Property Type

Enterprise Community Development Reopens $51M Affordable Housing Community in D.C.

by Julia Sanders October 4, 2021

WASHINGTON, D.C. — Enterprise Community Development (ECD) has reopened Randle Hill Apartments, a $51 million affordable housing property in Washington, D.C.’s Congress Heights neighborhood that was recently renovated. The property includes 195 apartments, including 20 set aside for formerly homeless individuals and families. Located at 3300 6th St. SE, Randle Hill is a nine-building complex with one-, two- and three-bedroom units. The renovations on the property include updated kitchens and bathrooms, new HVAC units, enhanced light fixtures and energy-efficient features. In addition, the property includes onsite resident services such as workforce development, case management, educational and financial literacy programs. ECD made sure no residents of Randle Hill were displaced during renovations. District of Columbia Housing Finance Agency provided $25 million in bonds of construction financing and Bank of America provided a $26.5 million loan. Additional financing included $17.3 million from DCHFA’s HUD Risk Share program, $13 million from District’s Housing Production Trust Fund program, a $650,000 predevelopment loan from Neighborworks Capital and $15.3 million in low-income housing tax credit equity from Enterprise Housing Credit Investments LLC to support the development on behalf of Bank of America. Community Housing Capital provided an initial acquisition loan of nearly $17.8 million. Associates Architects …

October 4, 2021

Development Maryland Office Southeast

Cushman & Wakefield Announces $10M Redevelopment Project for Office Property in Bethesda

by Julia Sanders October 4, 2021

BETHESDA, MD. — Cushman & Wakefield has announced an over $10 million capital improvement program for 4800 Hampden Lane, a Class A, 185,000-square-foot office building located in Bethesda. New York-based Anne and Bernard Spitzer Charitable Trust owns the office property. 4800 Hampden Lane is a 12-story building that features terraces exclusive to tenants, six elevators, 24/7 security, onsite garage parking and onsite property management. The property is located close to the Capital Crescent Trail, an off-road trail that runs from Georgetown in Washington, D.C. to Bethesda. The property is currently 95 percent leased to tenants including Boston Consulting Group, Paley Rothman, Salamandra, EYA and Declaration Partners. The redevelopment of 4800 Hampden Lane will include the addition of a new conference center; new fitness center, including private/dedicated workout kiosks and separate locker rooms with towel service; a new bike storage facility; upgraded lobby and enhancements to the façade. Renovations at the property will begin within the next two months and are slated to be complete by fall 2022. Michael Katcher and Katie Datin of Cushman & Wakefield are the exclusive leasing brokers for the property.

October 4, 2021

Acquisitions Georgia Retail Southeast

JLL Arranges $16 Million Sale of Kroger-Anchored Retail Center in Metro Atlanta

by Julia Sanders October 4, 2021

ATLANTA — JLL Capital Markets has arranged the $16 million sale of Main Street South Fulton, a 129,449-square-foot, Kroger-anchored shopping center in the Atlanta neighborhood of South Fulton. Main Street South Fulton is fully leased to retailers including Dollar Tree, Rainbow USA, Pizza Hut and Subway. Located at 6055 Old National Highway, the shopping center is approximately three miles south of Hartsfield-Jackson Atlanta International Airport. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, Atlanta-based M&P Shopping Centers, in the transaction. Benjamin Bruner of the Bruner Group represented the buyer, New York City-based Irgang Group Inc.

October 4, 2021

Acquisitions Georgia Industrial Southeast

MDH Partners Acquires 48,975 SF Industrial Building in Atlanta’s Upper Westside

by Julia Sanders October 4, 2021

ATLANTA — MDH Partners has acquired 1500 Marietta Blvd., a 48,975-square-foot industrial building located in Atlanta’s Upper Westside. The transaction is a sale-leaseback deal with the tenant, Ideation. The sales price was $6.2 million. Ideation, a wholesale bakery based in Atlanta that was previously known as H&F Bread Co. signed a three-year lease with MDH at the Class B, infill industrial facility. The property is located close to Interstate 75 and the Interstate 285 loop. The facility also sits adjacent to Tilford Yard, where TPA Group is set to develop 77 acres on behalf of Amazon, including a 220,000-square-foot delivery station. Ideation provides research, development, manufacturing and packaging solutions for restaurants, hotels, grocers and caterers. MDH Partners is an Atlanta-based real estate investment company.

October 4, 2021

Development Florida Retail Southeast

Frontier Cos. Breaks Ground on New Retail Development in Fort Pierce, Florida

by Julia Sanders October 4, 2021

FORT PIERCE, FLA. — Miami-based Frontier Cos. has broken ground on a new retail development located in Fort Pierce. Located 5000 Okeechobee Road, the 10,750-square-foot retail center will include a 3,750-square-foot Aspen Dental, a 3,500-square-foot CareNow urgent care clinic and another 3,500-square-foot space for a future tenant. The plaza is being built on a 1.6-acre lot and will include 87 parking spaces. A Cowboys BBQ & Steak restaurant previously occupied the development site.

