SAN DIEGO — PSRS has arranged the $3.8 million cash-out refinancing of a multi-tenant industrial property in San Diego’s Miramar neighborhood. Built in 1985, the 30,355-square-foot asset is 100 percent leased. Jennifer Mustard of PSRS secured the credit union execution, which provided the undisclosed borrower a 3.5 percent interest rate, 10-year term and $1 million cash out for other investments.
POINT PLEASANT, N.J. — Marquis Health Consulting Services has completed a $3 million renovation project at Crest Pointe Rehabilitation & Healthcare Center, located near the Jersey Shore. The centerpiece of the renovation was the addition of a 3,000-square-foot rehab therapy gym and the incorporation of an activities of daily living suite. Other renovations included a lobby/reception area redesign and expansion, reconfigured and updated dining area and lounges and updates to resident rooms.
ROCHESTER, MINN. — CBRE Investment Management has acquired The Berkman, a 350-unit luxury apartment complex in Rochester, a city in Southeast Minnesota. The purchase price was $187.6 million, according to local media reports. The sellers were Kayne Anderson Real Estate and Alatus LLC. Located at 217 14th Ave. SW, The Berkman sits across the street from the Mayo Clinic’s Saint Marys Campus, which is the nation’s largest intensive care unit. The property is also less than one mile from the Mayo Clinic’s downtown campus. The community opened in 2020. The Berkman features several environmentally friendly components, including low-flow plumbing fixtures, efficient electric heat pumping technology and sustainable building materials. David Selznick, chief investment officer with Kayne Anderson, says the objective of the development was to provide an environmental, social and governance (ESG)-oriented community to support the Mayo Clinic’s staff, patients and overall Rochester resident base. “We believe that this asset’s proximity to the area’s elite base of education, research and world-renowned medical institutions, combined with strong demographic fundamentals, will position this property as a quality asset that will capitalize on durable demand from ‘eds and meds,’” says Benjamin Green, managing director of residential transactions at CBRE Investment Management. Community amenities …
By Bret Nicholson, Retail Specialist, Marcus & Millichap Reno’s retail sector is setting records as of February 2022. Vacancies are hovering near an all-time low of 4.9 percent, and asking rents have risen to new heights, averaging $1.72 per square foot on a monthly basis. Sellers are achieving cap rates comparable to those seen in core markets, resulting in sale prices that many would not have thought possible only a few years ago. A number of factors have contributed to the continued absorption of retail vacancies in Reno. On a local level, Reno now has roughly 150 percent more six-figure jobs compared to 2015. This allows for more discretionary retail spending. In addition, very high construction costs and development delays have forced businesses to consider repurposing existing retail space. For example, a 24 Hour Fitness shuttered at 6155 Neil Road, leaving behind a vacant 24,000-square-foot special-use building. Not long after the health club’s exit, the Coral Academy of Science began renovating the space and is now an operational elementary school. Despite many vacancies having been repurposed and filled since 2020, demand for retail space in Reno continues. About 265,000 square feet of new construction is expected to be completed in 2022, which will be …
PHOENIX — ABI Multifamily has arranged the sale of Park Central Luxury Townhomes, a rental property located at 917 W. Glendale Ave. in Phoenix. Arizona-based FSO Capital Partners acquired the asset from California-based Next Wave Investors for $33.5 million, or $598,214 per unit. Completed in 2020, Park Central Townhomes features 56 townhomes residences spread across 28 two-story buildings on 3.3 acres. The property offers 54 three-bedroom/two-and-a-half bath and two four-bedroom/three-and-a-half bath units. Unit amenities include individual hot water heaters and HVAC units; quartz countertops; tile and hardwood flooring; walk-in closets; soft-close cabinets; backyards and walk-out balconies; washers/dryers; fully equipped kitchens; and attached direct-access two-car garages. Community amenities include gated access and a pool. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily Institutional Apartment Group represented the buyer and seller in the deal.
MESA, ARIZ. — ViaWest Group and Nicola Wealth Real Estate have acquired a 20.7-acre industrial development site in Mesa from an undisclosed seller for $9.7 million. The companies plan to develop Advanced Industrial Park, a three-building, Class A industrial complex, on the site. Totaling 335,066 square feet, the park will consist of a 122,690-square-foot Building A, a 131,737-square-foot Building B and an 80,639-square-foot Building C. Buildings are divisible down to approximately 20,000 square feet and will be available for multiple users. The project team includes Cawley Architects, JMC Engineering, GC and Clayco. Construction is scheduled to begin in May for delivery in first-quarter 2023. Jackie Orcutt of CBRE brokered the land sale and helped ViaWest and Nicola Wealth Real Estate define a business plan for the development.
LIVERMORE, CALIF. — Hunter Street and Mana Investments have sold a nine-acre parcel of land in the Bay Area city of Livermore to Calson Management, a California-based specialist in senior living construction and operations. Located within The Well at Sunset mixed-use project, the site is approved for a 130,000-square-foot, 128-unit seniors housing complex. Construction is scheduled to begin late this year for completion in late 2024. The property will include independent living, assisted living and memory care services. The design’s footprint will preserve green space and walking trails around the complex. “We’re excited to watch the Calson team continue the project and complete our vision for a high-quality housing facility. We know this addition will be a value-add, not just for The Well at Sunset, but also for the wider Livermore community,” says Sean Rohland, managing director at Hunter Street. “The pandemic presented unforeseen complexity, and we were fortunate to partner with Calson to reach an outcome that is favorable to all.” The Well at Sunset was originally constructed in 1978 but had been vacant for several years until it was purchased by Hunter Street and Mana Investments in 2018. What followed was the revitalization of the plaza, as The …
DENVER — Berkadia has arranged the sale of Domain at Wash Park, a mid-rise apartment community in Denver. A California-based buyer acquired the property for $9 million, or $450,000 per unit, from an undisclosed seller. Built in 2014 at 300 S. Lafayette St., Domain at Wash Park features 20 one- and two-bedroom apartments. At the time of sale, the community was 95 percent occupied. Nick Steel, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the deal.
LAYTON, UTAH — PSRS has secured $5 million in refinancing for a 655-unit self-storage facility in Layton. William DeFanti of PSRS arranged a nonrecourse loan with a seven-year term and 30-year amortization. The lender provided prepayment flexibility along with a 3.45 percent interest rate.
MIAMI BEACH, FLA. — In a joint venture, East End and BentallGreenOak have sold 555 Washington, a mixed-use asset in Miami Beach totaling 65,746 square feet of office and retail space. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller and procured the buyer, a partnership between Greenmont Group and Boston-based Davis. The sales price was $52.5 million. Renovated in 2015, 555 Washington offers 44,516 square feet of creative office space, along with 21,230 square feet of ground-floor retail space. The property was 82 percent leased at the time of sale to 11 tenants, including CVS/pharmacy, Wells Fargo and Warner Music Group. 555 Washington also includes a six-story, 243-space parking garage. 555 Washington is located at the corner of Washington Avenue and 5th Street. The property is also situated 11.9 miles from Miami International Airport and 5.2 miles from downtown Miami.