ATLANTA — Ready Capital has closed a $15.4 million loan for the acquisition, renovation and lease-up of an approximately 520,000-square-foot, Class B industrial property in the North Clayton/Airport submarket of Atlanta. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property, with improvements including lighting upgrades, parking lot resurfacing and painting. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls. The buyer plans to lease the property aggressively to maximize occupancy at market-rate rents.
DENVER — Mill Creek Residential has completed the disposition of Modera Cap Hill, a multifamily property located in Denver’s Capitol Hill neighborhood. The name of the buyer and acquisition price were not released. Located at 1200 Grant St., Modera Cap Hill feature 197 studio, one- and two-bedroom floor plans averaging 782 square feet. Units feature private patios or balconies, high ceilings and premium finishes. Community amenities include a fitness studio and yoga room, pet spa, bike storage, electric car charging stations, controlled-access garage parking, rooftop lounge and sundeck, and an elevated pool deck with Rocky Mountain views. The property was built in 2019. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the seller in the transaction.
NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) has reported its financial results for the first quarter, ended March 31, 2021, with digital sales growing 133.9 percent year-over-year to $869.8 million. Digital sales accounted for 50.1 percent of overall sales for the Newport Beach-based fast-casual restaurant chain. Chipotle’s revenue increased 23.4 percent to $1.7 billion compared to first-quarter 2020, with comparable restaurant sales increasing 17.2 percent. Additionally, the company reported opening 40 new restaurants and closing five restaurant locations, bringing the total restaurant count to 2,803, with 26 of the new locations offering a “Chipotlane” drive-thru option. As of March 31, Chipotle has nearly $1.2 billion in cash, investments and restricted cash, and no debt. The company also has access to a recently refinanced $500 million untapped credit facility with which to continue to navigate the COVID-19 pandemic. Net income for the restaurant was $127.1 million, an increase from $76.4 million in first-quarter 2020. “Chipotle is off to a great start in 2021 thanks to our employees and their incredible level of collaboration and tireless dedication,” says Brian Niccol, chairman and CEO of Chipotle. “As vaccines roll out and we get closer to moving past this pandemic, I believe …
PHOENIX — NorthMarq’s Phoenix office has brokered the sale of Glen Arbor Apartments, a multifamily property located at 2250 W. Glendale Ave. in Phoenix. An affiliate of APRA Capital acquired the asset for $11.3 million. Built in 1973 and expanded in 2018, Glen Arbor features 87 apartments in a mix of studio, one-, and two-bedroom units. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of NorthMarq represented the undisclosed seller in the deal. Additionally, NorthMarq’s Phoenix team of Brandon Harrington, Bryan Mummaw and Tyler Woodard secured $10.1 million in acquisition financing for the buyer.
SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Vivacity Care Center, a medical office property located at 16009 E. Indiana Ave. in Spokane Valley. An undisclosed developer sold the asset to a limited liability company for $7.8 million. Built in 2020, the net-leased property features 12,000 square feet of medical office space. The property is long-term leased, with annual rent increases, to the tenant, which is corporate guaranteed by Permera Blue Cross. Clayton Brown, Christopher Edwards and Ruthanne Romero of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.
LOS ANGELES — Faris Lee Investments has arranged the sale of a freestanding retail building located at 1824 Hillhurst Ave. in Los Feliz, a neighborhood in Los Angeles. The asset sold for $2.9 million. The names of the seller and buyer were not released. Situated at the intersection of Hillhurst and Russell avenues, the property features a private parking lot and patio space.Tyler Strauss and Jeff Conover of Faris Lee Investments represented the seller in the deal. The property formerly house Ample Hills Creamery, which closed its doors in early 2020, according to Eater LA.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Mag & May, a 240-unit apartment community located within the Magnolia Urban Village development in Fort Worth. Built on two acres in 2019, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, clubroom and courtyards. Drew Kile, Michael Ware, Taylor Hill, Joey Tumminello and Will Balthrope of IPA represented the seller, Hudgins Cos., in the transaction. The team also procured the buyer, New York-based Abacus Capital Group.
HOUSTON — Montgomery, Texas-based West Star Marketing Group has brokered the sale of a 142,000-square-foot office/warehouse building located on an 8.3-acre site within Westchase Business Park in Houston. The property is situated along Richmond Avenue in Houston’s Westchase district. A partnership between ABE Richmond LLC and Pinnacle West LLC purchased the asset from Houston-based Miracles Inc. for an undisclosed price. Tom Clarkson of West Star brokered the deal.
HOUSTON — National mortgage origination and servicing firm NewRez has signed a 60,188-square-foot lease at 17000 Katy Freeway, a 174,521-square-foot office building in West Houston. Eric Anderson and Parker Burkett of Transwestern represented the owner, an affiliate of Insite Realty Partners LP, in the lease negotiations. Marshall Clinkscales with Colliers International represented NewRez. With the signing of this transaction, the building is now 70 percent leased.
HOUSTON — An affiliate of locally based investment firm Rycore Capital has acquired Bellaire Medical Plaza, a 58,517-square-foot medical office building located near the Texas Medical Center in Houston. The sale included a 3.6-acre parcel for future development. Kevin McConn and Brian Bacharach of JLL represented the seller, Ridgeline Capital Partners, in the transaction. Matt Kafka and Cameron Cureton of JLL arranged acquisition financing on behalf of Rycore Capital. The property was 88 percent leased at the time of sale to tenants such as UT Physicians, Quest Diagnostics, LabCorp. and Harris Health System.