INDIANAPOLIS — NorthMarq has arranged a $6 million CMBS loan for the refinancing of El Dorado Apartments in Indianapolis. The 164-unit apartment property is located five miles northwest of downtown. Originally built in 1972, the community has undergone many improvements since 2008. Units range in size from one-bedroom to four-bedroom floor plans. Lawrence Larisma of NorthMarq’s Charlotte office arranged the 10-year loan, which features a 30-year amortization schedule.
QUAKERTOWN, PA. — New Jersey-based Dunhill Auto Group has acquired a 10,000-square-foot retail property at 840 S. West End Blvd. in Quakertown, located north of Philadelphia in Bucks County. Rich Weitzman of Colliers International represented the seller, Peruzzi Auto Group, in the transaction. A Mitsubishi dealership currently occupies the three-acre site.
LENEXA, KAN. — Summit Marketing, a marketing and fundraising communications firm, has signed a 13,400-square-foot office lease at Tech Center 3 within Lenexa’s Southlake Office Park. RJ Trowbridge of JLL represented the owner, City+Ventures, which purchased the property in 2019 and added new signage, exterior paint, landscaping and renovated lobbies. Southlake spans 11 buildings and 753,000 square feet. Straub Construction will build out the interior tenant space for Summit.
SAN JOSE, CALIF. — Urban Catalyst, a Silicon Valley-based Opportunity Zone Fund, has acquired the final parcels of property for its Delmas Senior Living project, the first seniors housing project to be built in downtown San Jose in decades. The six-story, 175,000-square-foot property will feature a mix of studios, one- and two-bedroom assisted living units, along with memory care studios. It will house 165 units, with 49 of them dedicated memory care units. Delmas, located in Downtown West, is in its final rounds of comments with the City of San Jose’s building and public works departments. Groundbreaking is scheduled for third quarter of this year. “I am excited to see Delmas Senior Living project moving forward so quickly, and I look forward to the groundbreaking for this much-needed facility in the coming months,” says Erik Hayden, founder and CEO of Urban Catalyst. “This acquisition marks a key milestone for our Fund 1 portfolio and an important step in our downtown revitalization efforts.” This acquisition represents the final parcels needed for all ground-up projects in Urban Catalyst’s Opportunity Fund I, which closed Dec. 30 with $131 million in investments. Other projects include mixed-use office, multifamily residential, hospitality and student housing. “Delmas …
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of District Flats Off Dobson, a multifamily property located in Mesa. Rise48 Equity sold the property to a joint venture between The Souferian Group and ZMR Capital for $18.2 million, or $162,500 per unit. Built in 1975 on three acres, District Flats Off Dobson features 112 apartments, a swimming pool, barbecue grills, laundry facility, tennis court and pet play area. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.
PHOENIX — Spellman Brady & Co. has completed the expansion and renovation of Sagewood Senior Living in Phoenix for Life Care Services. Renovations included a four-story, 101-unit independent living building with an underground parking garage. The 276,454-square-foot building features one and two-bedroom apartments with den layouts and patio views. The project also provided activity and game rooms, an art studio, putting course, café, formal dining, an indoor-outdoor tapas bar and lounge.
PORTLAND, ORE., AND VANCOUVER, WASH. — Talonvest Capital has arranged a $16 million loan for Get Space. The life insurance company-backed, 10-year loan is secured by two self-storage facilities in Portland and Vancouver. The loan provided the borrower permanent financing prior to economic stabilization at the properties. The properties offer a total of 122,000 rentable square feet and 1,257 storage units in a mix of climate-controlled and non-climate-controlled units. The Vancouver property was built in 2018, while the Portland location was expanded and renovated in 2018. Erich Pryor, David DiRienzo, Jim Davies and Tom Sherlock of Talonvest Capital handled the financing.
Data centers have exploded in importance over the last year and a half. Kevin Goeller, principal, NAI KLNB, has over 21 years of experience in the field of data center development, sales and leasing, but says that, lately, exponential change is driving demand in this asset class. He spoke to REBusinessOnline about the booming need and limiting factors for data centers. REBusiness: Tell us about the sudden, increased demand for data centers. What amount of this demand is due to the pandemic driving people to work from home? What amount of the demand is here to stay? Goeller: Prior to the pandemic, we were already in an upward curve because of the added disciplines of 5G and edge data centers contributing to the already competitive growth of the hyperscalers and multitenant data centers. Data center development didn’t have the interest from institutional investors that it does today; these assets were just starting to get these institutions to chase them as a real estate discipline. Fast forward to the pandemic, which added Zoom, Microsoft Teams and other video conferencing and work-from-home needs. These put additional pressure on an already pressurized discipline, an asset class already trying to adapt and grow. REBusiness: …
FAIRFAX, VA. — Bloomingdale’s has announced plans to open its first Bloomie’s store at the Mosaic District shopping center in Fairfax on August 26. Bloomingdale’s is the latest retailer to unveil an updated store concept designed to reflect the changing wants and needs of shoppers following the COVID-19 pandemic. The new, smaller-footprint concept will span 22,000 square feet and feature an evolving mix of merchandise from top brands alongside tech-enabled stylist services and a restaurant. A standard Bloomingdale’s location spans approximately 200,000 square feet. Fresh deliveries from a mix of designers already featured in Bloomingdale’s stores and emerging labels will come in multiple times per week. These goods will be displayed in rotating carts, allowing for new products to be seen by customers on each visit. Bloomie’s stores will offer men’s and women’s apparel; denim; activewear; intimates; shoes; handbags; beauty products; and accessories, including eyewear and fine jewelry. Brands set for inclusion at Bloomie’s include Rag & Bone, Stella McCartney, Jimmy Choo, Gucci, Dior, Prada, Marc Jacobs, See by Chloe, and more. The new concept will feature a returns dropbox; curbside pick-up; online shopping; and product customization, personalization and alteration services at a centralized front desk. Bloomie’s will also offer stylist services. …
By Mark Fogel, founder, ACRES Capital Despite the pandemic-related uncertainty that dominated the markets in 2020, the student housing sector consistently displayed strong pre-lease occupancy rates among properties under construction, suggesting that the asset class would be well-positioned to hit the ground running in 2021. According to RealPage Analytics, students, encouraged by the prospect of fully reopened campuses, fueled a nearly 10 percent nationwide increase in pre-lease occupancy at off-campus housing between March and April of this year. This data in particular seems to support improvement for the student housing sector overall. Research organization RealPage has tracked student housing occupancy rates at 175 major universities across the country, a sort of barometer for the larger industry. As of March, the company’s data showed that 59.6 percent of beds at those universities were preleased for the fall 2021 semester. While that figure is still 200 basis points below the March 2020 level, it seemingly speaks to students’ preference to get back to living on campus. And while this is good news for operators and developers, the resiliency of the student housing market is bringing forth an unintended, but positive effect on one of the hardest-hit rental markets in the country: New …
