Property Type

Greystone, Urban Trends to Develop $28.9M Affordable Housing Project for Seniors in Charlotte

by Julia Sanders January 20, 2022

CHARLOTTE, N.C. — Raleigh-based Greystone Affordable Development and Charlotte-based Urban Trends Real Estate Inc. plan to develop Eastway Crossings, a $28.9 million affordable housing Low-Income Housing Tax Credit (LIHTC) community located on Charlotte’s east side. Greystone Affordable Development and Urban Trends are co-developers working on behalf of Harmony Housing, a national nonprofit specializing in affordable and workforce housing. Eastway Crossings is Greystone Affordable Development’s first new construction project in the Charlotte market. The community will offer residential units for senior residents aged 55 years and older with household incomes at or below 60 percent of area median income (AMI). Forty of the units will be reserved for veterans through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract. The property will be situated close to the recently completed Eastway Recreational Center, as well as the multimillion-dollar Community Resource Center planned by Mecklenburg County. Community amenities will include a conference room, private one-on-one meeting room, exercise room and other areas that can be used for health and wellness activities. Additionally, onsite staff will coordinate activities with local service providers as well as shuttle services for residents. To fund the development of Eastway Crossings, the partnership was awarded 4 percent LIHTC funds …

January 20, 2022

Acquisitions Healthcare North Carolina Office Southeast

JLL Income Property Trust Purchases Medical Office Property in Durham

by Julia Sanders January 20, 2022

DURHAM, N.C. — JLL Income Property Trust has purchased Duke Medical Plaza at Patterson Place, a 59,978-square-foot medical office building in south Durham. Brannan Knott, John Mikels, Daniel Flynn and Woody Flythe of JLL Capital Markets represented the seller, an entity doing business as BP Phase2 LLC, and procured the buyer. The sales price was not disclosed. Completed in 2010, Duke Medical Plaza at Patterson Place is fully leased with Duke Health leasing more than 80 percent of the space. The property offers a variety of services, including dermatology, micrographic surgery, radiology, women’s health, urogynecology and obstetrics/gynecology (OB/GYN). Located at 5324 McFarland Dr., the four-story property is situated adjacent to Patterson Place Shopping Center. Additionally, the medical office facility is situated at the intersection of U.S. 15/501 and Interstate 40. The property is also 5.3 miles from Duke University, 6.3 miles from Duke University Hospital and 5.3 miles from UNC Medical Center.

January 20, 2022

Acquisitions Florida Retail Southeast

SRS Brokers $20M Sale of Staples-Occupied Property in Miami

by Julia Sanders January 20, 2022

MIAMI — SRS Real Estate Partners’ National Net Lease Group has brokered the $20 million sale of a single-tenant retail property in Miami. Joseph Simon of SRS represented the seller, Crescent Heights, a real estate development firm with offices in New York and Miami. The buyer was a Texas-based undisclosed private investor that was in a 1031 exchange. The retail property is fully occupied by Staples, which has 1.5 years remaining on its lease. Built in 2008 and situated on just under one acre of land, the 20,288-square-foot property can be redeveloped with zoning that allows for up to 500,000 square feet. Located at 2121 Biscayne Blvd., the property is situated less than 4.5 miles west of South Beach. The property is also located between Interstates 95, 195 and 395, and is near retailers including Target, Ross Dress for Less, Publix, Marshalls, Walgreens and Starbucks.

January 20, 2022

Colorado Hospitality Loans Western

Driftwood Capital Closes $138.7M Financing Package for Two Colorado Resort Hotels

by Amy Works January 20, 2022

ESTES PARK, COLO. — Driftwood Capital has arranged a $138.7 million financing package for two resort hotels in Estes Park on behalf of Grand Heritage Hotel Group. The proceeds will cover the refinancing of the historic Stanley Hotel, along with the acquisition of the nearby Fall River Village Resort, an 89-room lodge. Originally build in 1902 and most recently updated in 2018, the Stanley Hotel is located at 333 E. Wonderview Ave. Situated on 68 acres, the property features 14 buildings with four lodging options comprising 192 guest rooms and 31 condominium units. Built in 2000 and renovated in 2018, Fall River Village Resort is located at 200 Filbey Court. Driftwood contributed a $24.3 million mezzanine loan through its lending fund, Driftwood Lending Partners, behind a $114.4 million senior financing package originated by a major life insurance company. The borrower will use a portion of the proceeds, $6.9 million, toward renovations of the Stanley Hotel in early 2022, including conversion of the ballroom to a restaurant; bathroom updates in the hotel’s main building; improvements to the presidential cottage; and investments in several new food and beverage venues and related amenities.

