Property Type

Peloton Selects Ohio for First US Manufacturing Facility, Plans to Invest $400M

by John Nelson May 25, 2021

TROY TOWNSHIP, OHIO — Peloton Interactive Inc. (Nasdaq: PTON), a manufacturer of popular home bikes and treadmills, has announced plans to build its first U.S. factory in Ohio. The New York City-based company ultimately selected Troy Township for the site of Peloton Output Park, a factory that will produce the company’s Peloton Bike, Bike+ and Peloton Tread products. The facility to be built in Wood County will be located about 16 miles south of Toledo. Peloton plans to commit approximately $400 million to construct the facility, which will join its network of owned and third-party-owned facilities in Asia. “The pandemic has demonstrated the need to on-shore manufacturing and rebuild supply chains, and Peloton’s decision to build its first North American manufacturing facility in Ohio is a great example of an American company stepping up and leading that effort,” says Ohio Gov. Mike DeWine (R). Peloton’s site selection in Troy Township is contingent upon final approvals from state and local officials. The company is working closely with JobsOhio, the Ohio Development Services Agency and the Regional Growth Partnership to bring the project to Wood County. Once approved, Peloton expects to break ground later this summer and be fully operational by 2023. …

May 25, 2021

Acquisitions Colorado Multifamily Western

CBRE Global Purchases 320-Unit Fletcher Southlands Apartment Community in Aurora, Colorado

by Amy Works May 24, 2021

AURORA, COLO. — CBRE Global Investors, on behalf of a separate account client, has acquired Fletcher Southlands, a garden-style multifamily property in Aurora. Terms of the transaction were not released. Fletcher Southlands features 320 units in a mix of one-, two-, three- and four-bedroom layouts with nine-foot ceiling heights, stainless steel appliances, private outdoor patios, in-unit washers/dryers, walk-in closets and fireplaces in select units. Community amenities include a heated outdoor pool, lounge area, dog park, dog wash, sun deck, picnic areas, renovated fitness center, basketball court, outdoor grills, fire pit, playground, indoor game room and package lockers. With this investment, CBRE Global Investors has a portfolio of nearly 900 multifamily units representing more than $260 million assets under management in the Denver metro area.

May 24, 2021

Acquisitions Arizona Build-to-Rent Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $37.6M Financing for Build-to-Rent Acquisition in Flagstaff

by Amy Works May 24, 2021

FLAGSTAFF, ARIZ. — Walker & Dunlop has arranged debt and equity financing for the purchase of The Bungalows on Pine Cliff, a build-for-rent housing developing in Flagstaff. The structured transaction includes $37.6 million in bridge financing as part of a joint venture partnership. St. Clair Holdings is the borrower. Heather McClure of Walker & Dunlop’s Build-for-Rent (BFR) team advised the borrower and identified New York City-based Dome Equities as a capital partner for the project. Dave Hendrickson and Pat Modig of Walker & Dunlop’s Capital Markets group identified the opportunity and collaborated with the firm’s BFR and structured finance teams to provide the full capital solution. Developed in 2020, Bungalows on Pine Cliff features detached one-, two- and three-bedroom rental homes averaging 1,097 square feet. Community amenities include a leasing center, clubhouse, modern kitchen, fitness center, dog washing station, gas fire pits with seating areas, bocce ball court, dog park, barbecues and two electric car charging stations.

May 24, 2021

Acquisitions Colorado Multifamily Western

Capstone Brokers $17.5M Acquisition of The Arboretum Multifamily Property in Denver

by Amy Works May 24, 2021

DENVER — Capstone has arranged the purchase of The Arboretum, a newly built apartment community located at 2049 S. Columbine St. in Denver’s University Park neighborhood. An undisclosed buyer acquired the property from Denver-based Red T for $17.5 million. The 58,2138-square-foot community features 45 apartments in a mix of 12 one-bedroom/one-bath and 33 two-bedroom/two-bath units. Residences offer Nest thermostats and ceiling fans. Community amenities include a dry-cleaning closet, Amazon parcel lockers, security cameras, video access control of entry door from within each unit, digital keypads for unit access, gas grills, firepit and dog run. Adam Riddle and Jason Koch of Capstone represented the buyer in the deal.

May 24, 2021

Loans Multifamily Oregon Seniors Housing Western

Berkadia Secures $50.2M HUD Refinancing for Seniors Housing Community in Portland, Oregon

by Amy Works May 24, 2021

PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged a $50.2 million HUD 232/223(a)(7) refinancing for a 253-unit independent living, assisted living and memory care community in Portland. “Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” says Ed Williams of Berkadia, who led the refinancing. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension of the loan term to 40 years, which was the term of the original loan.” The name of the community and borrower were not disclosed.

