GLOUCESTER, MASS. — Marcus & Millichap has brokered the $13.4 million sale of Cape Ann Marketplace, a 102,977-square-foot shopping center in the coastal Massachusetts city of Gloucester. Grocer Shaw’s serves as the center’s anchor tenant. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller and sourced the buyer, both of which requested anonymity, in the transaction.
ALISO VIEJO, CALIF. — Fort Worth, Texas-based Lone Cypress Realty has completed the disposition of VIEW at 101 Columbia, a Class B office property in Aliso Viejo. Holt Integrated Circuits purchased the asset for $10.5 million. The integrated circuits supplier for the aerospace industry plans to use the 38,154-square-foot building with the ground-floor for warehousing and the second floor for corporate offices. The property was renovated in 2020 with modern entry finishes and light fixtures, as well as updated two-tone exterior paint. Mike Adams and Morgan Adams of Stream Greater L.A. represented the seller in the transaction.
LAS VEGAS — Northcap Commercial has arranged the sale of Pine Vista Apartments, a multifamily community in Las Vegas. Pine Vista Apartments LLC sold the asset to an undisclosed buyer for $9.1 million, or $114,375 per unit. Located at 1536 N. 22nd St. and 1537 N. 23rd St., Pine Vista Apartments features 80 units. The property was built in 1963. Jason Dittenber, Jerad Roberts, Devin Lee and Robin Willet of Northcap Commercial represented the seller in the off-market, all-cash transaction.
WREB recently sat down with Tom van Betten, vice president of Matter Real Estate Group. The San Diego-baseed real estate development company currently has 2.5 million square feet of industrial projets either in development or owned by Matter. One of those four projects is Matter Logistics @ North 15, a 930,000-square-foot warehouse/distribution project in North Las Vegas that spans two buildings. Below, Van Betten discusses the firm’s attraction to the Las Vegas Valley, where he sees the industry heading and how Matter is able to find developable land in tight markets. WREB: What about the North Las Vegas submarket is attractive to Matter? Van Betten: Right now, Matter is focused on scale and land availability. North Las Vegas is currently where the larger available land parcels are — or were. I say “were” because there is a real shortage of land that has the infrastructure to develop, such as power and water. On the scale size, the tenants moving to Las Vegas continue to grow in size. To accommodate that demand, we are focused on larger sights. WREB: How were you able to acquire more than 42 acres for the new Matter Logistics @ North 15? As you mention, transactions of that size are …
PHILADELPHIA — A partnership between developer Post Brothers and Tower Investments has started construction of Broad & Washington, a $750 million, multi-phase multifamily project in Philadelphia. Designed by BKV Group, the project will consist of 1,457 apartments, 65,000 square feet of retail space and a parking garage. According to the architecture firm, the site consists of two parcels: Parcel A, which spans approximately 1.4 million square feet, and the 318,000-square-foot Parcel B. The project is located at 1001 S. Broad St. at the corner of Washington Avenue, near the end of the Avenue of the Arts district. Russell Schildkraut and Christine Zivkovic of Ackman-Ziff Real Estate Group arranged $250 million and $100 million, respectively, in construction financing from Bank OZK and Starwood Property Trust for the first phase of Broad & Washington. Both direct lenders have partnered with Post Brothers on past projects as well. All told, Post Brothers has secured more than $400 million in construction debt for the first phase of the project, which will comprise some 600 units and 50,000 square feet of commercial space across four interconnected buildings. Delivery of the first phase is slated for 2024, and the development team expects to complete the entire project …
SUNNYVALE, CALIF. — STC Venture has broken ground on Phase III of the Cityline Sunnyvale mixed-use project, which will add one residential building and two office towers in downtown Sunnyvale, 12.3 miles west of San Jose. The three new towers will include two seven-story buildings with approximately 590,000 square feet of rentable office, retail, flex and outdoor terrace space. The office portion of the project will be both LEED Gold and WiredScore Gold certified, which measures internet connectivity and digital infrastructure in commercial properties. The third building is The Martin, a 12-story apartment tower with 479 units, including 53 affordable rental units. The residential property will feature a hospitality-level amenity package and ground-floor retail and restaurant spaces. Additionally, the completed three towers will include a public park, which will be used as the town square and gathering space for the downtown area. “These 590,000 square feet of new office and retail space will bring more jobs to the central core of Sunnyvale and boost business for all of the community’s business owners,” says Deke Hunter, president of Hunter Properties. Phase I of Cityline Sunnyvale included 198 apartments located along Washington and McKinley avenues, as well as 85,000 square feet of …
COLLEGE STATION, TEXAS — A joint venture between TEXLA Housing Partners and a private equity fund advised by Crow Holdings Capital has acquired Holleman Crossing, a 792-bed student housing community located near Texas A&M University in College Station. The garden-style property offers one-, two- and four-bedroom units across 20 buildings. Shared amenities include a resort-style pool, 24-hour fitness center, private study rooms, and a dog park. Jeyton McNair and Greg Jasper of Stafford Barrett represented the undisclosed seller and procured the buyer in the transaction. The joint venture plans to implement a capital improvement program.
SANTA FE, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of four self-storage properties totaling 677 units in Santa Fe, located south of Houston in Galveston County. All four properties were built between 1979 and 1984 on a combined 4.4 acres. The portfolio consists of 655 non-climate-controlled units, 21 outdoor parking spaces and an efficiency apartment. Dave Knobler of Marcus & Millichap represented the seller, private investor Raymond Haak, in the transaction. Knobler also procured a Los Angeles-based private investor as the buyer.
DESOTO, TEXAS — JLL has negotiated the sale of I-20 Corporate Center, a 385,472-square-foot industrial park in the southern Dallas suburb of DeSoto. Built in 1986 and expanded in 1992, the property serves as the North American headquarters of Diab America, a manufacturer of core materials for the marine and aerospace industries. Building features include 28- to 33-foot clear heights, 21 overhead dock doors and roughly 23,000 square feet of office space. Stephen Bailey, Dustin Volz, Zach Riebe and Pauli Kerr of JLL represented the seller, locally based investment firm Bradford Cos., in the transaction. The buyer was a joint venture between Denver-based Triumph Capital Group and Mexico City-based Abilia.
ATLANTA — The Allen Morris Co. has received $64 million in construction financing for the development of Bryn House, a 337-unit, five-story apartment project in the North Druid Hills neighborhood of Atlanta. Truist and PNC provided the financing. Juneau Construction Co. will serve as the general contractor for the project, which is expected to be completed by spring of 2023. Bryn House will include 574,479 buildable square feet, including a 175,000-square-foot parking deck. The property will offer one-, two- and three-bedroom floorplans and will also feature 2,000 square feet of ground floor retail, including a coffee shop and wine bar connected to a pocket park with shaded outdoor seating and games. Community amenities will include a pool deck with private cabanas and trellised grilling areas, gym, event space, game room and an onsite dog park.