RENO, NEV. — Panattoni Development has commenced construction of Building J, the 10th and the final building of the North Valleys Commerce Center in Reno. Located at 9575 N. Virginia Road, Building J will add 138,240 square feet of space to the park, which totals nearly 3 million square feet. Current tenants at North Valleys Commerce Center include S&S Activewear, Mary’s Gone Crackers, Mary Kay Corp. and Compass Health. The buildings at the park feature 36-foot clear heights, ESFR sprinkler systems, LED lighting, ample power, standard column spacing, divisibility, quick access to US 395 via the Steade Boulevard and Lemmon Drive interchanges and freeway visibility. CP Logistics NVCC IV LLC owns the center, which Panattoni is developing. Tectonics served as architect and Alston Construction is the builder for the project. Mike Nevis and Shawn Jaenson of Kidder Mathews are handling leasing for the project.
LEBANON, N.H. — CBRE has arranged the $69.2 million sale of Timberwood Commons, a 252-unit apartment community in Lebanon, located in central New Hampshire. The property consists of five three-story buildings on a 42.6-acre tract. Units feature studio, one-, and two-bedroom floor plans with an average size of 847 square feet. Amenities include a clubhouse, business center, community room, fitness center and a dog park. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Philadelphia-based Merion Realty Partners, and procured the buyer, an affiliate of Boston-based Audubon Capital Partners.
LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech and occupational therapy. Silver Ridge, built in 1999, comprises 147 operating beds (78 units) and provides in-house and outpatient physical, occupational, speech and respiratory therapy. The two FHA-insured loans were structured with a 35-year, fully amortizing term. John Randolph of KBREC’s Commercial Mortgage Group and Grant Saunders and Peter Trazzera of Key’s Healthcare Finance Group originated and structured the financing.
SIGNAL HILL, CALIF. — A joint venture between Newport Beach, Calif.-based RanchHarbor and Los Angeles-based Manhattan West Real Estate has purchased a 0.79-acre, value-add industrial asset located in Signal Hill. Terms of the off-market transaction were not released. The property consists of two single-tenant industrial buildings totaling 18,682 square feet with a shared secured yard. Each building offers a dock-high door and a grade-level door. At the time of acquisition, one building was occupied with a substantial term remaining on the lease and the other building was vacant. The buyers plan to perform deferred maintenance and capital improvements to the property, including “white boxing” of the vacant building to improve its marketability and make it move-in ready. The joint venture has retained Marc Bonadando and Brad Connors of Kidder Mathews to handle leasing of the available space. RanchHarbor arranged a full capital-stack solution for the transaction, with the company’s advisory platform sourcing a 36-month, fixed-rate, non-recourse bridge loan from a bank lender.
FLORENCE, N.J. — NAI Mertz has negotiated a 300,700-square-foot, full-building industrial lease at 839 Railroad Avenue, a project under construction in the Southern New Jersey city of Florence. Scott Mertz of NAI Mertz represented the tenant, auto parts supplier DNA Motoring, in the lease negotiations. Tony Rod of Lee & Associates represented the developer, Denver-based Black Creek Group. Building features include 36-foot clear heights, ample trailer parking and immediate proximity to the New Jersey Turnpike. DNA Motoring expects to take occupancy of the building in the second quarter.
WATERTOWN, MASS. — Locally based investment firm Equity Industrial Partners has purchased a 69,000-square-foot retail building that is net leased to grocer Stop & Shop in Watertown, a western suburb of Boston. The sales price was $35.5 million. Stop & Shop has occupied the building for more than 25 years and recently extended its long-term lease. JLL represented the seller, a partnership between Winstanley Enterprises and Surrey Equities LLC, in the sale and procured Equity Industrial as the buyer. Equity Industrial Partners said it targeted the asset in response to intense competition for industrial properties that was pushing yields lower, and that the company believed it could find higher yield in retail deals for a similar risk profile.
BEVERLY, MASS. — Locally based developer The Procopio Cos. has completed the 30-unit Building B at Sedna, a 3.5-acre waterfront multifamily development in Beverly, located northeast of Boston. The 32-unit Building A opened to residents in October. Units feature one- and two-bedroom floor plans, and amenities include two rooftop terraces, a fitness center, clubroom and wine bar, pet wash station and onsite parking for residents. Rents start at $2,450 per month for a one-bedroom unit, according to Apartments.com.
ELLENVILLE, N.Y. — Marcus & Millichap has brokered the $8.1 million sale of Shoprite Plaza, a 56,555-square-foot, grocery-anchored retail center that is located on an 11.7-acre tract in Ellenville, about 100 miles north of New York City. The seller and buyer were both private investors that requested anonymity. Joseph French, Kodi Traver and John Krueger of Marcus & Millichap brokered the deal. Steve Rock of Marcus & Millichap Capital Corp. arranged acquisition financing.
ARLINGTON, VA. — JLL has arranged a $135 million loan for the refinancing of Altaire Apartments, a 451-unit luxury high-rise community located in Arlington. The property is located on the border of the Crystal City and Pentagon City neighborhoods near major landmarks and institutions such as Arlington National Cemetary, the Pentagon and Ronald Reagan International Airport. Pentagon City is the neighborhood where Amazon is building its $2.5 billion second headquarters. Constructed in 2018, Altaire Apartments is a two-building development that features studio, one- and two-bedroom floor plans. Units are furnished with stainless steel appliances, kitchen islands, wood-style flooring, walk-in closets, individual washers and dryers and keyless entry mechanisms. Rents start at approximately $1,800 per month for a studio unit, according to Apartments.com. Communal amenities include a sky lounge, rooftop terrace, fitness center, courtyard, fire pits, grilling area, pool, game room, penthouse lounge and pet washing area. The property is LEED Gold certified. Residents are offered concierge package handling services along with Luxer package lockers. Jamie Leachman and Paul Spellman of JLL arranged the five-year, floating-rate loan through an undisclosed lender on behalf of the borrower, LCOR, an investment and management firm with offices throughout the mid-Atlantic. Proceeds will be used to …
By Michael Procopio, vice president of development, The Procopio Cos. Undeniably, as we progress through 2021, one of the hottest trends in the field of owning and operating multifamily properties will continue to be technology and automation. According to the 2019 Zillow Consumer Housing Trends Report, 43 percent of Gen Z buyers and 35 percent of millennials rated smart home features as “very important.” Although Zillow’s 2019 report shows that older generations are less concerned with smart technology, we know that the desire for technology will continue to grow as younger generations enter the market to rent and buy and as older generations adapt to its use and convenience. Evolution of Amenities For decades, as the multifamily amenity wars heated up, residents placed an increasing focus on lifestyle amenities. Just having a gym was no longer appropriate; robust fitness centers with boutique offerings like yoga, spin and rowing became the norm. Basic lounges gave way to designer-finished club and sport spaces, where virtual golf replaced ping-pong, and interconnected coworking suites replaced the ever-so-sterile business centers of the 2000s. As we progress further into the 2020s, it’s becoming clearer that the focus on technology as it impacts the resident experience will …