Property Type

Metro-East-Valley-Commerce-Center-Mesa-AZ

Metro Commercial, Graycor Break Ground on Five-Building Spec Industrial Project in Mesa, Arizona

by Amy Works July 14, 2021

MESA, ARIZ. — Metro Commercial Properties, with Graycor as general contractor, has broken ground on Phases III and IV of Metro East Valley Commerce Center in Mesa. The five-building, 406,575-square-foot speculative project will expand and complete Metro’s 11-building, 1.1 million-square-foot, Class A industrial park. Phases III and IV will feature up to 32-foot clear heights with dock-high and grade-level loading. The concrete-tilt buildings will range from 58,399 square feet to 112,097 square feet, with interior floorplans able to accommodate office, warehouse, manufacturing and light industrial uses. Completion is slated for late 2021. Graycor also built Phase I and II at Metro East Valley Commerce Center. Completed in 2016, Phase I totals 349,049 square feet in four buildings, while Phase II, which was completed in 2019, features 363,000 square feet spread across two buildings. All six buildings are currently fully leased. Scottsdale-based McCall & Associates is the project architect for Phases III and IV. Chris McClurg, Ken McQueen and Kurt Saulnier of Lee & Associates are the project’s leasing brokers.

July 14, 2021

Acquisitions Multifamily Utah Western

IPA Brokers Sale of 348-Unit Broadmoor Village Apartments Near Salt Lake City

by Amy Works July 14, 2021

WEST JORDAN, UTAH — Institutional Property Advisors (IPA), a division Marcus & Millichap, has arranged the sale of Broadmoor Village, a multifamily property located in West Jordan. Bridge Investment Group acquired the asset from Wasatch Property Group for an undisclosed price. Danny Shin and Brock Zylstra of IPA represented the seller and procured the buyer in the deal. Developed in 1986 on 16 acres, Broadmoor Village is a garden-style asset that features 348 apartments in one-, two- and three-bedroom layouts, with an average apartment size of 867 square feet. Community amenities include landscaped grounds, walking paths, a heated swimming pool and community courtyard.

July 14, 2021

Acquisitions Industrial Retail Self-Storage Washington Western

Marcus & Millichap Arranges $10.7M Sale of Self-Storage Facility, Retail Building in Kent, Washington

by Amy Works July 14, 2021

KENT, WASH. — Marcus & Millichap has brokered the sale of Glacier West Self Storage and Napa Auto Parts Store, located at 1415 and 1407 Central Ave. S in Kent. The transaction includes a 45,400-square-foot self-storage facility and a 6,000-square-foot NAPA Auto Parts Store. A limited liability company sold the asset to an undisclosed buyer for $10.7 million. Built in 2001 on three acres, the 10-building self-storage facility features 134 climate-controlled units and 183 drive-up units without climate control. Christopher Secreto of Marcus & Millchap’s Seattle office represented the seller in the transaction.

July 14, 2021

Loans Multifamily Washington Western

Ready Capital Closes $14.5M Loan for Multifamily Property in West Seattle

by Amy Works July 14, 2021

SEATTLE, WASH. — Ready Capital has closed $14.5 million in financing for the acquisition, renovation and stabilization of an apartment community located in the West Seattle submarket of Seattle. Upon purchase, the undisclosed sponsor will implement a capital improvement plan to renovate unit interiors, upgrade property exteriors and refine curb appeal at the 75-unit, Class B property. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

July 14, 2021

Acquisitions California Retail Western

SRS Negotiates $11M Sale of Two-Tenant Retail Property in Mission Viejo, California

by Amy Works July 14, 2021

MISSION VIEJO, CALIF. — SRS Real Estate Partners has arranged the sale of a two-tenant retail property located at 26911 and 26921 Trabuco Road in Mission Viejo. Starpoint Properties sold the asset to a Hawaii-based private investor for $11 million. Smart & Final and Saddleback Carpet & Flooring fully occupy the 26,202-square-foot property, which is part of Alicia Trabuco Plaza. Smart & Final serves as the anchor tenant for the plaza. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller and buyer in the deal.

