Property Type

Ready Capital Closes $11.8M Loan for Multifamily, Retail Property Acquisition in Los Angeles

by Amy Works November 16, 2021

LOS ANGELES — Ready Capital has closed $11.8 million in financing for the acquisition, renovation and stabilization of a 62-unit multifamily and retail asset in the East Hollywood submarket of Los Angeles. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors and building exteriors, as well as common area upgrades. The non-recourse, interest-only, floating-rate loan features a 24-month term, three extension options and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

November 16, 2021

California Development Multifamily Seniors Housing Western

Sundt Completes 70-Unit Seniors Housing Community in Fairfield, California

by Amy Works November 16, 2021

FAIRFIELD, CALIF. — Sundt Construction Inc. has completed construction of The Ridge at Paradise Valley Estates, an eight-acre life plan community in the Bay Area city of Fairfield. The Ridge features a mix of 70 cottages and villas. The private cottages have two bedrooms and attached garages, and the villas feature either one bedroom or two bedrooms with under-building parking. In addition to the amenities of the larger Paradise Valley Estates 76-acre community, residents can access The Ridge’s dining facility and outdoor amenities such as a learning center and outdoor café.

November 16, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $67.2M Sale of Apartment Community in Madison, Alabama

by Julia Sanders November 16, 2021

MADISON, ALA. — Cushman & Wakefield has arranged the $67.2 million sale of The Alexandria, a 258-unit apartment community located in Madison. Andrew Brown, Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Florence, Ala.-based Bobo Development Group, in the transaction. The buyer was not disclosed. Built in 2021, The Alexandria offers one-, two- and three-bedroom floorplans with a unit size range of 654 to 1,356 square feet. The units feature in-unit washers and dryers, storage units, double vanities, granite countertops, stainless steel appliances, tile floors, walk-in closets and a balcony and deck. Community amenities include a car wash, cardio and yoga rooms, clubroom with kitchen, coworking business center, CrossFit center, dog grooming facility, bark park, electric car chargers, enclosed garages, package lockers and a swimming pool with poolside grilling area. The monthly rent ranges from $1,135 to $1,770, according to Apartments.com. Located at 1028 Balch Road, The Alexandria is situated off Highway 72. The property is 6.9 miles from Oakwood University, and 0.3 miles from the Madison Hospital.

November 16, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $47M Sale of Two-Property Retail Portfolio in Miami Gardens, Florida

by Julia Sanders November 16, 2021

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $47 million sale of a two-property, 198,885-square-foot retail portfolio in Miami Gardens. The properties in the portfolio include Las Villas Market Square and Miami Gardens Shopping Plaza. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a Brooklyn-based private investment group. Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is an 84,543-square-foot retail and service center anchored by Dollar General. The previous owners completed a remodeling project involving a new design façade, parapet sign improvements, new canopy roof, parking lot restriping and sealcoat resurfacing, new exterior LED lighting and landscaping improvements. Built in 1974, the property was 93 percent leased at the time of the sale to tenants including Subway, Peñate Medical Center, Trulieve and Florida Department of Health-WIC. Built in 1960, Miami Gardens Shopping Plaza is a 114,342-square-foot retail center that has been anchored by Price Choice Supermarket, a grocery chain, since 1997. The center is located on 11 acres at 4500-4698 NW 183rd St. and is situated at the same intersection as Las Villas Market Square. The …

November 16, 2021

Alabama Development Multifamily Southeast

Kalikow, EYC Open Anthem Luxury Rental Homes in Huntsville

by Julia Sanders November 16, 2021

HUNTSVILLE, ALA. — Westbury, N.Y.-based The Kalikow Group and EYC Cos., which has offices in Charleston and Raleigh, has opened Anthem Luxury Rental Homes, a multifamily community in Huntsville. Anthem offers single-family cottages with one-, two- and three-bedroom floorplans that include private porches, backyards and two-car garages. The property also includes apartments with one-, two- and three-bedroom units that include granite countertops, side-by-side refrigerators and vinyl plank flooring. The property also offers options for environmental control such as UV air purifiers and Wi-Fi thermostats, as well as keyless entry, valet trash and Google Fiber internet in every unit. Community amenities include a 5,590-square-foot clubhouse, indoor and outdoor social club with kitchen and lounges, a 1,000-square-foot fitness center, two heated saltwater pools, 24/7 package locker system, private micro-offices and a conference room. Located at 740 Plummer Road, the property is situated seen miles from downtown Huntsville, 7.3 miles from Alabama A&M University, 1.8 miles from Oakwood University and 5.8 miles from the U.S. Space & Rocket Center. The property is also located near several retailers and restaurants such as Publix, Target and Best Buy.

