Property Type

Buchanan Street Partners Buys Self-Storage Facility in Chula Vista, California for $26.4M

by Amy Works August 23, 2021

CHULA VISTA, CALIF. — Buchanan Street Partners has purchased a newly constructed self-storage asset located at 3296 Heritage Road in Chula Vista. HomeFed Corp. sold the property for $26.4 million in an off-market transaction. The facility offers 95,000 square feet of climate-controlled self-storage units. The property received its certificate of occupancy in April 2021, and Buchanan Street acquired the asset during early lease up. William Warren Group will serve as property manager and will rebrand the facility under the StorQuest flag.

August 23, 2021

Acquisitions Montana Retail Western

Lee & Associates Brokers Sale of 145,637 SF West Park Promenade Shopping Center in Billings, Montana

by Amy Works August 23, 2021

BILLINGS, MONT. — Lee & Associates has arranged the sale West Park Promenade, a retail center in Billings. A Ketchum, Idaho-based private investor sold the property to a Bellevue, Wash.-based 1031 exchange investor for an undisclosed price. A new Town & Country Foods anchors the 145,637-square-foot retail center, which is situated on 12 acres. The asset recently underwent a $13 million renovation to transform from a mall to a community shopping center. Other current tenants include Red Robin, Massage Envy and Yellowstone Fitness. Jan Finchman and Shane Jimenez of Lee & Associates represented the seller in the deal.

August 23, 2021

Acquisitions Arizona Industrial Western

SKB Acquires 106,892 SF Flex Industrial Building in Chandler, Arizona

by Amy Works August 23, 2021

CHANDLER, ARIZ. — ScanlanKemperBard (SKB) has purchased Chandler Business Center, a flex industrial property located at 6150 W. Chandler Blvd. in Chandler. Terms of the transaction were not released. Situated 15 miles south of the Phoenix Sky Harbor International Airport, the building features 106,892 square feet of industrial and flex space. At the time of sale, the asset was 100 percent leased.

August 23, 2021

Acquisitions Arizona Multifamily Western

WhiteHaven Capital Sells Canyon 35 Multifamily Property in Phoenix for $15.5M

by Amy Works August 23, 2021

PHOENIX — WhiteHaven Capital has completed the disposition of Canyon 35, an apartment community located at 4336 N. 35th Ave. in Phoenix. A Utah-based fund manager acquired the asset for $15.5 million. Built in 1986, Canyon 35 features 98 apartments, a leasing office, pool, covered parking, laundry facilities and gym. The seller completed a programmatic renovation on 97 of the 98 units during its three-year ownership of the property. Paul Bay and Darrell Moffitt of Marcus & Millichap handled the transaction.

August 23, 2021

Loans Multifamily Washington Western

RMR Mortgage Arranges $12.5M Acquisition Loan for 80 Main Apartments in Seattle

by Amy Works August 23, 2021

SEATTLE — RMR Mortgage Trust (NASDAQ: RMRM) has closed a $12.5 million first-mortgage, floating-rate bridge loan to finance Unico Properties’ acquisition of 80 Main, a multifamily property located at 80 S. Main St. in Seattle. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements. RMR’s manager, Tremont Realty Capital, was introduced to the transaction by IPA Capital Markets, a Marcus & Millichap company, which advised the sponsor.

August 23, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions

by Sarah Daniels August 23, 2021

The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …

August 23, 2021

Development Loans Multifamily New York Northeast Top Stories

Joint Venture Receives $181.9M in Financing for Multifamily Redevelopment in White Plains, New York

by Taylor Williams August 23, 2021

WHITE PLAINS, N.Y. — A joint venture led by locally based development and investment firm Rose Associates Inc. has received $181.9 million in financing for a multifamily redevelopment project in White Plains, a northern suburb of New York City. Los Angeles-based Pacific Western Bank provided a $134.5 million senior construction loan for the project. New York City-based Square Mile Capital contributed a $47.4 million preferred equity investment to round out the capital stack. The joint venture, the other members of which were not disclosed, will convert a vacant office building located at 440 Hamilton Ave. into a 13-story, 255-unit apartment community that will be known as The Lofts. This building will include 3,400 square feet of retail space. The development team also plans to construct a seven-story, 213-unit multifamily family building on the site from the ground up. The final piece of construction will be a six-story, 575-space parking garage. The development will feature a suite of Class A amenities that includes a pool and a fitness center. Of the development’s 468 total units, 8 percent (approximately 37 residences) will be earmarked as affordable housing. Specific income restrictions for these units were not disclosed. A construction timeline for the groundbreaking …

