Property Type

Embrey Disposes of 322-Unit Multifamily Community in Nashville

by Julia Sanders October 13, 2021

NASHVILLE, TENN. — Embrey Partners LLC, a San Antonio-based real estate investment and development firm, has disposed of Knox at MetroCenter, a 322-unit multifamily community in Nashville. Newmark brokered the sale. The sales price and buyer were not disclosed. Located at 101 Athens Way, Knox at Metrocenter is located about three miles north of downtown Nashville and overlooks Amulet Lake. The apartment property has one- and two-bedroom floorplans with units featuring 9-foot ceilings, wood-style flooring, kitchens with granite countertops and stainless steel appliances, bathrooms with a garden tub and a built-in computer desk and bookshelves. Community amenities include a clubhouse with games and a media center, fitness center, spin and yoga room, swimming pool, outdoor grilling and dining areas, dog park and a pet spa.

October 13, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 93,945 SF Industrial Park in Sugar Land, Texas

by Taylor Williams October 13, 2021

SUGAR LAND, TEXAS — JLL has negotiated the sale of Commerce Center Sugar Land, a 93,945-square-foot industrial property located on the southwestern outskirts of Houston. Built between 2006 and 2007, Commerce Center Sugar Land consists of six buildings with warehouse, manufacturing and specialized lab space that feature 16- to 18-foot clear heights and a 37 percent office finish. Trent Agnew, Charles Strauss, Katherine Miller and Jack Moody of JLL represented the seller, an affiliate of Houston-based Griffin Partners, in the transaction. A subsidiary of ARKA Properties Group Inc. purchased the asset for an undisclosed price.

October 13, 2021

Acquisitions Colorado Loans Multifamily Western

KeyBank Provides $40M in Acquisition Financing for Enchanted Springs Apartments in Colorado Springs

by Amy Works October 13, 2021

COLORADO SPRINGS, COLO. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for Hamilton Zanze, a San Francisco-based real estate investment company, for the acquisition of Enchanted Springs, an apartment property in Colorado Springs. Built in 2020, Enchanted Springs features 200 one-, two- and three-bedroom apartments spread across 10 three-story residential buildings. Community amenities include a pool, hot tub, sundeck, cabanas, grilling areas, fitness center and clubhouse lounge. Paul Angle and Nicholas Lynn of KeyBank Real Estate Capital structured the financing. The loan features a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule.

October 13, 2021

Colorado Development Industrial Western

Opus Buys 19.7-Acre Site in Metro Denver to Develop Two Spec Industrial Buildings

by Amy Works October 13, 2021

CENTENNIAL, COLO. — Opus Development Corp. has purchased a 19.7-acre land site at 7801 S. Fairway St. within the Dove Valley submarket of Centennial. Heirborn Partners sold the parcel for an undisclosed price. Opus plans to develop The Ridge at Dover Valley, a two-building speculative industrial development, at the site. The 102,877-square-foot building will offer 26 dock positions, four drive-in doors and 210 parking stalls, while the 116,524-square-foot building will offer 26 dock positions, four drive-in doors and 250 parking stalls. Both buildings will be Class A industrial facilities featuring extensive glass and architectural design elements. Completion is slated for May 2022. Opus is the developer, design-builder, architect and engineer of record for the property. Todd Witty and Daniel Close of CBRE are marketing the buildings for lease. Rick Egitto of Avison Young represented the seller, while Witty represented the buyer in the deal.

October 13, 2021

Acquisitions Colorado Industrial Western

BlueScope Properties Divests of 136,915 SF Logistics Center Near Denver

by Amy Works October 13, 2021

ENGLEWOOD, COLO. — BlueScope Properties Group has completed the sale of a logistics center situated on 12 acres at 14353 E. Otero Ave. in Englewood, a suburb seven miles south of Denver. Terms of the off-market transaction were not released. Completed in 2021, the 136,915-square-foot building features 32-foot clear heights, 37 exterior dock doors, three drive-in bays, ESFR fire protection, office space and ample parking. The single-tenant building, which was vacant at the time of sale, also has a rear-loading configuration. Larry Thiel and Sean Devaney of JLL Capital Markets and Carmon Hicks with JLL Industrial Leasing represented the seller in the deal. Hicks, Chris Schultz and James McGill, also of JLL, are handling leasing for the new owner.

