SEATTLE — Arriba Capital has closed an $63.9 million syndicated construction loan for the development of an AC Hotel by Marriott in downtown Seattle. The borrower is a privately held hospitality management and development group based in the Southeast. Situated in the South Lake Union neighborhood, the hotel will feature 200 guest rooms.
LAS VEGAS — Dornin Investment Group has completed the sale of Marnell Corporate Center 3 (MCC3), a three-story, Class A office building in Las Vegas. A private investor acquired the asset for $23.2 million, or $325 per square foot. Located at 6725 Via Austi Parkway, MCC3 features 71,378 square feet of multi-tenant office space. The seller originally purchased the building in early 2014 for $222 per square foot as part of a portfolio that consisted of three multi-tenant office buildings totaling 176,960 square feet, all located within the master-planned Marnell Corporate Center. This is the third and final disposition of the portfolio. Marlene Fujita Winkel, Charles Moore and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal. Charles Van Geel, also of Cushman & Wakefield, provided leasing advisory for the property.
BEAVERTON, ORE. — Anthology Senior Living, the dedicated seniors housing platform of CA Ventures, has entered a joint venture partnership with Formation Development Group to build Anthology of Beaverton, a 207,169-square-foot senior living community in Beaverton. Situated on a 5.5-acre parcel outside of Portland, Anthology of Beaverton will feature 206 luxury independent living, assisted living and memory care units. The community is located near the Tanasbourne shopping district, which includes a Whole Foods, Starbucks and Macy’s, in addition to other shopping and dining locations. Major employers within close proximity include Nike World Headquarters and Intel. While development costs were not disclosed, CBRE arranged a $49.7 million construction loan for the project. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing led the team on the floating-rate financing, which features partial interest-only payments through a national bank. The transaction marks the beginning of Anthology’s strategic alliance with Formation as a general partner investor. Anthology and Formation plan to further bolster their partnership through the co-sponsorship and development of future projects together. In addition to serving as development partner, Anthology will manage the property, expanding its owned/operated portfolio to 39 senior living communities across the U.S. Anthology expects to …
SUNNYVALE, TEXAS — Locally based brokerage firm Paladin Partners has negotiated a 643,760-square-foot industrial lease at 100-200 Planters Road, a newly built property located in the eastern Dallas suburb of Sunnyvale. Conrad Madsen and Greg Nelson of Paladin Partners represented the landlord, a partnership between locally based developers Langford Property Co. and Flaherty Development, in the lease negotiations. Adam Curran and Jay Benner of Cushman & Wakefield represented the tenant, an undisclosed, locally based manufacturer.
ATLANTA — RangeWater Real Estate and Artemis Real Estate Partners have sold The Monroe, a 217-unit apartment community located at 222 Colonial Homes Drive NW in Atlanta’s Brookwood neighborhood. ParkProperty Capital purchased the property, which was delivered in 2015, for $91 million. Robert Stickel and Alex Brown of Cushman & Wakefield represented the sellers in the transaction. Situated along the Atlanta BeltLine and overlooking the Bobby Jones Golf Course, The Monroe features studio, one-, two- and three-bedroom floor plans. Amenities include complimentary package receiving services, controlled access garage parking, an athletic club, saltwater pool, rooftop lounge with skyline views and a clubhouse equipped with a kitchen and coffee bar.
MONTGOMERY, ALA. — Kushner Cos., a real estate developer and investor based in New York, has purchased Broadstreet at Eastchase, a 276-unit multifamily asset in Montgomery. The seller, an undisclosed local family office, sold the community for $49.5 million, or $182,000 per unit. Josh Jacobs and Royce Emerson of Marcus & Millichap represented the seller and procured the buyer in the transaction. Built in 2010, Broadstreet at Eastchase features one-, two- and three-bedroom floor plans ranging from 822 to 1,208 square feet, according to Apartments.com. Amenities include a 24-hour fitness center, trails, outdoor kitchen and lounge area, playground, resort-style swimming pool, dog park, detached garages, media center and a recreation room.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mosaic Dallas, a 440-unit multifamily property in downtown Dallas. Constructed as office buildings in the 1950s, Mosaic Dallas was converted into apartments in 2006. The two high-rise buildings also house 8,766 square feet of ground-floor retail space. Amenities include a rooftop pool, indoor putting lounge, valet and concierge services, dry cleaning service and a fitness center. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Grant Raymond and Will Balthrope of IPA represented the seller, Olympus Property, and procured the buyer, a New York-based investment manager, in the deal.
JACKSONVILLE, FLA. — JLL has arranged the sale of 600 Whittaker, a 469,830-square-foot distribution center located within Imeson Industrial Park in Jacksonville. AEW Capital Management purchased the property from LRC Properties and Machine Investment Group. The sales price was not disclosed, but Jacksonville Business Journal reports the property traded for $45 million. Luis Castillo, Cody Brais and Luke Pope of JLL represented the sellers in the transaction. The sellers purchased the property last year for $29.6 million. 600 Whittaker was fully leased at the time of sale to Constellation Brands, a beer, wine and spirits distributor based in New York that signed the full-building lease in the first quarter.
SAN ANTONIO — North Texas-based developer Jackson-Shaw has broken ground on Phase II of Centerpoint Logistics Park, a project in San Antonio that will add 416,707 square feet of industrial space to the local supply. The site spans 64 acres on the city’s northeast side. Phase II will consist of a 139,427-square-foot, rear-load building and a 277,280-square-foot, cross-dock building. Greystar is Jackson-Shaw’s equity partner on the project. R.C. Page Construction is the general contractor, with design led by Beaty Palmer Architects. Kimley-Horn is the civil engineer, and Veritex Community Bank is providing construction financing. Stream Realty Partners will manage and market the project for lease. Jackson-Shaw broke ground on the 302,518-square-foot initial phase of the project in late 2020.
WALDORF, MD. — Klein Enterprises and Evolv LLC, an affiliate of Fraser Forbes Real Estate Services, have acquired land in Waldorf to construct 74 build-to-rent (BTR) townhomes. The duo are acquiring lots in two phases via an assignment agreement with Dream Finder Homes, a homebuilder based in Jacksonville. Klein and Evolv plan to break ground in August on Phase I, with construction estimated to last 15 months and homes be delivered on a rolling monthly basis. The community will be situated in Waldorf’s Scotland Heights neighborhood, about 25 miles south of Washington, D.C.
