Property Type

Partnership Acquires Apartment Community in Largo, Maryland, for $72M

by Taylor Williams March 28, 2022

LARGO, MD. — A partnership between investment firm FCP, developer Insight Property Group and Virginia-based nonprofit AHC has acquired Camden Largo Town Center, a 245-unit apartment community in Largo, just east of Washington, D.C. The sales price was $71.9 million, or roughly $293,500 per unit. At the time of sale, the garden-style community was approximately 93.5 percent occupied. The new ownership plans to upgrade common areas, rebrand the community as Haven Largo and introduce income restrictions to certain residences. Haven Largo features one-, two- and three-bedroom units that are furnished with kitchen pantries, rentable garages and private patios/balconies. Amenities include a pool, fitness center, and outdoor dining and lounge areas. In addition, Haven Largo offers proximity to Largo Town Center Metro Station and the Capital Beltway. “FCP is excited to continue investing in our home market with the acquisition of a well-maintained and high-performing asset in one of the top submarkets in suburban Maryland,” says Scott Reibstein, associate at FCP. “As part of our commitment to the preservation of moderately priced apartment communities in the region, we plan to offer resident services and implement affordability requirements to a portion of the units.” Chris Doerr and Will Harvey of Walker & …

March 28, 2022

Market Reports Restaurant Retail Southeast Southeast Market Reports Tennessee

Nashville Welcomes Wave of New Retailers, Restaurants Entering the Market

by John Nelson March 28, 2022

After national media declared traditional brick and mortar retail to possibly be on it’s “last leg” due to the COVID-19 pandemic, the Nashville area has seem quite the opposite reaction. Already in an accelerated state of demand going into the shutdown of 2020 that extended into a malaise in 2021 in many places, Nashville is seeing all indicators of the hottest retail market in its history. Prior to the pandemic, rents and occupancy were already at historic highs. 2020 began with a continuance of that trend and ended the year higher with the most active submarkets closing the year below a 5 percent vacancy rate across all retail product types as the market absorbed more than 300,000 square feet of new product. During 2021, the region experienced further good news for landlords with rents increasing at one of the fastest rates in the United States (more than 8.8 percent). This continues a trend lasting more than 10 years where regional rent growth outpaced the national average. This growth was at least partially driven by a vacancy rate at year-end of only 3.7 percent. The primary driver of these metrics continues to be population growth and a low level of retail …

March 28, 2022

Acquisitions Industrial New York Self-Storage Texas Top Stories

CBRE Investment Management, William Warren Group Acquire Self-Storage Portfolio Across 10 States for $588M

by Julia Sanders March 25, 2022

NEW YORK CITY AND AUSTIN, TEXAS — CBRE Investment Management and facility operator William Warren Group have acquired a 64-property self-storage portfolio for $588 million. Austin-based World Class Holdings was the seller. The self-storage portfolio includes over 4.1 million rentable square feet across 10 states including Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York and Nevada. The properties include a total of 28,601 units. The self-storage properties will now operate under the StorQuest brand. The facilities were previously operated by Great Value Storage. The assets are primarily single-story drive-up units. The portfolio was 82 percent leased at the time of sale. “We expect these assets to add significant value to our investment stack given the high demand for self-storage facilities across multiple markets and end-users amid the pandemic,” says Justin Shanahan, deputy portfolio manager for CBRE Investment Management. “This specific portfolio offered a unique opportunity to acquire a diverse collection of facilities in various states that have strong population demographics. We believe that the portfolio is well-positioned to continue its robust leasing momentum and yield long-term profitability.” With this transaction, CBRE Investment Management, a New York City-based global real estate assets investment management firm and affiliate of Dallas-based …

March 25, 2022

Development Idaho Industrial Western

Trammell Crow Breaks Ground on 362,000 SF Spec Industrial Facility in Nampa, Idaho

by Amy Works March 25, 2022

NAMPA, IDAHO — Trammell Crow Co. has broken ground on Kings Road Commerce Center, a speculative, Class A manufacturing and logistics space in Nampa. Slated for completion in fourth-quarter 2022, Kings Road Commerce Center will feature three buildings offering a total of 362,000 square feet of space. The rear-load buildings will range in size from 99,664 square feet to 150,735 square feet and will accommodate tenants of 25,000 square feet up to 150,000 square feet. The facility will feature 30- to 32-foot clear heights, 60-foot speed bays, 50-foot column spacing, 35 trailer stalls and 557 auto stalls. The project team includes Ware Malcomb as architect, Kimley Horn as civil engineer and ESI Construction as general contractor. Jake Miller and Harrison Sawyer of CBRE will handle leasing at the development.

March 25, 2022

Acquisitions Arizona Retail Western

Faris Lee Investments Brokers $27.8M Sale of Costco Plaza Retail Center in Tempe

by Amy Works March 25, 2022

TEMPE, ARIZ. — Faris Lee Investments has arranged the sale of Costco Plaza, a shadow-anchored Costco center located at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. Costco Plaza features 237,000 square feet of retail space. Don MacLellan of Faris Lee Investments represented the seller in the transaction.

