PHOENIX — Los Angeles-based Pro Residential has completed the disposition of The Waterfront, a multifamily community in North Phoenix. Arizona-based Rise48 Equity acquired the asset for $75.3 million, or $261,458 per unit. Located at 11459 N. 28th Drive, The Waterfront features 228 apartments spread across 14 three-story residential buildings. The one-, two- and three-bedroom units range in size from 527 square feet to 899 square feet. At the time of sale, the community was 91 percent occupied. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales team represented the seller in the transaction. Brandon Harrington, Bryan Mummaw, Tyler Woodard and Bryan Liu of Northmarq Phoenix’s Debt & Equity team arranged a $61.7 million acquisition loan, as a debt fund execution, for the buyer.
MORGAN HILL, CALIF. — Trammell Crow Co. and joint-venture partner CBRE Investment Management, on behalf of one of its funds, have sold Butterfield 5 Technology Park in Morgan Hill. Invesco Real Estate acquired the asset for an undisclosed price. Totaling 410,101 square feet, the industrial park was completed earlier this year and features five Class A industrial buildings situated on 24 acres. HPA Inc. served as architect and Lusardi Construction acted as general contractor for the project. Rebecca Perlmutter with CBRE National Partners represented the sellers in the disposition. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will continue to handle marketing and leasing for the industrial park.
SCOTTSDALE, ARIZ. — An entity formed by Atlanta-based Cortland has purchased Centerra, a renovated multifamily property located at 11100 N. 115th in Scottsdale. Tanbic Edgehill Centerra Aprtments LLC, a partnership between Edgehill and The Tanbic Co., sold the asset for $74.7 million. Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom units with washers and dryers. Community amenities include an onsite fitness center, pool, spa, fire pit, barbecue area and Wi-Fi in the common areas. The property underwent extensive renovations on all 202 units along with exterior improvements prior to the sale. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.
NORTH LAS VEGAS, NEV. — Portland, Ore.-based Schnitzer Properties has acquired Westland Center, an industrial and retail property located at the intersection of East Craig and North Pecos roads in North Las Vegas. Terms of the transaction were not released. Totaling 95,213 square feet, Westland Center features six buildings with 43 light industrial and retail units spread across 9.7 acres. Schnitzer Properties has owned and operated property in the greater Las Vegas area since 1994.
BREMERTON, WASH. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 50-unit, 64-bed memory care community in Bremerton, across the Puget Sound from Seattle. The asset, previously a skilled nursing facility, was completely renovated in 2016 and opened as a memory care community in 2017. The community maintained a 66 percent occupancy during the last couple of years, producing an average operating margin of 15 percent. The property was a geographic outlier for the undisclosed seller. The buyer is a memory care-focused owner-operator with an established presence in the Seattle area. The price was $10.6 million, or $212,000 per unit. The buyer plans to continue the focus on quality care as well as allocate approximately 20 percent of the rent roll to Medicaid residents.
JERSEY CITY, N.J. — New York City-based developer Kushner has broken ground on One Journal Square, a 2 million-square-foot mixed-use project in Jersey City. The site is adjacent to Journal Square PATH Station, and the neighborhood name stems from the area’s history as a media and publishing hub. The centerpiece of the development will be two 64-story towers that will house a combined 1,723 apartments, 45,000 square feet of indoor and outdoor amenity space and a 40,000 square feet of ground-floor retail space that is fully preleased to an undisclosed tenant. One Journal Square will also include a new public plaza at its base facing John F. Kennedy Boulevard that will feature green space and seating areas for residents and visitors. Woods Bagot is the project architect, and AJD Construction is the general contractor. Phase I will center on the construction of 900 residential units and is expected to take approximately three years. Full completion of the project is scheduled for 2026. One Journal Square will feature an array of amenities that promote health and wellness. These will include an indoor and outdoor pool; fitness center with a yoga studio, sauna and spa; full-size basketball court; squash court; and a …
There is no denying in-migration is a driving factor in South Florida. Over 650,000 people moved to Miami at the height of the pandemic — nearly 89,000 came from out of state and a quarter of those came from New York. Year-over-year job growth is up 6 percent and is back at peak levels seen prior to the pandemic, while over 27 percent of employment is in office-using sectors for the first time ever. CBRE’s Spring 2022 Occupier Sentiment Survey revealed that most companies are back to developing long-term plans to expand or contract their office space now that employees are returning — at least some of the time — after two years of mostly remote work. For the second quarter in a row, net absorption in Miami totaled over 200,000 square feet, with the majority occurring in Miami’s central business district (CBD). Driven by expansions, Class A product accounted for approximately 85 percent of total absorption in the first quarter. The growth of Miami is starting to solidify as new-to-market tenants that looked to relocate to Miami during the pandemic are starting to move into their office spaces. Since 2020, over 1.3 million square feet of office leasing activity …
CUMMING, GA. — Green Brick Partners Inc., a homebuilding and land development firm, has purchased 152 acres in the Atlanta suburb of Cumming. The Plano, Texas-based company plans to develop a mixed-use campus valued at $400 million at the site named Sawnee Village. The development will include 474 detached and attached homes built by Atlanta-based Providence Group, as well as more than 250 apartments, 220,000 square feet of seniors housing and office and retail space spanning 106,000 square feet. The master-planned campus will be situated near Ga. Highway 400 and Lake Lanier, as well as close to the New Cumming City Center, Avalon, Halcyon and Northside Forsyth Hospital. Nelson Architecture is designing Sawnee Village, and Providence Group is managing the overall development. Green Brick, which owns a controlling interest in Providence Group, plans to break ground on Sawnee Village this summer.
SPRINGFIELD, VA. — Finmarc Management, a real estate investment and management firm based in Bethesda, Md., has purchased an 11-building portfolio from Boston Properties in Springfield for $127.5 million. The portfolio spans 740,000 square feet of industrial, flex/office and data center space in one- and two-story properties. Situated near Fort Belvoir and I-95, the portfolio was 74 percent leased at the time of sale to tenants including ADT Security Systems, Avaya, SAIC, The Vomela Cos. and the U.S. General Service Administration (GSA). William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties in the transaction, and Finmarc was self-represented. Michael Zelin and Marshall Scanlon of Cushman & Wakefield, along with consultant Cliff Mendelson of Met Cap Advisors, arranged acquisition financing on behalf of Finmarc.
MIAMI BEACH, FLA. — A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Ave. in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price per room sale in Hampton’s portfolio. The sellers invested $25 million to renovate the five-story property in 2016. The renovation included repositioning the property back to lodging and restoring its historic façade, the pool and its original reception desk. Built in 1948 as the Continental Hotel, the property served as a condominium community in the early 1990s before converting back to its original use. Situated one block from the Atlantic Ocean, the Hampton by Hilton hotel features a pool, fitness center and business center, as well as complimentary breakfast and to-go breakfast bags for guests.