EL MIRAGE, ARIZ. — Dermody Properties has purchased 961 acres of land in El Mirage, a suburb of Phoenix. The company plans to develop Copperwing Logistics Center, an industrial park with approximately 10 million square feet of speculative space over the next 10 years. Additionally, the company will develop approximately 300 acres for other third-party owners/users and build-to-suit customers. Initial development is slated to begin in 2022. Novo Development, which has been involved with the project since its inception, will continue to assist with the new venture. The land is being purchased from John F. Long Family Trust, known for developing more than 30,000 homes over four decades, including Arizona’s first master-planned community, before focusing efforts on retail and commercial projects in the West Valley Arizona market. Industrial zoning was already in place for the land. In addition, the property is within an approved Foreign Trade Zone (FTZ), meaning companies within the park that are active uses of FTZ can receive up to a 75 percent reduction in real estate and personal property taxes. Dermody Properties also intends to bring new water and sewer sources to the site along with new roads and park amenities. Pat Feeney, Rusty Kennedy and …
SAN FRANCISCO — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has acquired a majority stake in two life sciences portfolios in the Mission Bay submarket of San Francisco. The fund made the investment, which includes a total of 1 million square feet of Class A life sciences space, through a joint venture with a life science property developer/operator that developed the portfolios. The first portfolio, located at 409/499 Illinois St. and 1500 Owens St., includes three purpose-built life sciences facilities totaling 644,788 square feet. Situated on a 4.8-acre waterfront, the buildings feature 15-foot clear heights, an outdoor plaza with public art, two on-site restaurants, a rooftop deck, fitness center and an outdoor garden. The properties are LEED Gold and Silver certified. The second portfolio, located at 455 Mission Bay Blvd. South, 1450 Owens St. and 1700 Owens St., includes two existing buildings, which total 375,604 square feet, and a 212,796-square-fot purpose-built life sciences development that is scheduled for construction to start in first-quarter 2022. The properties are LEED Gold certified.
ORLANDO, FLA. — Cushman & Wakefield has arranged the $315 million sale of SouthPark Center, a 10-building suburban office park in Orlando totaling approximately 1.3 million square feet. PPF Real Estate, part of PPF Group, acquired the property. The property is located near John Young Parkway and Sand Lake Road. The property was sold for the highest amount ever for the office market in Orlando, according to the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Zach Eicholtz, Brooke Tulley and Ryan Jenkins of Cushman & Wakefield represented the seller, Boston-based AEW Capital Management, in the sales transaction. Additionally, Brian Linnihan, Jason Hochman, Mike Ryan and Ron Granite of Cushman & Wakefield arranged $233 million in acquisition financing on behalf of PPF Real Estate.
CHANDLER, ARIZ. — CIT Group Inc. (NYSE: CIT), through its Healthcare Finance business, served as sole lead arranger of $34 million to refinance the Enclave at Chandler. Opened in 2018 in the Phoenix suburb of Chandler, the community features 89 independent living, 49 assisted living and 24 memory care units. The borrower is Spectrum Retirement Communities. “Demand is strong for senior housing facilities like the Enclave at Chandler that serve a range of needs,” says William Douglass, managing director and group head for CIT’s Healthcare Finance business.
