NEW YORK CITY — JLL has arranged a $27.5 million loan for the refinancing of a 44-unit apartment building located at 812-814 Amsterdam Ave. on Manhattan’s Upper West Side. The 15-story building was completed in March and houses 12,302 square feet of retail space. Units come in studio, one- and two-bedroom formats and range in size from 414 to 1,167 square feet. Scott Aiese, Peter Rotchford, Alex Staikos and Andrew Cohen of JLL arranged the loan through MetLife on behalf of the borrower, a partnership between Invictus Real Estate Partners LLC and MJM Associate Contracting LLC. Proceeds were used to retire the original construction loan and mezzanine financing.
LOS ANGELES — Primestor Development, along with Nadel Architecture + Planning as architect, has completed the development of Freedom Plaza, the retail component of the Jordan Downs mixed-use community in Los Angeles’ Watts neighborhood. Located at 9901 S. Alameda St., Freedom Plaza features 114,431 square feet of retail space for stores and restaurants, as well as landscaped promenades and community gathering spaces. Tenants at the plaza include Smart & Final Extra!, Blink Fitness, Nike, Ross Dress for Less, Starbucks Coffee and The Habit. The property also features an architectural fountain designed and constructed by OTL, based on a general concept by landscape architects Fong Hart Schneider-Partners. The water feature incorporates a public art piece titled “Instill,” which is composed of dark gray polished natural basalt columns with hidden lights. The art installation fulfills a 1% for Art Programs ordinance by the City of Los Angeles mandating that 1 percent of the cost of any public works capital-improvement project be set aside for an art component.
LAS VEGAS — CapRock Partners has purchased a five-acre land site at 3919 E. Cheyenne Ave. in northern Las Vegas for the development of CapRock Point @ Cheyenne, a build-to-suit industrial asset. Terms of the acquisition were not disclosed. The site is permit-ready for the construction of a freestanding, 101,332-square-foot, Class A industrial building, which CapRock plans to deliver within nine months of start of construction. Tenants will have the opportunity to customize building plans for the build-to-suit spaces. Current building plans include the ability to divide the building into two units (45,507 square feet and 55,825 square feet); 13 dock-high doors; two grade-level doors; 30-foot clear heights; more than 100 parking spaces; a 132-foot truck court, including 60-foot truck apron and 53-foot truck circulation area; 2,000 amps, 227/480v, three-phase power; an ESFR sprinkler system; R-19 roof insulation; and build-to-suit office space. Mike Kendall, Gian Bruno, Chris Lane, Paul Sweetland, Jerry Doty and Dan Doherty of Colliers International represented CapRock Partners in the acquisition. Lane, Sweetland, Doty and Doherty are also overseeing leasing for the new facility.
SANTA MONICA, CALIF. — Madison Partners has arranged the sale of 1334 Third Street Promenade, a retail and creative office building in Santa Monica. Third Street Limited sold the asset to Vista Investment Group for $18.7 million, or $847 per square foot. At the time of sale, the 22,131-square-foot property was 64 percent occupied. Tenants include Sunglass Hut, SuperDry and Mobile Deluxe. Bob Safai, Matt Case, Brad Schlaak and Randy Starr of Madison Partners represented the seller in the transaction.
CASTLE ROCK, COLO. — San Diego-based Pathfinder Partners has purchased Highlands at Red Hawk, a multifamily property located in Castle Rock, a suburb south of Denver. An undisclosed seller sold the asset for $18.2 million. Constructed in 2017, Highlands at Red Hawk features 56 apartments in a breakdown of 16 one-bedroom/one-bath, 10 two-bedroom/one-bath, 22 two-bedroom/two-bath and eight three-bedroom/two-units. Each unit includes granite countertops, stainless steel appliances, walk-in closets, in-unit washers/dryers and fireplaces. Community amenities include fob-entry access, a community pool, fitness center, game room, coffee bar and barbecue/picnic area. Highlands at Red Hawk is Pathfinder’s 11th Colorado acquisition and sixth apartment property for its Pathfinder Pacific Fund that launched earlier this year.
