Property Type

M&R Development Opens 236-Unit Luxury Apartment Complex Near Milwaukee

by Kristin Harlow August 4, 2021

ST. FRANCIS, WIS. — M&R Development has opened 42 Hundred on the Lake, a 236-unit luxury apartment complex in St. Francis, five miles south of downtown Milwaukee. A ribbon-cutting ceremony took place Thursday, July 22. The community, which is located at 4200 S. Lake Drive, is more than 65 percent leased. Units range in size from 583 to 1,204 square feet and monthly rents range from $1,248 to $3,350. Amenities include a clubhouse, private lounge, business center, game room, fitness center, pet spa, package room, two outdoor courtyards, grilling stations, fire pits, lounge areas overlooking Lake Michigan and a pool with cabanas. RMK Management is overseeing leasing and property management.

August 4, 2021

Development Industrial Midwest Missouri

VanTrust Breaks Ground on 1 MSF Spec Industrial Building in Raymore, Missouri

by Kristin Harlow August 4, 2021

RAYMORE, MO. — VanTrust Real Estate has broken ground on a second speculative industrial building at Raymore Commerce Center in Raymore, about 25 miles south of Kansas City. Completion of the 1 million-square-foot building is slated for fall 2022. Plans call for a clear height of 40 feet and expansive trailer and car parking. Brinkmann Constructors is managing construction in partnership with GBA as the architect and Olsson as the civil engineer. John Stafford, Ed Elder and Ben Boyd of Colliers Kansas City will continue to serve as the leasing agents for Raymore Commerce Center and market the new building for lease.

August 4, 2021

Acquisitions Midwest Ohio Retail

Cushman & Wakefield Arranges $38.8M Sale of Whole Foods-Anchored Shopping Center Near Cleveland

by Kristin Harlow August 4, 2021

UNIVERSITY HEIGHTS, OHIO — Cushman & Wakefield has arranged the $38.3 million sale of Cedar Center South in University Heights, about nine miles east of Cleveland. Anchored by Whole Foods Market, the 138,881-square-foot shopping center is located on Cedar Road. It is 91 percent leased to tenants such as CVS Pharmacy, Dollar Tree and Goodwill. Evan Halkias, Michael Marks, Hank Davis and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller. Mike Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield arranged a $25.7 million acquisition loan on behalf of the buyer, First National Realty Partners. Sentinel Investments provided the 10-year, fixed-rate loan.

August 4, 2021

Acquisitions Midwest Ohio Restaurant Retail

Marcus & Millichap Brokers $2.5M Sale of Raising Cane’s Ground Lease in Hamilton, Ohio

by Kristin Harlow August 4, 2021

HAMILTON, OHIO — Marcus & Millichap’s The Klink Group has brokered the $2.5 million sale of a Raising Cane’s ground lease in Hamilton, about 20 miles north of Cincinnati. The newly constructed property is located at 1479 Main St. Jordan Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, Cincinnati-based West Hamilton Investments LLC. Peak 1031 Exchange Inc., a qualified intermediary for a private investor based in California, was the buyer. Bria Yik, a real estate agent affiliated with California-based Real Estates Unlimited, represented the buyer.

August 4, 2021

California Development Office Western

Irvine Co. Begins Construction of Final Phase of Spectrum Terrace Office Development in Irvine, California

by Amy Works August 4, 2021

IRVINE, CALIF. — Irvine Co. has started construction for the third and final phase of Spectrum Terrace, an office development located at the intersection of the 405, 5 and 133 freeways in Irvine. The final phase of the project will feature three four-story buildings totaling more than 345,000 square feet of Class A office space. Completion is slated for August 2022. Spectrum Terrace’s buildings are arranged in three terraced office neighborhoods that are adjacent to coastal wilderness and a 1.5-mile jogging/walking trail. The development also offers The Commons, an outdoor gathering area with shaded workspaces for meetings, breaks or small events; a private, resort-style fitness center; Terrace Kitchen + Bar; and Venue, a fully equipped meeting and event space for up to 100 people. The property also features an Olympic-length pool, poolside cabanas, high-end locker rooms and grab-and-go food offerings. Spectrum Terrace is currently 80 percent leased. Tenants include Alteryx, CoStar Group, iHerb, Kajabi and RSM.