January 20, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $12.6M Sale of Two Retail Properties in Metro Orlando

by Julia Sanders January 20, 2022

ORLANDO AND KISSIMMEE, FLA. — Marcus & Millichap has arranged the sale of two retail properties, Edgewood Isle Plaza in Orlando and Sunrise Plaza in Kissimmee. The combined sales price for both transactions totaled $12.6 million. Edgewood Isle Plaza is a 78,647-square-foot retail property. Salim Valiani of Marcus & Millichap represented the buyer, Orlando-based Fourth Atlantic Property Investments, in the deal. The seller, an entity known as DCP Edgewood Isle LLP, sold the asset for $7.5 million. Built in 1964, Edgewood Isle Plaza was approximately 30 percent occupied at the time of sale to tenants including Dollar Tree, Pizza Hut and Pinch-a-Penny. Located at 5601 S Orange Ave. on a 6.3-acre site, the plaza is situated within six miles of Universal Orlando Resort, Mall at Millenia, Orlando International Airport and downtown Orlando. Sunrise Plaza, a 24,088-square-foot retail plaza, was sold for $5.1 million. Valiani also represented the seller, an entity known as Sunrise Plaza Enterprise Inc. The buyer was Paradise Apartments. Located at 4137 W Vine St. on 2.9 acres, the property is situated 10.1 miles from Walt Disney World Resort and 22.6 miles from downtown Orlando. Built in 1992, Sunrise Plaza property was 95 percent occupied at the time …

January 20, 2022

Loans Multifamily Oregon Western

CBRE Arranges $35M Acquisition Loan for Heather Lodge Apartments in Happy Valley, Oregon

by Amy Works January 20, 2022

HAPPY VALLEY, ORE. — CBRE has arranged a $35 million loan for the acquisition of Heather Lodge, a multifamily property in Happy Valley. The Randall Group, a local real estate investment firm, purchased the property for an undisclosed price. Located at 13432 SE 169th Ave., the community features 178 apartments in a mix of studio, one-, two- and three-bedroom layouts. Constructed in 2021, the four-story building features a clubhouse, pool, hot tub, dog park and fitness center. Nick Santangelo and Matt Thorp of CBRE Capital Markets’ Debt and Structured Finance in Portland arranged the loan on behalf of the buyer.

January 20, 2022

Acquisitions California Industrial Western

Xebec Realty Partners Buys 6.1-Acre Industrial Redevelopment Opportunity in San Fernando Valley

by Amy Works January 20, 2022

SYLMAR, CALIF. — Xebec Realty Partners has purchased a 6.1-acre redevelopment opportunity in Sylmar from Howmet Aerospace for $24 million. Located at 12975 Bradley Ave., the property is currently improved with an approximately 104,903-square-foot industrial building, which will be torn down in favor of a high-bay, Class A industrial building. The property is zoned M2, permitting a wide range of uses including wholesale, storage, limited commercial, manufacturing and media products. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the seller and buyer in the deal.

January 20, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $7.5M Purchase of Apartment Portfolio in Grand Junction, Colorado

by Amy Works January 20, 2022

GRAND JUNCTION, COLO. — Pinnacle Real Estate Advisors has arranged the acquisition of a three-property multifamily portfolio in Grand Junction. The assets traded for $7.5 million, or $100,000 per unit. Totaling 75 units, the portfolio includes a mix of one- and two-bedroom layouts. The communities are located at 306, 420 and 445 Chipeta Ave. Chirs Knowlton of Pinnacle Real Estate represented the buyer in the transaction.

January 20, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $3.8M Sale of Vara Multifamily Property in Phoenix

by Amy Works January 20, 2022

PHOENIX — ABI Multifamily has arranged the sale of Vara, an apartment community located at 2922 N. 35th St. in Phoenix. A California-based buyer acquired the property for $3.8 million, or $180,476 per unit, from California-based seller. Vara features 21 units consisting of 19 one-bedroom/one-bath units and two two-bedroom/one-bath units. The property was built in 1968 and renovated in 2017. Each unit is metered for electricity. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal.

January 20, 2022

Acquisitions Development Industrial NAI Texas

NAI Partners Arranges Sale of 78-Acre Industrial Development Site in Metro Houston

by Taylor Williams January 20, 2022

WALLER, TEXAS — NAI Partners has arranged the sale of a 78-acre industrial development site in Waller, a northwestern suburb of Houston. The site is located within Beacon Hill, a 564-acre mixed-use development by Wolff Cos. John Simons, Gray Gilbert and Chris Haro of NAI Partners represented Wolff Cos. in the transaction. The buyer, Houston-based Hines, plans to develop an industrial park that will be able to support up to 1.3 million square feet of warehouse, distribution and/or manufacturing space. NAI Partners has also been tapped to market the project.

January 20, 2022

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