Property Type

Berkadia Arranges $33M Sale of Villas de Azul Multifamily Property in Phoenix

by Amy Works September 18, 2020

PHOENIX — Berkadia has arranged the sale of Villas de Azul, a garden-style multifamily in Phoenix. North Carolina-based Sterling Real Estate Partners sold the property to Vancouver, Canada-based Western Wealth Capital for $33 million. Located at 2627 N. 45th Ave. on 17 acres, Villas de Azul features 301 apartments in a mix of one- and two-bedroom apartments and three-bedroom townhouse units. Community amenities include a swimming pool, basketball court, soccer field, playground and laundry facilities. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Clay Akiwenzie of Berkadia’s San Francisco office secured $26.4 million in financing for the acquisition of the property. The 10-year Freddie Mac loan features an 80 percent loan-to-purchase ratio, a five-year interest-only period and a 30-year amortization.

September 18, 2020

Acquisitions California Office Western

Carlsen Investments Divests of 63,206 SF Office Building in Gold River, California

by Amy Works September 18, 2020

GOLD RIVER, CALIF. — Carlsen Investments has completed the disposition of Gold Pointe Corporate Center Building E, an office property located at 11919 Foundation Place in Gold River. Davies Torrance Trust acquired the property for $14.3 million. eHealth Inc. occupies the 63,206-square-foot property, which Panattoni Development Co. built in 2003. Building E is part of the larger Gold Pointe Corporate Center, which totals five buildings and 455,000 square feet. Campus amenities include a fitness center, bike lockers, showers and an on-site café. Randy Getz of CBRE’s Sacramento office represented the seller, while Steve Tyrrell of Kidder Mathews represented the buyer in the deal.

September 18, 2020

California Leasing Activity Retail Western

T-Mobile Leases 1,300 SF Retail Space in Yucca Valley

by Amy Works September 18, 2020

YUCCA VALLEY, CALIF. — T-Mobile has signed a lease to occupy 1,300 square feet of retail space at 57750 Twentynine Palms Highway in Yucca Valley. The end-cap location is within a shopping center anchored by Starbucks Coffee and Applebee’s Neighborhood Bar and Grill. The corporate T-Mobile store is expected to open by year-end. Roxy Klein of Progressive Real Estate Partners represented the undisclosed landlord in the deal.

September 18, 2020

Development Midwest Mixed-Use Ohio Top Stories

Flaherty & Collins Breaks Ground on $250M Phase I of The Peninsula Mixed-Use District in Downtown Columbus, Ohio

by Katie Sloan September 18, 2020

COLUMBUS, OHIO — Flaherty & Collins Properties has broken ground on Phase I of The Peninsula, a $500 million mixed-use redevelopment of 27 acres of land along the Scioto River in downtown Columbus. The $250 million first phase of development will include ONE at the Peninsula, an $85 million apartment complex featuring 12,000 square feet of ground-floor retail; an eight-story, 232,000-square-foot speculative office building; and a 132,000-square-foot, 197-key independent hotel. First National Bank of Omaha, First Merchants Bank and 50 East Capital are financing construction of the apartment property. The community will offer shared amenities including an 11th-floor sky deck with a swimming pool; a rooftop clubroom with a community kitchen, bar and gaming space; an outdoor grilling patio; a private gated courtyard; pet spa; and a fitness center with space for yoga and virtual fitness classes. Columbus-based Daimler Group Inc. is developing the speculative office building and Rockbridge is developing the hotel project. A timeline for Phase I of the development was not announced. The City of Columbus plans to issue $30 million in bonds to finance the construction of two parking garages totaling 1,400 spaces to serve the development. At completion, The Peninsula will feature 2 million square feet of …

September 18, 2020

California Features Leasing Activity Restaurant Retail Western Western Feature Archive

Yelp: 61 Percent of Restaurants Closed Due to Pandemic Won’t Open Again

by John Nelson September 18, 2020

SAN FRANCISCO — A majority of U.S. restaurants and cafés that closed their doors in response to the COVID-19 pandemic will remain closed for good, according to crowd-source review giant Yelp. In its September economic impact report, the San Francisco-based firm tallied 32,109 restaurants that were open and operating on March 1 were closed on Aug. 31. Of that total, 19,590 (61 percent) indicated they were permanently closed. Yelp tracks business closures via business owners marking their business as closed, including by changing their hours or through a COVID-19 banner on its Yelp page. The tech firm concedes that closure counts are likely an estimate as businesses not included in the report include those that remain open with curtailed hours and staffing, or because they have not yet updated their Yelp business pages to reflect closures. Yelp only counts closures that have been vetted by its User Ops team or have been updated directly by a business owner. According to Yelp’s findings, breakfast and brunch restaurants, burger joints, sandwich shops, dessert places and Mexican restaurants are among the types of restaurants with the highest rate of business closures. Restaurants that work well for delivery and takeout — such as pizza …