August 23, 2021

Market Reports Multifamily Washington Western Western Market Reports

Seattle’s Apartment Market Roars to Life

by Jeff Shaw August 23, 2021

By Dylan Simon, Executive Vice President and Multifamily Specialist, Kidder Mathews It’s always easy to pick on the new kid. Seattle has enjoyed its emergence as a global city and, as such, exemplified “New Kid-itis” — yet it’s roaring back to life, and critics should take notice. It was only 18 months ago that Seattle could do no wrong. The city was teeming with young, upwardly mobile and highly employable apartment renters clamoring for places to live while selecting high earning jobs of their choice. Skyrocketing demand across nearly all sectors of commercial real estate was palpable, especially apartments. The impacts of COVID-19 and social unrest that ravaged the nation had a disproportionate impact on many urban centers. Arguably, its effects on Seattle lingered the longest. Demand for high-rise office space remained questionable as apartment renters second guessed urban living altogether. Civic dysfunction amplified the questioning of downtown Seattle’s livability, causing the apartment market to noticeably suffer. Yet spring is a time for regeneration and growth, and spring 2021 marked a turning point for the Seattle region and the entire apartment market. Occupancy Returns to Pre-Pandemic Levels The Seattle region’s multifamily market unquestionably enjoyed a bull run this past decade. Average …

August 23, 2021

Data Centers Industrial Life Sciences Market Reports North Carolina Southeast Southeast Market Reports

Life Sciences Firms Dominate Activity in Raleigh-Durham’s Industrial Market

by John Nelson August 23, 2021

It seems as though we have recently seen significant weekly announcements about investment and job creation by major U.S. companies into the Research Triangle Park region, the area situated between the cities of Raleigh and Durham. For instance, tech titans Apple and Google declared plans to establish major engineering hubs in the region, adding heat to an already dynamic market. It is common knowledge that the Triangle area is respected for its large, highly educated workforce thanks to top-ranking colleges and universities, including Duke University, North Carolina State University and University of North Carolina at Chapel Hill. Wake Tech, North Carolina’s largest community college, also serves as a vital engine, providing the region’s workforce with STEM candidates. These institutions supply existing and expanding businesses with an impressive talent pool. Theses factors, along with a business-friendly economic climate, have grown the Research Triangle into one of the nation’s largest research centers. Although local headlines continue to buzz with real estate business news, the Raleigh-Durham industrial market has witnessed steady real estate investments from life sciences and R&D businesses for decades. Over the past 24 months, however, demand for life sciences space has had a dramatic impact on traditional flex/light industrial users …

August 23, 2021

Development Florida Healthcare Hospitality Mixed-Use Southeast

Joint Venture Breaks Ground on 255-Room Legacy Hotel & Residences Hotel at Miami Worldcenter

by Julia Sanders August 20, 2021

MIAMI — The joint venture, Blue Legacy Ventures, has broken ground on Legacy Hotel & Residences Hotel, a mixed-use tower in Miami with 255 hotel rooms, 310 residences and a $100 million medical center. Legacy Hotel & Residence is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development in downtown Miami. The tower sits on 1.3 acres. All 310 residences in the tower sold out in May. The Legacy’s residences range in size from 350 square feet to 850 square feet with studios to two-bedroom units. The units sit atop the hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio. The skyscraper’s amenities will also include ground-floor retail, a one-acre pool deck, a seven-floor rooftop atrium with a restaurant bar and lounge, an elevated pool and a members-only international business lounge. Blue Zones and Adventist Health also signed a partnership agreement to operate the medical center once it’s completed. Blue Zones is a subsidiary of Adventist Health Blue Zones. Miami-based Royal Palm Cos. is a co-developer on the project. The 10-floor medical and well-being center will occupy 120,000 square feet within Legacy Hotel & Residences. The center will be powered by artificial intelligence and …

August 20, 2021

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