October 13, 2021

Acquisitions Colorado Multifamily Student Housing Western

Hybridge Capital, Productive Capital Acquire 360-Bed Student Housing Property in Denver

by Amy Works October 13, 2021

DENVER — Los Angeles-based Hybridge Capital Management, in partnership with Productive Capital Associates, has purchased The Villas, a 120-unit student housing community in Denver. Central Street Capital sold the asset for $40 million in an off-market transaction. Located at 2555 31st St., The Villas features 360 beds. The buyers plan to completely renovate the property and add a clubhouse, gym, pool and dog park to the community.

October 13, 2021

Acquisitions Colorado Industrial Western

Gart Properties, Elkco Properties Sell West Sixth Commerce Center in Colorado for $17.8M

by Amy Works October 13, 2021

LAKEWOOD, COLO. — Gart Properties and Elkco Properties have completed the disposition of West Sixth Commerce Center, an industrial property located at 11111 West 6th Ave. in Lakewood. DocuVault acquired the asset for $17.8 million. DocuVault will occupy 52,877 square feet of the 154,950-square-foot building and lease the remaining space. The property features 32-foot clear heights and heavy power. Buzz Miller and Peter Beugg of Stream Realty Partners represented the seller, while Matt Capecelatro of Citywide Commercial Properties and Mark Dwyer of Lincoln Property Co. represented the buyer in the transaction.

October 13, 2021

Hospitality Loans Midwest Minnesota

D2 Capital Advisors Arranges $48.6M Construction Loan for Minneapolis Hotel Project

by Kristin Harlow October 13, 2021

MINNEAPOLIS — D2 Capital Advisors has arranged a $48.6 million loan for the construction of a 123-room, luxury boutique hotel in the North Loop District of Minneapolis. Commutator LLC is the developer of the project, which will be located at 125 N. 1st St. The 133,000-square-foot hotel will feature a rooftop bar, cellar bar, retail space, meeting space and a restaurant. Snow Kreilich Architects is the project architect, Neri & Hu is designing the interiors and Greiner Construction is the general contractor. Construction is scheduled to begin this month with completion slated for the first quarter of 2023. Jack Cortese and David Frankel of D2 arranged the loan with a Seattle-based REIT.

October 13, 2021

Leasing Activity Midwest Office Ohio

Upstart Signs 240,000 SF Office Sublease in Columbus, Ohio

by Kristin Harlow October 13, 2021

COLUMBUS, OHIO — Artificial intelligence lending platform Upstart has signed a sublease for 240,000 square feet of Class A office space at 3075 Loyalty Circle in the Easton neighborhood of Columbus. The lease is in addition to a recent 54,000-square-foot expansion by Upstart at 711 N. High St. in the Short North neighborhood of Columbus. Through its expansion, Upstart plans to create an additional 500 jobs. The new spaces feature a combination of open offices, breakout rooms and collaboration areas. Upstart’s Short North office opened in early September and its Easton office is slated for completion in January. Clayton Davis and Jeff Carey of JLL represented Upstart.

October 13, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $7M Sale of Starbucks-Anchored Retail Center in Chicago

by Kristin Harlow October 13, 2021

CHICAGO — Marcus & Millichap has brokered the sale of a Starbucks-anchored retail center located at 5505 S. Kedzie Ave. in Chicago’s Gage Park neighborhood for $7 million. The Starbucks features a drive-thru, and the overall property spans 14,812 square feet. Other tenants are a mix of medical and retail users. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based developer. The asset sold to an all-cash buyer.

October 13, 2021

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