TEMPE, ARIZ. — Taylor Street Advisors has arranged the acquisition of Hayden’s Ferry III, a townhome-style multifamily community located in Tempe. An out-of-state private investor acquired the property from an undisclosed seller for $2.3 million, or $193,000 per unit. Located at 720 S. Roosevelt St., the property features 12 two-bedroom/two-bath units. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer in the deal.
SAN FRANCISCO — Gap Inc. (NYSE: GPS), a longtime apparel tenant in enclosed regional malls nationwide, has announced plans to close 350 stores under its Banana Republic and Gap banners in an effort to transition focus to e-commerce and off-mall retail locations. Store closures are scheduled for completion by fiscal year 2023, which ends Feb. 1, 2024, with 75 percent scheduled to close in 2021. By that time, the company expects 80 percent of its revenue to come from e-commerce and off-mall locations, including street-front retail stores and shops in strip and outlet centers. Gap is the latest mall staple to shutter locations amid struggles due to the COVID-19 pandemic, following Ascena Retail Group — the parent company of Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey — Bed Bath & Beyond, J.C. Penney and GNC. Gap’s comparable sales were up 13 percent at the end of the second quarter, due in large part to an expanded focus on e-commerce and to the success of the company’s activewear brand, Athleta, which saw a 6 percent increase in sales during the quarter. The company also began producing and selling face masks at the start of the pandemic, sales …
Author John C. Maxwell coined the phrase “Teamwork makes the dream work,” and student housing operators are experiencing that truism firsthand as they deal with the nightmare scenario of the pandemic and its ripple effects. Closed campuses, virtual learning, COVID-19 outbreak concerns and an uncertain leasing season next spring are all challenges that property managers are tackling in real time. Ironically, industry professionals say that the pandemic may actually be a net positive in the long run as it has forged colleagues closer to one another. Demi Sterling-Kinney, vice president of operations at Aspen Heights Partners, a student housing owner and operator based in Austin, said that she met with her property managers more during the pandemic than she would in a normal year. “I feel like the shakeup was good; It was painful in the moment, but overnight it seemed like we were at war and we were all coming at it together,” said Sterling-Kinney. “It felt like everyone came together to be one team.” Sterling-Kinney’s comments were made during the Leasing & Marketing Spotlight panel at the 2020 NMHC/InterFace Student Housing Conference, a joint production between the National Multifamily Housing Council, France Media’s InterFace Conference Group and Student …
SAN DIEGO — San Francisco-based Prime Residential has purchased Agave Ridge, a multifamily property located in San Diego’s Kearny Mesa neighborhood. Los Angeles-based Goldrich & Kest sold the property for $107 million. Located at 7901 Harmarsh St., the 368,575-square-foot property features 369 townhome-style units in a mix of two- and three-bedroom layouts, with an average size of 1,000 square feet. On-site amenities include playgrounds, swimming pools and a fitness center. The property was originally built in 1959. Kevin Mulhern, Allen Chitayat, Stew Weston, Dean Zander and John Montakab of CBRE represented the seller, while the buyer was self-represented in the deal.
BEVERLY HILLS, CALIF. — Newmark has arranged the sale of a mixed-use building located at 139 S. Beverly Drive in Beverly Hills. Sakioka Farms, which owned the asset for more than 70 years, sold the property to Hakim Family for $36.1 million, or $1,216 per square foot. The three-story building features 29,735 rentable square feet with high-street retail on the ground floor and two levels of office space above. Additionally, the asset features a surface parking area. Kevin Shannon, Rob Hannan, Ken White, Laura Stumm, Michael Moll, Sean Fulp and Jay Luchs of Newmark represented the seller. The buyer, led by Sam Hakim, was self-represented in the deal.