BURIEN, WASH. — NewPoint Real Estate Capital has provided an $86.6 million Freddie Mac floating-rate loan to facilitate the purchase of Alcove at Seahurst on behalf of an affiliate of Harbor Group International. Constructed in 1948, the garden-style Alcove at Seahurst features 44 residential buildings spread across 36 acres at 14001 Ambaum Blvd. SW. The community features 543 units in a mix of one-, two- and three-bedroom apartments with fully equipped kitchens, washers/dryers and architectural built-ins. Community amenities include a playground, coffee bar, fitness center, business lounge and grilling and picnic areas. The seven-year Freddie Mac loan features an interest-only period of five years, providing Harbor with the flexibility to execute a value-add renovation.
SAN DIEGO — FPA Multifamily has completed the sale of ReNew Mills, an apartment property in Ontario. San Diego-based Interwest Capital Group acquired the asset for $45.6 million. Located at 551 E. Riverside Drive on 8.8 acres, ReNew Mills features 142 apartments, a fitness center, resident clubhouse with a pool table and lounge, dog park and resort-style pool and spa. The units feature large closets, vaulted ceilings, air conditioning, fireplaces and private balconies. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Talise, a multifamily community in Mesa. Terms of the transaction were not released. Located along Gilbert Road and University Drive, Talise features 388 apartments in a mix of open-concept floor plans with well-appointed kitchens, full-size washers/dryers, walk-in closets and private patios or balconies with exterior storage. Select apartments have vaulted ceilings, fireplaces and built-in bookshelves. Community amenities include three resort-style swimming pools, a spa, business center, fitness center and mailroom. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.
DENVER — NAI Shames Makovsky has arranged the sale of an industrial building located at 4429-4477 Glencoe St. and 4444-4488 Forest St. in Denver. I-70 Glencoe Forest RLLP sold the property to Home Silk Shop for $8.4 million. The property features 53,167 square feet of industrial space. Sandy Feld of NAI Shames Makovsky represented the seller, while Michael Bloom and Matt Dorsten of Michael Bloom Realty Co. represented the buyer in the deal.
STAMFORD, CONN. — Oklahoma-based brokerage firm Stan Johnson Co. has negotiated the $46.7 million sale of a 69,773-square-foot retail property in the southern coastal Connecticut city of Stamford that is fully leased to regional grocer Stop & Shop. The property was built on 7.1 acres in 2006. Jason Maier of Stan Johnson Co. represented the seller, a New York-based private investor, in the transaction. An undisclosed institutional investment group based in Pennsylvania acquired the asset via a 1031 exchange.
WESTPORT, CONN. — CBRE has arranged a $15.2 million loan for the refinancing of Playhouse Square Shopping Center, a 40,000-square-foot retail property located in the southern coastal Connecticut city of Westport. Built in 1972, Playhouse Square was 97 percent leased at the time of the loan closing. Mark Fisher and Alex Furnary of CBRE arranged the loan through Union Savings Bank on behalf of the borrower, The HB Nitkin Group, which acquired the asset in 1998.
NASHVILLE, TENN. — Indianapolis-based retail giant Simon is partnering with Nashville-based Adventurous Journeys Capital Partners (AJ Capital Partners) to develop a new 300,000-square-foot outlet mall in Nashville. The location and name weren’t disclosed, but the property will be situated on the south side of the city and will be branded under Simon’s Premium Outlet concept. Simon and AJ Capital plan to break ground on the project in 2023. In addition to the Nashville outlet mall, Simon also recently announced new outlet malls coming to Los Angeles, Tulsa and New York. The new development will complement Simon’s Nashville holdings The Mall at Green Hills and Opry Mills. AJ Capital’s local projects include hotels Thompson Nashville, Soho House Nashville and Graduate Nashville, as well as a 23-acre project that the developer is underway on in the city’s Wedgewood-Houston neighborhood. Simon and AJ Capital’s project isn’t the only outlet mall coming to Nashville. Tanger Factory Outlets Center recently broke ground on Tanger Outlets Nashville, a 290,000-square-foot mall that is slated to open in fall 2023.
CUMMING, GA. — A joint venture between Wood Partners and CP Capital US (formerly HQ Capital Real Estate) has broken ground on Alta North, a 310-unit apartment community in the Atlanta suburb of Cumming. The site will be located at the intersection of Ga. Highway 400 and Settingdown Circle, about 45 miles north of Atlanta. Alta North will feature one- and two-bedroom apartments with wood-style plank flooring, stainless steel appliances, microwave hoods, undermounted single bowl sinks, tile backsplashes, in-home washer and dryers and granite countertops in the kitchen and bathrooms. Community amenities will include a resort-style swimming pool with a tanning ledge, multiple grilling stations and fire pits, pet park and spa, 24/7 fitness center, social gathering areas and rentable coworking office spaces, as well as 15,000 square feet of commercial space.
HYATTSVILLE, MD. — Government Investment Partners (GIP) has sold a 189,000-square-foot office building located at 3311 Toledo Road in Hyattsville for $45 million. The Deer Park, Ill.-based company purchased the 10-story office building in 2019 for $16 million as part of a joint venture. Located about seven miles of northeast of Washington, D.C., the property is anchored by the Centers for Disease and Control’s (CDC) National Center for Health Statistics and the Department of Justice. Shaun Weinberg, Eric Berkman, Scott Johnston and Robert England of Cushman & Wakefield represented GIP in the transaction. The buyer was not disclosed.
RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Situs Office Park, a three-building office campus spanning 156,666 square feet on Raleigh’s west side. Atlanta-based The Simpson Organization purchased the park from Adler Real Estate Partners for an undisclosed price. Patrick Gildea of CBRE|Raleigh represented the seller in the transaction. The park was 91 percent leased at the time of sale to regional and national tenants including Circle K Stores, the General Services Administration (GSA), Millennia Patient Services, Silanna Semiconductor and MidPath Care Centers. CBRE|Raleigh is the leasing agent for Situs, which is situated on 14.8 acres off Situs Court near I-440 and I-40.