Property Type

Northmarq Arranges $16.7M Refinancing of Metro Tampa Retail Portfolio

by John Nelson June 24, 2022

TAMPA, FLA. — Northmarq’s Tampa office has arranged four loans totaling approximately $16.7 million for the refinancing of a retail portfolio in the metro Tampa area. The four assets include Carrollwood Regency Plaza and The Pointe at Tampa Palms in Tampa, North Tampa Shores in Oldsmar and Triple Crown Plaza in Ocala. Together the centers span 115,309 square feet of retail space. Robert Hernandez of Northmarq arranged the loans, each of which were underwritten with 10-year terms and 30-year amortization schedules. An unnamed life insurance company provided the loans on behalf of the undisclosed borrower.

June 24, 2022

Alabama Loans Multifamily Southeast

Lument Provides $11M Agency Loan for Refinancing of Abby Glen Apartments in Madison, Alabama

by John Nelson June 24, 2022

MADISON, ALA. — Lument has provided an $11 million Fannie Mae loan for the refinancing of Abby Glen Apartments, a 120-unit multifamily community in the Huntsville suburb of Madison. Built in 2001, the property comprises nine one-story buildings, a rental office and a single-family home, with units available furnished or unfurnished. Amenities include a laundry facility, swimming pool, fire pit/grilling area, fitness center, dog park and a bocce ball court. Bryan Cullen of Lument originated the 10-year loan, which features six years of interest-only payments, a fixed interest rate, cash-out proceeds and a 30-year amortization schedule. The sponsor was multifamily investor Steven Gouletas. Cullen says the loan refinances a Fannie Mae acquisition loan originated in 2008.

June 24, 2022

Arizona Development Industrial Western

Lincoln Property Co. Plans 1 MSF Industrial Campus in Tucson, Arizona

by Amy Works June 24, 2022

TUCSON, ARIZ. — Lincoln Property Co. (LPC) has released plans to develop I-10 International, a more than 1 million-square-foot, Class A industrial property in Tucson. LPC purchased the land site from Tucson-based Diamond Ventures for an undisclosed price. Keri Lazarus Silyvn served as entitlement counsel for LPC. Situated on 77 acres, the four-building warehouse/distribution campus will feature a 476,000-square-foot facility, a 214,882-square-foot property, a 188,327-square-foot asset and a 158,908-square-foot building. All buildings will be state-of-the-art cold storage capable, 32-foot to 36-foot clear heights, 14-foot glass entrances, full concrete truck courts and R-83-insulated roof deck systems. Construction is slated to begin in second-quarter 2022, with completion scheduled for second-quarter 2023. The project will be built in two phases, with Phase I including the three smaller buildings and Phase II including the large cross-dock facility. Butler Design Group and Ware Malcomb are the project’s architects, while Rick Engineering is the project’s civil engineer. A general contractor has not been selected.

June 24, 2022

Acquisitions Colorado Industrial Western

NAI Highland Brokers $28.1M Sale of Airport Business Center in Colorado Springs

by Amy Works June 24, 2022

COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of Airport Business Center, a four-building industrial park in Colorado Springs. An undisclosed buyer acquired the asset for $28.1 million. Situated on 12.7 acres, the park totals 213,240 square feet of fully leased industrial space. Additionally, the asset features 6.1 acres of surplus land for future development. The business park is located at 2510, 2520 and 2590 Aviation Way and 2504, 2506 and 2510 Zeppelin Road. Randy Dowis and Paul Engel of NAI Highland represented the undisclosed seller in the deal. Dowis and Engel are also working with the buyer on plans to develop the surplus land.

