Property Type

Dollinger Properties Buys Six-Building R&D/Office Campus in Silicon Valley for $56M

by Amy Works August 25, 2021

SAN JOSE, CALIF. — Redwood City-based Dollinger Properties has acquired Valley Creative Center, a six-building R&D and office campus located at the confluence of Zanker Road, Bering Drive and Charcot Avenue in San Jose. Vista Investment Group sold the asset for $56 million. Located at 2235-2249 Zanker Road, 2340-2390 Bering Drive and 225-245 Charcot Ave., the complex features 166,928 square feet of space with grade-level loading, ample parking and new exterior façade upgrades. Alan Guterman, Jon DeCoite, Steve Horton and Kelly Yoder of Cushman & Wakefield represented the buyer in the deal. Additionally, the team will service as leasing agents for the multi-tenant property.

August 25, 2021

SpringhillSuites-ElementHotel-Colorado-Springs-CO

Colorado Development Hospitality Loans Western

Hall Structured Finance Arranges $55.6M Construction Loan for Dual-Branded Marriott Hotel Project in Colorado Springs

by Amy Works August 25, 2021

COLORADO SPRINGS, COLO. — Dallas-based Hall Structured Finance (HSF) has closed a new first lien construction loan totaling $55.6 million to finance the development of a dual-flagged Marriott hotel property in downtown Colorado Springs. Construction is currently underway for the Springhill Suites/Element Hotel, which will offer a total of 261 guest rooms. The project is a joint venture between Olive Real Estate Group, Hotel Equities, Hotel Operations Services and Colarelli Construction. Completion is slated for spring 2022. Hotel Equities will manage the hotels upon opening. The 136-key Springhill Suites will feature all-suite guest rooms with office desks and kitchenettes. The 125-key, extended-stay Element Hotel will offer rooms with fully equipped kitchens, stainless steel appliances and eight- to 10-foot ceiling heights. Shared hotel amenities will include an open-air courtyard with lounge seating, business center, indoor pool with a whirlpool, complimentary breakfast and a fitness center. Additional amenities will include meeting and event space, a ground-floor restaurant with outdoor seating and a 6,700-square-foot rooftop bar, restaurant and lounge. John Pascal of Paramount Capital Advisors brokered the loan.

August 25, 2021

Acquisitions California Retail Western

Pinnacle Real Estate Negotiates $14.8M Sale of Retail Center in Cerritos, California

by Amy Works August 25, 2021

CERRITOS, CALIF. — Pinnacle Real Estate Advisors has brokered the sale of a retail center located at 12221-17312 Norwalk Blvd. in Cerritos. The asset traded for $14.8 million. The names of the seller and buyer were not released. Situated 19 miles south of downtown Los Angeles, the 52,382-square-foot property is anchored by a grocery store. Peter Sengelmann, Eric Diesch and Jackson Coon of Pinnacle Real Estate Advisors represented the seller in the deal.

August 25, 2021

Acquisitions Arizona Multifamily Western

Fringe Capital Partners Sells Hayden Apartment Property in Scottsdale to Fivey Co. for $8.3M

by Amy Works August 25, 2021

SCOTTSDALE, ARIZ. — Chicago-based Fringe Capital Partners has completed the disposition of The Hayden, a multifamily community in Scottsdale. San Francisco Bay Area-based Fivey Co. acquired the property for $8.3 million, or $330,000 per unit. Located at 2635 N. Hayden Road, the garden-style property features 25 two-bedroom/one-bath apartments spread across two two-story buildings. Community amenities include a pool, courtyard and covered parking. Fringe Capital repositioned the property, which was originally built in 1978, last year with premium finishes. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Frickle of CBRE represented the seller in the deal.

August 25, 2021

Acquisitions Hospitality Maine Northeast

Apple Hospitality REIT Acquires AC Hotel by Marriott in Portland, Maine, for $66.8M

by Taylor Williams August 25, 2021

PORTLAND, MAINE — Apple Hospitality REIT Inc. (NYSE: APLE) has acquired the 178-room AC Hotel by Marriott in Portland for $66.8 million, or roughly $375,000 per room. The property, which opened in summer 2018, is located within the city’s historic district near its cruise ship terminals. Amenities include a fitness center and two food and beverage concepts. The seller was not disclosed. Following this acquisition, the Apple Hospitality portfolio now includes 213 hotels with approximately 27,800 guest rooms across 35 states.

