Property Type

ZMR Capital Acquires Park Place Apartments in Fort Myers, Florida for $44.5M

by Julia Sanders June 16, 2021

FORT MYERS, FLA. — ZMR Capital has acquired Park Place Apartments, a 338-unit multifamily community in Fort Myers, in an off-market transaction for $44.5 million. Park Place is ZMR’s seventh investment in Florida but marks the company’s first property in Fort Myers. Located at 4637 Deleon St., Park Place features a mix of studio, one-, two- and three-bedroom floorplans. More than 50 percent of the units are in its original condition. Park Place was originally built as two separate apartment communities and later was combined into a single property. The apartment property was 95 percent occupied at the time of sale. ZMR will launch a multimillion-dollar capital improvement plan that includes the installation of washers and dryers, new stainless steel appliances, upgraded countertops and cabinetry, modern backsplashes and new plank flooring. Improvements will be made as units turnover. Exterior renovations will include new paint, landscaping and new signage. ZMR also says it will renovate the property’s three pools and deck areas, as well as add outdoor kitchens, a playground and barbecue areas. Michael Regan, Francesco Carriera and Joseph Thavis of CBRE’s Tampa office represented ZMR and the seller, New York City-based NorthEnd Equities. ZMR Capital is a Tampa-based real estate …

June 16, 2021

Development Mixed-Use North Carolina Office Retail Southeast

Stream Realty, Durban Group to Develop 325,000 SF Mixed-Use Project in Charlotte’s South End

by Julia Sanders June 16, 2021

CHARLOTTE, N.C. — Stream Realty Partners and joint venture partner The Durban Group will develop a mixed-use project located at 2833 and 2905 Griffith St. in Charlotte. The 325,000-square-foot development will be situated on 1.7 acres adjacent to Suffolk Punch Brewing in the city’s South End submarket. Construction will start in second quarter 2022. The development will be a high-rise tower with office and retail space, according to Charlotte Business Journal. Located on the Lynx New Bern station, the development will have its retail component anchored by an expansion of Suffolk Punch Brewing. Stream Realty Partners is a Texas-based commercial real estate firm with full-service offerings in leasing, property management, development, construction management and investment sales services across the industry. The Durban Group is a Charlotte-based commercial real estate development firm.

June 16, 2021

Acquisitions Industrial Maryland Self-Storage Southeast

Big Cypress Capital, PSG Sell Self-Storage Facility in Metro D.C. for $18.2M

by Julia Sanders June 16, 2021

DISTRICT HEIGHTS, MD. — Big Cypress Capital and PSG have sold a newly built, climate-controlled self-storage facility in District Heights for $18.2 million. Extra Space Storage, a self-storage REIT based in Salt Lake City, Utah, purchased the 900-unit, three-story facility and plans to operate it. The self-storage facility is located at 7618 Marlboro Pike, approximately 13 miles from Washington, D.C., and 14 miles from Alexandria, Va. The development site is located on 3.2 acres and includes a demised outparcel pad currently under contract to a third-party developer. Big Cypress Capital and PSG acquired the site in June 2018 and delivered the 110,000-square-foot storage facility earlier this month.

June 16, 2021

Acquisitions Alabama Retail Southeast

Pegasus Arranges $4.7M Sale of Starbucks-Anchored Retail Center in Dothan, Alabama

by Julia Sanders June 16, 2021

DOTHAN, ALA. — Pegasus Investments Real Estate Advisory Inc. has arranged the $4.7 million sale of a newly constructed retail center located in Dothan known as Dothan Commons. The property was 100 percent leased at the time of sale to tenants such as Starbucks, AT&T, Jersey Mike’s Subs, Merle Norman Cosmetics, Southern Nutrition and Everly Nail Spa. The center features the very first Starbucks drive-thru in the Wiregrass region and is the only Starbucks drive-thru location within almost 100 miles. David Chasin of Pegasus represented the seller, an unnamed retail and shopping center developer based in the Southeast, in the sale. Bill Howard of Bennett Realty & Development LLC, a New Jersey-based firm, represented the buyer, an undisclosed high net-worth investor. Tyler Johnson of Pegasus Capital Markets Inc. arranged debt financing on behalf of the buyer, and Seth Bell of Pegasus Asset Management Inc. is providing ongoing property management.