June 24, 2022

Acquisitions California Industrial Western

Fortress Investment Group Buys Warehouse in Fremont, California for $29M

by Amy Works June 24, 2022

FREMONT, CALIF. — Fortress Investment Group has acquired a warehouse facility in Fremont from Weiglein Properties, Sveiks Holdings and Glade Barne Holdings for $29 million. Situated on 6.3 acres at 42744 Boscell Road, the 93,385-square-foot warehouse features 6,886 square feet of office space, 26-foot clear heights, eight loading docks, 11 grade-level doors, 29 skylights with smoke vents and shades, dock-high and drive-in loading access, heavy power, 200 parking stalls and a 17,000-square-foot fenced-in, secured yard. The asset also offers 1.7 acres of unimproved surplus land. Balch Construction built the property, which Ross Reese designed, in 2000. At the time of sale, two tenants fully leased the property. Rick Keely and Greig Lagomarsino of Colliers represented seller, while Lagomarsino represented the buyer in the deal.

June 24, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Arranges Sale of 85-Bed Skilled Nursing Facility in New Mexico

by Amy Works June 24, 2022

NEW MEXICO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 85-bed skilled nursing facility in New Mexico. The property is one of New Mexico’s premier short-term rehab facilities, serving as the market-leading referral destination for the local market’s largest hospitals, according to Blueprint. It also features a 4-Star CMS-rated quality of care. The facility was experiencing census growth following an operator transition in 2019 as well as upward trending operating performance with total revenues exceeding $8.5 million. A regional owner-operator acquired the property. The seller and price were not disclosed.

June 24, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $5.7M Sale of Sherwin Williams-Anchored Retail Center in El Centro, California

by Amy Works June 24, 2022

EL CENTRO, CALIF. — Faris Lee Investments has arranged the sale of a retail strip center in El Centro. A Los Angeles-based family office sold the property to an undisclosed buyer for $5.7 million. Sherwin-Williams anchors the property, which is located at 1950 S. 4th St. Matt Brooks and Joe Chichester of Faris Lee Investments represented the seller and sourced the buyer in the deal.

June 24, 2022

Acquisitions Indiana Industrial Midwest

Avison Young Brokers Sale of 979,264 SF Industrial Building in Metro Indianapolis

by Kristin Harlow June 24, 2022

INDIANAPOLIS — Avison Young has brokered the sale of Building 5 within Whiteland Exchange Business Park in the Indianapolis suburb of Whiteland. The sales price was undisclosed. Sean McHale and Peter Seoane of Avison Young represented the seller, Jones Development. DHL Supply Chain was the buyer. Avison Young was also the leasing agent for Whiteland Exchange, which totals 2.4 million square feet.

June 24, 2022

Acquisitions Michigan Midwest Multifamily Student Housing

Newmark Arranges Sale of Three Student Housing Assets Serving Michigan State University

by Kristin Harlow June 24, 2022

EAST LANSING, MICH. — Newmark has arranged the sale of three student housing assets totaling 496 beds that serve Michigan State University in East Lansing. The sales price was undisclosed. The properties include: The Gates, a 139-bed property built in 2014; The Manor, a 56-bed building constructed in 2015; and The Tower, a 301-bed property. Amenities include controlled access, resident events, onsite parking, laundry facilities and a pedestrian bridge to campus. Ryan Lang, Jack Brett, Ben Harkrider and Debbie Corson of Newmark represented the seller, MJW Investments. Blue Vista Capital Management was the buyer.

June 24, 2022

Acquisitions Industrial Iowa Midwest

Sealy & Co. Acquires 221,520 SF Distribution Center in Ankeny, Iowa

by Kristin Harlow June 24, 2022

ANKENY, IOWA — Sealy & Co. has acquired Crosswinds II, a 221,520-square-foot distribution center in Ankeny, a northwest suburb of Des Moines. The purchase price was undisclosed. The facility was completed earlier this year and features a clear height of 32 feet, 30 dock-high doors and a 136-foot truck court. Jason Gandy and Davis Gibbs led the transaction for Sealy on an internal basis. John Hassler of Newmark Zimmer represented the undisclosed seller.

June 24, 2022

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