FORT LAUDERDALE, FLA. — New York-based Square Mile Capital Management LLC has provided two separate acquisition loans totaling $277.5 million for two downtown Fort Lauderdale multifamily properties: Las Olas Walk and 4 West Las Olas. Purvesh Gosalia of Newmark arranged the $174 million and $103.5 million loans on behalf of the buyer, Aventura, Fla.-based Cardone Capital. Orlando-based ZOM Living developed and sold Las Olas Walk, and a partnership between NCC Development and Elevate Partners developed and sold 4 West Las Olas. Both properties were delivered in 2020. Las Olas Walk is an eight-story, 456-unit multifamily building that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a pet spa, coworking spaces, dockside marina lounge and grill, reserved parking, bike storage, outdoor gaming space, bark park, fitness center, electric car charging stations and an infinity edge pool. Located at 106 S. Federal Highway, the property is situated close to Morton’s The Steakhouse, Posh, Starbucks and the NSU Art Museum Fort Lauderdale. 4 West Las Olas is a 26-story, 260-unit multifamily building that offers studio, one-, two- and three-bedroom floor plans. The units feature open concept living rooms, quartz countertops, stainless steel appliances and full-size washers and dryers. Community amenities …
MIAMI — Related Group and Miami-based Integra Investments have plans to develop St. Regis Residences, Miami, a two-tower condominium project in Miami’s Brickell district. New York City-based Robert A.M Stern Architects and New York-based Rockwell Group will oversee architecture and interior design, respectively. ONE Sotheby’s International Realty will be the project’s sales and marketing partner. St. Regis Residences, Miami will offer 354 residential units across both towers. The units will range in size from a 1,300-square-foot one-bedroom to a 7,000-square-foot duplex. The prices will start at $2 million per unit and go up to over $40 million, according to Bloomberg. Condo reservations for St. Regis Residences, Miami will begin this January, with the official sales slated to begin shortly thereafter. The property will also include over 55,000 square feet in amenity areas, including an indoor lap pool, St. Regis Tea Room and butler service. The amenities and features are similar to the original St. Regis, a hotel property in New York City dating back to 1904. Located at 1809 Brickell Ave., the project will be located 12 miles from Miami Beach, about 11 miles from Miami International Airport and 6.6 miles from the University of Miami. The property will also …
KATY AND PEARLAND, TEXAS — CBRE has negotiated the sale of two multifamily properties totaling 602 units in the Houston area. Spencer Park Row is a 390-unit community located in the western suburb of Katy, and Tranquility Lakeside is a 212-unit complex located in the southern suburb of Pearland. The properties were respectively built in 2002 and 2004 and offer one-, two- and three-bedroom units. Clint Duncan and Matt Phillips of CBRE represented the undisclosed seller in the transaction. James D’Argenio and Chang Liu represented the buyer, California-based investment firm Bascom Group, on an internal basis. Michael Thompson and Travis Fincher of CBRE arranged acquisition financing through a fund backed by Oaktree Capital.
WASHINGTON, D.C. — Lument has provided two Freddie Mac tax-exempt loans (TEL) totaling $16.9 million for the development of 1515 North Capitol Apartments, a 15-story affordable housing development in Washington, D.C. Construction for the project is slated to be complete in 27 months. The borrower is So Others Might Eat (SOME), a Washington, D.C.-based local nonprofit organization that provides services to those facing poverty and homelessness. 1515 North Capitol will feature 136 affordable studio units, with 75 units subsidized through D.C.’s Local Rental Supplement Program (LSRP), 61 units restricted to tenants earning 50 percent of area median income (AMI) and three units reserved for staff. The units features will include vinyl plank flooring, ranges with vented hoods, microwave ovens and garbage disposals. Community amenities will include a community room, conference and meeting rooms, classrooms, library, computer room, fitness center, bike storage, two roof terraces and a laundry room on every residential level. Lument structured two portions of debt for the Freddie Mac TEL. The first part of financing was in the amount of $11.8 million and featured a 17-year term and 40-year amortization schedule. The other loan was in the amount of $5.1 million based on the LSRP overhang to …
HOUSTON — GID Development Group has completed The Sterling, a 590-unit apartment community that represents Phase II of the Regent Square mixed-use project near Buffalo Bayou Park in Houston. Units feature studio, one- and two-bedroom floor plans, and amenities include a pool, dog park, fitness center, demonstration kitchen and a lounge. The midrise building also houses retail space and connects to multiple parks and open green spaces. Project partners included general contractor Arch-Con Corp. and design firms CBT and OJB Landscape Architecture. Rents start at approximately $1,400 per month for a studio unit.
STONE MOUNTAIN, GA. — First National Realty Partners has acquired Crowe’s Crossing, a 93,728-square-foot shopping center in Stone Mountain. The seller and sales price were not disclosed. Located at 1232 South Hairston Road, the property is situated approximately 12 miles east of downtown Atlanta. The shopping center was 97 percent occupied at the time of sale and anchored by a 45,528-square-foot Kroger Supermarket. The other tenants were not disclosed.