GASTONIA, N.C. — Poettker Construction has broken ground on the second phase of Gateway 85, an industrial park located 22 miles west of Charlotte in Gastonia. NorthPoint Development is the project developer for both tilt-wall facilities. Phase II comprises Building 4, a 241,114-square-foot warehouse located on 15 acres at 3145 Aberdeen Blvd., and Building 7, a 705,234-square-foot warehouse located on 40 acres at 3301 Lineberger Road. Preparation of the 55-acre development will entail the relocation of an existing road that goes through the site and reworking the intersection, as well as site clearing and hauling away excess dirt. No construction timeline was disclosed. Poettker Construction is nearing completion on a similar project for NorthPoint in Salisbury, N.C.
LAS VEGAS — Davlyn Investments has purchased Rancho Destino, a multifamily community in Las Vegas, for $65.5 million. The buyer rebranded the 184-unit property as Aviara. Constructed in 1998 on 9.1 acres, the community features central heating and air conditioning, in-unit laundry, vaulted ceilings, fireplaces, arid landscaping, plentiful parking and an expansive amenity package. Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the undisclosed seller in the deal. Torrey Pines Bank provided acquisition financing for the buyer. The transaction marks Davlyn’s second acquisition in Nevada.
MIAMI — Lotus Capital Partners LLC has arranged a $70 million acquisition and construction financing package for a waterfront condominium project on Bay Harbor Islands in Miami. The sponsor is a partnership between Pearl Property Group and L3C Capital Partners, which is acquiring a one-acre site facing the Bay Harbor waterway that currently consists of 30 condos. Lotus arranged the dual-structure loan through MSD Partners to provide acquisition financing for the borrower to purchase the site and funds to construct a new residential project. The borrower plans to demolish the existing condos and build 46 ground-up condos averaging 2,800 square feet. The development will also include a fitness center, resort-style club pool overlooking the water and a marina.
TACOMA, WASH. — 6th & Alder Partners LLC has completed the disposition of Sixth & Alder, an apartment building in Tacoma, to an undisclosed buyer for $46.2 million. Austin Kelley and Ben Norbe of Kidder Mathews represented the buyer in the off-market transaction. Located at 3118 6th Ave., Sixth & Alder features 111 apartments and 75,240 square feet of retail space. Community amenities include an on-site dog washing station, electric vehicle charging, fitness center and rooftop putting green.
MEMPHIS, TENN. — Berkadia has arranged a $45 million Fannie Mae refinancing loan for Residences at Lakeview, an 827-unit apartment community located at 2774 S. Mendenhall Road in Memphis. Mitch Sinberg, Brad Williamson, Matthew Robbins, Scott Wadler and Mike Basinski of Berkadia originated the 10-year, fixed-rate loan on behalf of the borrower, a joint venture between New York City-based Atlas Real Estate Partners and Washington, D.C.-based West End Capital Group. Atlas-West End purchased the property in February 2021 and recently completed a value-add program at the community. Built in 1969, Residences at Lakeview features one-, two-, three- and four-bedroom units ranging from 400 to 1,628 square feet. Community amenities include a newly built clubhouse and pool, fitness center, four playgrounds, a dog park, onsite maintenance and management and package services.
PORTLAND, ORE. — Clarion Partners has sold Marine Drive Distribution Center, a four-building industrial facility located at 6308-6310 and 6204-6210 N. Marine Drive and 7409-7433 and 7507-7517 N. Leadbetter Road in Portland’s Rivergate submarket. LBA Logistics acquired the asset for an undisclosed price. Totaling 590,770 square feet, Marine Drive Distribution Center features one single tenant and three multitenant institutionally managed distribution warehouses. The buildings feature ESFR sprinklers, 24-foot to 26-foot clear heights, and 114 dock-high, 12 grade-level and 28 rail-served doors. At the time of sale, the buildings were fully triple-net leased to seven tenants. Mark Detmer, Buzz Ellis and Ryan Sitov of JLL Capital Markets represented the seller. Tyler Sheils of JLL Leasing is handling leasing of the property.
ATLANTA — Koelbel & Co., a value-add real estate investment firm based in Colorado, has purchased the Northridge Center office complex in Atlanta’s Central Perimeter submarket. The 189,212-square-foot property comprises two office buildings located at 365 and 375 Northridge Center Road. Ryan Reethof and Jay O’Meara of CBRE represented the seller, Pacific Oak Capital Partners, in the transaction. The sales price was not disclosed. Charlie Clark and Matthew Smith of CBRE’s Debt & Structured Finance team arranged an undisclosed amount of acquisition financing for Koelbel, which plans to upgrade the office complex with a new tenant lounge, common conference room and ready-to-move-in spec suites, as well as enhancements to common areas and exterior amenities. The firm has selected Normandy Partners to manage Northridge Center, which is Koelbel’s first acquisition in Georgia.
PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE brokered the sale of the campus.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms, and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private owner, and procured the buyer in the deal.
FOXBOROUGH, MASS. — Kraft Group is nearing completion of a 120,000-square-foot office building that will be located about 30 miles south of Boston on the Gillette Stadium campus in Foxborough, the home of the NFL’s New England Patriots and MLS’ New England Revolution. SGA designed the four-story project, construction of which began in February and is expected to be complete in October. The facility represents the first phase of a new multi-purpose project that will house the operations of Kraft Group and its subsidiary, International Forest Products, as well as those of the football team.