September 18, 2020

Company News Georgia Restaurant Retail Southeast

Papa John’s to Open New Regional Office in Metro Atlanta by Next Summer

by Alex Tostado September 17, 2020

LOUISVILLE, KY. — Papa John’s International Inc. has announced it will open a new global headquarters in metro Atlanta by summer 2021. The Louisville, Ky.-based pizza chain is in the process of picking an office space and expects to have a location finalized by the end of this year. Georgia Gov. Brian Kemp’s office says the move is expected to bring 200 jobs to the area. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to Georgia. IT, supply chain and legal teams will remain in Louisville. The Louisville Courier-Journal reports that Papa John’s will keep its corporate headquarters in Louisville as well as a majority of its 750 jobs in Kentucky.

September 17, 2020

Development Florida Multifamily Southeast

Ram Realty Advisors Delivers 243-Unit Multifamily Community in Fort Lauderdale

by Alex Tostado September 17, 2020

FORT LAUDERDALE, FLA. — Ram Realty Advisors has delivered CURV, a 243-unit multifamily community in Fort Lauderdale. The property offers one-, two- and three-bedroom floor plans ranging from 748 to 1,603 square feet with rents starting at $2,010 per month. Communal amenities include a pool, private cabanas, outdoor kitchen with grills and a TV, fitness center, yoga studio, pet grooming salon and electric car chargers. CURV is situated at 410 SE 16th Court, two miles south of downtown Fort Lauderdale. Bozzuto manages and heads leasing for the eight-story asset. Virtual leasing is underway at CURV, which is named for its curved facade reminiscent of Miami decor in the 1950s and 1960s. The City of Fort Lauderdale issued the developer a temporary certificate of occupancy Aug. 26.

September 17, 2020

Acquisitions Industrial Southeast Tennessee

Cushman & Wakefield Arranges Sale of 397,981 SF Industrial Park in Nashville

by Alex Tostado September 17, 2020

NASHVILLE, TENN. — Cushman & Wakefield has arranged the sale of phases I and II of Airport Logistics Park, a 397,981-square-foot industrial park in Nashville. The first two phases of development span 52.7 acres and include six buildings that were leased to 14 tenants at the time of sale. The property is located at 1922 Old Murfreesboro Pike, four miles southeast of Nashville International Airport. Stewart Calhoun, Casey Masters, David McGahren and Ronnie Wenzler of Cushman & Wakefield represented the seller, Holladay Properties, in the transaction. Starwood Real Estate Income Trust acquired the asset for an undisclosed price. Holladay is still developing Phase III of the park, which will include five buildings totaling 328,500 square feet. The first building of Phase III is expected to be delivered in the first quarter of 2021. When Phase III is complete, the park will comprise 95 acres.

September 17, 2020

District of Columbia Multifamily Southeast

NMHC: 86.2 Percent of Apartment Households Paid September Rent, Down Slightly from August

by Alex Tostado September 17, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) reported that 86.2 percent of apartment households paid September rent as of Sept. 13. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The number of households paying rent this month compares similarly to Aug. 13, when 86.9 percent of renters made a full or partial payment. September’s tally, though, is behind Sept. 13, 2019, when 88.6 percent of renters made payments. “While it remains clear that many apartment residents continue to prioritize their housing obligations and that apartment owners and operators remain committed to meeting them halfway with creative and nuanced approaches, the reality is that the second week of September figures shows ongoing deterioration of rent payment figures, representing hundreds of thousands of households who are increasingly at risk,” says Doug Bibby, president of NMHC. On Sept. 1, the Trump Administration, with the guidance of the Centers for Disease Control and Prevention (CDC), issued an executive order halting evictions through the end of 2020. The NMHC released a statement expressing its “disappointment” in the order. NMHC releases the survey with the help of partners RealPage, ResMan, Yardi, Entrata and MRI …

September 17, 2020

Development Hospitality Illinois Midwest

29-Story Hotel Audrey Opens on Chicago’s Magnificent Mile

by Kristin Harlow September 17, 2020

CHICAGO — Oxford Hotels & Resorts LLC, the Chicago-based hotel management affiliate of Oxford Capital Group LLC, has opened Hotel Audrey at 166 E. Superior St. within Chicago’s Magnificent Mile shopping district. Oxford worked with Fillmore Capital Partners to reposition the 29-story hotel, which was originally developed as The Barclay Hotel. Each of the 216 guestrooms and suites includes an executive desk, ergonomic chair, 55-inch flatscreen TV, coffeemaker and complimentary Wi-Fi. The suites include a separate living area with a sleeper sofa. Rooms start at $159 per night. The fitness center is equipped with ellipticals, treadmills and other workout machines. Due to COVID-19, all areas of the hotel are sanitized at an increased frequency with approved disinfecting products. The rooftop bar, café and meeting spaces will not open until 2021.

September 17, 2020

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