Property Type

Partnership Acquires 240,000 SF Office Building in North Dallas

by Taylor Williams January 14, 2022

DALLAS — A partnership between Dallas-based investment firm OliveMill Holdings, Hunt Realty Investments and New York City-based Angelo Gordon has acquired a 240,000-square-foot office building in North Dallas. The 18-story building at 2801 N. Central Expressway was constructed in 2015 as a build-to-suit for advertising agency The Richards Group, which still occupies the building. OliveMill will oversee management of the building. The seller and sales price were not disclosed. Jim Curtin, Kris Lowe, Rex Cruz and Ryan Pollack of JLL arranged an undisclosed amount of floating-rate acquisition financing on behalf of the partnership through a fund managed by AllianceBernstein.

January 14, 2022

Hawaii Loans Multifamily Seniors Housing Western

Ziegler Arranges $52M Bridge Loan for Kalakaua Gardens Seniors Housing Community in Honolulu

by Amy Works January 14, 2022

HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and be social within inviting open spaces that offer 360-degree views of the islands. The loan refinanced the original construction loan and provided additional proceeds for planned renovations, other reserves and closing costs.

January 14, 2022

Brentwood-Shopping-Center-Los-Angeles-CA

Acquisitions California Restaurant Retail Western

Weiss Development Sells Brentwood Shopping Center in Los Angeles for $30M

by Amy Works January 14, 2022

LOS ANGELES — Weiss Development has completed the disposition of Brentwood Shopping Center, a retail property located at 11674-11690 San Vicente Blvd. in Los Angeles. Fields Holdings acquired the asset for $30 million in an off-market transaction. Tenants at the 14,789-square-foot center include Chipotle, Juice Crafters, Planet Beauty, Juan Juan Salon, Coffee Bean & Tea Leaf, Harry’s Wine and Spirits, Winston Pies and Claudio D’Italio. Bill Bauman and Kyle Miller represented the seller in the deal.

January 14, 2022

Acquisitions Affordable Housing Colorado Multifamily Western

Kairos Investment Buys 103-Unit Forest Manor Apartments in Glendale, Colorado

by Amy Works January 14, 2022

GLENDALE, COLO. — Kairos Investment Management Co. has acquired Forest Manor Apartments, an affordable multifamily property located at 625 S. Forest St. in Glendale. Terms of the transaction were not released. Built in 1974, Forest Manor features 103 apartments in a mix of a single studio, 74 one-bedroom and 28 two-bedroom units with air conditioning, carpeted floors and spacious closets. The property was last renovated in 2001. Community amenities include a swimming pool and laundry facilities. Kairos plans to renovate the asset by implementing interior and exterior upgrades, including interior repairs and upgrades to units, new flooring for interior hallways, exterior roof repairs, pool renovation and common-area amenities.

January 14, 2022

Acquisitions Colorado Data Centers Industrial Western

IPI Partners Acquires 138,000 SF Data Center in Downtown Denver

by Amy Works January 14, 2022

DENVER — IPI Partners has purchased a three-story primary data center located at 1500 Champa St. in downtown Denver. Morgan Reed Group sold the asset for an undisclosed price. IPI Partners plans to further develop the 138,000-square-foot center’s connectivity ecosystems and colocation capacity. Currently, the property can support approximately 10 megawatts of power and offer a robust “Meet-Me-Room,” a space telecommunications companies can physically connect to one another and exchange data. Fred Mobley, Charles Borges and Andrew Gross of Matthews Real Estate Investment Services represented the buyer in the transaction.

January 14, 2022

California Development Retail Western

Progressive Real Estate Negotiates $1.7M Sale of Development Site in Hemet, California

by Amy Works January 14, 2022

HEMET, CALIF. — Progressive Real Estate Partners has negotiated the sale of a 3.3-acre commercial land parcel in Hemet. Sater Hemer LLC acquired the property from an undisclosed seller for $1.7 million. The buyer plans to develop a gas station, car wash and drive-thru restaurant on the site, which is located at the northeast corner of Florida and Soboba avenues. Neither a timeline nor specific plans have been released yet. Chris Lindholm of Progressive Real Estate Partners represented both parties in the transaction.

January 14, 2022

Build-to-Rent Development Single-Family Rental Texas

Taylor Morrison to Develop 240-Unit Single-Family Rental Community in Metro Houston

by Taylor Williams January 14, 2022

CYPRESS, TEXAS — Arizona-based homebuilder Taylor Morrison (NYSE: TMHC) will develop a 240-unit single-family rental (SFR) community in the northwestern Houston suburb of Cypress. Homes will come in one-, two- and three-bedroom formats and will range in size from approximately 750 to 1,250 square feet. Communal amenities will include a pool, fitness center, event lawn and a dog park. Christopher Todd Communities will operate and manage the property. Initial occupancy is slated for late 2023.

January 14, 2022

Acquisitions Industrial Massachusetts Northeast

Brookwood Financial Partners Sells Industrial Building in Peabody, Massachusetts for $43.1M

by Taylor Williams January 14, 2022

PEABODY, MASS. — Locally based private equity firm Brookwood Financial Partners has sold 300 Jubilee, a 167,063-square-foot industrial building in Peabody, a northeastern suburb of Boston, for $43.1 million. Brookwood, which originally acquired the asset in 2009 for $8 million, sold the facility to an affiliate of Dallas-based Lincoln Property Co. At the time of sale, the property was 97 percent leased to a tenant roster that includes Thermo Fisher Scientific, International Transportation Group and Barton Associates. Colliers represented Brookwood in the transaction.

January 14, 2022

Development Multifamily New York Northeast

Grubb Properties to Develop 173-Unit Multifamily Project in Hempstead, New York

by Taylor Williams January 14, 2022

HEMPSTEAD, N.Y. — Charlotte, N.C.-based Grubb Properties, in partnership with First Street Capital, will develop a 173-unit multifamily project within a Qualified Opportunity Zone in the Long Island community of Hempstead. Grubb Properties will operate the community, which will include 2,500 square feet of commercial space, under its Link brand. About 10 percent (17) of the units will be designated as affordable housing. Construction is scheduled to begin in the third quarter, and initial occupancy is slated for the third quarter of 2024. Grubb Properties is also underway on Link-branded projects in Manhattan’s Financial District and in the Long Island City area of Queens.

January 14, 2022

Loans Multifamily New Jersey Northeast

JLL Arranges $35.9M Loan for Refinancing of Hoboken Apartment Complex

by Taylor Williams January 14, 2022

HOBOKEN, N.J. — JLL has arranged a $35.9 million loan for the refinancing of Hudson Square North, a 150-unit apartment complex located outside of New York City in Hoboken. The transit-oriented property offers one-, two- and three-bedroom units that average 890 square feet and are furnished with washers and dryers, stainless steel appliances and quartz countertops, as well as 2,739 square feet of retail space. Thomas Didio, Thomas Didio Jr., Carlos Silva and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Minnesota Life Insurance Co. on behalf of the owner, Ironstate Development.

January 14, 2022

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