Property Type

Tempus Realty Partners Buys Warner Crossing Office Complex in Tempe, Arizona

by Amy Works October 27, 2021

TEMPE, ARIZ. — Little Rock, Ark.-based Tempus Realty Partners has purchased an office complex located at 8312 S. Hardy Drive in Tempe. Woodland Hills, Calif.-based Younan Properties sold the asset for an undisclosed price. Built in 2000, the two single-level office buildings offer a total of 138,180 square feet of space. Three investment-grade tenants occupy the asset. Isaac Smith of Colliers in Arkansas represented the buyer, while Mindy Korth of Colliers in Arizona represented the seller in the transaction.

October 27, 2021

Acquisitions California Healthcare Office Western

GPI Cos. Sells Medical Office Building in North Hollywood in Off-Market Transaction

by Amy Works October 27, 2021

LOS ANGELES — GPI Cos. has completed the disposition of a medical office building located in Los Angeles’ North Hollywood neighborhood. Principal Real Estate Investors acquired the asset for an undisclosed price in an off-market transaction. Located at 4343 Lankershim Blvd., the three-story property features 32,418 square feet of medical office space. The property is fully leased to a local health institution and offers pain medicine and digestive disease services. Andrew Milne, Evan Kovac and Matt DiCesare of JLL Healthcare Capital Markets, along with Bryan Lewitt of JLL’s Los Angeles Healthcare Markets, represented the seller in the deal.

October 27, 2021

Acquisitions Arizona Multifamily Western

Urbana Group, Fringe Capital Partners Acquire Camino Village Multifamily Community in Phoenix for $16M

by Amy Works October 27, 2021

PHOENIX — A partnership between Arizona-based Urbana Group and Illinois-based Fringe Capital Partners has purchased Camino Village I & II, an apartment property located at 2015 and 2039 W. Union Hills Drive in Phoenix. A private investor from Santa Barbara, Calif., sold the asset for $16 million. The property features 80 apartments with 70 percent as two-bedroom layouts averaging 1,000 square feet. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyers and seller in the deal.

October 27, 2021

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $5.4M Sale of CVS-Occupied Building in Bakersfield, California

by Amy Works October 27, 2021

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the sale of a freestanding retail property located at 2690 Mount Vernon in Bakersfield. Southern California-based Intertex Property Advisors acquired the building from a Los Angeles-based developer for $5.4 million. The property is absolute triple-net leased to CVS Y Mas, which has occupied this location for 48 years. Other tenants include 99 Cents Only, Chase Bank, Arco AM/PM and Denny’s. Sean Cox and Jeff Conover of Faris Lee Investments represented the seller, while Cushman & Wakefield represented the buyer in the transaction.

October 27, 2021

Acquisitions New Hampshire Northeast Retail

IPA Negotiates Sale of 170,398 SF Village Shoppes at Salem in New Hampshire

by Taylor Williams October 27, 2021

SALEM, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Village Shoppes at Salem, a 170,398-square-foot retail property located in southern New Hampshire. The property was built on 20 acres in 1999 and houses tenants such as Best Buy, Michaels, PetSmart, DSW, Cost Plus and Five Below. Jim Koury of IPA represented the undisclosed seller and procured the buyer, Academy Hill Realty, in the transaction.

October 27, 2021

Development Multifamily Northeast Pennsylvania

Aspen Heights Partners Breaks Ground on 96-Unit Multifamily Project Near Penn State University

by Taylor Williams October 27, 2021

STATE COLLEGE, PA. — Austin, Texas-based Aspen Heights Partners has broken ground on Aspen West End, a 96-unit multifamily project that will be located within walking distance of Penn State University’s campus in State College. Amenities will include a two-story fitness room, game room and breakout study areas. Residents will also have access to shuttle service to campus and three outdoor courtyards. Completion of the project, which follows the beginning of construction of the nearby Aspen East Penn student housing development, is slated for 2023.

