SIMI VALLEY, CALIF. — Marcus & Millichap has brokered the sale of a multi-tenant retail center located at 1030 E. Los Angeles Ave. in Simi Valley. A local private investor sold the asset to an undisclosed buyer for $6.2 million at a 5.6 percent capitalization rate. James DeBuiser and Gary Cohen Marcus & Millichap’s Cohen | DeBuiser Team represented the seller in the deal. At the time of sale, the property was fully leased.
COLUMBIA, S.C. — Magnus Development has started construction on Midway Logistics VI, a 192,780-square-foot industrial building in Columbia. The spec warehouse is situated within Lexington County Industrial Park, near downtown Columbia and five miles from Interstate 20. The building will feature 32-foot clear heights, trailer parking, ESFR sprinklers and motion-sensor LED lighting. Magnus plans to complete the building in second-quarter 2021. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers International will handle the leasing and marketing efforts for the property. In March of this year, Magnus delivered Midway Logistics IV, a 200,000-square-foot building. Colliers arranged a 150,000-square-foot lease to TreeHouse Foods in September. Additionally, Magnus is developing Midway Logistics V, a 180,000-square-foot facility within the same business park.
CLEARWATER, FLA. — Cedarwood Development has delivered a 585-unit US Storage Centers-branded facility in Clearwater. The self-storage property is situated at 1000 S. Myrtle Ave., 23 miles west of downtown Tampa. Westport Properties Inc. is managing the asset, which features climate-controlled units, passenger elevators, moving carts and drive-up units. The facility comprises 60,000 square feet. This is the first facility in Clearwater for both Fairlawn, Ohio-based Cedarwood Development, which is an affiliate of Cedarwood Cos., and US Storage Centers. US Storage Centers has more than 10 million square feet in its nationwide portfolio.
NEWNAN, GA. — InvenTrust Properties Corp. has broken ground on the renovation of Thomas Crossroads, a 105,000-square-foot shopping center in Newnan. Kroger anchors the property, which will get a new façade, paint scheme, LED lighting under canopies, landscaping enhancements and sidewalk improvements. The Downers Grove, Ill.-based owner expects renovations to be completed by the end of November. Other tenants at the center include Great Clips, Subway, McDonald’s and multiple locally owned service and dining options. The asset was last renovated in 2008, shortly before InvenTrust acquired it in 2009. Thomas Crossroads is situated at 3150 Ga. Highway 154, 33 miles southwest of downtown Atlanta.
TAMPA, FLA. — JLL has arranged the $31.8 million sale of Breckenridge Park, a 15-building industrial campus in eastern Tampa. The asset comprises 334,000 square feet and is situated at 5402-5460 Breckenridge Parkway, nine miles east of downtown Tampa. The buildings were developed between 1982 and 1998. Bret Felberg, Jeff Morris, John Dunphy and Peter Cecora of JLL represented the seller, MLG/PF Breckenridge Investment LLC, which is affiliated with MLG Capital. A joint venture partnership between The Arden Group and Avistone purchased the asset. Jillian Mariutti, Brian Gaswirth, Michael DiCosimo and Drew Jennewein, also with JLL, arranged a $26.3 million acquisition loan through BlackRock on behalf of the buyer. The joint venture will use a portion of the proceeds to implement a capital improvement plan.
MURFREESBORO, TENN. — CBRE has provided a $12.3 million Freddie Mac loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The seven-year, fixed-rate loan features 24 months of interest-only payments and includes cash-out proceeds. The property features 68 assisted living units and 26 memory care units across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing originated the refinancing on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living, which acquired the asset in January 2018. Post-acquisition, the owners deployed more than $600,000 to renovate the property, driving occupancy from 73 percent to approximately 90 percent.
BOSTON — Millennium Partners Boston, a local arm of developer Millennium Partners, has secured $775 million in construction financing from Cale Street Investments for Winthrop Center, a $1.3 billion mixed-use development located in downtown Boston. Upon completion, the project is expected to feature 812,000 square feet of Class A office space; 572,000 square feet of residential space including 321 luxury residential units; and a 24,000-square-foot common area featuring a fitness center, game room, coffee bar, cafe and lounge space. “Securing the construction loan from Cale Street Investments — an unprecedented investment given the global pandemic — assures that Winthrop Center will remain on schedule for completion in 2022,” says Christopher Jeffries, founder of Millennium Partners. “From its inception, human-centric design, sustainability and flexible workspaces have formed the foundation of Winthrop Center. With innovation a core part of Boston’s DNA, the city is the perfect home for this building.” The project was designed by Handel Architects to provide ample access to natural light and elevated indoor air quality in response to the COVID-19 pandemic. The development will seek LEED Gold certification for its residential units and LEED Platinum certification for its office space upon completion, which is slated for 2022. Founded …
By Taylor Williams As commercial property types go, self-storage is considered one of the toughest to sink in times of economic hardship. As Texas and the United States enter the eighth full month of the COVID-19 pandemic, this quality is beginning to show through. Natural disasters like floods and hurricanes tend to be windfalls for the asset class, as displacement from homes and damage to commercial properties raise short-term demand for self-storage. A pandemic does not have quite the same effect on the property type, especially when residential landlords in the United States are legally barred from evicting tenants. But for the major self-storage markets of Texas, COVID-19 has generated some positive results. COVID’s impact on self-storage is somewhat similar to Hurricane Harvey’s impact on the Houston multifamily market in 2017, which was also overbuilt and saw an overnight boost in occupancy as a result of the storm cutting into supply. In essence, COVID-19 has served as a mechanism to bring supply-demand balances closer to equilibrium. Because prior to the pandemic, the development pipelines in the major cities of Texas were peaking, creating oversupplied markets that were defined by sluggish rent growth, concessions and high levels of competitions for new …
DALLAS — The Dallas-Fort Worth (DFW) industrial market posted a vacancy rate of 6.5 percent to close the third quarter while seeing its 11-year streak of positive quarterly absorption remain intact, according to a new report from Newmark Knight Frank (NKF). Though overall vacancy is up 30 basis points from a year ago, the metroplex absorbed approximately 3.6 million square feet of space in the most recent quarter, down just 7 percent from that period in 2019. This activity indicates that industrial users are still attracted to the market’s exceptional job and population growth despite the recession-inducing COVID-19 pandemic. While third-quarter net absorption was also down from the second quarter of this year, industrial users and owners transacted more leases (604) in that period, up from 486 deals during the previous quarter. Among the largest deals inked in the third quarter were Uline’s 1.1 million-square-foot lease in Las Colinas, Amazon’s 1 million-square-foot lease in southeast Dallas and HelloFresh’s 375,000-square-foot lease, also in Las Colinas. Year-to-date, the market has already absorbed more than 17 million square feet of industrial space. The report pegged the amount of industrial product under construction at roughly 28.3 million square feet, but with vacancy up 300 …
GREENSBORO, N.C. — LCS Development, an LCS company, has started construction of a $75 million expansion at WhiteStone, a seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living and memory care residents and an extensive renovation of the existing skilled nursing facility. The 100-year-old community is located on a 43-acre campus. Life Care Services, also an LCS company, operates the complex. Todd Shaw, director of development services at LCS Development, will serve as project manager for the expansion. Cain Brothers, a division of KeyBanc Capital Markets, underwrote the bond financing for the project. The project team includes SFCS Architects, Frank L. Blum Construction Co. as general contractor and Stimmel Associates as civil engineer and land planner. A timeline for completion was not disclosed.
