FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit apartment complex in Fort Worth. Located on the city’s northeast side, Rio Vista offers one- and two-bedroom units and amenities such as two pools, a playground, dog park and a soccer field. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Florida-based Greenwater Investments, in the transaction. The duo also procured the buyer, an undisclosed, California-based investor that plans to make capital improvements to the property.
ABINGTON, KINGSTON AND ORLEANS, MASS. — Boston-based Atlantic Capital Partners, a division of Atlantic Retail, has arranged the $84.2 million sale of three shopping centers located on the southern outskirts of the state capital. The properties in Abington, Kingston and Orleans are all anchored by grocers and were collectively 97 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
FAIRFIELD, CONN. — New Jersey-based developer Accurate has acquired a mixed-use development site located adjacent to the Metro North train station in the southern coastal community of Fairfield. The 24-acre site, which has been branded The Crossings at Metro Station, is fully approved for 357 multifamily units, a 118-room hotel, 70,000 square feet of office space and 40,000 square feet of retail space. Louis Zuckerman, Patrick Colwell and Jeffrey Dunne of CBRE represented the seller of the site, Blackrock Realty LLC, in the land transaction while also procuring Accurate as the buyer. Construction could begin as early as the end of July or the beginning of August.
EAST RUTHERFORD, N.J. — Denver-based EverWest Real Estate Investors has purchased a 117,000-square-foot warehouse in the Northern New Jersey community of East Rutherford for $37.1 million. Building features include a clear height of 26 feet, 10 dock-high doors, one drive-in door and 16,000 square feet of office space. The seller, cleaning and sanitizing products provider Diamond Chemical, will continue to lease the space as the building’s sole occupant.
NEW YORK CITY — Locally based developer Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, has topped out Garden Towers, a 149-unit affordable seniors housing project in The Bronx. Units will be reserved for renters age 62 and above. Australian development and investment firm Lendlease is providing construction management services for the project, with Newman Design serving as the architect. Amenities will include three multi-purpose rooms, a social services suite, computer room, indoor bicycle storage and onsite laundry services and resident parking. Completion is scheduled for 2023.
PLYMOUTH MEETING, PA. — New Jersey-based Cronheim Mortgage has arranged a $22 million loan for the acquisition of a Doubletree Suites hotel in Plymouth Meeting, a northern suburb of Philadelphia. The borrower, Kingsbury Hospitality REIT, plans to renovate the property and rebrand it as an Embassy Suites. An undisclosed balance sheet lender provided the loan. Kingsbury has tapped Newport Hospitality Group to manage the asset.
VANCOUVER, WASH. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore. The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units. The Springs at The Waterfront will feature 250 independent living, assisted living and memory care units on a 1.3-acre site. The developers will seek both LEED and Fitwell certifications for sustainability and wellness. The Springs Living will operate the property upon completion, a timeline of which was not disclosed. The community will feature organic rooftop gardens, integrated health and treatment programming, multiple dining venues and connection to the waterfront and community amenities. Additionally, less than one mile east of the community, the Vancouver VA Medical Center provides a full continuum of inpatient, outpatient, long-term and emergent care. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the …
By Brian Morrissey, Ragsdale Beals Seigler Patterson & Gray LLP How municipalities and counties tax medical real estate can vary by modes of ownership, location and how a property affects the local economy. Much, however, depends on each taxing entity’s goals and its degree of interest in attracting hospitals, creating medical hubs, enlarging commercial areas or encouraging excellent healthcare locally. A typical approach to achieving some or all of these goals is for local government to control the property. This can be through outright ownership, where the facilities are leased out. Governments can also create an economic zone and issue bonds to finance the area’s development. Each of these methods poses property tax issues. In a direct ownership scenario, the government owner is exempt from taxation. The operating and management company that leases the property has tax liability for its going concern, however. That going concern has untaxed intangible value, but also will have onsite assets such as medical equipment that can be taxed under standard code approaches at fair market value. They can also be taxed under a modified fair market value, which is a common incentive designed to entice investment by medical businesses. If the local government chooses …
By Mark Volkman and Brian Leonard, JLL It’s no secret the industrial market has seen a monumental surge throughout the nation as a result of changing consumer behaviors. How developers in each city are combatting the demand, though, is a different story. The success of the industrial market in Cincinnati, in particular, stems from its affordable cost of living, strong labor pool and impressive accessibility. With the city being only an eight-hour drive away from half of the country, it’s become a viable option for tenants with a large footprint that want a lower-cost facility compared with the price of those in major cities like Chicago, New York City or San Francisco. Like other cities throughout the U.S., Cincinnati’s successes have come with both challenges and a variety of emerging trends. Learn about some of the most prominent ones below. 1. The emergence of the Cincinnati-Dayton metroplex With the heightened demand for industrial space comes the need for developers to find land not only in the city, but in its suburbs, as well. Dayton, a city about one hour north of Cincinnati via Interstate 75, has surfaced as a strong option for developers. Proctor & Gamble’s 1.8 million-square-foot distribution center, …
FRISCO, TEXAS — Locally based general contractor KWA Construction has broken ground on Remy, a 357-unit multifamily project located within the 147-acre Frisco Square mixed-use development on the northern outskirts of Dallas. Designed by HEDK Architects and developed by Toll Brothers, Remy will offer units that are furnished with stainless steel appliances and stone countertops. Most residences will include washers and dryers and private balconies. The amenity package will comprise a pool, sky deck, speakeasy lounge, library, fitness center, coworking space, clubroom, media room and a package handling system. Completion is slated for early 2024.