SEATTLE and GAITHERSBURG, Md. — Grandbridge Real Estate Capital arranged $11.2 million in financing across three modification loans. Artin Anvar arranged the interest rate reduction (IRR) modifications through HUD’s IRR program. The first transaction, totaling $984,721, was secured by Hilltop Manor, a 35-unit assisted living community in Seattle. The loan features a 20-year term and 20-year amortization. The second transaction, totaling $955,717, was secured by Spring Manor, a 54-unit memory care facility in Seattle. The loan features a 20-year term and 20-year amortization. The largest transaction, totaling $9.2 million, was secured by AirPark Apartments, a 108-unit affordable housing community in Gaithersburg. “Our clients continue to take advantage of the historically low interest rates by using the HUD IRR, HUD 223(a)7, and 223(f) financing options to lower debt service for their multifamily seniors housing properties,” says Anvar.
By Kaden Eichmeier, Director, JLL Capital Markets Strong economic fundamentals bolstered market dynamics in the Puget Sound over the past 12 months. This market is driven in part by significant amounts of capital targeting industrial, the availability of low-cost debt and strong tenant demand. There were 125 industrial transactions totaling nearly $1.9 billion closed last year, and the outlook for 2021 looks even brighter. Competition has stiffened through the first quarter of 2021. Investors have increased allocation requirements, and the list of new entrants targeting the Seattle industrial market continues to expand. With growing demand, the core market is growing geographically as supply constraints push investors and developers further north and south. For example, Panattoni recently announced it will build a 2.1-million-square-foot, five-story warehouse for an ecommerce company on a 75-acre site just south of the Arlington Airport. Northpoint Development also announced the 4.1-million-square-foot Cascade Business Park in Arlington. To the south, Panattoni is also developing Big Freddy Logistics, a three-building park that will total 771,855 square feet, while Logistics Property Co. is developing the 352,801-square-foot Frederickson One speculative project. There is currently nearly 7.5 million square feet under construction. This includes 3.2 million square feet in Pierce County and …
VIRGINIA BEACH, VA. — The Breeden Co., a locally based real estate development firm, has broken ground on The Pinnacle on 31st Street, a $66 million multifamily project situated on 2.3 acres in Virginia Beach. The Pinnacle on 31st Street will offer 240 one-, two- and three-bedroom luxury apartments, including several penthouse layouts. Units will range in size from 775 to 1,391 square feet and will be available in early 2023. Community amenities will include a clubhouse with a resort-style lobby, coworking spaces, 24-hour fitness center, multiple rooftop lounges, rooftop dog park, pool with a lazy river and multiple lounge areas. Breeden Construction will serve as general contractor on the project. The Breeden Co.’s property management division will operate The Pinnacle on 31st Street once construction is complete.
TRUSSVILLE, ALA. — JLL Capital Markets has brokered the sale of Pinnacle at Tutwiler Farm, a 248,988-square-foot regional shopping center in Trussville, a suburb of Birmingham. Brad Buchanan, Jim Hamilton, Will Sledge, Tom Hall and Taylor Callaway of JLL marketed the property in coordination with online auction platform Ten-X on behalf of the sellers, Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates and Series 2007-C1. The undisclosed buyer was a private investor based out of Texas. The sales price was not disclosed. The Pinnacle at Tutwiler Farm is located at 5006 Pinnacle Square. The center was 75 percent leased at the time of sale and features a mix of national and regional tenants, including anchors Best Buy and At Home.
