Property Type

Presidio Bay Ventures Breaks Ground on 147,000 SF Life Sciences Project in San Carlos, California

by Amy Works May 31, 2022

SAN CARLOS, CALIF. — Presidio Bay Ventures has broken ground on a Class A life sciences and R&D development located at 777 Industrial Road in San Carlos. The existing 45,000-square-foot dealership building will be fully redeveloped into a four-story, 147,000-square-foot, state-of-the-art facility. Stanton Architecture and DES Architects & Engineers designed the building, which will be tailored toward research and development users with a heavy lab component. Potential tenants include companies working in life sciences, biotech, food tech, agricultural tech, auto tech, drone tech, robotics, and other users requiring mission-critical infrastructure. Building amenities will include e-bikes, outdoor workspaces equipped with Wi-Fi and an onsite fitness center. Approved in June 2021, the project is slated for completion in fourth-quarter 2023. Marc Pope and Ben Paul of Cushman & Wakefield are handling leasing for the building.

May 31, 2022

Acquisitions Multifamily Oregon Western

Next Wave Acquires Two Multifamily Communities in Beaverton, Oregon for $30.5M

by Amy Works May 31, 2022

BEAVERTON, ORE. — Next Wave Investors has purchased two apartment properties in Beaverton for a total of $30.5 million. The communities are the 62-unit The Huntley and the 48-unit Parker Apartments. The seller was not disclosed. Located at 12310 SW Center St., The Huntley sold for $18 million and has nine remaining unrenovated units. Located at 17135 SW Heritage Court, Parker Apartments sold for $12.5 million and features 12 classic units that Next Wave plans to modernize. The buyer also plans to install HVAC systems in all units at both properties.

May 31, 2022

Acquisitions Colorado Office Western

Stan Johnson Arranges $3M Sale of Office Building in Arvada, Colorado

by Amy Works May 31, 2022

ARVADA, COLO. — Stan Johnson Co. has facilitated the sale of a Class B office building located at 6850 W. 52nd Ave. in Arvada. A Louisiana-based private investor acquired the property from a Washington-based individual investor for $3 million. Built in 1998 on 2.6 acres, the two-story, 28,492-square-foot property is occupied by multiple tenants, including HomeGuard Services and Venture Financial. At the time of sale, the asset was 91 percent leased. Craig Tomlinson of Stan Johnson Co. represented the buyer in the deal.

May 31, 2022

Acquisitions Oregon Restaurant Retail Western

Norris & Stevens Brokers Acquisition of Viewpoint Restaurant in Estacada, Oregon

by Amy Works May 31, 2022

ESTACADA, ORE. — Norris & Stevens has arranged the sale of Viewpoint Restaurant, located at 20189 and 20195 S. Springwater Road in Estacada. Shadado Inc., doing business as Bent Shovel Brewing, purchased the property for an undisclosed price. Situated on 4.5 acres, the 10,000-square-foot restaurant features views of Mt. Hood, 32 parking spaces and access to Milo McIver State Park. Bent Shovel Brewing creates hand-crafted ales and lagers on a 10-barrel system along the Clackamas River in Oregon City. The Viewpoint Restaurant will remain a full-service restaurant, bar, beer garden and patio, as well as a small music venue. Tim Pfeiffer of Portland-based Norris & Stevens represented the buyer, while Mike Foley of First Commercial Real Estate represented the seller in the deal. The seller and price were not disclosed.

May 31, 2022

Acquisitions Arizona Multifamily Western

Villa Delano Partners Buys 32-Unit Multifamily Property in Tucson, Arizona

by Amy Works May 31, 2022

TUCSON, ARIZ. — Villa Delano Partners LLC has acquired an apartment community, located at 123 W. Delano in Tucson, from 123 Delano LLC for $4.8 million. Villa Delano Apartments features 32 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented the seller and buyer in the transaction.

May 31, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 659-Unit Urban Palms Apartments in West Houston

by Taylor Williams May 31, 2022

HOUSTON — Northmarq has arranged the sale of Urban Palms, a 659-unit apartment community in the Chinatown area of West Houston. The property was built in 1979 and renovated in 2017. Units feature energy-efficient appliances, washer/dryer connections and private balconies/patios. Amenities include two pools, a fitness center, business center, playground, grilling and picnic areas and onsite laundry facilities. Justin Chambers and Scott Lamontagne of Northmarq represented the Southern California-based seller and the undisclosed buyer in the transaction. Joel Heikenfeld, James Currell and Emily Balazik, who are also with Northmarq, arranged acquisition financing and joint venture equity for the deal.

