Property Type

Main Street Community Capital Unveils $1.3B Mixed-Use Destination Plans in Metro Cincinnati

by Katie Sloan October 7, 2021

MIDDLETOWN, OHIO — Main Street Community Capital has unveiled plans for Hollywoodland, a 50-acre mixed-use development along the Great Miami River in Middletown. The city, which boasted a population of about 50,000 residents as of the 2020 census, is located 25 miles southwest of Dayton and 30 miles northeast of Cincinnati. Development costs for the project are estimated at $1.3 billion. The Middletown City Council met for over six hours this week to discuss the project with the public. The official vote on approving or denying the development is scheduled for Oct. 21. If approved, Hollywoodland would be a public-private partnership between the city and Main Street Community Capital. If approved, the development would include: A luxury hotel with an attached, publicly owned convention center, rooftop bar and themed restaurants; a family-oriented hotel with a water park; the adaptive redevelopment of an existing First National Bank building into a boutique hotel; an indoor entertainment and concert venue; an indoor amusement park; 3,000 deck-based parking spaces; luxury, mid-rise multifamily units and condominiums; a pre- and post-production motion picture studio with sound stages and support offices; restaurants, bars, brew-pubs and cafes; a comedy club; and lifestyle, convenience and recreational retail space. The project …

October 7, 2021

Industrial Market Reports Midwest Midwest Market Reports Missouri

Spec Industrial Activity in St. Louis Region Rivals Pre-Pandemic Levels

by Kristin Harlow October 7, 2021

World and domestic markets are constantly recalibrating as the global supply chain continues to see a disruption from the COVID-19 pandemic. It has never been more clear though just how important freight logistics and a healthy supply chain are to keep the economy moving. Demand for distribution space continues to grow, and the latest data available reveals the bi-state St. Louis market is rebounding well from the uncertainty of 2020 and 2021, and is positioned to assist distributors and developers to meet the growing demand. The St. Louis region has more than 51 million square feet of modern bulk inventory supported by a strong labor force and an exceptional freight network that provides tremendous optionality to move goods into and out of the region via river, rail, truck and runway. Those advantages are contributing to historic lows in vacancy rates, with only 4.5 percent of modern bulk space (more than 250,000 square feet) available at this time. This follows on the heels of the overall vacancy rate for the entire St. Louis industrial market dropping below 6 percent in 2020, the first time it fell so low in more than 15 years. Fortunately, construction in the bi-state region has rebounded …

October 7, 2021

California Loans Office Western

Swig Co. Receives $190M Loan to Refinance 633 Folsom Street Office Building in San Francisco

by Amy Works October 6, 2021

SAN FRANCISCO — The Swig Co. has obtained $190 million in refinancing for 633 Folsom Street, an office building in the SOMA submarket of San Francisco. Bruce Ganong, Lillian Roos and Spencer Bergthold of JLL Capital Markets secured the seven-year, fixed-rate loan through Bank of China for the borrower. Originally developed in 1967, the building underwent significant a renovation and expansion, which was completed in 2021. The project added five new floors, all new building systems, exterior façade and an outdoor plaza. Asana, a cloud-based application for workplace management and team collaboration, fully leases the 271,000-square-foot property.

October 6, 2021

Acquisitions California Industrial Western

Alere Property Group Acquires 422,000 SF Saddle Ranch Business Park in Norco, California

by Amy Works October 6, 2021

NORCO, CALIF. — Alere Property Group has purchased Saddle Ranch Business Park, located at 3300-3390 Horseless Carriage Drive in Norco, from CapRock Partners for an undisclosed price. Saddle Ranch Business Park consists of four buildings ranging in size from 81,000 square feet to 158,000 square feet with clear heights from 30 feet to 32 feet. The concrete tilt-up structures feature dock-high and grade-level loading, ESFR sprinklers, ample power, large truck courts and 5.6 percent office space. Goli Nutrition, a vitamin and nutrition company, fully leases the 422,000-square-foot industrial warehouse complex. The company uses the facility for its corporate headquarters and manufacturing and distribution of its products. Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox of CBRE represented the seller and buyer in the deal. Paul Earnhart, Jeff Ruscigno, Brian Pharris and Ryan Earnhart of Lee & Associates consulted on the transaction.