October 27, 2021

Development Multifamily Texas Top Stories

Lincoln Ventures to Develop 49-Story Apartment Tower in Austin’s Rainey Street District

by Kristin Harlow October 27, 2021

AUSTIN, TEXAS — Austin-based developer Lincoln Ventures has unveiled plans to build a 49-story apartment tower in the heart of Austin’s Rainey Street District. Located at 80 Rainey St., the project will include 644 units as well as retail space. Lincoln Ventures expects to break ground on the tower next summer with completion slated for summer 2025. The site includes two bungalows that will be preserved as part of the project. “The old bungalows, locally run bars and pedestrian-friendly streets are what make Rainey Street a special and desirable destination, so it’s our intent to maintain the vibrancy and unique character of this area and build upon it,” says David Kanne, CEO of Lincoln Ventures. “We will also maintain the character of Rainey Street by bringing in local Austin artists to design public art pieces and will place new, oversized trees along the public parkway section along the entire façade of the building.” The tower’s ground and second floors will include several food and beverage concepts, including a dedicated 2,200-square-foot space that will serve coffee during the day and cocktails at night. A special elevator lobby will offer public access to the 11th-floor pool deck and bar, the first of …

October 27, 2021

Development Florida Healthcare Southeast

BayCare Health Breaks Ground on $326M Hospital Project in Plant City, Florida

by Julia Sanders October 26, 2021

PLANT CITY, FLA. — BayCare Health System has broken ground on South Florida Baptist Replacement Hospital, a $326 million expansion project of South Florida Baptist Hospital in Plant City. Built in 1953, the hospital has undergone 12 major expansions and renovations since opening, including the expansion of the Heart and Vascular Center in 2017. The new project includes 150 private patient rooms with the capacity to expand by an additional 30 rooms, two inpatient bed towers, an 85,000-square-foot medical office building, central energy plant and 1,073 parking spaces. There will be no disruptions with the patients, doctors or staff at the current hospital, according to BayCare Health. Barton Malow is the general contractor for the project and is anticipating a construction timeline of 26 months.

October 26, 2021

Development Leasing Activity Maryland Office Southeast

Choice Hotels Moves Headquarters to Pike & Rose Office Tower in North Bethesda, Maryland

by Julia Sanders October 26, 2021

NORTH BETHESDA, MD. — Choice Hotels International Inc. has signed a long-term lease to occupy 105,000 square feet in 915 Meeting St., a 276,000-square-foot office building to be constructed in North Bethesda. The office tower will be situated within Pike & Rose, a mixed-use development owned and developed by Federal Realty Investment Trust. Expected to break ground later this year, 915 Meeting St. will serve as Choice Hotels International’s new headquarters. Bernie McCarthy and Danny Sheridan of JLL represented Federal Realty in the lease negotiations, and Steve London of Savills represented Choice Hotels. The 16-story office building will feature amenities such as a rooftop conference center with collaborative common areas and a fitness center, as well as 9,600 square feet of ground floor retail space, approximately 25,000-square-foot flexible floor plates and 700 dedicated parking spaces. Gensler designed the building to achieve LEED Gold certification. Pike & Rose is a transit-oriented mixed-use development with more than 400,000 square feet of retail, services, dining and entertainment offerings. The development includes 300,000 square feet of existing office product as well, which includes tenants such as Bank of America, JLL, Industrious, OneDigital and Federal Realty’s corporate headquarters. The building is 40 percent preleased to …

October 26, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $15.9M Sale of Shopping Center in South Daytona, Florida

by Julia Sanders October 26, 2021

SOUTH DAYTONA, FLA. — Marcus & Millichap has brokered the $15.9 million sale of Sunshine Plaza, a shopping center in South Daytona. Built in 1970 and renovated in 2002, the 280,000-square-foot shopping center is anchored by Publix and All Aboard Storage. The fully occupied property has about 52 tenants. The center includes both open-air and indoor mall space on approximately 25 acres. Tim Giambrone and Al Taf of Marcus & Millichap represented the seller, 2400 Ridgewood LLC based in Port Orange. The buyer was ORF VII Sunshine Plaza LLC based in Atlanta. Located at 2400 S. Ridgewood Ave., Sunshine Plaza is situated close to Interstate 95 within an Opportunity Zone.

October 26, 2021

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