May 24, 2021

Development Florida Industrial Southeast

Joint Venture to Open 860-Unit Self-Storage Facility in Stuart, Florida

by Julia Sanders May 24, 2021

STUART, FLA. — A joint venture partnership between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners plans to open a 110,000-square-foot self-storage facility located at 700 SW Federal Highway in Stuart. The 860-unit property will be close to downtown Stuart and the city’s surrounding neighborhoods. CubeSmart Self Storage will manage the four-story, climate-controlled property. DC Construction is building the facility, and Iberia Bank provided the debt financing for the project. MacArthur Holdings is a real estate business based in New York City, Lumpkin Development develops and operates self-storage, retail and industrial real estate throughout the Southeast and Live Oak Capital Partners is a developer and real estate investment firm based in Atlanta.

May 24, 2021

Development Florida Retail Southeast

Sleiman Breaks Ground on 90,000 SF Publix-Anchored Shopping Center in Yulee, Florida

by Julia Sanders May 24, 2021

YULEE, FLA. — Sleiman Enterprises has broken ground on Crossings at Wildlight, a Publix-anchored shopping center in Yulee. Located at the corner of Fla. Highway 200 and William Burgess Boulevard, the retail center will be situated a quarter-mile off Interstate 95 and offer the first grocery store in the community. Designed by Cuhaci & Peterson, the 90,000-square-foot project will include five single- or multi-tenant buildings and up to three outparcels. Sleiman is planning a grand opening for spring 2022. The shopping center will serve as a retail component within Wildlight, a master-planned development in Nassau County by Raydient Places + Properties. Other recent uses to open at Wildlight include its second neighborhood, Forest Park, as well as UF Health Wildlight and a YMCA.

May 24, 2021

Acquisitions Multifamily Texas

Huffines Communities Sells 1,429-Unit Apartment Complex in Metro Dallas

by Taylor Williams May 24, 2021

LEWISVILLE, TEXAS — Locally based developer Huffines Communities has sold Hebron 121 Station, a 1,429-unit apartment community located in the northern Dallas suburb of Lewisville. The 90-acre community is located near several major thoroughfares, including Interstate 35, State Highway 121 and President George Bush Turnpike. Hebron 121 Station was developed in phases, beginning with the delivery of 250 units in 2011. Amenities include four pools with beaches and swim-up bars, entertainment lounges, an onsite restaurant and convenience store, dog parks, outdoor kitchens, two fitness centers and a 10,000-square-foot clubhouse and leasing center. The buyer was EastSky Properties. The sales price was undisclosed.

May 24, 2021

Development Georgia Retail Southeast

Branch Properties, Carter to Develop 87,000 SF Publix-Anchored Shopping Center in Atlanta’s Summerhill District

by Julia Sanders May 24, 2021

ATLANTA — A joint venture between Branch Properties and Carter USA will develop an 87,000-square-foot, grocery-anchored shopping center in the south Atlanta neighborhood of Summerhill. The center will be anchored by a 50,000-square-foot Publix grocery store and will feature a two-level parking deck. Leasing at the development, which is scheduled for completion in fall 2022, is currently underway with roughly 37,000 square feet of space available for a variety of retail or service tenants. Carter is currently redeveloping the surrounding 19-block area into a hub for retail, dining, housing and office space alongside Georgia State University’s (GSU) athletic facilities, namely Center Parc Credit Union Stadium (formerly Turner Field). Adjacent to the future Publix shopping center is the recently redeveloped Georgia Avenue, which features restaurants and bars, such as Wood’s Chapel BBQ, Maepole, Hero Doughnuts, Halfway Crooks Beer, Little Tart Bakeshop, Junior’s Pizza and Big Softie. Summerhill is an 80-acre project south of downtown Atlanta. Following the Atlanta Braves’ move away from Turner Field to Truist Park in Cobb County, Carter, in partnership with GSU, purchased 80 acres of land in the community, with the vision of creating a walkable district within close proximity to transportation options and downtown Atlanta. In …

May 24, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 70,970 SF Heather Island Plaza in Ocala, Florida

by Julia Sanders May 24, 2021

OCALA, FLA. — CBRE has arranged the sale of a Heather Island Plaza, a 70,970-square-foot, Publix-anchored shopping center in Ocala. Built in 2000, the property is located at 7878 SE Maricamp Road, and was 85 percent leased at the time of sale. CBRE represented the seller, a joint venture between Madison International Realty and SITE Centers Corp., in the transaction. The seller, New Bandera Ventures, sold the asset for an undisclosed price.

May 24, 2021

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