October 6, 2021

Development Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $91.9M Bond Financing for Eliseo Seniors Housing Expansion in Tacoma, Washington

by Amy Works October 6, 2021

TACOMA, WASH. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units (consisting of 50 apartments and 41 villas) and a new dining venue, as well as renovations to multipurpose and meeting rooms, administrative offices and the entrance to the health center. In addition to funding the project, the bonds will refinance bonds from 2013 and repay a loan used for pre-development expenses.

October 6, 2021

Acquisitions Multifamily New Mexico Western

TriWest Buys 312-Unit Monterra Apartments in Albuquerque

by Amy Works October 6, 2021

ALBUQUERQUE, N.M. — TriWest Multifamily has purchased Monterra Apartments, a 312-unit multifamily community located at 4217 Louisiana Blvd. NE in Albuquerque. Vukota Capital Management sold the asset for an undisclosed price in an off-market transaction. Built in 1972, Monterra Apartments features 132 one-bedroom/one-bath units, 96 two-bedroom/one-bath units and 84 two-bedroom/two-bath units. Each unit features stainless steel appliances, dishwashers, granite countertops, washers and dryers and air conditioning. Community amenities include a clubhouse, pet play area, business center, lounge and playground. David Suah of Sub Sahara Group represented the seller, while TriWest Multifamily was represented in-house.

October 6, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 37-Unit Countryside Living Memory Care Community in Canby, Oregon

by Amy Works October 6, 2021

CANBY, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Countryside Living, a memory care community in Canby, approximately 21 miles south of Portland. The asset features 37 units and 55 beds. The community was originally built in 1959; gutted, remodeled and expanded in 2007; and had its most recent renovations and expansion in 2011. The facility is approximately 21,746 square feet and is situated on approximately 0.78 acres of land. The seller was a local owner that has multiple different business interests. The buyer is an Oregon-based owner-operator with extensive senior living development and operations experience. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “Countryside Living is a strategically located community in downtown Canby,” says Punzel. “The community has had historically high occupancy and overall did very well through COVID. The new owner-operator is expanding their Oregon portfolio.”

October 6, 2021

Industrial Leasing Activity Texas

Pollock Orora Signs 255,704 SF Industrial Lease in Houston

by Taylor Williams October 6, 2021

HOUSTON — Pollock Orora, a provider of commercial cleaning and packaging design services, has signed a 255,704-square-foot industrial lease at Seton Lake Logistics Center, located at 14611 Tomball Parkway in Houston. According to the property website, Trammell Crow owns the building, which is situated on 16.8 acres and features 32-foot clear heights. Joel Michael of NAI Partners represented the tenant in the lease negotiations. Faron Wiley of CBRE represented the landlord.

October 6, 2021

Acquisitions Multifamily Texas

TruAmerica Multifamily Buys Estates at Canyon Ridge in San Antonio for $46.7M

by Taylor Williams October 6, 2021

SAN ANTONIO — Los Angeles-based TruAmerica Multifamily has purchased Estates at Canyon Ridge, a 270-unit apartment community located within San Antonio’s Stone Oak master-planned development. The sales price was $46.7 million. The property was built in 2007 and features one-, two- and three-bedroom units with an average size of roughly 1,200 square feet. Amenities include a pool, fitness center and a cybercafé. Ryan Epstein, Matt Pohl and Forrest Bass of Walker & Dunlop represented the undisclosed seller in the transaction. Russell Dey, Trevor Fase and Justin Nelson, also with Walker & Dunlop, arranged acquisition financing on behalf of TruAmerica Multifamily.

October 6, 2021

Acquisitions Retail Texas

NewQuest Properties Acquires 116,404 SF Shopping Center in San Antonio

by Taylor Williams October 6, 2021

SAN ANTONIO — Houston-based NewQuest Properties has acquired a 116,404-square-foot shopping center located at 6001 NW Loop 410 in northwest San Antonio. Built on 12.7 acres in 1994, HQ Shopping Center was fully leased at the time of sale to tenants such as Best Buy, Ross Dress for Less, Bed Bath & Beyond and Petco. CBRE represented the undisclosed seller in the transaction.

October 6, 2021

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