ATLANTA AND DALLAS — Atlanta-based PulteGroup Inc. and Dallas-based Invitation Homes have formed a joint venture to build and lease new single-family rental homes. PulteGroup expects to design and build approximately 7,500 new homes over the next five years specifically for sale to Invitation Homes for inclusion in its single-family rental leasing portfolio. The companies have already agreed on the construction and sale of over 1,000 homes across seven communities over the next several years, with the first sales expected to close in 2022. Initial projects are scheduled for delivery in growth markets such as Florida, Georgia, Southern California, North Carolina and Texas. PulteGroup Inc. is a homebuilding company with operations in more than 40 markets throughout the country. Invitation Homes is a single-family home leasing and management company.
MYRTLE BEACH, S.C. — Lodging Partners LLC has arranged the sale of Quality Inn & Suites Myrtle Beach, a 65-room hotel. Lodging Partners represented the undisclosed seller in the transaction. The sales price was not disclosed. The eight-story hotel sold to a regional owner and operator of select-service hotels. The property is located directly across the street from the Atlantic Ocean and 6.7 miles from Family Kingdom Amusement Park and Splashes Water Park and 7.5 miles from the Myrtle Beach Boardwalk. Quality Inn & Suites Myrtle Beach is the 20th hotel deal that Lodging Partners has been involved with in the Myrtle Beach market. Other recent sales completed in 2021 by Lodging Partners include the sale of three mid-market extended-stay hotels: the Affordable Corporate Suites located in Concord, Statesville and Kannapolis, N.C. Lodging Partners is a specialized hotel brokerage and advisory firm focused on the sale of select-service hospitality investment properties on behalf of institutional and private investors throughout the United States.
LEXINGTON, KY. — SVN | Stone Commercial Real Estate has brokered the $17.4 million sale of Mist Lake Plaza, a 217,292-square-foot shopping center in Lexington. Matt Stone, Justin Ryder and Nathan Dilly of SVN | Stone represented the seller, DF Lexington Properties LLC. Jim Powell of The Gibson Co. represented the buyer, S & P Holdings LLC. The center will be the future home of Lexington Motorsports, a motorcycle dealer in Kentucky. Mist Lake Plaza is located near Man O’ War Boulevard, Saint Joseph East Hospital and Hamburg Pavilion. The City Council of Lexington approved the lifting of a deed restriction that would allow Lexington Motorsports to operate on the site. Lexington Motorsports will occupy about 125,442 square feet of the facility. Built in 1992, Mist Lake Plaza is 89 percent occupied. The other tenants at the property include Nay’s Hair Braiding, Gabe’s, Hibbett Sports, Texas Roadhouse, Check Advance, H&R Block, Pro Nail Salon and Rent-A-Center.
TACOMA, WASH. — Dalfen Industrial has purchased Tacoma Supply Chain Center, a three-building industrial park in Tacoma. Terms of the off-market transaction were not released. The newly developed property features 711,855 square feet of industrial space and close proximity to Interstate 5, State Route 512 and the Port of Tacoma. Over the last 12 months, Dalfen Industrial has acquired and developed more than $1.5 billion of industrial properties in key metros across the United States.
BOISE, IDAHO — Standard Communities has completed the ground-up development of a 173-unit market-rate apartment building in Boise. Standard partnered with River Caddis Development, as co-owners and co-developers, to construct Jules on 3rd Apartments. The Opus Group served as design-build partner for the project. Located at 415 S. Third St., Jules On 3rd Apartments features a rooftop pool and sundeck; a fitness and wellness room; Sky Lounge Club Room; outdoor kitchen and barbecue grills; outdoor fireplaces; a conference room; a dog park and spa; covered parking spots for resident and public use; and storage for 192 bicycles. The property offers a mix of studio, one- and two-bedroom units in a variety of layouts with vaulted ceilings, high-end finishes, quartz countertops, stainless steel appliances, private patios and balconies, built-in shelving, smart home technology door locks and thermostats, and full-size washers and dryers.
FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sandalwood Gardens, a multifamily property located at 3880 N. Fruit Ave. in Fresno. An undisclosed buyer acquired the property for $15 million. The name of the seller was not released. Built in 1986 on 5.4 acres, Sandalwood Gardens features 124 apartments, two swimming pools, garages, covered parking, a leasing center and laundry facilities. The property also features a commercial section that is leased to a daycare center. Robin Kane and Brendan Kane of TMG represented the seller in the deal.
MODESTO, CALIF. — JCH Senior Housing Investment has arranged the triple-net lease of a 68-unit, 120-bed assisted living and memory care community in Modesto, approximately 80 miles south of Sacramento. The team at JCH led a marketing campaign for the landlords, a family-owned owner-operator that is seeking retirement. Throughout the pandemic, the facility struggled to maintain census and keep up with new requirements from licensing, ultimately leading to a licensing revocation hearing. A local operator seeking to convert the building to an adult residential facility was the successful bidder. The lease rate is $200,000 per bed. Jim Hazzard and Cindy Hazzard handled the transaction process for JCH.
SAN JOSE, CALIF. — Urban Catalyst has revealed plans to build the Icon/Echo mixed-use project, which will include office, residential and retail components in downtown San Jose. The development will cost around $600 million to build, according to the Silicon Valley Business Journal. The construction timeline for the project has not been disclosed. The Icon/Echo towers will feature 300 apartment units and 420,000 square feet of Class A office space. The office tower portion of the project will be 282 feet tall, while the apartment complex will be 267 feet tall. The apartment units will sit above 8,500 square feet of ground-floor retail. The project’s two towers will include over 50,000 square feet of outdoor amenities, including rooftop gardens, as well as interior common areas. Additionally, the towers will have four levels of parking that will hold up to 1,134 cars. Located at 147 E Santa Clara St., Icon/Echo encompasses about two acres of land and is located close to City Hall and a future Bay Area Rapid Transit (BART) station. The Icon/Echo towers will be located half a mile from the San Jose Museum of Art and about 0.4 miles from San Jose State University. One of the sites …
MESQUITE, TEXAS — Developer Dalfen Industrial has broken ground on Phase I of Mesquite Airport Logistics Center, a 2 million-square-foot project that will be located on the eastern outskirts of Dallas. The property will feature proximity to Mesquite Metro Airport, as well as a FedEx Ground facility, a UPS Customer Center facility and the Union Pacific Intermodal railroad. Phase I of the project will consist of two buildings with 36-foot clear heights and a combined 200 dock doors and 130 trailer parking stalls. Building A will be available for a maximum of 379,620 square feet, with Building B topping out at 626,718 square feet. Completion is slated for the second quarter of 2022.
AMARILLO, TEXAS — New York City-based Dwight Capital has provided a $60 million bridge loan for the cash-out refinancing of Residences at Town Square, a 480-unit multifamily asset in Amarillo. The property was built in phases on a 32-acre site between 2015 and 2019 and offers amenities such as a fitness center, playground and a pool. Residences at Town Square also features 121,360 square feet of ground-floor retail space that is leased to a dental office, nail bar, spa and steakhouse. Daniel Malka of Dwight Capital originated the financing, and Daniel Hartnett of Greysteel arranged the debt.