November 16, 2021

Alabama Development Loans Multifamily Southeast Student Housing

Ready Capital Closes $15M Loan for Student Housing Acquisition, Conversion in Birmingham

by Julia Sanders November 16, 2021

BIRMINGHAM, ALA. — Ready Capital has closed a $15 million loan for the acquisition, conversion, renovation and stabilization of an unnamed, 176-unit student housing property in Birmingham. The undisclosed sponsor plans to transform the property from student housing to traditional multifamily through a rebranding and renovation program. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures and interest shortfalls.

November 16, 2021

Features Retail

A Cinematic Horror: How the Pandemic Has Impacted Movie Theater Property Values

by Kristin Harlow November 16, 2021

By Molly Luhrs, Popp Hutcheson Diminishing tax liability may offer a silver lining amid a horror show of declining property values playing out for owners of silver screen properties across the nation. Many theater owners will pay more than their fair share in property taxes, however, unless and until they educate local tax assessors of the sinister influences that oppress their businesses. Movie theaters have been one of the hardest-hit industries during the COVID-19 pandemic. Spaces where the big screen once lit the faces of attentive viewers fell dark and silent, to sit lifeless for months. Studios released only 23 films in 2020, the fewest since 2003, and box offices sold less than 225 million tickets. As regulations eased, cinemas emerged far behind the pack of other businesses in a race to resume normal operations. Now, most states are allowing 100 percent occupancy in movie theaters; however, this does not mean movie-goers are rushing back to theaters. What is there to attract them? Some of the most anticipated new movies had their 2020 premiere dates pushed to middle or late 2021, with some even transitioning directly to streaming platforms like HBO. On top of the lack of content, theaters are …

November 16, 2021

Acquisitions Colorado Company News Data Centers Massachusetts Northeast Texas Top Stories Western

Data Center REITs CyrusOne, CoreSite to Sell for Combined $25B in Two Separate Mega Deals

by John Nelson November 16, 2021

DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …

November 16, 2021

Acquisitions District of Columbia Hospitality Southeast Top Stories

Reports: Trump Organization Agrees to Sell Washington, D.C. Hotel for $375M

by Taylor Williams November 15, 2021

WASHINGTON, D.C. — The Trump Organization has entered into an agreement with Miami-based investment firm CGI Merchant Group to sell its namesake hotel in the nation’s capital for $375 million, according to multiple news outlets including The Wall Street Journal, which broke the news. The Journal reports that the new ownership will remove the Trump name and signage from the 263-room luxury hotel, which opened in 2016 at 1100 Pennsylvania Ave., just a few blocks from The White House. The project was a redevelopment of a former U.S. Post Office building, which has served many functions since its construction in the late 1800s. Lastly, the business publication states that CGI Merchant Group has reached an agreement with Hilton Worldwide Holdings Inc. (NYSE: HLT) to operate the property under the Hilton Waldorf Astoria brand. The sale is expected to close in the fourth quarter, per the Journal. The hotel was valued at $212 million when it opened. At that time, the property housed the Benjamin Bar & Lounge, restaurant BLT Prime, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom. The hotel includes a 4,000-square-foot presidential suite, which is located in the former Postmaster General’s office. …

November 15, 2021

Acquisitions Florida Multifamily Southeast

Cyclone Investment, Skywood Buy Three Multifamily Properties in Jacksonville for $96M

by Julia Sanders November 15, 2021

JACKSONVILLE, FLA. — New York-based Cyclone Investment Group, in a joint venture with Skywood Properties, has bought a three-property multifamily portfolio totaling 842 units across Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the seller, Los Angeles-based Oro Capital Advisors, in the $96 million sale. The three properties were Cross Creek Apartments, Riverview Apartment Homes and The Columns. Located at 1441 Manotak Ave., Cross Creek Apartments is a 29-building property featuring 292 apartments with an average size of 961 square feet. Community amenities include a pool, play area, laundry facility and gated access. Riverview Apartment Homes is a 21-building property that includes 304 apartments with an average size of 952 square feet. Located at 301 Caravan Circle, the property’s community amenities include a business center, picnic area with barbecue, swimming pool, playground, soccer court and laundry facilities. Located at 333 Laurina St., The Columns is a 29-building property that includes 246 apartments with an average unit size of 902 square feet. Community amenities include a swimming pool and laundry facilities. Jeff Kinney and Phil Rachels of CBRE Capital Markets arranged a three-year bridge loan with Arbor Realty Trust on behalf of the buyer. The floating-rate financing is structured at …

November 15, 2021

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