Property Type

MCA Realty Sells Diaz Commerce Center in Orange County for $14M

by Amy Works November 23, 2020

TEMECULA, CALIF. — MCA Realty has completed the disposition of Diaz Commerce Center, an industrial facility located at 27711 Diaz Road in Temecula. A local investor acquired the asset for $14 million. The two-building property features 131,577 square feet of multi-tenant industrial space. MCA Realty initially acquired the asset in September 2018 for $10 million. During ownership, MCA implemented an upgrade program including the addition of LED lighting, updated asphalt, increased parking and expanded the fenced yard space. Scott Stewart of Lee & Associates represented the seller, while Barret Woods, also of Lee & Associates, represented the buyer in the deal.

November 23, 2020

Acquisitions Industrial Northeast Pennsylvania

Marcus & Millichap Brokers Sale of 59,050 SF Industrial Building in Harrisburg

by Taylor Williams November 23, 2020

HARRISBURG, PA. — Marcus & Millichap has brokered the sale of Hagy Way Industrial Building, a 59,050-square-foot property in Harrisburg. The asset was fully occupied at the time of sale and traded for $4.1 million. Building features include 22-foot clear heights, four drive-in bays and 10 loading docks. Craig Dunkle of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully occupied at the time of sale.

November 23, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $12M Loan for Refinancing of Multifamily Asset in Somerset, New Jersey

by Taylor Williams November 23, 2020

SOMERSET, N.J. — JLL has arranged a $12 million loan for the refinancing of 745 Hamilton, a 61-unit multifamily asset located in the Northern New Jersey city of Somerset. The property was built in 2020 and houses 4,322 square feet of retail space. Units feature quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Jim Cadranell, Matthew Pizzolato and Michael Lachs of JLL arranged the 12-year, fixed-rate loan through Nationwide Life Insurance Co. The borrower was Country Classics of Hamilton.

November 23, 2020

Colorado Loans Multifamily Seniors Housing Western

PGIM Real Estate Arranges $60M Freddie Mac Loan for Lincoln Meadows Senior Living in Parker, Colorado

by Amy Works November 23, 2020

PARKER, COLO. — PGIM Real Estate has arranged a $60 million Freddie Mac loan for the refinancing of Lincoln Meadows Senior Living in Parker. Trace Wilson of PGIM originated the transaction on behalf of Denver-based Spectrum Retirement Communities, which owns and operates the property. The floating-rate loan has a 10-year term, with five years of interest-only payments and a 30-year amortization. Located 20 miles south of Denver, Lincoln Meadows features 208 independent living, assisted living and memory-care units, a beauty salon, bistro, fitness center, resident lounges and movie theater, as well as 24-hour staffing for assisted living and memory-care residents. The breakdown of units includes 130 independent living units, 60 assisted living units and 18 memory care units.

November 23, 2020

California Development Loans Multifamily Western

Janone Development Receives $16.6M Construction Loan for Apartment Community in Los Angeles

by Amy Works November 23, 2020

LOS ANGELES — Los Angeles-based Janone Development has received $16.6 million in construction financing for the development of a six-story multifamily property in Los Angeles’ Koreatown. Parkview Financial provided the $16.6 million loan. Located at 1100-1110 S. Hobart Blvd., the 39-unit project will include a one-bedroom unit, 19 two-bedroom units and 19 three-bedroom units, with floor plans averaging 1,194 square feet. All residences will feature balconies and a full appliance package, including in-unit washers/dryers. Five units are slated for low-income tenancy. Additionally, the community will feature a courtyard and two levels of parking with 80 spaces and a 39-space bike rack. Construction is underway at the fully entitled infill site, with completion slated for August 2022.

November 23, 2020

Acquisitions Arizona Retail Western

Marcus & Millichap Brokers Sale of 3,900 SF Multi-Tenant Retail Building in Yuma, Arizona

by Amy Works November 23, 2020

YUMA, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 3080 S. Fourth Ave. in Yuma. A Southern California-based investor sold the asset to an undisclosed buyer for $2.1 million, or $538 per square foot, in an all-cash transaction. Built in 2019 on 1.2 acres, the 3,900-square-foot property was 62 percent occupied at the time of sale. Chipotle Drive-Thru occupies 2,400 square feet, with the remaining 1,500-square-foot suite vacant. Sanford Burstyn of Marcus & Millichap represented the seller, while JR Shah of Century 21 Discovery in Orange County, California, procured and represented the buyer in the transaction.

