YORK COUNTY, MAINE — A subsidiary of New York-based Power REIT has acquired a three-acre site in York County that houses a 32,800-square-foot cannabis cultivation facility that is under construction. Locally based cannabis grower Sweet Dirt is the operator of the greenhouse, which is expected to be complete by the end of the year. The site also houses a 2,800-square-foot distribution building. The seller was not disclosed.
NEW YORK CITY — Venture Capital Properties has negotiated a 24,000-square-foot lease at a vacant parcel that formerly housed a warehouse at 5200 1st Ave. in Brooklyn. The tenant, valet parking service Park Pro Systems, will use the property to store its vehicles but will not develop any portion of the site. Jacob Stavsky of Venture Capital Properties represented both Park Pro Systems and landlord John Luhrs in the off-market deal.
HUNTINGTON BEACH, CALIF. — The City of Huntington Beach has purchased a 0.78-acre undeveloped land site located at 17631 Cameron Lane within a residential community in Huntington Beach. A private investor sold the asset for $3 million. The city plans to develop low-income housing on the site, which is currently being used as a temporary homeless shelter. Dan Blackwell and George Felix of CBRE represented the seller in the transaction.
COLORADO SPRINGS, COLO. — In Self Storage Management has acquired the former Toys R Us building located at 3730 N. Citadel Drive in Colorado Springs. Dunton Commercial of Colorado sold the asset for an undisclosed price. The buyer plans to retrofit the existing freestanding building into mini-storage and make way for a new In Self Storage facility. The 3.1-acre property is bordered by Galley Road, North Citadel Drive, North Academy Boulevard and Delaware Drive. Patrick Kerscher of CBRE represented the seller in the deal.
FORT WORTH, TEXAS — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units. The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks residents. A timeline for construction was not disclosed. Methodist Retirement Communities (MRC), a nonprofit seniors housing owner based in Texas, was the borrower. MRC retained Greystone to act as development consultant for the community and to serve as operator for the first several years following completion. Eventually, MRC plans to take over operations itself. When the community begins to approach stabilized occupancy, MRC and Greystone intend to evaluate the market for a potential Phase II of construction. MRC owns seven market-rate seniors housing communities and five affordable housing properties throughout Texas for a total of 1,637 units. The company was established in 1962. Ziegler, which served as underwriter, is a …
MESA, ARIZ. — Culver City, California-based PCS Development and Arizona-based Route 2 Construction have completed the development of The Premiere at Eastmark, a $50 million multifamily property in Mesa. The property is located within the master-planned community of Eastmark. Managed by P.B. Bell, The Premiere at Eastmark is located at 9410 E. Ray Road and is minutes from the Arizona State University Polytechnic Campus. The Premiere at Eastmark features 216 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 459 square feet to 1,251 square feet. The open-concept apartments feature granite countertops with subway tile backsplash; gourmet kitchen islands; black, energy-efficient appliances; wood-style plank flooring; walk-in closets with built-in shelving and storage; a patio or balcony; and covered parking. Additionally, each unit is equipped with up to 1 gigabit internet speeds. Community amenities include a pool and spa; resident lounge with a built-in kitchen and Starbucks Coffee bar; splash pad; package lockers; storage units; two dog parks; a 24-hour fitness center with Peloton bikes; an outdoor exercise lawn; electric vehicle charging stations; and a community coworking space.
LOS ANGELES AND FREMONT, CALIF. — Newport Beach, Calif.-based MIG Real Estate has opened escrow on two ground-up multifamily projects located within Opportunity Zones in Los Angeles and Fremont. The projects mark the firm’s entry into the Los Angeles and Bay Area markets. MIG will develop a 140-unit residential property in the core of Hollywood and a 240-unit community in Fremont. MIG is actively seeking other suitable land investment opportunities to develop and revitalize Opportunity Zone properties in primary markets throughout the West, Mountain West and Sun Belt states. Earlier this year, the firm acquired its first site in metro Denver for the development of a 114-unit apartment community, with construction slated to start later this year. The Fremont and Los Angeles projects are a continuation of MIG’s investment strategy to reposition its portfolio by purchasing and developing new projects in key urban areas. To further that goal, MIG has allocated $100 million in equity to develop Opportunity Zone sites throughout the western United States.
PHOENIX — Westcore has completed the disposition of West80, an industrial property located at 8001 W. Buckeye Road in southwest Phoenix. Affiliates of KKR acquired the asset for an undisclosed price. Totaling 380,000 square feet, West80 features an ESFR sprinkler system, 36-foor clear heights, cross-dock loading, an office suite and a fully secured property with drive-around capabilities. At the time of sale, the property was fully leased to ABB Inc., which signed a lease this spring to occupy the asset. The facility is near Phoenix’s main east-west transportation node, Interstate 10, as well as Loop 202. Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented the seller, while KKR was self-represented in the deal. Westcore originally purchased the property from a joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital when construction was completed in August 2019.
GRESHAM, ORE. — Los Angeles-based Gelt has purchased Silverwood Apartments, a multifamily community located at 4777 SW 11th St. in Gresham, for $30 million. The seller was not disclosed. Built in 1991 on nine acres, Silverwood Apartments features 164 units in a mix of one-, two- and three-bedroom layouts spread across 32 garden-style buildings. On-site amenities include a pool, playground, walking/biking trails and a picnic area. Gelt plans to upgrade the interior of the units to include vinyl-plank flooring, stainless steel appliances, new cabinet faces, backsplashes, ceiling fans and other cosmetic improvements. Additionally, the firm will rebrand the property, create new signage, paint the exterior of the building and refresh the pool and playground areas.
PHOENIX — New York-based The Praedium Group has purchased Liv North Valley, an apartment community in Phoenix, and immediately implemented a process to rebrand the asset as Nova North Valley. An undisclosed seller sold the asset for $90 million, or $233,766 per unit. Constructed in 2019, the 385-unit property features outdoor fitness stations, a community garden, sports court, sand volleyball court, playground, bark park, barbecue grills, lounge areas, heated saltwater pool, spa, clubhouse and gym. Units offer modern gourmet kitchens with GE Energy Star appliances, granite countertops, pendent lighting and wood-style plank flooring. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.