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Covington Town Center
GeorgiaLoansMixed-UseRetailSoutheast

TrueRate Services Arranges $9.3M Loan for Mixed-Use Development in Covington, Georgia

by Julia Sanders

COVINGTON, GA. — TrueRate Services has arranged a $9.3 million refinancing loan for the final phase of Covington Town Center, a mixed-use development in Covington spanning 180 acres. Thorofare Capital provided the loan. Dan Gorczycki of TrueRate secured the capital from the Los Angeles-based lender on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The collateral for the loan was for vacant retail parcels within the Town Center. Comprising 54.5 acres, the final phase of Covington Town Center includes retail outparcels that will be sold to individual retailers, as well as single-family homes, 350 apartments, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer. Founded in 2020, TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings.

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Bedford Manor
AcquisitionsAffordable HousingMultifamilySoutheastTennessee

CPP Housing Acquires Affordable Housing Community in Shelbyville, Tennessee for $6.1M

by Julia Sanders

SHELBYVILLE, TENN. — Community Preservation Partners (CPP Housing) has acquired Bedford Manor Apartments, a 108-unit affordable housing community in Shelbyville, for $6.1 million. The property comprises 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units for residents earning less than 50 percent of the area median income (AMI). CPP Housing is investing $12.3 million to renovate the 10-building property, which was built in 1968. Construction begins this month and is expected to finish in January 2022. CPP Housing plans to remodel the interior units to include new flooring, cabinets, countertops, appliances and lighting. The company also plans to make exterior improvements and security enhancements, such as improvements to the roofing, HVAC system, windows, lighting and security cameras. Americans with Disabilities Act units and ADA path of travel will also be updated as required by local jurisdictions. CPP Housing also plans to expand the property’s residential services to include programs such as health and wellness classes, financial literacy and food programs. CPP Housing is an affordable housing rehabilitation company with headquarters in Irvine, Calif., and Reston, Va.

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AcquisitionsIndustrialMidwestMissouriOhio

Box Equities Purchases Two Distribution Centers in Missouri, Ohio Totaling More than 1 MSF

by Kristin Harlow

MISSOURI AND OHIO — Box Equities has acquired two distribution centers in Missouri and Ohio. The first property is a 900,000-square-foot center anchored by Home Depot in Missouri. The second asset is a 150,000-square-foot Pepsi distribution center in Ohio. Seller information and sales prices were undisclosed. New York-based Box Equities, which launched only eight months ago, now owns and manages more than 1.8 million square feet of industrial real estate.

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AcquisitionsMidwestMissouriRetail

Investors Realty Brokers $20.3M Sale of Shopping Center Near Kansas City

by Kristin Harlow

INDEPENDENCE, MO. — Investors Realty Inc. has brokered the $20.3 million sale of Marketplace Shopping Center in Independence, just east of Kansas City. The 253,000-square-foot shopping center is 91 percent leased. Anchor tenant Price Chopper has occupied the property for 34 years. Other tenants include Petco, Big Lots, Viva Fashion and FedEx. Ember Grummons of Investors Realty represented the seller, a partnership between Walton Street Capital and NewQuest Epic. Grummons also procured the buyer, Wichita-based HJH Investments.

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AcquisitionsMidwestMultifamilyStudent HousingWisconsin

Becovic, Next Realty Acquire 232-Unit Apartment Portfolio Near Marquette University for $16.1M

by Kristin Harlow

MILWAUKEE — A joint venture partnership between Becovic and Next Realty has acquired a 14-building, 232-unit apartment portfolio within a one-mile radius of Marquette University in Milwaukee. The purchase price was $16.1 million. Units range from studios to four-bedroom floor plans. The portfolio was 95 percent leased at the time of sale. Taylor Grant of Park Equities represented the seller, Wiegand Enterprises LLC, which had owned the portfolio for roughly 20 years. Marquette University is home to nearly 12,000 students.