March 25, 2022

Acquisitions Development Industrial Utah Western

ViaWest Enters Salt Lake City Market, Plans 171,600 SF Spec Industrial Building

by Amy Works March 25, 2022

SALT LAKE CITY — Phoenix-based ViaWest Group has acquired an 18-acre industrial development site at 3255 W. 500 South in Salt Lake City. Terms of the transaction were not released. The site contains an existing 37,000-square-foot industrial building, which was built in 2016. Phillip Eilers of Cushman & Wakefield represented the ViaWest Group and James Merrill of cRc Nationwide represented the undisclosed seller in the deal. ViaWest plans to split the existing lot, creating a separate 11-acre parcel on which it will construct a new 171,600-square-foot Class A speculative industrial building to accompany the existing building on the property.

March 25, 2022

Acquisitions California Retail Western

DJM Capital Buys Four Grocery-Anchored Properties in California Totaling 488,000 SF

by Amy Works March 25, 2022

SAN JOSE, CALIF. — San Jose-based DJM Capital, through a joint venture with affiliates of Fortress Investment Group, has acquired a four-property, grocery-anchored portfolio totaling 488,000 square feet of retail space across California. Merlone Geier sold the portfolio for an undisclosed price. Chris Hoffmann of Eastdil Secured brokered the transaction. Bank of America served as lender and Brian Ley of JLL acted as equity intermediary. The portfolio includes: Magnolia & Adams, a 68,000-square-foot property at 9062 Adams Ave. in Huntington Beach, Calif. Magnolia & Warner, a 62,000-square-foot center at 17070 Magnolia St. in Fountain Valley, Calif. Poway Town Center, a 101,000-square-foot asset at 12342 Poway Road in Poway, Calif. Deer Creek Village, a 257,000-square-foot property at 429 N. McDowell Blvd. in Petaluma, Calif.

March 25, 2022

11201-11223-National-Blvd-West-Los-Angeles-CA

Acquisitions California Retail Western

CBM1 Negotiates $13.1M Sale of Retail Center in West Los Angeles

by Amy Works March 25, 2022

LOS ANGELES — CBM1 has arranged the sale of a neighborhood shopping center located at 11201-11223 National Boulevard in West Los Angeles. Los Robles Office Partners sold the asset to a private party for $13.1 million. The property includes a 10,883-square-foot retail building situated on a 24,400-square-foot lot. The retail center includes eight units; a newsstand; a Wells Fargo ATM; two income-producing billboards; and a cell tower. At the time of sale, seven of the eight units were occupied. Geoff Grossman of CBM1 represented the seller, while Paul Brehme of Lee & Associates represented the buyer in the transaction.

March 25, 2022

Acquisitions Maryland Multifamily Southeast

Comstock Acquires 250-Unit Multifamily Property in Rockville, Maryland

by Julia Sanders March 25, 2022

ROCKVILLE, MD. — Comstock Holdings Cos. Inc. has acquired the Ansel at Rockville Town Center, a 250-unit apartment building in Rockville. Duball LLC sold the property for an undisclosed amount. Jorge Rosa and Anthony Liberto of Cushman & Wakefield arranged the sale, while Marshall Scallan, Michael Zelin and Bindi Shah of Cushman & Wakefield arranged an undisclosed amount of debt financing. Delivered earlier this year, Ansel at Rockville Town Center, which is being rebranded as BLVD Ansel, is an 18-story high-rise apartment community that offers studio, one- and two-bedroom floorplans. BLVD Ansel features 20,153 square feet of retail space, 611 parking spaces and amenity spaces, including a lobby with concierge service, penthouse club room, fitness center with a yoga studio and private workspaces. The outdoor amenity spaces include a ninth-floor swimming pool with outdoor cooking stations, TV lounge and a rooftop courtyard for outdoor dining. Located at 33 Monroe St., the property is located at the entrance to Metro’s Rockville Station and is situated 21.5 miles from Washington, D.C. CHCI Residential Management and ParkX Management, wholly owned subsidiaries of Comstock, will provide property management services for BLVD Ansel.

March 25, 2022

Georgia Loans Multifamily Southeast

Mesa West Capital Provides $92.5M in Bridge Financing for Apartment Community in Atlanta

by Julia Sanders March 25, 2022

ATLANTA — Mesa West Capital has provided $92.5 million in bridge financing for the acquisition and repositioning of Magnolia Vinings, a 400-unit multifamily property in Atlanta’s Vinings district. Michael Riccio of CBRE Capital Markets Debt & Equity Finance arranged the financing on behalf of an undisclosed institutional real estate private equity fund. The four-year loan included interest-only payments and a floating interest rate. A portion of the loan proceeds will be used by the sponsor to continue the renovation program started by the seller, focusing largely on the interiors of 177 apartment homes that have not been significantly updated since the property was built in 1996. Magnolia Vinings is a garden-style apartment building that was 98 percent occupied at the time of the financing. The property offers one-, two- and three-bedroom units across five different floorplans, ranging in size from 572 to 1,408 square feet. Each unit offers nine-foot ceilings, walk-in closets and stainless steel appliances. Renovated units feature quartz countertops, vaulted ceilings, vinyl plank flooring, framed mirrors and a wood-burning fireplace. Community amenities include a resort-style swimming pool, clubhouse, fitness center, cyber lounge and a bocce ball court. Located at 2151 Cumberland Way on 21.6 acres, the property is …

March 25, 2022

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