Property Type

Focus, Group Fox Receive Site Plan Approval for 39-Story Brickell Starlite Multifamily Tower in Miami

by John Nelson January 23, 2025

MIAMI — Focus and Group Fox have received site plan approval for Brickell Starlite, a 39-story multifamily tower located in Miami’s Brickell financial district. Focus is a development and construction firm, and Group Fox is a property asset management firm, and both companies are headquartered in Chicago. Set for completion in 2028, Brickell Starlite will comprise 517 apartments and 7,500 square feet of retail space. Gensler designed the tower, which is now fully zoned and ready to break ground once the final permitting is completed. Focus has retained Chris Lentz, Chris Moyer, Jeff Altenau, Susan Tjarksen and Marc Royer of Cushman & Wakefield to fully capitalize the development.

January 23, 2025

Florida Loans Seniors Housing Southeast

Marathon Provides $154.5M Refinancing for Seniors Housing Portfolio in Florida

by John Nelson January 23, 2025

NEW YORK CITY — Marathon Asset Management has provided a $154.5 million loan for the refinancing of a senior living portfolio, dubbed The American House Florida Portfolio, located in Florida. A joint venture between Monarch Alternative Capital and REDICO is the borrower. Totaling 817 units, the portfolio comprises six communities offering 40 independent living, 306 assisted living and 102 memory care residences. The communities were built between 2015 and 2018. According to a press release issued by New York-based Marathon, each of the properties is located in a Florida market that is currently experiencing significant demographic growth. REDICO, which developed four of the communities, has been invested in the portfolio for roughly a decade. In 2017, REDICO expanded the portfolio through the acquisition of two additional communities. Monarch acquired the portfolio in 2021 through a recapitalization, wherein REDICO remained as a joint venture equity owner. REDICO manages the properties through its affiliate, American House SLC. Joseph Griffin of Marathon originated the loan. Aron Will and Adam Mincberg of CBRE secured the financing on behalf of the borrower.

January 23, 2025

Industrial Leasing Activity South Carolina Southeast

Avison Young Arranges 691,275 SF Industrial Lease in Rock Hill, South Carolina

by John Nelson January 23, 2025

ROCK HILL, S.C. — Avison Young has arranged a 691,275-square-foot industrial lease at Legacy Park East, a Class A industrial park in Rock Hill, a South Carolina suburb of Charlotte. Chris Skibinski, Tom Tropeano, Henry Lobb and Abby Rights of Avison Young represented the landlord, Scannell Properties, in the lease transaction. The unnamed tenant is a leading manufacturer of sustainable packaging. Legacy Park East is located one mile from I-77 at 2087 Williams Industrial Blvd. The property’s four existing buildings are now fully leased, with the remaining three development sites able to accommodate distribution and manufacturing users.

January 23, 2025

Acquisitions Florida Retail Southeast

Joint Venture Acquires Publix-Anchored Shopping Center in Metro Orlando

by John Nelson January 23, 2025

ALTAMONTE SPRINGS, FLA. — A joint venture between Cohen & Steers Income Opportunities REIT Inc. and Phillips Edison & Co. has purchased Oak Grove Shoppes, a Publix-anchored shopping center located in the Orlando suburb of Altamonte Springs. The seller and sales price were not disclosed. The 142,000-square-foot property was redeveloped in 2023 and features a 48,000-square-foot Publix grocery store that opened in 2023, as well as a new Marshalls store. The center was 91 percent leased at the time of sale. Oak Grove Shoppes is the second acquisition for the Cohen & Steers-Phillips Edison joint venture, which is targeting $300 million in grocery-anchored shopping center acquisitions. As part of the joint venture arrangement, Cohen & Steers owns an 80 percent stake of the center while Phillips Edison owns the minority stake and handles operations.

January 23, 2025

Acquisitions Georgia Retail Southeast

Prudent Growth Purchases Retail Strip Center in McDonough, Georgia for $2.6M

by John Nelson January 23, 2025

MCDONOUGH, GA. — Prudent Growth Partners LLC, a Chapel Hill, N.C.-based private equity firm, has purchased Lake Dow Pavilion, an 18,000-square-foot retail strip center in McDonough, a southern suburb of Atlanta. The undisclosed seller sold the property for approximately $2.6 million. Lake Dow Pavilion was fully leased at the time of sale and features a combination of local tenants and future upside from potential mark-to-market leasing opportunities. According to LoopNet Inc., the center was built in 2001 on a 2.4-acre site along Ga. Highway 81.