August 25, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

Davis, Boston Development Break Ground on 224,000 SF Life Sciences Project in Metro Boston

by Taylor Williams August 25, 2021

WATERTOWN, MASS. — Two locally based firms, The Davis Cos. and Boston Development Group, have broken ground on a 224,000-square-foot life sciences project in the western Boston suburb of Watertown. Designed by Elkus Manfredi Architects, the project marks Phase I of a larger campus that will ultimately include 450,000 square feet of space across two buildings. The first building will offer six private tenant spaces and amenities such as a fitness center, bike storage room and retail/café space. Completion is slated for mid-2023.

August 25, 2021

Acquisitions Industrial New Jersey Northeast

CBRE Negotiates $15.6M Sale of Manufacturing Facility in Mahwah, New Jersey

by Taylor Williams August 25, 2021

MAHWAH, N.J. — CBRE has negotiated the $15.6 million sale of an 84,280-square-foot manufacturing facility in Mahwah, located in the northernmost part of the state. The property was fully leased to Nobel Biocare, a provider of dental implant products, at the time of sale. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the seller, AVR Realty, in the transaction. The team also procured the buyer, Urbana Partners, an investment firm based in South America.

August 25, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $13M Loan for Refinancing of Esjay Apartments in Jersey City

by Taylor Williams August 25, 2021

JERSEY CITY, N.J. — JLL has arranged a $13 million loan for the refinancing of Esjay Apartments, a 40-unit multifamily complex in Jersey City. The mid-rise building features one- and two-bedroom units with an average size of 680 square feet. Amenities include a fitness center, two rooftop terraces with grilling stations and a package handling room. Matthew Pizzolato of JLL arranged the 10-year, fixed-rate loan through Nationwide on behalf of the borrower, Point Capital Development LLC.

August 25, 2021

Acquisitions Maine Multifamily Northeast Seniors Housing

Knapp Group Brokers $10.2M Sale of Seniors Housing Community in Central Maine

by Taylor Williams August 25, 2021

MAINE — The Knapp-Stahler Seniors Housing Group of Marcus & Millichap has brokered the sale of an unnamed continuing care retirement community (CCRC) in central Maine. The site of the 121,677-square-foot property spans an entire city block, totaling 3.6 acres. The occupancy rate has consistently been over 90 percent, according to the brokers. The sales price was $10.2 million, but details on the buyer and seller were not disclosed. The lead agent for this transaction was Jim Knapp.

August 25, 2021

Alabama Development Mixed-Use Southeast Top Stories

Nicol Investment Starts Construction of $200M Upland Park Mixed-Use Project in Huntsville, Alabama

by Kristin Harlow August 25, 2021

HUNTSVILLE, ALA. — Nicol Investment Co. has started construction of Upland Park, a $200 million mixed-use project in Huntsville. The 60-acre project will include multifamily and senior living residences, restaurants, retail, office, entertainment and green space. Located on Enterprise Way at Cummings Research Park, Upland Park will be anchored by HQ, a creative office and retail project being co-developed with Nashville-based Vintage South. The master plan includes The Kelvin, a 301-unit apartment community; Vitality at Upland Park, a 189-unit senior living property; and The Collins, a 334-unit multifamily project featuring 150 Big House units designed by Humphreys & Partners. Big House units offer private garages and entrances. “Huntsville is a dynamic, growing city driven by the defense and aerospace industries, research and education,” says Mark Nicol, president of Nicol Investment. “The migration of national corporations and agencies flocking to this vibrant city as well as the organic growth of local businesses is remarkable, and we are eager to help facilitate Huntsville’s continued success,” adds Nathan Lyons, founder and CEO of Vintage South. Nicol is partnering with independent living, assisted living and memory care provider Vitality Living for the development and management of Vitality at Upland Park. Nashville-based Centric Architecture is …

August 25, 2021

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