Property Type

RanchHarbor Acquires 112-Unit Glenbrook Apartments in Boise, Idaho

by Amy Works November 17, 2021

BOISE, IDAHO — Newport Beach, Calif.-based RanchHarbor has purchased Glenbrook Apartments, a multifamily community at 563 S. Curtis Road in Boise. A private seller sold the asset for an undisclosed price in an off-market transaction. Built in 1973 and lightly renovated in 2017, Glenbrook features 112 apartments in a mix of one- and two-bedroom units. At the time of sale, the property was 92 percent occupied. RanchHarbor plans to perform deferred maintenance and an extensive exterior renovation program on the property. The renovation plan includes paint, new laundry rooms, installation of a dog park and wash station, package locker system, bike racks, barbecue areas and a new playground, as well as updating the pool area and clubhouse. The company also plans to replace windows in all units, add carports and update the unit interiors. Jake Miles of Marcus & Millichap represented the buyer and seller in the deal.

November 17, 2021

Development Multifamily Texas

Midway Breaks Ground on 360-Unit Multifamily Project at East River Development in Houston

by Taylor Williams November 17, 2021

HOUSTON — Houston-based developer Midway has broken ground on The Laura, a 360-unit multifamily project that is part of the firm’s initial phase of the 150-acre East River development in Houston’s Historic Fifth Ward. Designed by Munoz + Albin with EDI International as the architect of record, The Laura will feature a fitness center, dog park, pool, grilling stations, outdoor yoga space and a lawn for games and passive recreation. OHT Partners is the general contractor for the project. The first units are expected to be available for occupancy in late 2023. Phase I of East River also includes 250,000 square feet of office space and 110,000 square feet of retail and restaurant space.

November 17, 2021

Ready-Capital-100-Apt-Portfolio-Seattle-WA

Loans Multifamily Washington Western

Ready Capital Closes $14.9M Acquisition Loan for Two-Property Multifamily Portfolio in Seattle

by Amy Works November 17, 2021

SEATTLE — Ready Capital has closed $14.9 million in acquisition, renovation and lease-up financing for a two-property, 100-unit multifamily portfolio in Seattle. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, cure deferred maintenance and upgrade common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

November 17, 2021

California Company News Net Lease Office Western

Realty Income Completes Spin-Off of Orion Office REIT

by Amy Works November 17, 2021

SAN DIEGO AND BALTIMORE — Realty Income Corp. (NYSE: O) has completed the spin-off of substantially all of its office assets into Orion Office REIT Inc. (NYSE: ONL), a new, independent, publicly traded REIT. Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the United States. The portfolio is leased primarily on a single-tenant, net-lease basis to creditworthy tenants. Under the terms of the spin-off, Realty Income stockholders received one share of Orion common stock for every 10 shares of Realty Income common stock held as of the record date of Nov. 2, 2021. Wells Fargo Securities served as lead financial advisor, Moelis & Co. served as financial advisor and Latham & Watkins LLP acted as legal advisor to Realty Income in connection with the spin-off. Realty Income is based in San Diego, while the spin-off, according to SEC filings, is based in Baltimore.

November 17, 2021

Loans Office Texas

CBRE Investment Management Provides $66.3M Acquisition Loan for Dallas Office Campus

by Taylor Williams November 17, 2021

DALLAS — A fund sponsored by CBRE Investment Management has provided a $66.3 million acquisition loan for The Plaza at Solana, a 366,000-square-foot office campus located in the Southlake/Westlake submarket of Dallas. The three-building property was recently renovated and includes 21,000 square feet of retail and restaurant space. Cullen Aderhold of JLL arranged the debt on behalf of the borrower, Boston-based Albany Road Real Estate Partners. The floating rate loan has an initial term of three years and can be extended up to an additional two years.

November 17, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 334-Unit West Lake Vistas Apartment Community in Austin

by Taylor Williams November 17, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of West Lake Vistas, a 334-unit apartment community located in northwest Austin. Built in 2009, the property features one-, two-, and three-bedroom units with an average size of 1,032 square feet. Amenities include three pools with lounge seating, two clubhouses with culinary presentation kitchens, a business center, dog park, 24-hour fitness center and media rooms. Patton Jones and Andrew Dickson of Newmark represented the seller, The Connor Group, in the transaction. Henry Stimler, Bill Weber and Ari Schwartzbard of Newmark arranged acquisition financing on behalf of the buyer, Houston-based Hines. The property was 96 percent occupied at the time of sale.

November 17, 2021

Acquisitions Industrial Texas

Stan Johnson Co. Arranges Sale of 28,907 SF Industrial Facility in Longview, Texas

by Taylor Williams November 17, 2021

LONGVIEW, TEXAS — Oklahoma-based brokerage firm Stan Johnson Co. has arranged the sale of a 28,907-square-foot industrial facility in Longview, located about 120 miles east of Dallas. The two-building complex was constructed in phases in the 1970s and is leased to utilities contractor ADB Cos. and S&B Engineers. Evan Altemus of Stan Johnson Co. represented the seller, a locally based private investor, in the transaction. An undisclosed, California-based 1031 exchange purchased the asset at a cap rate of 9.3. percent.

November 17, 2021

Loans New Jersey Northeast Office

JLL Arranges $113.5M Acquisition Loan for Downtown Newark Office Portfolio

by Taylor Williams November 17, 2021

NEWARK, N.J. — JLL has arranged a $113.5 million acquisition loan for a portfolio of two downtown Newark office buildings totaling roughly 816,000 square feet. The portfolio also includes a 901-space parking garage. Originally built in the 1920s, the buildings are leased on a long-term basis to The State of New Jersey, which houses more than 3,500 employees across 35 departments at the site. Michael Klein, Jon Mikula and Matthew Pizzolato of JLL, along with Brad Domenico of Progress Capital, arranged the three-year, floating-rate loan through ACORE Capital. The borrower, a partnership between SHIFT Capital, The Hanini Group and CoInvestment Partners, will use a portion of the proceeds to fund capital improvements.

November 17, 2021

Extra-Space-Storage-New-Bedford-Massachusetts

Development Industrial Massachusetts Northeast Self-Storage

True Storage Completes 627-Unit Self-Storage Facility in New Bedford, Massachusetts

by Taylor Williams November 17, 2021

NEW BEDFORD, MASS. — New Hampshire-based developer True Storage has completed a 627-unit self-storage facility in New Bedford, located south of Boston, that will be operated under the Extra Space Storage brand. The facility totals 55,600 net rentable square feet. True Storage acquired the site, which previously housed a recycling distribution center for Parallel Products, in 2020 and converted it to self-storage use.

November 17, 2021

Acquisitions Healthcare Massachusetts Northeast

Newmark Brokers $29.5M Sale of Medical Office Building in Methuen, Massachusetts

by Taylor Williams November 17, 2021

METHUEN, MASS. — Newmark has brokered the $29.5 million sale of a 94,325-square-foot medical office building anchored by Dana-Farber Cancer Institute in the northern Boston suburb of Methuen. Robert Griffin, Frank Nelson, Michael Greeley and Allie Percoco of Newmark represented the seller, Marcus Partners, and procured the buyer, a joint venture between Celera Properties and AEW Capital Management. Newmark also arranged acquisition financing for the deal.

November 17, 2021

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