Property Type

IPA Negotiates $54.5M Sale of Cabana on 12th Multifamily Property in Phoenix

by Amy Works April 30, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cabana on 12th, an apartment community located in Phoenix. Greenlight Communities sold the asset to JB Partners for $54.5 million, or $216,270 per unit. Constructed in 2020, Cabana on 12th features 252 units in a mix of studio, one- and two-bedroom apartments with nine-foot ceilings and a swimming pool. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

April 30, 2021

California Development Restaurant Retail Western

Midwood Investment & Development to Open The Shops at Sportsmen’s Lodge in Studio City this Summer

by Amy Works April 30, 2021

STUDIO CITY, CALIF. — Midwood Investment & Development will open The Shops at Sportsmen’s Lodge, a 95,000-square-foot retail center in Studio City, this summer. The rolling opening will begin on June 10 with the debut of anchor tenant Erewhon, the Los Angeles-based market and café. The location will be Erewhon’s seventh store and its first in the San Fernando Valley. Other tenants slated to open this summer include Civil Coffee, Free People Movement, Madison Reed, Myodetox, Roberta’s Pizza, SALT Optics, Tocaya, Tuesday’s Sweet Shoppe, Ushi Ushi, Van Leeuwen and Vuori. More than a dozen additional tenants will be announced at a later date. Gensler and OLIN provided design and architectural services for the redevelopment the property, which replaces the former meeting and convention space. The development team worked closely with the city’s Cultural Heritage Commission to maintain the rustic spirit of the Lodge, the existing natural foliage and tree canopy.

April 30, 2021

Acquisitions California Restaurant Retail Western

Faris Lee Arranges $28.3M Break-Up Strategy of Signal Hill Gateway Retail Center Near Long Beach

by Amy Works April 30, 2021

SIGNAL HILL, CALIF. — Faris Lee Investments has completed the break-up strategy of Signal Hill Gateway, a retail property in Long Beach, to four different buyers for a total of $28.3 million. Prior to listing, the urban infill property was divided into four product categories, including big box parcels, quick-service restaurant and daily needs strip, a sit-down restaurant and a drive-thru fast-food restaurant. Scott DeYoung and Jeff Conover of Faris Lee Investments represented the seller in the deal, Signal Hill Petroleum. The company will retain ownership of a one-acre parcel within the shopping center that contains active oil wells and drill sites. An undisclosed buyer in a 1031 exchange acquired the three-tenant big box parcel, which includes Ross Dress for Less, Petco and Dollar Tree, at 99.2 percent of the listing price. Another undisclosed buyer in a 1031 exchange purchased the quick-service restaurant and daily needs parcel, which includes Starbucks Coffee, Chipotle, T-Mobile and Bank of America ATM, for 99.5 percent of the list price. The sit-down restaurant parcel features an Applebee’s Grill + Bar parcel, which is under an absolute triple-net ground lease and operated by an entity of Flynn Restaurant Group. The parcel sold for a 5.1 percent …

April 30, 2021

Acquisitions Multifamily Washington Western

Bell Partners Buys 202-Unit Aura Totem Lake Apartments in Kirkland, Washington

by Amy Works April 30, 2021

KIRKLAND, WASH. — Bell Partners, on behalf of its Bell Core Fund I vehicle, has purchased Aura Totem Lake, a multifamily property in the Seattle suburb of Kirkland. Bell Partners plans to rename the 202-unit property Bell Totem Lake. Built in 2020, Bell Totem Lake features three elevated courtyards with a covered outdoor entertaining kitchen, fire pits, hammocks and grills; a resident lodge with a demonstration kitchen and billiards table; an athletic center with cardio theater and free weights; two private business suites and workstations; a pet spa; bike storage; 24/7 parcel lockers; and a multi-level parking garage with elevator access and electric car charging stations. Apartments feature wood-like flooring, designer lighting, flat-panel kitchen cabinets with tile backsplash and under-cabinet lighting, quartz countertops with undermount sinks, energy-efficient stainless steel appliances, gas ranges with smart features, and soaking tubs. Terms of the transaction were not released.

April 30, 2021

Acquisitions Colorado Hospitality Western

Marcus & Millichap Brokers $3.9M Sale of Rodeway Inn in Evans, Colorado

by Amy Works April 30, 2021

EVANS, COLO. — Marcus & Millichap has brokered the sale of a Rodeway Inn hotel location at 3015 Eighth Ave. in Evans. Neville Rustomjee of Marcus & Millichap’s Denver office represented the seller, a limited liability company, and secured and assisted the buyer, also a limited liability company. Rodeway Inn features 96 guest rooms in an exterior corridor configuration. The buyer will implement a franchise property improvement plan and additional improvements to the property.