October 4, 2021

Acquisitions Colorado Multifamily Western

MG Properties Enters Denver Market with $108.2M Acquisition of Neon Local Apartments

by Amy Works October 4, 2021

DENVER — San Diego-based MG Properties Group has acquired Neon Local Apartments, a multifamily property located in Denver’s South Broadway neighborhood. North America Sekisui House and Holland Partner Group sold the asset for $108.2 million. Built in 2020, Neon Local Apartments features 238 apartment and proximity to mass transit and commuter freeways. Jordan Robbins and Pamela Koster of JLL represented the sellers. JLL Capital Markets’ Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice arranged acquisition financing through an affiliate of Apollo Global Management.

October 4, 2021

Acquisitions Arizona Development Industrial Western

SWC Development Buys 27.9-Acre Land Parcel for Eight-Building Industrial Project in Surprise, Arizona

by Amy Works October 4, 2021

SURPRISE, ARIZ. — South Dakota-based SWC Development Partners has purchased a 27.9-acre land site in Surprise for $7.1 million. The buyer plans to develop a multi-phased industrial project with warehouse/distribution, manufacturing and flex facilities on the site. Kevin Helland of Avison Young represented the buyer in the acquisition. Helland and Mark Seale, also of Avison Young, will represent the ownership on the leasing and sale of the project. SWC Development Partners plans to build eight buildings, ranging from 25,000 square feet to 139,278 square feet. Located at 11860 N. Dysart Road, the first building is already fully permitted and will be a 59,352-square-foot warehouse/distribution facility. Construction is slated to begin in October with completion scheduled for fourth-quarter 2022. The second building will total 139,278 square feet and construction is scheduled to begin in second-quarter 2022 with completion estimated for first-quarter 2023. The construction schedule for the remaining six buildings is to be determined based on market demand. The sold parcel marks the final phase of Skyway Commons, an industrial park that currently has four completed industrial buildings totaling 173,878 square feet that another developer built.

October 4, 2021

Natomas-Advanced-Logistics-Center-Sacramento-CA

California Development Industrial Western

PCCP, Panattoni to Develop 185,973 SF Industrial Project in Sacramento

by Amy Works October 4, 2021

SACRAMENTO, CALIF. — A joint venture between PCCP and Panattoni Development Co. has unveiled plans to develop Natomas Advanced Logistics Center, a two-building, 185,973-square-foot industrial property located at Duckhorn Drive and Arena Boulevard in Sacramento. The 122,401-square-foot Building A will feature 32-foot clear heights and the 63,572-square-foot Building B will feature 28-foot clear heights. The property is designed for flexibility and is available to accommodate distribution, logistics, light industrial and manufacturing uses for two to seven tenants. The center will include three separate points of access along Duckhorn Road, a semi-truck access aisle that will be gated and separate from employee vehicle parking, ample vehicle parking and a shared truck court totaling 300 feet.

October 4, 2021

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Adds 338-Unit Multifamily Property in Tucson to Arizona Portfolio

by Amy Works October 4, 2021

TUCSON, ARIZ. — Thayer Manca Residential (TMR) has purchased Desert Shadows, an apartment property located in Tucson. Located at 7425 N. Mona Lisa Road, Desert Shadows features 338 apartments. TMR plans a $6.8 million renovation and repositioning plan includes a marketing rebrand, upgrades to the common area amenity package and interior renovations to the units. TMR acquired the 368-unit Circ Tucson in 2019 and the 424-unit Envii Apartments in 2020.

October 4, 2021

Development Hospitality Michigan Midwest

Oxford Capital, Hunter Pasteur Break Ground on 227-Room Hotel in Detroit’s Corktown Neighborhood

by Kristin Harlow October 4, 2021

DETROIT — Oxford Capital Group and Hunter Pasteur have broken ground on The Godfrey Hotel Detroit in the city’s Corktown neighborhood. The 227-room hotel will be situated at 1401 Michigan Ave., between Trumbull and Eighth streets. Completion is slated for 2023. Oxford’s wholly owned management affiliate, Oxford Hotels & Resorts LLC, will manage the property. The seven-story hotel will be home to I|O, an indoor/outdoor rooftop lounge with expansive views of downtown Detroit. The property will also feature a ground-floor restaurant, lobby bar, 5,500-square-foot ballroom and fitness center. The hotel will be affiliated with Hilton’s Curio Collection. Elkus Manfredi Architects is the project architect, and The Gettys Group is designing the interiors. Currently, there are Godfrey hotels in Chicago, Boston, Tampa and Hollywood. Project investors include several prominent Detroit families led by Nate Forbes and James Grosfeld. Founded in 1999, Hunter Pasteur has built and developed more than 1,500 single-family and multifamily projects in Southeast Michigan. Jordan Ray, Steve Buchwald and Jamie Matheny of Mission Capital Debt & Equity, part of Marcus & Millichap Capital Corp., arranged $64 million in financing for the development.

October 4, 2021

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