NEW ALBANY, OHIO — Scannell Properties has broken ground on a 354,000-square-foot speculative warehouse in New Albany, about 15 miles northeast of Columbus. The developer purchased a 33-acre site on Innovation Campus Way. Completion of the project is slated for June 2022. Tom Miles and Scott Pickett of Avison Young represented Scannell in the land purchase. The duo will also handle leasing efforts for the property. MBJ Holdings was the seller.
WILTON, IOWA — Woda Cooper Cos. Inc. is underway on construction of Chandler Pointe in Wilton, about 30 miles east of Iowa City. The $6.9 million project will provide 35 units for residents age 55 and older. Monthly rents will range from $330 to $640 for one-bedroom units and from $395 to $735 for two-bedroom floor plans. Of the 35 units, 31 will be affordable for households with incomes at or below 80 percent of the area median income. Four apartments will be available at market rates. Completion is slated for late 2022. Nonprofit Housing Services Alliance Inc. is the co-developer and owner. The Iowa Finance Authority (IFA) provided affordable housing tax credits to support financing for the affordable units. IFA will also provide the first and second mortgages, including a HOME loan. Huntington National Bank is providing equity financing and a construction loan. The project team includes architect Excel Engineering, civil engineer Hall and Hall Engineers Inc. and sustainability consultant Sol Consulting + Design. Woda Cooper’s construction division is the general contractor for the project. The company’s management division will oversee leasing and day-to-day operations at Chandler Pointe.
BELLEVUE, WASH. — An affiliate of New York-based Abacus Capital Group has purchased The Ridgedale Apartment Homes, a multifamily property located at 14111 SE Sixth St. in Bellevue. A Calabasas, Calif.-based company sold the asset for $144 million. Originally constructed in 1970 and fully renovated in 2017, The Ridgedale features 25 two-story buildings on a 13.4-acre site. The property features 334 units in a mix of one-, two- and three-bedroom layouts with an average size of 865 square feet. Community amenities include a fitness center, clubhouse, two swimming pools and 520 parking spaces. Eli Hanacek, Jon Hallgrimson, Kyle Yamamoto and Byron Rosen of CBRE represented the seller in the transaction.
PHOENIX — Hercules Industries has acquired Santa Fe 44, an industrial building located at 4524 N. 44th Ave. in Phoenix. BC5 LLC sold the asset to the owner/user for $18.2 million. Built in 2006 on 6.9 acres, Santa Fe 44 features 140,777 square feet of industrial space, 32- to 36-foot clear heights, 9,000 square feet of office space, heavy power, ESFR sprinklers, ample dock- and grade-level loading, 108-foot concrete truck court and active BNSF rail service with 240-feet of rail dock and platform loading. Hercules Industries, the buyer, is a national manufacturer and wholesale distributor of HVAC sheet metal products and equipment. Phil Haenel, Will Strong, Andy Markham and Mike Haenel of Cushman & Wakefield’s Phoenix office represented the seller, while Bill Douglass of Upland Group Inc. represented the buyer in the deal.
IRVINE, CALIF. — Intracorp has broken ground on a 178-unit apartment property located at 2055 Main St. in the Irvine Business Complex (IBC). The project, which is Intracorp’s fourth development in the IBC, will be the company’s first for-rent multifamily development in the area. Situated on 2.2 acres, 2055 Main will feature five stories of residential living in a modern geometric design. Community amenities will include a rooftop deck with a resort-style pool and spa, entertainment pavilion, expansive LED wall, lounge areas, barbecues and a game area. Other amenities will include a fitness center, sunken amphitheater, outdoor dining areas, fire features, business center and social club. Leasing on the project is slated to begin in summer 2023.
HUNTINGTON BEACH, CALIF. — Stanford Hotels Groups has completed the sale of a single-tenant retail property located at 19001 Brookhurst St. in Huntington Beach. A private 1031 exchange investor acquired the asset for $11.3 million. Walgreens occupies the 11,838-square-foot building on a triple-net, long-term lease. The tenant has occupied the property, which sits on 1.3 acres, since it was constructed in 2007. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the buyer in the transaction.
YUCCA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail pad located at 58132 Twentynine Palms Highway in Yucca Valley. The asset traded for $2 million in a 1031 exchange transaction. Tenants at the 6,518-square-foot property include Gamestop, Verizon Wireless and Metro PCS. The building is an outparcel to a 212,000-square-foot shopping center that is anchored by Stater Bros. Greg Bedell of Progressive Real Estate represented the seller, while Victor Buendia, also of Progressive Real Estate, represented the buyer in the transaction.
BETHANY BEACH, DEL. — Privately held firm EOS Investors has opened Hotel Bethany Beach, a 101-room property located about two blocks from the Atlantic Ocean in coastal Delaware. EOS Investors acquired the pet-friendly property earlier this year and is planning a $5.5 million interior renovation. Amenities include a pool, fitness center, business center, 1,400 square feet of meeting and event space and complimentary breakfast service.
EAST GREENWICH, R.I. — Nashville-based owner-operator Montecito Medical has acquired a 60,000-square-foot medical office building in East Greenwich, about 20 miles south of Providence. Built in 2013 and renovated in 2020, the multi-tenant property was fully leased at the time of sale, with University Orthopedics occupying 61 percent of the space as the anchor tenant. Other occupants include Coastal Medical Group, Velocity Clinical Research and Providence Behavioral Health.
Newport Beach, Calif.-based CapRock Partners was busy before the pandemic, but shows no signs of slowing down even as brick-and-mortar retail reopens. The industrial investor, developer and asset manager’s newest venture is also its biggest: a 183-acre infill project in Phoenix where it plans to build an eight-building industrial complex that totals more than 3.4 million square feet. “Several years prior to the pandemic, we recognized the ecommerce trends along with the demand for larger logistics facilities and subsequently made investments in buildings and land positions in order to capture a segment of that demand,” says Bob O’Neill, CapRock’s senior vice president of acquisitions. “In the 16 months since the onset of the pandemic, our growth has accelerated.” Phoenix’s Industrial Market Rises CapRock has added about 4.8 million square feet of Phoenix-area industrial product to its portfolio since the pandemic’s onset. Its total pipeline in the Valley is now close to 6 million square feet, with its Phoenix-area acquisition closing in 2017. Aside from CapRock, Cushman & Wakefield also appears to be bullish on Phoenix’s industrial market. The firm projects Phoenix’s preliminary industrial absorption to be about 12 million square feet for the first half of 2021. This compares to …
