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Jefferson-Platinum-Triangle-Apts-Anaheim-CA
AcquisitionsCaliforniaMultifamilyWestern

Waterford Property Buys Jefferson Platinum Triangle Apartments in Anaheim for $160M, Plans Workforce Housing Conversion

by Amy Works

ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Communities Development Authority (CSCDA), has purchased Jefferson Platinum Triangle. The transit-oriented multifamily community is located at 1781 S. Campton Ave. in Anaheim’s Platinum Triangle District. JPI sold the asset for $160 million. The buyers plan to convert the 400-unit property into workforce housing. The acquisition is part of a workforce housing finance program created in 2020 by CSCDA. Using tax exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide much-needed housing for the middle-income workforce demographic. With this acquisition the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of the area median income in order to create more workforce housing in Anaheim. Built in 2018, Jefferson Platinum Triangle features 400 units, clubrooms, two resort-style pools with hot tubs, outdoor cooking areas, fitness centers and a yoga studio. Shane Shafer and Kyle Pinkalla of NorthMarq brokered the transaction.

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IndustrialLeasing ActivityTexas

Rediform Extends 100,808 SF Industrial Lease Near Fort Worth

by Taylor Williams

COPPELL, TEXAS — Rediform, a supplier of office products, has extended its 100,808-square-foot industrial lease at 555 Airline Drive in the Fort Worth suburb of Coppell. According to LoopNet Inc., the cross-dock property was built in 1990 and features 24-foot clear heights and 18,646 square feet of office space. Sean Smith, Evan Hammer and Jade Scott of Whitebox Real Estate represented Rediform in the lease negotiations. Rebel Blackwell represented the landlord, Link Industrial Properties, on an internal basis.

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Leasing ActivityOfficeTexas

CarOffer Signs 60,000 SF Office Sublease in Metro Dallas

by Taylor Williams

ADDISON, TEXAS — CarOffer, an online automotive trade platform, has signed a 60,000-square-foot office sublease at 15601 Dallas Parkway in the northern suburb of Addison. CarOffer, which is subleasing the space from date center services provider Cyxtera Technologies, is relocating and expanding from a 27,000-square-foot space in Plano. Clay Vaughn and Preston Lynn of CBRE represented CarOffer in the lease negotiations. Brian Brooks and Brian Brtalik of Foundry Commercial represented Cyxtera. Chris Taylor with Cushman & Wakefield and Trey Smith with CBRE represented the undisclosed owner of the building.

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The-Common-Houston
DevelopmentRetailTexas

Gulf Coast Commercial Unveils Plans for 38,000 SF Retail Redevelopment Project in Houston

by Taylor Williams

HOUSTON — Locally based developer Gulf Coast Commercial Group has unveiled plans for The Common, a project that will redevelop a retail strip center in one of Houston’s Opportunity Zones into a 38,000-square-foot lifestyle hub. Houston-based Schooley Design is the architect of the project, which will feature multiple retail and restaurant concepts, as well as a central common area for events. Construction is scheduled to begin in March and to be complete in the fall.

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DevelopmentHealthcareMidwestMinnesota

Davis to Develop 40,000 SF Medical Office Building in Suburban Minneapolis

by Kristin Harlow

BROOKLYN PARK, MINN. — Minneapolis-based Davis has been selected by Allina Health and Surgical Care Affiliates to develop and own the venture’s first ambulatory surgery center in Brooklyn Park, a northwest suburb of the Twin Cities. Davis expects to break ground in late April or early May on the two-story, 40,000-square-foot project. Allina and Surgical Care Affiliates will lease 18,000 square feet on the second floor. The project team includes Plymouth, Minn.-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Completion is slated for the end of first-quarter 2022.

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LoansMidwestMissouriMultifamily

Berkadia Secures $19.9M HUD-Insured Loan for Refinancing of Multifamily Property Near Kansas City

by Kristin Harlow

BLUE SPRINGS, MO. — Berkadia has secured a $19.9 million HUD-insured loan for the refinancing of Lakeview Crossing Townhomes in Blue Springs, about 20 miles east of Kansas City. Completed in March 2019 and located at 900 SE Tequesta Lane, Lakeview Crossing features floor plans ranging from one to four bedrooms. Amenities include a fitness center, clubhouse, resident lounge and pool. Kevin Kozminske and John Schorgl of Berkadia secured the HUD 223(f) loan with a 35-year term and a fixed rate. Missouri-based Worcester Investments was the borrower.

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IndustrialLoansMidwestOhio

NorthMarq Arranges $10.2M Acquisition Loan for Two Industrial Flex Buildings in Mason, Ohio

by Kristin Harlow

MASON, OHIO — NorthMarq has arranged a $10.2 million loan for the acquisition of two industrial flex buildings at Governor’s Pointe in Mason, about 22 miles north of Cincinnati. The two properties span 154,775 square feet and are located at 4900 Parkway Drive and 4700 Duke Drive. They feature both industrial and office space. Noah Juran of NorthMarq arranged the five-year loan, which features a 25-year amortization schedule and a fixed rate. A regional bank provided the loan.

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AcquisitionsKansasMidwestRetail

Colliers Brokers Sale of 89,973 SF Shopping Center in Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Colliers Kansas City has brokered the sale of Westfield Shopping Center in Kansas City for an undisclosed price. The 89,973-square-foot shopping center is situated at the southwest corner of 80th Street and State Avenue. Tenants include CVS Pharmacy, Citi Trends, Save A Lot, Family Dollar, Reece Nichols, Metro PCS, Fantastic Sams and T-Mobile. Mark Arensberg and Mike Yeggy of Colliers represented the buyer, Chicago-based Newport Capital Partners. The acquisition marks the first investment in the Kansas City market for Newport. The seller was undisclosed.

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AcquisitionsIllinoisMidwestRetail

Single-Tenant Retail Property in Bensenville, Illinois Trades Hands

by Kristin Harlow

BENSENVILLE, ILL. — A single-tenant retail property located at 801 N. Route 83 in Bensenville has traded hands for an undisclosed price. Bensenville is about 22 miles northwest of Chicago. The freestanding building was previously leased to Citgo. Jason Caplan of Quantum Real Estate Advisors Inc. represented the seller, a local owner and operator. Hayden Koplow of Friedman Real Estate represented the buyer, a national fuel and convenience store operator based in New York. The seller developed the property two years ago.

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Parmac-Industrial-Park-Kirkland-WA
AcquisitionsIndustrialWashingtonWestern

Terreno Realty Acquires Parmac Industrial Park in Metro Seattle for $33.7M

by Amy Works

KIRKLAND, WASH. — Terreno Realty has purchased Parmac Industrial Park, located at 10822-10858 117th PL NE in Kirkland. An investment group, which owned the property for more than 30 years, sold the asset for $33.7 million, or $266 per square foot. At the time of escrow, a mix of wholesalers, distributors and sports/recreational tenants fully occupied the 126,721-square-foot property. A seven-acre lot with future expansion potential was included in the transaction. Leroy Lutu of Marcus & Millichap represented the seller and procured the buyer in the deal.

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