Property Type

Hanley Investment Completes Break-up Sale at Zinfandel Crossings Shopping Center in Rancho Cordova, California

by Amy Works April 19, 2021

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the fourth and final transaction in the break-up sale strategy of Zinfandel Crossings, a retail property anchored by 99 Cents Only in Rancho Cordova. The firm has brokered the sales of more than $11.4 million in retail properties at the shopping center. Kevin Fryman, Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a Santa Monica-based private investor. The buyer was a Stockton-based private investor. The final sale was that of a vacant 26,520-square-foot retail building, which was built in 1975 and formerly occupied by Fit Republic. The building is situated on 2.4 acres at 2810 Zinfandel Drive. The asset sold for $1.8 million.

April 19, 2021

Affordable Housing California Development Multifamily Western

West Hollywood Community Corp. Starts Construction of 41-Unit Affordable Housing Property in Los Angeles

by Amy Works April 19, 2021

LOS ANGELES — West Hollywood Community Corp. has broken ground for the development of Mariposa Lily, an affordable multifamily property located in the Pico-Union neighborhood of Los Angeles. Mariposa Lily will feature 40 residential units of affordable and permanent supportive housing, as well as a manager’s apartment. HED designed the infill seven-story property, which reflects an art-deco style.

April 19, 2021

Acquisitions California Retail Western

Stream Realty Partners Buys 49,334 SF Shopping Center in Santa Ana, California

by Amy Works April 19, 2021

SANTA ANA, CALIF. — Stream Realty Partners has acquired a grocery-anchored shopping center located at 2360 N. Tustin Ave. in Santa Ana. Previously owned by two private owners for 50 years, Stream purchased both the leasehold interest and the fee simple. Stater Bros. Markets has been a tenant since the property’s completion. Additionally, Stream acquired the 0.78 acres of adjacent land, which currently features two residential units, for future development. As a result of the transaction, Stater Bros. has renewed its 25,587-square-foot lease and Del Taco renewed its 1,859-square-foot lease at the center, which is slated to undergo several upgrades in the coming quarter. Renovations will include façade upgrades, new signage and landscaping. Additionally, Del Taco will begin interior renovations in the second quarter of 2021.

April 19, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $19.2M in Financing for Multifamily Property in Phoenix

by Amy Works April 19, 2021

PHOENIX — Ready Capital has arranged $19.2 million in financing for the acquisition, renovation and stabilization of a Class B apartment community located in Phoenix’s Biltmore submarket. Upon purchase, the undisclosed sponsor will implement a capital improvements plan to renovate the interiors of the 117 units, upgrade the façade and improve landscaping. Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options and flexible prepayment. The financing is inclusive of a facility to provide future funding for capital expenditures.

April 19, 2021

Build-to-Rent Content Partner Features Loans Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Build-for-Rent Space May Outperform Conventional Multifamily on Occupancy, Rents

by Sarah Daniels April 19, 2021

The past few years have seen a surge in interest in single-family rental (SFR) and build-for-rent (BFR) spaces in commercial real estate. Traditionally the domain of small- and medium-sized investors, the SFR/BFR space has begun to attract institutional investors. BFR, in particular, can often offer higher occupancy levels and rents while promising lower capital and operating costs than traditional multifamily housing. Keaton Merrell, managing director, Capital Markets, Walker & Dunlop, spoke to REBusinessOnline about debt and equity in BFR, as well what to know when it comes to agency involvement. First, Merrell briefly clarifies the terminology: “Oftentimes, people use SFR and BFR interchangeably. They are two totally separate asset classes and are looked at differently by capital. SFR is defined as a cluster of homes in various geographies that are pooled together for investment purposes. BFR is purpose-built housing within contiguous rental communities, much like traditional multifamily properties.” For a more in-depth look at the SFR and BFR in general, read more on the asset class here. REBusinessOnline: What is the current state of debt and equity capital in the market when it comes to BFR? Merrell: I will start with equity and then move on to debt. The equity that is coming into the …

April 19, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office Top Stories

IQHQ Begins Construction on $1B Fenway Center Life Sciences Project in Boston

by Taylor Williams April 19, 2021

BOSTON — IQHQ Inc., a developer of life sciences real estate with offices in Boston and San Diego, has begun construction on Fenway Center, a $1 billion project in Boston. IQHQ is co-developing the project with locally based firm Meredith Management. The initial phase of construction centers on the development of a 90,000-square-foot air rights deck that overlooks the Massachusetts Turnpike between Beacon Street and Brookline Avenue. The construction of the air rights deck will be the largest air rights structure built in Boston since Copley Place in 1980 and will take approximately 24 months to complete. Upon completion, Fenway Center will consist of more than 960,000 square feet of life sciences space with 10,000 square feet of retail space across two towers. Construction of the life sciences buildings is expected to be complete in early 2025. The campus will also feature 1.6 acres of landscaped green space and a parking garage that will be accessible from both buildings. The green space will include a large plaza and a public pedestrian walkway. The site is adjacent to BOWER, a new 312-unit luxury apartment complex that contains 38,000 square feet of amenity-oriented retail, the Lansdowne MBTA Commuter Rail Station, Fenway Park …

