LEVITTOWN, PA. — JLL has negotiated the $21.3 million sale of a 149,180-square-foot industrial property in the northern Philadelphia suburb of Levittown. The Philadelphia Business Journal reports that the last-mile distribution center is leased to Amazon. The property was originally built in 1963 and renovated in 2018-2019. John Plower, Ryan Cottone, Larry Maister and Jeff Lockard of JLL represented the seller, Alliance HP, in the transaction. The buyer was an undisclosed, publicly traded REIT.
WELLS, MAINE — Alliant Credit Union has provided a $16.5 million acquisition loan for a pair of adjacent RV parks in Wells, a suburb of Portland. The properties were fully occupied at the time of sale and feature shared amenities such as a clubhouse, pool, fitness center and a basketball court. Matt Gentile of Monroe & Giordano placed the loan, which was structured with a five-year term and a 30-year amortization schedule, with Alliant. The borrower was not disclosed.
Student housing demonstrated its resilience in the face of COVID-19 challenges, but what can the industry expect going forward? Timothy S. Bradley, founder, TSB Capital Advisors, and principal, TSB Realty, sat down with Finance Insight to discuss financing and expectations for student housing in the fall of 2021 and beyond. Finance Insight: How was 2020 for TSB? Bradley: We were fortunate. Many observers assumed the student housing industry would be devastated by COVID-19-forced school closures and campus clusters. Instead, thanks in large part to the rational and institutional nature of our major operators, investors and lenders, the industry proved its resiliency once again. We were affected by the pandemic, of course, and had to adjust some of our early year projections, but TSB companies still closed on a total transaction volume of approximately $4 billion, including construction loans, stabilized term loans and interim loans, as well as sales, and joint venture partnership consultations. There will be other challenges our industry faces in the years to come, but it’s difficult to imagine a more challenging singular event than the one we experienced this year with COVID-19. All things considered, we felt very good about 2020, and we’re even more optimistic about 2021. …
SAN FRANCISCO — Kilroy Realty Corp. (NYSE: KRC) has agreed to sell The Exchange on Sixteenth, a 750,000-square-foot office campus located at 1800 Owens St. in San Francisco’s Mission Bay neighborhood. The buyer was not disclosed, but the San Francisco Chronicle reported it was KKR, a private equity firm based in New York. The agreed purchase price is a little more than $1 billion, equating to approximately $1,440 per square foot. Kilroy Realty says this is the highest per-square-foot sales price for a “major property” in the history of San Francisco’s commercial real estate market. The Chronicle reports the sale represents the second largest transaction for a single property in the city’s history. “This transaction demonstrates that quality assets in quality locations remain highly attractive to buyers, and in this case generated a record price,” says John Kilroy, chairman and CEO of Kilroy Realty. Software storage giant Dropbox Inc. (NASDAQ: DBX) signed a 15-year lease for its corporate headquarters at the campus in 2017. The San Francisco Business Times reported last summer that the company listed 270,000 square feet of its space at the campus for sublease as the COVID-19 pandemic caused most of its staff to work remotely. Kilroy …
SANDY SPRINGS, GA. — Legacy Ventures has opened Hyatt House Atlanta Perimeter Center located in Sandy Springs’ “Pill Hill” medical district a full two months ahead of schedule. The extended-stay hotel has 186 rooms and seeks to bring hospitality to patients and professionals visiting the area. The Hyatt House’s location benefits from The Simpson Organization’s redevelopment of Peachtree Dunwoody Pavilion, newly renamed Altmore, into a more mixed-use and walkable environment. The development features a pedestrian bridge directly to MARTA’s Medical Center Station, and Simpson also plans to add multifamily housing and a multi-use trail in a later phase of the development. The project team included Bohler, a landscape consultant and tech design services engineering firm based in Warren, N.J., as well as Atlanta-based firms Choate Construction and Cooper Carry. Bohler helped bring the project to completion ahead of schedule by looking beyond design to consider constructability and identifying potential risks and creative solutions. Hyatt House Atlanta Perimeter Center is Legacy Ventures’ fourth ground-up hotel developed in the greater Atlanta area. Ameris Bank provided the construction financing for the project.
