Property Type

CBRE Arranges $40M in Financing for MorningStar of Kirkland Seniors Housing Community in Washington

by Amy Works June 9, 2022

KIRKLAND, WASH. — CBRE has arranged $40 million in financing for MorningStar of Kirkland, a 152-unit independent living community in Kirkland, a suburb of Seattle. The community, located on 3.6 acres, opened in February half a mile from the Evergreen Health Medical Center Kirkland, a 318-bed general hospital that provides residents with convenient access to healthcare. Also nearby is Totem Lake East, a regional shopping center that includes a Whole Foods, Trader Joe’s, movie theater and a variety of restaurants and retail outlets. The community is the first new, high-quality independent living asset built in the last 13 years in the high-barrier, affluent Kirkland submarket, according to CBRE. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. The use of the funds was not disclosed. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the financing. The nonrecourse, floating-rate loan features full-term interest-only payments. A national bank provided the funds.

June 9, 2022

Arizona Industrial Loans Self-Storage Western

Thorofare Capital Closes $20M Loan for 944-Unit Self-Storage Facility in Scottsdale

by Amy Works June 9, 2022

SCOTTSDALE, ARIZ. — Thorofare Capital has closed a $20 million loan for Raintree & Pima Self Storage Partners, an affiliate of Phoenix-based 1784 Capital Holdings. The funds will be used to complete construction of a Raintree Life Storage location in Scottsdale. The $20 million floating-rate financing carries an initial term of 1.5 years and includes two six-month extension options. Additionally, the loan features interest-only payments for its entire duration and is nonrecourse, subject to customary completion and carry guarantees. Situated on a 2.2-acre site facing Loop 101, the 81,435-square-foot facility features 944 climate-controlled self-storage units. Life Storage will handle the property operations upon the project’s delivery, which is slated for September 2022. Life Storage currently operates 5,887 self-storage units, totaling 618,881 square feet, within a 7.5-mile radius of the Raintree Life Storage. TLW Construction is serving as general contractor on the project, which is approximately 65 percent complete at the time of financing. RKAA Architects is serving as project architect.

June 9, 2022

Acquisitions Healthcare Net Lease Nevada Office Western

Avison Young Brokers $8.4M Sale-Leaseback of Two Medical Office Buildings in Las Vegas

by Amy Works June 9, 2022

LAS VEGAS — Avison Young has arranged the sale-leaseback of two adjoining medical office buildings located at 7189 and 7195 Advanced Way in Las Vegas. Nashville, Tenn.-based Montecito Cos. acquired the assets from a group of six physician owners for $8.4 million, or $400 per square foot. Advanced Orthopedics and Sports Medicine fully occupy the two 21,000-square-foot properties. The seller signed a 15-year lease for the space. Built in 2009 and renovated in 2019 and 2020, the Class A properties feature orthopedic examination rooms, radiology and physical therapy spaces. The buildings are part of a three-building campus that includes an ambulatory surgery center building. Barton Hyde of Avison Young represented the seller in the deal.

June 9, 2022

Acquisitions Colorado Industrial Western

Tri-County Real Estate Acquisitions Sells 22-Acre Industrial Portfolio in Brighton, Colorado for $9.2M

by Amy Works June 9, 2022

BRIGHTON, COLO. — Tri-County Real Estate Acquisitions has completed the disposition of an industrial portfolio on three lots totaling 22 acres at 12628, 12706 and 12750 WCR 4 in Brighton. 12628 Brighton Partners LLC purchased the property for $9.2 million. Totaling 30,525 square feet, the portfolio was 100 percent leased to two tenants at the time of sale. Travis Ackerman of Cushman & Wakefield’s Fort Collins, Colo., office represented the seller in the deal.

