Windsor Shores in Columbia, comprising 176 units, which Greystone acquired for $22.4 million. The Ivy in Greenville, comprising 212 units, was acquired for $30.5 million. For the fourth transaction, Greystone’s Adam Lipkin originated a financing solution through GHI. Greystone Affordable Development will serve as the developer on this renovation project at that property as well. Two nonprofit entities recently acquired the portfolio — Greenville Housing Fund acquired The Ivy and Opportunity South Carolina acquired the other three. The acquisition price was $118 million. Greystone Housing Impact Investors LP (GHI) provided financing for the acquisition and rehabilitation development transactions. Cushman & Wakefield, with which Greystone has a strategic joint venture, provided multifamily investment sales advisement on the transactions. The teams …

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ArizonaIndustrialMarket ReportsWesternWestern Market Reports

Is This a Return to Normal for Phoenix’s Industrial Market?

by Jeff Shaw

— By Rob Martensen, Senior Executive Vice President, Colliers International — There are a lot of questions being asked about the Phoenix industrial market as we turn the calendar to 2023. Having been an industrial broker in this market for 25 years, I have seen many ups and downs, which are historically driven by the residential construction market. Phoenix used to be a one-industry town…and that industry was growth. Sure, we’ve had large companies like Motorola, Avnet and Intel, but the industrial market has been mostly driven by people moving to Arizona and buying houses and household goods.   Phoenix has transformed in the past five years into a thriving city that now supports many industries. The largest is advanced manufacturing. This includes semiconductors, battery manufacturing, electric vehicle manufacturing and all supporting businesses. Intel is in the process of a $20 billion expansion to their existing facility, while Taiwan Semiconductor Manufacturing Company (TSMC) is under construction on a $12 billion chip making factory. TSMC recently announced it’s going to immediately start on Phase II of this factory, which will be another $28 billion spent in Phoenix. It is estimated that 160 new companies have moved to Phoenix to support these two new …

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East-Riverside-Gateway-Austin
DevelopmentMixed-UseTexas

PlaceMKR to Undertake 2 MSF Mixed-Use Redevelopment Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based developer PlaceMKR will undertake a 2 million-square-foot mixed-use redevelopment project at a 22.5-acre site at the intersection of East Riverside Drive and State Highway 71 in Austin. The site currently houses a storage facility and a former mobile home park. Designed by Steinberg Hart on land owned by Artesia Real Estate, East Riverside Gateway will be a seven-building development that will feature residential, office, retail and restaurant uses, as well as some 4,000 onsite parking spaces. More specifically, four of the buildings totaling approximately 1,100 units will be devoted to multifamily usage, with street-level retail connecting all the structures. Construction will occur in phases, with the initial phase expected to begin within 12 months pending the developer’s securing of an equity partner. The development team is also in the processing of obtaining entitlements and permits.

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