LOS ANGELES — USA Properties Fund Inc. has started construction of Vintage at Woodman, a 239-unit affordable seniors housing community in the Panorama City neighborhood of Los Angeles. Units will be restricted to residents at least 55 years old that meet a range of income limits, via the California Housing Finance Agency’s Mixed-Income Program. Vintage at Woodman is the first USA Properties project to use the Mixed-Income Program. With the Mixed-Income Program, renters earning 50 percent to 80 percent of the area median income — about $45,000 to $72,000 for a two-person household leasing a one-bedroom apartment — could qualify for Vintage at Woodman. “Vintage at Woodman is an example of the type of development that is key to addressing the housing crisis facing Los Angeles County and the entire state,” says Tia Boatman Patterson, executive director of the California Housing Finance Agency (CalFHA). CalHFA issued tax-exempt bonds and provided subsidy funds through its Mixed-Income Program for the project. “The mix of incomes in this project allows local residents to improve their financial and housing situations while staying at home in their community,” adds Patterson. The five-story apartment community, featuring one- and two-bedroom units, is scheduled for completion in spring …
FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Park West Apartment Homes, a multifamily community located in Fresno in California’s Central Valley. A Southern California-based seller sold the asset to a Southern California-based private capital investor for $29.2 million. Built in 1973 on 23 acres, Park West Apartments features 256 units, two swimming pools and spas, tennis courts, basketball courts, garages, covered parking, a leasing center, clubhouse with kitchen facilities, laundry facilities and a commercial building that is leased to a day care center. Alex Mogharebi, Otto Ozen, Robin Kane and Brenda Kane of TMG represented the seller in the deal.
PHOENIX — San Antonio-based Embrey Partners has purchased a land site for the development of The Quincy at Kierland, an apartment community located on Scottsdale Road in Phoenix. The six-story, podium-style project will feature 266 apartments, access to the 101 Loop and walkability to Kierland Commons, Scottsdale Quarter, The Promenade and the Westin Kierland Resort and Spa. The property’s clubhouse and first units are scheduled to open in early 2023, with full project completion later in the year. Amenities at the development will include a clubhouse with game room and business center; fitness studio with on-demand technology and yoga room; cyber-lounge with coffee bar; conference room; and structured parking. Additionally, the community will feature a resort-style pool, outdoor grilling areas and fireplace, a landscaped courtyard and dog spa. Unit interiors will include contemporary kitchens with backsplashes, under-cabinet lighting, quartz countertops, stainless steel appliances, gas ranges, side-by-side counter-depth refrigerators in two-bedroom plans and custom cabinetry. Some floor plans also feature nine- to 10-foot ceilings, walk-in closets, linen closets with built-in shelving, soaking tubs, walk-in showers and private outdoor patios and balconies. Frost Bank is serving as lender for the project.
PHOENIX — A joint venture between Pintar Investment Co. and Phoenix-based Suncrest Real Estate & Land has acquired an 8.7-acre Opportunity Zone land parcel at the northeast corner of Encanto Boulevard and 83rd Avenue in Phoenix. The partnership plans to develop Zora Encanto, a 109-unit build-to-rent community offering a blend of single-family living with multifamily community amenities, on the site. Zora Encanto will feature a mix of one- and two-bedroom units, each with private walk-up entrances and individually fenced backyards. Individual units will include in-house smart technology, hardwood-style floors, 10-foot ceilings and dog doors. The gated community will offer a resort-style swimming pool, fitness center, yoga lawn, grilling stations, community fireplaces and an event lawn for private gatherings. Construction is slated to begin in May, with completion and initial move-ins scheduled for mid-2022. Pintar acquired the community, which will be professionally managed, as part of its PICOZ Fund I LP. Zora Encanto is the fourth asset in the investment vehicle.
VERNAL, UTAH — Hodges Ward Elliott has brokered the sale of TownePlace Suites, a hotel in Vernal, located in the northeastern portion of the state near the Colorado and Wyoming borders. Terms of the transaction were not released. Clint Hodges, B.J. Patel and Cory Carter of Hodges Ward Elliott advised the special servicer in the receivership sale of the 85-key hotel, which was marketed on the Ten-X auction platform. The hotel features contemporary guest room amenities, a fitness center and business center.