June 9, 2022

Acquisitions Industrial Texas

Titan Development Acquires 188 Acres for Industrial Project in Metro Austin

by Taylor Williams June 9, 2022

HUTTO, TEXAS — Titan Development has acquired 188 acres in the northern Austin suburb of Hutto for the development of an industrial project that will be dubbed Hutto Mega TechCenter. Titan Development acquired the land, which is located near State Highway 130 and is zoned for light industrial usage, from the City of Hutto. Buildings will range in size from 200,000 to 1 million square feet. A construction timeline is still being finalized.

June 9, 2022

Industrial Leasing Activity Texas

CBRE Negotiates 307,000 SF Industrial Lease at Cedar Port Industrial Park in Metro Houston

by Taylor Williams June 9, 2022

BAYTOWN, TEXAS — CBRE has negotiated a 307,000-square-foot industrial lease at Building C at Baytown Intermodal Center, a 1.2 million-square-foot campus located within Cedar Port Industrial Park. The site is located near Port Houston on the southeastern outskirts of Houston. Boomer White and Jim Stark of CBRE represented the landlord, Reich Brothers, a privately investment group with offices in New York and Los Angeles, in the lease negotiations. The representative and name of the third-party logistics company that will be the new tenant were not disclosed.

June 9, 2022

Acquisitions Multifamily Texas

Azora Exan, One Real Estate Acquire 278-Unit Multifamily Property in San Antonio

by Taylor Williams June 9, 2022

SAN ANTONIO — Azora Exan, the Miami-based investment arm of European private equity firm Azora Capital, and One Real Estate Investments (also based in Miami) have acquired The Fredd, a 278-unit multifamily property in San Antonio. The property offers one-, two- and three-bedroom units and a resort-style pool with a sun deck, as well as a sports court and a fitness center. The new ownership plans to implement a value-add program. The seller and sales price were not disclosed.

June 9, 2022

Granite-Place-II-at-Southlake-Town-Square

Development Loans Office Texas

Granite Properties Receives Construction Financing for 143,500 SF Office Project in Southlake, Texas

by Taylor Williams June 9, 2022

SOUTHLAKE, TEXAS — Granite Properties has received an undisclosed amount of construction financing for Granite Place II at Southlake Town Square, a 143,500-square-foot office project in metro Dallas. Granite Properties is developing the five-story building in partnership with N5B Capital. Amenities will include outdoor work and meeting space, a corporate living room, fitness center and a grab-and-go food service. Trey Morsbach and Jim Curtin of JLL arranged the financing through Bank OZK. DPR Construction is the general contractor for the project. Sitework is underway, and completion is slated for March 2023.

June 9, 2022

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 196-Unit Multifamily Property in El Paso

by Taylor Williams June 9, 2022

EL PASO, TEXAS — Greysteel has arranged the sale of Casa Barranca, a 196-unit multifamily property in El Paso. The community offers two- and three-bedroom units and was close to fully occupied at the time of sale. According to Apartments.com, amenities include a pool, playground, clubhouse and onsite laundry facilities. Jack Stone of Greysteel brokered the deal. The buyer and seller both requested anonymity.

June 9, 2022

Loans Michigan Midwest Multifamily

Dwight Mortgage Trust Provides $154.8M Bridge Loan for Michigan Multifamily Portfolio

by Kristin Harlow June 9, 2022

DETROIT, LANSING AND GRAND RAPIDS, MICH. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $154.8 million bridge loan for the acquisition of a multifamily portfolio in Michigan. The properties include Capitol Village Apartments, Carriage Hill Apartments, Carriage Park Apartments, Macomb Manor Apartments, Newburgh Square Apartments and Northview Harbor Apartments. The garden-style apartment complexes, which are located in Detroit, Lansing and Grand Rapids, feature amenities such as fitness centers, tennis courts, basketball courts, volleyball courts, clubhouses and barbecue areas. Adam Sasouness of Dwight originated the two-year, floating-rate loan. Marvin Jeremias of Crossmark Capital and Aaron Moll of Berkadia arranged the loan on behalf of the borrower, New Jersey-based Valleytree Partners. The purpose of the bridge loan is to provide both acquisition financing and funding for capital improvements, including enhancing 50 percent of the units.

June 9, 2022

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