June 16, 2021

Acquisitions Arizona Multifamily Western

MG Properties Group Acquires Centra Apartments in Midtown Phoenix for $74.5M

by Amy Works June 16, 2021

PHOENIX — San Diego-based MG Properties Group has purchased Centra, a multifamily property located in midtown Phoenix, from FORE Property for $74.5 million. Built in 2020, the five-story, podium-style property features 223 units and underwent a swift lease up. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller. Brooks Benjamin of KeyBank arranged $43.1 million in acquisition financing for the buyer.

June 16, 2021

Acquisitions Arizona California Hospitality Industrial Multifamily Western

MIG Expands Portfolio with Four Acquisitions Across Arizona, California

by Amy Works June 16, 2021

MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …

June 16, 2021

Acquisitions Multifamily Nevada Seniors Housing Western

SLIB Negotiates $20.2M Sale of 98-Unit Seniors Housing Community in Las Vegas

by Amy Works June 16, 2021

LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 98-unit assisted living and memory care community in Las Vegas. The 76,458-square-foot community sits on 3.2 acres. A local developer sold the property to a private equity fund for $20.2 million. The new owner plans to replace the operator. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.

June 16, 2021

California Industrial Leasing Activity Western

Lee & Associates Brokers 155,000 SF Long-Term Lease for M2 Ingredients in Vista, California

by Amy Works June 16, 2021

VISTA, CALIF. — Lee & Associates has arranged a long-term lease for M2 Ingredients to occupy a single-tenant industrial building located at 1395 Park Center Drive in Vista. The lease is valued at $20.5 million. The 150,000-square-foot building features 20,000 square feet of office space, four dock-high doors, eight grade-level doors and 135,000 square feet of warehouse space with 4,000 amps 277/480-volt power. M2 Ingredients was founded in 2010 and is a producer of certified mushroom powders with a full spectrum of bioactive compounds to support health, sport performance, recovery and cognition. The new facility will serve as the company’s corporate headquarters and main warehouse for the manufacturing and distribution of its products. Marko Dragovic, Isaac Little and Tim Moore of Lee & Associates – North San Diego County represented the tenant, while Aric Starck and Brant Aberg of Cushman & Wakefield represented the landlord, Alpha Industrial Properties, in the transaction.

June 16, 2021

District of Columbia Multifamily Southeast

MBA: Commercial, Multifamily Debt Originations in First Quarter Increase 1.1 Percent

by Julia Sanders June 16, 2021

WASHINGTON, D.C. — In the first quarter of 2021, originations for commercial and multifamily loans totaled $3.9 trillion, according to the latest report from the Mortgage Bankers Association (MBA). Compared to the Washington, D.C.-based organization’s findings from fourth-quarter 2020, the first-quarter originations increased by $44.6 billion, a 1.1 percent hike quarter-over-quarter. According to the MBA report, commercial banks held the largest share (roughly 38 percent) of commercial and multifamily mortgages at $1.5 trillion. The second largest holders of commercial and multifamily mortgages were Fannie Mae, Freddie Mac, HUD and other mortgage-backed security lenders at $861 billion, or 22 percent. Additionally, life insurance companies provided $588 billion (15 percent) in the first quarter and issuers of commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO) and other asset-based securities (ABS) generated $540 billion in debt (14 percent). In the first quarter, agency lenders saw an increase of $23 billion in loans, a 2.8 percent jump. CMBS, CDO and other ABS issuers increased their holdings by $7 billion, or 1.3 percent. Banks increased their holdings by $6.8 billion (0.5 percent), and REITs increased their holdings by $4.9 billion (5.2 percent). Finance companies, however, saw their holdings decrease 1.2 percent.

June 16, 2021

Acquisitions Hospitality Texas

USAA Real Estate Sells 630-Acre La Cantera Resort & Spa in San Antonio

by Taylor Williams June 16, 2021

SAN ANTONIO — USAA Real Estate has sold La Cantera Resort & Spa, a 630-acre hospitality property located within the 1,700-acre La Cantera master-planned community in San Antonio. The property consists of 496 guestrooms and suites, including 34 villas, 127,000 square feet of indoor and outdoor meeting and event space, five pools, two 18-hole golf courses and multiple food and beverage concepts. USAA originally developed the resort in 1999 and renovated its various amenities between 2015 and 2016. Redwood City, Calif.-based Ohana Real Estate Investors purchased the property for an undisclosed price.

June 16, 2021

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