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AcquisitionsMidwestMinnesotaMultifamily

Seven-Building Multifamily Portfolio Trades Hands in St. Paul, Minnesota

by Kristin Harlow

ST. PAUL, MINN. — A seven-building multifamily portfolio totaling 174 units has traded hands in St. Paul for an undisclosed price. Live Green Apartments sold the brownstone buildings to a private investor. The properties range in size from 12 units to 44 units and were built from 1911 to the 1920s. Ted Abramson, Drew Rafshol, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, which invested significant capital over the last several years to update roofs, windows, boilers, common areas and landscaping. Additionally, units and laundry areas received new flooring.

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DevelopmentIndustrialIowaMidwest

BDC Group Moves into New 25,000 SF Headquarters in Hiawatha, Iowa

by Kristin Harlow

HIAWATHA, IOWA — BDC Group Inc. has moved into its newly constructed headquarters at 1525 Ketelsen Drive in Hiawatha, a northern suburb of Cedar Rapids. The 25,000-square-foot facility features a mix of office, warehouse and flex space. The property will enable BDC to consolidate its Iowa operations teams from multiple facilities in Cedar Rapids. Erica Seelman of GLD Commercial represented BDC throughout the site selection process and lease negotiations. BDC, otherwise known as Building Diverse Communications, is a solutions-based provider that specializes in outside plant construction, telecommunications site development, network infrastructure and maintenance.

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Rite Aid occupies the 508,000-square-foot warehouse at 1755 E. Beamer St. in Woodland, Calif., (pictured) and the 926,860-square-foot warehouse at 2801 West Ave. H in Lancaster, Calif.
AcquisitionsCaliforniaIndustrialWestern

Westcore Buys Two Distribution Warehouses in California from Kimco Realty for $108M

by Amy Works

LANCASTER AND WOODLAND, CALIF. — Westcore has acquired a two-property industrial portfolio, totaling more than 1.4 million square feet of space, located at 2801 West Ave. H in Lancaster and 1755 E. Beamer St. in Woodland. Kimco Realty Corp. sold the portfolio for $108 million. Rite Aid occupies both distribution warehouses on 20-year leases. The Lancaster facility features 926,860 square feet and the Woodland property offers 508,000 square feet. Darla Long, Barbara Emmons and Rebecca Perlmutter of CBRE represented the seller, while Westcore was self-represented in the transaction.

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Autumn-Grove-Vancouver-WA
AcquisitionsMultifamilyWashingtonWestern

IPA Brokers Acquisition of 148-Unit Autumn Grove Apartments in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the purchase of Autumn Grove, a multifamily property located in Vancouver. Las Vegas-based The Calida Group acquired the property for an undisclosed price. The name of the seller was not released. Adjacent to the Vancouver Mall, the property features 148 apartments and was recently completed. At the time of sale, the community was 86 percent leased. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the buyer in the deal.

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Cielo-Apts-San-Diego-CA
CaliforniaLoansMultifamilyWestern

JLL Capital Markets Arranges $24.5M Loan for Cielo Apartments in Downtown San Diego

by Amy Works

SAN DIEGO — JLL Capital Markets has secured $24.5 million in financing for Cielo, a Class A multifamily property located in San Diego’s Little Italy neighborhood. The borrower, Built Development, acquired the land in 2014 and broke ground in 2018 for the project, which was completed in January. Loan proceeds will be used to pay off the borrower’s existing construction loan and provide cash. Located at 915 W. Grape St., the eight-story, 63,500-square-foot property features studio, one- and two-bedroom units. Apartments offer private balconies and terraces, in-unit washers/dryers, stainless steel appliances and modern finishes. Community amenities include a fitness center, bicycle storage and an outdoor rooftop that includes a lounge, kitchen, wet bar and grilling stations. Jeff Sause, Christopher Collins and Chad Morgan of JLL Capital Markets arranged the floating-rate bridge loan through a correspondent life insurance company for the borrower.

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