July 14, 2021

Development Indiana Midwest Multifamily Northeast Pennsylvania South Carolina Southeast Student Housing Top Stories

Landmark Properties to Develop Three New Student Housing Projects in Pennsylvania, Indiana, South Carolina

by Kristin Harlow July 14, 2021

PHILADELPHIA; BLOOMINGTON, IND.; AND COLUMBIA, S.C. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with 802 beds. Floor plans will range from studios to six bedrooms. Amenities will include a fitness center, pool, hot tub, sauna, study lounge, clubhouse, gaming lounge, grill station and computer labs. The complex will also feature more than 3,000 square feet of retail space on the ground floor. The Standard at Bloomington will include 1,064 beds across 439 units. Amenities will include a pool, spa, exterior jumbotron, fitness center, sports simulator, indoor basketball court, pickleball court, gaming lounge and grilling stations. The Standard at Columbia will consist of 678 beds across 247 units. Floor plans will range from studios to five bedrooms. Amenities will include a …

July 14, 2021

Acquisitions Florida Hospitality Michigan Mixed-Use Southeast

Veteran Services USA, Lockwood Buy Hotel Portfolio for $225M, Plan Mixed-Use Redevelopments

by Julia Sanders July 13, 2021

MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed. Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live on a fixed income. SarahCare, a Canton, Ohio- based brand that provides senior daytime care and activities, will lease space at several locations within the portfolio. In addition to the residential space and SarahCare facilities, the building’s large-scale, existing kitchen facilities will be available for lease for a ghost kitchen. The 10 properties include the following: • Crowne Plaza located at 6121 N. Interstate Highway 35 in Austin, Texas; • Crowne Plaza located at 33 E. Fifth St. in Dayton, Ohio; • Crowne Plaza located at 9090 Southwest Freeway in Houston, Texas; • Marriott located at 200 E. Amite St. in Jackson, Miss.; • Radisson located at 1775 Parkway Place in Marietta, Ga.; • Crowne Plaza located at 2625 Thousand Oaks St. in Memphis, Tenn.; • Clarion Inn located at …

July 13, 2021

Acquisitions Georgia Multifamily Southeast

ZMR Capital Acquires Multifamily Community in Metro Atlanta for $40.1M

by Julia Sanders July 13, 2021

MABLETON, GA. — ZMR Capital has acquired Upland Townhomes, a 348-unit multifamily community in metro Atlanta in Mableton, for $40.1 million. The seller was not disclosed. Located at 6850 Mableton Parkway, Upland Townhomes offers a mix of one-, two- and three-bedroom townhomes. Approximately half of the homes were recently upgraded, and ZMR is planning a capital improvement program to update the remainder of the units. Planned upgrades include stone countertops, new cabinetry, upgraded lighting and plumbing fixtures, new vinyl plank flooring and stainless appliances. Community improvements will include the addition of a new clubhouse that will include a business center and fitness center and upgrades to the playground, a dog park and grilling areas. ZMR Capital is a Tampa-based real estate investment firm. Upland is ZMR’s third acquisition in the metro Atlanta area over the past three years and brings the firm’s Atlanta portfolio to just under 1,000 units. The company is looking to invest approximately $250 million in metro Atlanta over the next 24 to 36 months.

July 13, 2021

Acquisitions Georgia Retail Southeast

Principal Real Estate Investors Sells Kroger-Anchored Retail Center in Metro Atlanta for $20.8M

by Julia Sanders July 13, 2021

ROSWELL, GA. — Principal Real Estate Investors has sold Coleman Village, a 90,981-square-foot, Kroger-anchored shopping center in Roswell. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. The Georgetown Co. acquired the property for $20.8 million. Situated on 12.2 acres at 800 Marietta Highway, Coleman Village was 97 percent leased at the time of sale. The tenant roster includes Starbucks, El Porton Mexican Restaurant, Attitude Fitness and Mavis Tire. Principal Real Estate Investors manages or sub-advises $90.3 billion in commercial real estate assets and is based in Des Moines, Iowa. The Georgetown Co. is a New York-based, privately held real estate firm.

July 13, 2021

Acquisitions North Carolina Office Southeast

Northpond Partners Acquires Packard Place Office Building in Downtown Charlotte for $15.4M

by Julia Sanders July 13, 2021

CHARLOTTE, N.C — Northpond Partners has acquired Packard Place, a five-story creative office building located at 222 South Church St. in downtown Charlotte. Dunn Mileham and David Morris of Trinity Partners arranged the transaction on behalf of the seller, Packard Place Properties LLC, an entity owned by Sara and Dan Roselli. The sales price was $15.4 million. After purchasing the 95,128-square-foot property in 2010, Sara and Dan Roselli founded The Garage at Packard Place, a nonprofit focused on providing Charlotte’s start-up and entrepreneurial community with technical, educational and business support. Currently 60 percent leased, Packard Place has served as home to the Arts & Science Council, Insight Enterprises, DealCloud, Sunlight Financial, Not Just Coffee and Ink n Ivy. Northpond has selected architectural firm Gensler to lead the design for the property’s comprehensive common area renovations. Potential plans include the creation of an open lobby allowing for tenant connection and collaboration. Capital improvements are expected to begin later this year and be completed in second-quarter 2022. Northpond has retained Maddy Howey and Tim Arnold of Trinity Partners to lease the property. Additionally, Trinity Partners will manage the property. Northpond Partners is a Chicago-based real estate investment firm. This property is Northpond’s …

July 13, 2021

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