Property Type

Crow Holdings Sells Community Shopping Center in Chula Vista, California for $47.8M

by Amy Works August 12, 2022

CHULA VISTA, CALIF. — Crow Holdings has completed the disposition of a 60,973-square-foot portion of The Shops at Eastlake Terrace, a 363,300-square-foot retail center in Chula Vista. Gersham Properties acquired the asset for $47.8 million. Pete Bethea, Rob Ippolito and Glenn Ruby of Newmark represented the seller in the deal. The traded portion features well-located shops and freestanding buildings. Tenants at The Shops at Eastlake include Walgreens, Chase Bank, Chick-fil-A, Carl’s Jr., Starbucks Coffee, Navy Federal Credit Union, Supercuts and Rubios.

August 12, 2022

Acquisitions California Retail Western

JLL Income Property Trust Acquires Silverado Square Retail Center in Las Vegas for $24.4M

by Amy Works August 12, 2022

LAS VEGAS — JLL Income Property Trust, a REIT with approximately $6.8 billion in portfolio assets, purchased Silverado Square, a retail center in Las Vegas. An undisclosed seller sold the asset for $24.4 million. Sprouts Farmers Market anchors the 48,000-square-foot property, which includes a parcel that is fully entitled for nearly 5,000 square feet of rentable retail space. Constructed in 2018, the property has a weighted average lease term of more than eight years, including a 15-year lease signed by Sprouts in 2018 that features 10 percent rent escalations every five years. At the time of sale, the property was 98 percent leased. JLL Income Property Trust plans to build a three-tenant building on the fully entitled parcel. The new building is slated for completion later this year.

August 12, 2022

Acquisitions Industrial Utah Western

MAG Capital Partners Purchases 61,881 SF Cold Storage Facility in Ogden, Utah

by Amy Works August 12, 2022

OGDEN, UTAH — Fort Worth, Texas-based MAG Capital Partners has acquired a cold storage facility located at 130 W. 28th St. in Ogden. Luis Ortega of Marcus & Millichap represented the seller, a private investor, in the deal. The sales price was not disclosed. Western Gateway Storage Corp. occupies the 62,881-square-foot property, which is situated on 1.3 acres. The tenant provides cold chain solutions, including cold and freezer storage warehousing, ambient and temperature-controlled fulfillment and refrigerated transportation services. The two-story facility features 22,000 square feet of both cooler and freezer spaces, a 16,550-square-foot warehouse and a roughly 1,800-square-foot office. The facility also features three loading docks and four drive-in doors with clear heights from 10 feet to 12 feet.

August 12, 2022

Loans Midwest Minnesota Multifamily

Associated Bank Provides $67.5M Construction Loan for Rental Townhome Property in Minnesota

by Kristin Harlow August 12, 2022

MAPLE GROVE, MINN. — Associated Bank has provided a $67.5 million loan for the construction of Summerwell Maple Grove. The project will consist of 220 luxury rental townhomes in the Minneapolis suburb of Maple Grove. The two-story units will range in size from 1,187 to 1,996 square feet. Amenities will include a clubhouse, fitness center, yoga room, business center, outdoor pool, dog walk, playground, putting green and walking trails. The borrower, Greystar, plans to begin construction shortly. Completion is slated for this time next year. Edward Notz of Associated Bank handled the loan arrangements and closing. Loan terms were not provided.

August 12, 2022

Development Midwest Missouri Multifamily

Milhaus Begins Development of $66.8M Apartment Complex in Kansas City

by Kristin Harlow August 12, 2022

KANSAS CITY, MO. — Milhaus has begun development of a $66.8 million apartment complex in Kansas City’s Volker neighborhood. The yet-to-be named project will consist of 226 studio, one- and two-bedroom units. Amenities will include a coworking area, conference spaces, fitness center, movie room, outdoor pool, pet spa, package room and garage parking. Financing came from Cadence Commercial Real Estate, Humphreys Capital and CrossFirst Bank. Helix is the architect and interior designer, while Taliaferro & Browne Inc. is the civil engineer. The project marks Milhaus’ ninth in metro Kansas City and will bring its total apartment count in the area to nearly 2,000 units. Completion is slated for October 2024.

August 12, 2022

Acquisitions Michigan Midwest Retail

DRA, Pine Tree Acquire Shops at CenterPoint in Grand Rapids for $63.5M

by Kristin Harlow August 12, 2022

GRAND RAPIDS, MICH. — A fund managed by DRA Advisors in partnership with Pine Tree has acquired The Shops at CenterPoint in Grand Rapids for $63.5 million. The 537,948-square-foot regional shopping center is home to TJ Maxx, HomeGoods, Nordstrom Rack, Sierra Trading Post, DSW, Ulta, Five Below, Jo-Ann Fabrics, Planet Fitness and Dunham Sports. Previously an enclosed mall, the property underwent $38 million in renovations throughout 2012 and 2013 to transform it into an open-air retail center. CBRE represented the undisclosed seller in the off-market transaction.

August 12, 2022

Acquisitions Michigan Midwest Retail

JLL Brokers $45M Sale of Tel Twelve Shopping Center in Southfield, Michigan

by Kristin Harlow August 12, 2022

SOUTHFIELD, MICH. — JLL Capital Markets has brokered the sale of Tel Twelve shopping center in Southfield for $45 million. The 193,850-square-foot, open-air property was built in 1968 and renovated in 2005. Tel Twelve is nearly 98 percent leased to tenants such as Best Buy, Ulta, DSW, PetSmart, BuyBuy Baby and Michaels. The property is situated at the intersection of Telegraph and 12 Mile roads. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, RPT Realty, and procured the buyer, Kaufman & Jacobs LLC.

August 12, 2022

Acquisitions Indiana Midwest Retail

LBX Investments Purchases 130,100 SF Orchard Crossing Retail Center in Fort Wayne

by Kristin Harlow August 12, 2022

FORT WAYNE, IND. — LBX Investments has purchased Orchard Crossing in Fort Wayne for an undisclosed price. The 130,100-square-foot, open-air shopping center is home to Hobby Lobby, Barnes & Noble, Dollar Tree and Five Below. A Target store shadow anchors the property, which was built in 2008 and is 99 percent leased. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, DRA Advisors.

August 12, 2022

Development Multifamily Texas

Highpointe Communities Breaks Ground on $73M Multifamily Project in San Marcos, Texas

by Taylor Williams August 12, 2022

SAN MARCOS, TEXAS — California-based developer Highpointe Communities has broken ground on Sendero at Trace, a $73 million multifamily project in the Central Texas city of San Marcos. The community will feature 399 one-, two- and three-bedroom units ranging in size from 775 to 1,300 square feet. The amenity package will comprise a pool, fitness center, clubhouse, outdoor gathering spaces and lifestyle programming services. The first units are expected to be available for occupancy by the end of 2023.

August 12, 2022

Acquisitions Multifamily Texas

Better World Holdings, Crown Capital Buy 362-Unit Multifamily Asset in Houston

by Taylor Williams August 12, 2022

HOUSTON — A partnership between locally based investment firm Better World Holdings and New York-based Crown Capital Ventures has purchased Serenity at Cityside, a 362-unit multifamily property in Houston’s Galleria neighborhood. Built in 1968, the 32-building property offers one-, two- and three-bedroom units. According to Apartments.com, amenities include a pool, clubhouse and picnic areas. The new ownership plans to invest about $6 million in capital improvements and to rebrand the property as Aura Galleria. The seller was an entity doing business as CPEP Beverly Palms LLC. The sales price was not disclosed.

August 12, 2022

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