CHARLESTON, S.C. — Frampton Construction Co. LLC, a full-service construction firm, has completed work on The Quin, a five-story office building located at 1940 Algonquin Road in Charleston. White Point is the developer for the project, and JLL is handling the leasing of the building. The Quin is a 110,000-square-foot, Class A property that sits on a four-acre site and features a four-story, 125,748-square-foot parking deck with approximately 300 spaces. Located at Meeting Street and Algonquin Road, The Quin is the first phase of a larger, 10-acre mixed-use development. One of the first tenants for the property is Interior Elements. Designed by McMillan Pazdan Smith Architecture, the building is constructed of structural steel with exterior finishes of glass, brick, stucco, metal panels and canopies. The parking deck was constructed of pre-cast concrete and features mesh paneling on the two visible sides. The building’s ground floor includes retail space, shower facilities and offices. The top four floors each comprise 22,000 square feet of office space. Additionally, a bike repair center sits at the base of the parking deck, and a public courtyard amenity area featuring a ping pong table, putting green and outdoor seating sits between the office building and parking …
CHICAGO AND NEW YORK CITY — Brennan Investment Group and Arch Street Capital Advisors have sold a four-building industrial portfolio with a combined square footage of 2.3 million square feet. The properties in the portfolio are located in Bellingham, Mass.; Lawrenceville, Ga.; Butner, N.C.; and Frederick, Md. The buyers, two unnamed, privately held institutional real estate investment firms, purchased the properties for an undisclosed price. BlueLinx Corp., a distributor of building and industrial products in the United States, is the sole occupant of all four facilities. The company operates through a broad network of distribution centers and is based in Atlanta. Brennan Investment and Arch Street originally acquired the portfolio in a joint venture in 2018. The firms stated they are seeking net-leased properties in their joint investment vehicle USIPA III. Brennan Investment is a Chicago-based, private real estate investment firm that acquires, develops and operates industrial properties. Arch Street Capital Advisors is a full-service real estate investment and advisory firm based in New York City.
SAN DIEGO — CBRE has arranged the sale of Presidio View, a 350-unit apartment community located in the Mission Valley area of San Diego. Griffis Residential LLC acquired the asset from AEW Capital Management for $155.7 million. Presidio View is situated on approximately 6.9 acres at 1440 Hotel Circle North and includes a variety of one-, two- and three-bedroom floorplans with an average unit size of 928 square feet. Archstone built the property in 2007. (Archstone was acquired by AvalonBay Communities Inc. and Equity Residential in 2013.) Features include 9-foot ceilings, walk-in closets, in-unit washer/dryers, storage and private balconies. Community amenities include a swimming pool, resident lounge, fitness center, clubhouse, business center and electric car charging stations. “It’s very rare to be able to acquire a well-maintained, 2007-vintage asset of this scale in a primary San Diego location like Mission Valley,” says Kevin Mulhern, a broker with CBRE. “There were more than 40 investor tours and 25 offers, and the competition to acquire the property was very intense.” Mulhern, Stewart Weston and Dean Zander of CBRE’s San Diego office represented the seller in the transaction. Presidio View is located on the western end of Mission Valley and has access to …
HOUSTON — Philadelphia-based Equus Capital Partners has purchased a 757,325-square-foot industrial park located near the junction of Interstate 45 and Beltway 8 in Houston. The development consists of three rear-load buildings and two cross-dock buildings that were constructed between 2008 and 2014. The buildings were 62 percent leased to 11 tenants at the time of sale. Equus plans to implement a capital improvement program and to rebrand the properties as Park 845 Crossing. Rusty Tamlyn, Trent Agnew, Charlie Strauss, Katherine Miller and Jack Moody of JLL represented the seller, a joint venture between IDI Logistics and Heitman, in the transaction. John Ream, Michael Johnson and Stuart Hepler of JLL arranged $55 million in floating-rate acquisition financing on behalf of the buyer.
RICHMOND, TEXAS — Texas-based HPI Real Estate has acquired a 745-unit self-storage facility at 10535 Mason Road in Richmond, a southwestern suburb of Houston. Extra Space Storage manages and operates the facility, which spans 93,630 net rentable square feet and was more then 95 percent occupied at the time of sale. The seller and sales price were not disclosed. HPI acquired the asset in conjunction with another Extra Space Storage facility in Naples, Fla.
HOUSTON — PopStroke Entertainment Group, a Florida-based golf concept, will open a new venue at Katy Grand, a Cinemark-anchored retail power center in Houston that is owned by NewQuest Properties. The venue will feature two 18-hole mini-golf courses conceived by TGR Design, an architecture firm backed by golf legend Tiger Woods. The concept includes a full-service restaurant and bar, ice cream parlor, outdoor games and a playground. Heather Nguyen and Rebecca Le internally represented NewQuest in the lease negotiations. PopStroke currently has two facilities in Port Saint Lucie and Fort Myers and recently announced four new locations in the Sunshine State. The company is also expanding into Arizona. The opening at Katy Grand is scheduled for summer 2022.