January 23, 2025

Development Industrial Washington Western

TCC, Diamond Realty Investments Complete 1.2 MSF Spec Industrial Facility in Kelso, Washington

by Amy Works January 23, 2025

KELSO, WASH. — A joint venture between Trammell Crow Co. (TCC) and Diamond Realty Investments has completed the construction of Mid I-5, a speculative industrial facility at 2700 Talley Way in Kelso, approximately 50 miles north of Portland, Ore. Situated on 82 acres, Mid I-5 features a 1.2 million-square-foot industrial and logistics building. The single-story, cross-dock facility features a clear height of 40 feet, 650-foot building depth, 8,000 amps of electrical service, 219 dock doors, 348 trailer parking stalls and 427 auto parking stalls. The project also includes adjacent land that could accommodate 475 additional trailer stalls, a yard area or 225,000 square feet of additional development. The facility is expected to become LEED-certified in this year. The project team included Sierra Construction as general contractor, Gibbs & Olson as civil engineer and HPA Architecture as architect of record. Cara Nolan of CBRE Portland and Andrew Stark of CBRE Seattle are handling the property’s marketing and leasing.

January 23, 2025

California Development Loans Multifamily Western

JLL Arranges $46.5M in Construction Financing for Stella Apartments in San Diego

by Amy Works January 23, 2025

SAN DIEGO — JLL Capital Markets has arranged $46.5 million in construction financing for Stella Apartments, a multifamily development in San Diego. Aldon Cole, Bryan Clark and Bharat Madan of JLL Capital Markets’ Debt Advisory secured a three-year floating-rate loan through Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, for the borrower, Murfey Cos. Located at 3104 El Cajon Blvd. in San Diego’s North Park neighborhood, the nine-story, 73,243-square-foot residential property will offer 149 studios, one- and two-bedroom units. Onsite amenities will include a rooftop terrace, community gym, large outdoor amenity space and lobby. Murfey Co., a vertically integrated developer, plans to begin construction this quarter with completion expected in second-quarter 2027.

January 23, 2025

Arizona Development Multifamily Western

Wespac Residential to Develop 215-Unit Multifamily Project in Scottsdale, Arizona

by Amy Works January 23, 2025

SCOTTSDALE, ARIZ. — Wespac Residential, a division of Wespac Construction, is developing an apartment community at the southwest corner of Scottsdale Road and Gold Dust Avenue in Scottsdale. Situated on 4.7 acres, the property will feature 215 one- and two-bedroom units, 10,000 square feet of indoor amenities and 20,746 square feet of outdoor amenity space, including underground parking, a landscaped community space, and pool and spa area, as well as yoga space and a fitness center. Construction is slated to start in early 2027.

January 23, 2025

Acquisitions Industrial Nevada Western

Cryogenic Industries Buys Industrial Building in North Las Vegas for $10.3M

by Amy Works January 23, 2025

NORTH LAS VEGAS, NEV. — Cryogenic Industries has acquired an industrial building located at 4620 Eaker St. in North Las Vegas from APG Eaker LLC for $10.3 million. CBRE’s Tyler Ecklund represented the seller in the transaction. Built in 2016 on 2.9 acres, the building features 50,504 square feet of industrial warehouse space, two dock-high doors, one grade-level door, a clear height of 24 feet and 7,658 square feet of two-story office space.

January 23, 2025

Acquisitions California Retail Western

Marinita-Sage Rancho Sells 97,380 SF Sun Lakes Village Retail Center in Banning, California

by Amy Works January 23, 2025

BANNING, CALIF. — Marinita-Sage Rancho LLC has completed the disposition of Sun Lakes Village, a retail property in Banning, to a private investor for $8.7 million. Located at 300 S. Highland Springs Ave., Sun Lakes Village offers 97,380 square feet of retail space. Current tenants at the property include Hobby Lobby, Marshalls and Big Five. Paul Bitonti of Marcus & Millichap represented the seller and procured the buyer in the deal.

January 23, 2025

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