April 19, 2021

Acquisitions Florida Multifamily Southeast Top Stories

Estate Cos. Sells Newly Built, Luxury Apartment Community in West Miami for $97M

by Julia Sanders April 16, 2021

MIAMI — The Estate Cos. (EIG), a private developer of multifamily properties, has sold Soleste Twenty2 in west Miami for $97 million. The locally based developer completed the eight-story luxury apartment community in February 2020. An entity doing business as Westdale Twenty2 LLC purchased the 338-unit community. The buyer is an affiliate of Westdale Real Estate Investment Management, according to South Florida Business Journal. “This transaction stabilized during the difficult times of COVID-19, which further affirms the solid fundamentals of our business plan and our ability to perform for our investors,” says Robert Suris, managing principal at The Estate Cos. “We are glad Westdale will own and capture the value of this amazing asset moving forward.” Located at 2201 Ludlam Road, Soleste Twenty2 is situated 9.1 miles south of Miami International Airport and 17 miles west of South Beach. The property was approximately 95 percent occupied at the time of sale. Soleste Twenty2 features studios, one-, two- and three-bedroom units with stainless steel appliance packages, porcelain floors and designer-tiled bathrooms. Rents range from the $1,500s for studio apartments to the $2,600s for three-bedroom units. Community amenities include a pool deck with spa and private cabanas, relaxation lounge with saunas, athletic …

April 16, 2021

Development Florida Mixed-Use Southeast

Florida Panthers Invests $65M to Redevelop Fort Lauderdale Auditorium for New Practice Facility, Entertainment Center

by Julia Sanders April 16, 2021

FORT LAUDERDALE, FLA. — The Florida Panthers, the NHL club based in South Florida, plans to redevelop the War Memorial Auditorium in Fort Lauderdale into a new practice facility and entertainment center. The 144,000-square-foot project is slated for completion in summer 2022. Originally announced in April 2019, the Panthers privately financed $65 million for the War Memorial Auditorium revitalization, which was created through a public-private partnership with the City of Fort Lauderdale. The Florida Panthers plan to restore the facility through an adaptive reuse of its existing structure. The revitalized Florida Panthers Fort Lauderdale War Memorial Auditorium will feature two regulation-sized indoor ice rinks (including one available for public use), a practice facility and a ballroom-style concert and performance venue that can accommodate up to 3,800 people. The Panthers practice rink, which will primarily be used for community ice programming, will also feature stadium seating for up to 1,000 fans during practices and training camps. The facility will also be home to the Florida Panthers Foundation’s Youth Hockey Scholarship program that will launch this spring in partnership with the Boys & Girls Club of Broward County. Additional project components include a sit-down indoor and outdoor restaurant, new community fitness and …

April 16, 2021

Development Maryland Multifamily Southeast

Howard Hughes Corp. Breaks Ground on 472-Unit Multifamily Property in Columbia, Maryland

by Julia Sanders April 16, 2021

COLUMBIA, MD. — The Howard Hughes Corp. has broken ground on Marlow, a 472-unit residential property in the Merriweather District in downtown Columbia. The Dallas-based developer is targeting initial occupancy to begin in the fourth quarter of 2022. The seven-story Marlow will span 510,000 square feet, including 32,000 square feet of retail space and approximately 14,000 square feet of amenity space. Amenities will include a fitness center, golf simulator and a dog park. The property will also have a work-from-home lounge equipped with workspaces and private conference rooms. Marlow will have feature patios, promenades, a courtyard, pools, lawn areas and private alcoves, as well as an 800-square-foot rooftop sky lounge.

April 16, 2021

Development Florida Hospitality Southeast

Groot Hospitality, Partners Open Goodtime Hotel on South Beach in Miami Beach

by Julia Sanders April 16, 2021

MIAMI BEACH, FLA. — The Goodtime Hotel, the first collaborative lifestyle hotel brand from David Grutman of Groot Hospitality and Pharrell Williams, has opened on South Beach’s Washington Avenue and 6th Street in Miami Beach. Grutman and Williams worked alongside the real estate developers Michael Fascitelli and Eric Birnbaum of Imperial Cos. to build the hotel. Morris Adjmi was the architect, Ken Fulk was the interior designer and Raymond Jungles was the landscape architect. The Goodtime Hotel has 266 rooms that range from individual queen bed accommodations to a handful of suites. Many rooms hold direct views east to the Atlantic Ocean or west to Biscayne Bay. Each of Goodtime’s guest rooms feature custom bedding, blackout drapes, benches, bath amenities and a pink rotary dial phone. The hotel also has dining options such as Grutman’s Strawberry Moon, a restaurant and 30,000-square-foot pool club. Also, Goodtime has 45,000 square feet of ground-floor retail, a gym and library. The hotel opens for guest stays starting this month.

April 16, 2021

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