May 31, 2022

Development Loans Maryland Mixed-Use Multifamily Retail Southeast

UIP Plans $112M Canvas Mixed-Use Project in Hyattsville, Maryland

by John Nelson May 31, 2022

HYATTSVILLE, MD. — Urban Investment Partners Inc. (UIP) has secured debt and equity financing for Canvas, a $112 million mixed-use development in downtown Hyattsville. The six-story project will be located at 5300 Baltimore Ave. and feature 285 one- and two-bedroom apartments, 31,660 square feet of ground-floor retail space and 681 parking spaces. Washington, D.C.-based UIP is financing the project using $27.1 million in equity, including $19.1 million from crowd-sourced capital raised on CrowdStreet from 422 individual investors. Other financing sources included a $42.3 million loan from Parkview Financial and $42.8 million in proceeds from a land sale-leaseback agreement with Safehold. Torti Gallas + Partners designed Canvas, which is expected to begin initial occupancy in the fourth quarter of 2023.

May 31, 2022

Acquisitions Florida Retail Southeast

BH Properties Acquires Lincoln Center Retail Property in Miami Beach for $93.6M

by John Nelson May 31, 2022

MIAMI BEACH, FLA. — BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6 million. Built in 1999, the four-story building is situated on a full city block in the South Beach neighborhood along Lincoln Road, which is Miami’s high-street retail corridor. An 18-screen Regal Cinema, the only movie theater in South Beach, anchors the property. Regal recently extended its lease, according to BH Properties. The asset was 74 percent leased at the time of sale to tenants including French apparel retailer Zadig & Voltaire, fine art gallery Romero Britto, Ben & Jerry’s, Doraku Sushi and restaurant Wok to Walk. The property also includes an attached, 291-space parking garage.

May 31, 2022

Acquisitions Florida Mixed-Use Multifamily Southeast

Crescent Communities Sells 375-Unit Novel Lucerne Apartments in Orlando

by John Nelson May 31, 2022

ORLANDO, FLA. — Crescent Communities has sold Novel Lucerne, a 375-unit apartment community in Orlando, to Knightvest Capital and funds managed by Oaktree Capital Management LP. Newmark brokered the transaction, the sales price of which was not disclosed. Floor plans at Novel Lucerne come in a mix of one-, two- and three-bedroom configurations. Amenities include a resort-style pool with grilling stations; resident lounge with event kitchen and workspaces; fitness center with a separate group and spin fitness room; dog park; and resident art gallery. Ground-floor retail tenants include natural grocery chain Earth Fare and fitness concept Eat the Frog Fitness. Located at the intersection of Orlando’s SoDo and downtown neighborhoods, Novel Lucerne provides residents with access to shopping, dining and parks. The area is also within walking distance of the Orlando Health Campus, Lake Lucerne and the Dr. Phillips Center for the Performing Arts. Development Partners included general contractor Brasfield & Gorrie, architectural firm The Preston Partnership, civil engineer GAI Consultants, landscaping architect Dix.Hite Partners and interior designer Vignetter. Novel Lucerne is one of 10 multifamily communities that Crescent has developed in Florida.

May 31, 2022

Development Georgia Loans Multifamily Southeast

JLL Arranges Financing for 31-Story 1405 Spring Apartment Project in Midtown Atlanta

by John Nelson May 31, 2022

ATLANTA — JLL Capital Markets has arranged construction financing for 1405 Spring, a 326-unit high-rise apartment tower in Midtown Atlanta. Ed Coco, Matt Casey and Kelsey Bawcombe of JLL arranged the full capital stack for the project through Manulife Investment Management on behalf of the developer, a joint venture between JPX Works and Zeller. The 31-story 1405 Spring will offer studio, one-, two- and three-bedroom units, as well as luxury penthouses. The building’s 21 residential levels will sit atop a ground-level lobby, eight-level parking garage and amenities. Features will include multiple indoor lounge areas, coworking spaces, a fitness center, yoga and meditation studio, pool, sundeck and covered outdoor lounge with firepits. 1405 Spring will be situated at the southeast corner of 18th and Spring streets, just blocks from the Arts Center MARTA station. The neighborhood is home to the Woodruff Arts Center, MODA and the Center for Puppetry Arts. The high-rise will replace a vacant, single-level commercial building that most recently served as The John Marshall Law School’s Blackburn Conference Center.

May 31, 2022

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