August 4, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $104M Sale of Sky Ancala Apartments in Scottsdale, Arizona

by Amy Works August 4, 2021

SCOTTSDALE, ARIZ. — ABI Multifamily has arranged the sale of Sky Ancala Apartments, a multifamily property located at 11545 N. Frank Lloyd Wright Blvd. in Scottsdale. A California-based buyer acquired the asset from a Canada-based seller for $104 million, or $316,667 per unit. Built in 1988 on 14 acres, Sky Ancala Apartments features 330 units across 20 two-story buildings. The property offers 166 one-bed/one-bath and 164 two-bed/two-bath units, all with in-suite washers/dryers. Community amenities include a business center, coffee bar, sky lounge, picnic area with barbecues, fitness center, resort-style pool, dedicated leasing office and covered parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

August 4, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $9.8M Sale of Garden Court West Multifamily Complex in University Place, Washington

by Amy Works August 4, 2021

UNIVERSITY PLACE, WASH. — Marcus & Millichap has arranged the sale of Garden Court West, a multifamily property located at 7654 40th St. W. in University Place. A limited liability company sold the community to a local limited liability company for $9.8 million. Constructed in 1972, Garden Court West features 64 apartments in a mix of 20 one-bedroom, 42 two-bedroom and two three-bedroom units. Community amenities include free parking, laundry facilities, a clubhouse, pool and courtyard. Timothy Ufkes of the Ufkes Group in Marcus & Millichap’s Seattle office represented the seller in the deal.

August 4, 2021

Development Multifamily Seniors Housing Utah Western

TWG Breaks Ground on $9.5M Residences at West Haven Affordable Seniors Housing Development in Utah

by Amy Works August 4, 2021

WEST HAVEN, UTAH — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors age 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or suffering from homelessness. All units are reserved for seniors who earn between 30 percent and 80 percent of the area median income (AMI). The $9.5 million development marks TWG’s first property in the state of Utah and will feature numerous amenities such as a computer room, in-unit laundry, raised garden beds, on-site storage, bike racks and a community fitness center. Construction began this month, and the project is slated for completion in fall 2022. TWG was awarded low-income housing tax credits (LIHTC) from the Utah Housing Corp. to develop this project. Other partners include the Weber Housing Authority, Raymond James, Olene Walker Housing Loan Fund, Horizon Bank and Rocky Mountain Community Reinvestment Corp.

August 4, 2021

Acquisitions New Mexico Retail Western

Hawkins Cos. Sells Retail Center in Rio Rancho, New Mexico to Gibson Medical Center for $4.7M

by Amy Works August 4, 2021

RIO RANCHO, N.M. — Hawkins Cos. has completed the disposition of Mesa Center, a retail property located in Rio Rancho. Gibson Medical Center acquired the asset for $4.7 million. At the time of sale, the 29,077-square-foot property was fully leased to 12 tenants. Perry Kesler of Real West Realty and Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark handled the transaction.

August 4, 2021

Development Industrial Texas

Koontz Corp. to Develop 360,000 SF Westport Industrial Park in San Antonio

by Taylor Williams August 4, 2021

SAN ANTONIO — Locally based developer Koontz Corp. will build Westport Industrial Park, a 360,000-square-foot industrial project that will be located near the corner of South Callaghan Road and State Highway 151 in San Antonio’s Near West Side submarket. Westport Industrial Park will consist of four 90,000-square-foot buildings that will be situated on a 35-acre site. Building features will include 24-foot clear heights, ESFR sprinkler systems, 130-foot truck court depths and ample trailer parking. Construction of Phase I, which will encompass the first two buildings, is scheduled to begin during the first quarter of 2022 and to be complete by the end of next year.

August 4, 2021

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