Property Type

Ready Capital Closes $8.2M Loan for Industrial Property in Jacksonville

by Julia Sanders December 9, 2021

JACKSONVILLE, FLA. — Ready Capital has closed the $8.2 million loan for the acquisition and renovation of a 170,000-square-foot industrial warehouse and distribution property in Jacksonville. The name of the property was not disclosed. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the sponsor will implement a capital improvement plan to renovate property exteriors and common areas.

December 9, 2021

Acquisitions California Life Sciences Western

City Center Realty Acquires Office Complex for Life Science Conversion in Berkeley’s Innovation District

by Amy Works December 9, 2021

BERKELEY, CALIF. — San Francisco-based City Center Realty Partners (CCRP), in joint venture with Contrarian Capital Management, has purchased Parker Innovation Hub, a three-building office/R&D/life sciences complex in Berkeley. The buildings, located at 2067 7th St, 918 Parker St. and 2612 8th St., comprise 40,580 square feet of office space. Scott Prosser, Mark Kol, Mike Raffetto and Jack DePuy of CBRE represented the undisclosed seller and buyer in the deal. CCRP plans to convert the office property into life sciences space. Huue, a venture-backed biotechnology company that creates environmentally sustainable dyes, recently leased space at the property.

December 9, 2021

California Industrial Loans Western

PSRS Provides $45M Refinancing for Industrial Property in Commerce, California

by Amy Works December 9, 2021

COMMERCE, CALIF. — PSRS has provided $45 million in financing for an industrial building in Commerce. Built in 1960 on two acres, the property features 649,000 square feet of owner-user warehouse space. The building features 32-foot clear heights and a parking ratio of approximately 2.00/1,000 per square feet. Additionally, the property features 75 percent industrial space and 25 percent office. Michael Tanner and Jonny Soleimani of PSRS secured a non-recourse loan with a 10-year term and 30-year amortization.

December 9, 2021

California Development Multifamily Seniors Housing Western

Meta Housing Opens Arboleda Senior Apartments in La Puente, California

by Amy Works December 9, 2021

LA PUENTE, CALIF. — Meta Housing Corp., Western Community Housing Inc. and the City of La Puente have opened Arboleda Senior Apartments, an affordable, 74-unit multifamily community for adults age 62 years and older. The property features one- and two-bedroom units with rents ranging from 40 percent to 70 percent below market rate. Meta Housing partnered with Bank of America, California Community Reinvestment Corp., Los Angeles County Development Authority and the California Tax Credit Allocation Committee to finance the project.

December 9, 2021

Development Multifamily Texas

Wood Partners Breaks Ground on 300-Unit Alta Blue Goose Apartments in East Austin

by Taylor Williams December 9, 2021

AUSTIN, TEXAS — Multifamily developer Wood Partners has broken ground on Alta Blue Goose, a 300-unit apartment community in East Austin. The property will offer one-, two- and three-bedroom units with stainless steel appliances, tile backsplashes and individual washers and dryers. Select units will also feature smart technology packages. Amenities will include a pool, outdoor grilling and picnic areas, a fitness center, business and conference centers and a dog park. Preleasing is expected to begin in late 2022, with the opening to follow shortly thereafter.

December 9, 2021

Acquisitions Retail Texas

Whitestone REIT Acquires 89,746 SF Retail Center in Northwest Austin

by Taylor Williams December 9, 2021

AUSTIN, TEXAS — Whitestone REIT has acquired the inline retail space at Anderson Arbor, located in northwest Austin, in a deal that adds 89,746 square feet to the Houston-based investment firm’s holdings. The property was built in three phases beginning in 2003 and is part of a larger, 268,000-square-foot retail development. The inline space was roughly 91 percent leased at the time of sale to tenants such as Bank of America, Kerbey Lane Café, Austin Emergency Center, SalonRepublic, Great Clips, GNC, The Melting Pot and Double Dave’s Pizzaworks. Additional tenants in the portion of the center not owned by Whitestone include Gold’s Gym, Walgreens and Main Event Entertainment. Whitestone also has the option to purchase an additional undeveloped parcel and an existing multi-tenant pad site at Anderson Arbor. If exercised, these options would boost Whitestone’s owned square footage within the development to approximately 100,000 square feet. David Disney and Adam Crockett of Dallas-based Disney Investment Group represented the undisclosed seller in the transaction and procured Whitestone REIT as the buyer.

December 9, 2021

Acquisitions New York Northeast Office

SL Green Agrees to Sell Interest in Midtown Manhattan Office Building for $117M

by Taylor Williams December 9, 2021

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell its ownership interest in the office condos and parking garage at 110 East 42nd Street in Midtown Manhattan for $117 million. SL Green is selling its stake, the size of which was not disclosed, to Meadow Partners in a deal that is expected to close before the end of the year. The office condos, which comprise a portion of the ground floor and the sixth through 18th floors, were originally built in 1923. The property is located across from Grand Central Station and One Vanderbilt, SL Green’s 1.7 million-square-foot office skyscraper. The locally based investment and development firm previously sold the office condos in 2007 and regained control of that component of the site in 2011. SL Green acquired the garage in 2013.

December 9, 2021

Acquisitions Illinois Midwest Multifamily

JLL Arranges Sale of 175-Unit Apartment Complex in Evanston, Illinois

by Kristin Harlow December 9, 2021

EVANSTON, ILL. — JLL Capital Markets has arranged the sale of 1717, a 175-unit apartment complex in Evanston. The sales price of $71 million represented the biggest multifamily deal in the northern suburbs in nearly two years, according to Crain’s Chicago Business. Built in 2013, the property features amenities such as a pool, sundeck, picnic area, fitness center, resident lounge, business center and cybercafé. Located at 1717 Ridge Ave., the complex is situated just south of the convergence of Green Bay Road and Ridge Avenue. Kevin Girard, Matthew Lawton and Mark Stern of JLL represented the seller, Invesco Real Estate. CBRE Investment Management acquired the asset on behalf of the CBRE Strategic Partners U.S. Value 9 fund.

December 9, 2021

Acquisitions Midwest Office Ohio

OA Development Sells Hawthorne Center Office Asset in Suburban Cincinnati for $26.5M

by Kristin Harlow December 9, 2021

BLUE ASH, OHIO — OA Development has sold Hawthorne Center in the Cincinnati suburb of Blue Ash for $26.5 million. Acquired in 2012, Hawthorne Center is a five-story, Class A office building totaling 135,413 square feet. Belcan LLC, a global supplier of engineering, supply chain, technical recruiting and IT services, fully occupies the property. Cushman & Wakefield represented OA in the sale. The buyer was undisclosed.

December 9, 2021

Acquisitions Illinois Midwest Multifamily

Laramar Group Purchases 216-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow December 9, 2021

AURORA, ILL. — The Laramar Group has purchased Covey at Fox Valley in Aurora for an undisclosed price. Built in 1988, the 216-unit apartment community is located at 2160 Walcott Road. Laramar plans to make interior and exterior renovations to the property, which is located adjacent to Rush Copley Medical Center. The seller was not provided.

December 9, 2021

Newer Posts

Older Posts