November 23, 2020

Acquisitions Georgia Industrial Southeast Top Stories

KKR Acquires 1.6 MSF Industrial Portfolio in Atlanta for $136M

by Taylor Williams November 23, 2020

ATLANTA — Global investment firm KKR (NYSE: KKR) has acquired a four-building, 1.6 million-square-foot industrial portfolio located throughout the greater Atlanta area for $136 million. The properties were acquired from four different undisclosed sellers. The newly acquired properties consist of three shallow-bay, last-mile distribution assets with an average completion date of 2006. The fourth property is a fulfillment center that was completed in 2020 and is leased to an investment-grade tenant on a long-term basis. “These acquisitions are part of our ongoing effort to expand our industrial portfolio across high-growth Sun Belt markets,” says Roger Morales, partner at KKR and head of the firm’s commercial acquisitions in the Americas. “We are excited to increase our footprint in Atlanta, given the market’s strong supply-demand fundamentals and long-term growth trajectory,” adds Ben Brudney, director at KKR. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single-tenant fulfillment centers.” KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property represents an investment by KKR’s core plus real estate strategy, its first in Atlanta. KKR’s …

November 23, 2020

Conference Coverage Market Reports Multifamily Texas Texas Market Reports

Multifamily Architects, Contractors Deliver Services in New Ways to Keep Projects Moving, Say InterFace Panelists

by Taylor Williams November 23, 2020

By Taylor Williams Like most members of the working world, professionals who design and build multifamily properties in Texas have had to adjust how they do business and service clients in response to COVID-19. But many of these companies and individuals have managed to do so in ways that haven’t significantly hindered workflow. From conducting virtual meetings with staff or clients to using complex interfaces that allow for real-time illustrations to maintaining strict distancing and tracking protocols on job sites, architects and contractors are finding solutions that minimize pandemic-related disruptions. Some delays in the design and building processes have been inevitable. Job sites sometimes have to be shut down when workers test positive. But these solutions, paired with Texas municipalities’ general recognition of construction as an essential industry, have limited the extent to which public health concerns have pushed projects behind schedule and/or over budget. That’s according to design and construction panelists at the ninth annual InterFace Multifamily Texas conference. The two-day event was held virtually on Nov. 18-19. Rich Kelley, president of InterFace Conference Group, the division of Atlanta-based France Media that hosted the conference, moderated the panel. Conducting Daily Work The pivot to platforms such as Zoom and Microsoft …

November 23, 2020

Affordable Housing Market Reports Multifamily Northeast Northeast Market Reports

Creative Solutions Expand Affordable Housing Supply in Northeast Markets

by Taylor Williams November 23, 2020

By Taylor Williams A severe shortage of affordable housing that has been building for years and may soon be exacerbated by the expiration of the federal eviction moratorium is forcing developers to be more aggressive and innovative in terms of how they add much-needed supply in dense, high-growth markets. According to a 2020 report by the National Low Income Housing Coalition, when it comes to housing that American renters whose incomes levels are at or below 30 percent of their area median income (AMI) can afford, the United States comes up about 7 million units short. On average, for every 100 extremely low-income renter households in the country, there are only 36 affordable housing units. In addition, there is considerable overlap between renters whose incomes dictate that they seek housing that has been designated as affordable or workforce and industries that have been hard hit by COVID-19, most commonly the retail and hospitality sectors. The federal mandate that prohibits evicting renters who cannot pay rent due to COVID-related job losses has served to keep units occupied and the supply-demand imbalance from worsening — for the time being. Rental collection rates for affordable housing properties have not fluctuated much during prime …

November 23, 2020

Development Hospitality Texas

American Liberty Nears Completion of 319-Room, Dual-Branded Hotel in Houston

by Taylor Williams November 20, 2020

HOUSTON — Houston-based American Liberty Hospitality is nearing completion of a 319-room hotel in its hometown that will feature dual brands from InterContinental Hotels Group (IHG). Located at 2351 W. Loop S. in the city’s Galleria district, the 14-story building will house a 169-room Holiday Inn Express and a 150-room Staybridge Suites. Shared amenities will include meeting and event space, a grab-and-go retail outlet, outdoor pool, fitness center, business center, dog run and complimentary breakfast. The development team expects to debut the dual-branded hotel in February 2021.

November 20, 2020

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