April 30, 2021

Development Florida Loans Mixed-Use Multifamily Southeast

Centennial Bank Provides $68M Construction Loan for Bentley Apartments in Orlando

by Julia Sanders April 30, 2021

ORLANDO, FLA. — Centennial Bank has provided a $68 million loan to Unicorp National Developments Inc. for the construction of The Bentley, a 396-unit apartment tower in Orlando. The high-rise is part of Unicorp’s $1 billion mixed-use development O-Town West. Robby Barrows of Centennial Bank led the loan transaction for developer Unicorp. O-Town West will be a multi-phase, live-work epicenter delivering single-family homes, apartments, a Publix-anchored retail package and office space. Confirmed tenants for The Town Center at O-Town West include Publix, AT&T, Heartland Dental, McDonalds and Planet Smoothie. The Bentley is one of the first phases of the development, in addition to Town Center, both of which are slated to break ground soon. The Bentley is slated for completion at the end of next year. The Bentley’s amenities will include a resort-style swimming pool with a Jacuzzi, resident lounge with a coffee bar, social area featuring billiards and arcade games, theater room, entertainment lanai with a TV, Zen garden with hanging moon chairs and water features, outdoor walking trail, a firepit, 24-hour fitness center with TRX and yoga studio, conference room, bike rentals, outdoor gaming areas and electric car charging stations. Centennial Bank has financed more than $149 million …

April 30, 2021

Arkansas Loans Multifamily Southeast

Colliers Mortgage Secures $36.8M Refinancing for Pointe North Hills Apartments in North Little Rock

by Julia Sanders April 30, 2021

NORTH LITTLE ROCK, ARK. — The Minneapolis office of Colliers Mortgage, formerly Dougherty Mortgage, has secured a $36.8 million Fannie Mae loan for the refinancing of The Pointe North Hills in North Little Rock. The 305-unit, market-rate multifamily property was built in 2019. The gated community includes eight three-story buildings, a clubhouse, playground, community and corporate suites, fitness center, business center, pool, picnic area, golf simulator and an onsite maintenance and leasing office. Colliers Mortgage arranged the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, an entity doing business as The Pointe North Hills LLC.

April 30, 2021

Development District of Columbia Multifamily Southeast

Lowe, Mitsui Fudosan Break Ground on Redevelopment Project in D.C. for New Apartments, Museum

by Julia Sanders April 30, 2021

WASHINGTON, D.C. — Lowe and joint venture partner Mitsui Fudosan America have broken ground on Gallery 64, a 492-unit, 12-story apartment building that sits at the site of the former Randall Junior High School in Washington, D.C. The 500,000-square-foot redevelopment of the 2.7-acre site includes the preservation and repurposing of existing historic buildings into the Rubell Museum. Gallery 64’s apartment residences, 98 of which are designated as affordable, will include studio, one-, two- and three-bedroom floorplans. The property will have 19 two-level, townhouse-style residences as well. Community amenities will include rooftop gathering spaces with fire pits, grilling stations and outdoor kitchens, a dog walk and a resort-style pool. Indoor communal areas will include a lounge with fireplace, game room, fitness center and a maker space with sound studio. A landscaped area will be in between Gallery 64 and the Rubell Museum. The Randall School buildings closed in 1982. Two of the school’s three buildings will be transformed into the approximately 31,000-square-foot Rubell Museum, presenting contemporary paintings, sculptures, photographs and installations. Entry to the museum will be free of charge to all residents of Washington, D.C. The West Randall building will be reconfigured as an approximately 18,000-square-foot creative office building designed …

April 30, 2021

Development Hospitality Louisiana Southeast

Kimpton Hotels & Restaurants to Open 202-Room Hotel in Downtown New Orleans

by Julia Sanders April 30, 2021

NEW ORLEANS — Kimpton Hotels & Restaurants, a San Francisco-based boutique hotel company, will soon open Kimpton Hotel Fontenot, a 202-room boutique hotel located in New Orleans’ Central Business District on the corner of Poydras and Tchoupitoulas streets. The hotel will open on May 11 of this year, and guests are now able to book stays. Designed by MARKZEFF, Kimpton Hotel Fontenot will feature two dining and cocktail concepts within the property, led by executive chef Chris Lusk and restaurant general manager Jessica Retif. Gospel Coffee and Boozy Treats is a neighborhood café serving a range of coffee, teas, espresso and adult beverages, as well as a collection of eat-on-the-go options. The other dining and cocktail option is the Peacock Room, which offers cocktails and food. The hotel’s amenities include morning coffee and tea service from Gospel Coffee and Boozy Treats; bike rentals; a 24-hour fitness center equipped with Peloton bikes; pet-friendly rooms; complimentary Wi-Fi for IHG Rewards members; and an evening social hour. Additional in-room amenities include yoga mats, in-room dining, Frette linens and bathrobes and Atelier Bloem bath and body products.

April 30, 2021

Development Healthcare North Carolina Office Southeast

Welltower Completes Two Medical Office Buildings in Charlotte Totaling 280,000 SF

by Julia Sanders April 30, 2021

CHARLOTTE, N.C. — Welltower Inc. has completed two medical office buildings in Charlotte totaling 280,000 square feet. Atrium Health, which owns the adjacent Carolinas Medical Center, signed a 15-year triple-net lease for the two buildings. Charlotte-based Pappas Properties LLC developed the properties and will remain strategic partners with Toledo, Ohio-based Welltower for the planned nine-acre, healthcare anchored mixed-use campus, as well as future developments. The two medical office buildings include a nine-level, 1,440-space parking deck that will be shared with the entire mixed-use campus. Atrium’s Sanger Heart and Vascular Institute and Atrium Health General Clinics including neurosciences, gastroenterology, infectious disease and palliative care opened in April 2021.

April 30, 2021

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