EL MONTE, CALIF. — Realty Advisory Group has arranged the sale of an office and industrial property located at 9320 Telstar Ave. in El Monte’s Flair Park area. Los Angeles-based Rising Realty Partners acquired the asset for $41 million. Built in 1975 and renovated in 2001, the 246,912-square-foot property offers 178,776 square feet of office space, which the Los Angeles County Department of Public Health occupies. Simultaneous with acquisition closing, Los Angeles County and Rising executed a new long-term lease for the office space. The remaining 68,136-square-foot industrial space is available for lease. Jim Abbott Sr. and Jim Abbott Jr. of Realty Advisory Group represented the undisclosed seller in the deal.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Saratoga Apartments, a multifamily property located on University Drive in Mesa. Tides Equities acquired the property from an undisclosed seller for $35.2 million, or $122,990 per unit. Built in 1978 on 13 acres, the asset features 286 units, four swimming pools, a basketball court and tennis courts. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
TACOMA, WASH. — Portland, Ore.-based Ethos Development has broken ground on Analog Tacoma, a multifamily property in Tacoma. Totaling 65,000 square feet, Analog Tacoma will feature 115 apartments in an eight-story, mid-rise, podium-style building. The development team includes Works Progressive Architecture as designer and Katerra as general contractor. The development is one of the first in the city to be funded from the outset with a project-specific Opportunity Zone fund.
BAKERSFIELD, CALIF. — The City of Bakersfield has announced that Amazon will convert a vacant big-box retail property, located at 3500-3600 Wilson Road in Bakersfield, into a last-mile facility. The new facility will create approximately 200 new permanent jobs. Formerly a Kmart, the 93,000-square-foot property will undergo a $20 million renovation. Amazon is expected to begin operations in fourth-quarter 2021. Renovations will include a new roof and parking lot, enhanced lighting, landscaping and the addition of roll-up bay doors. Amazon is growing its last-mile delivery efforts to speed up customer delivery times and provide new innovations to customers, according to Amazon.
CHERRY VALLEY, CALIF. — Bank OZK has provided a $105 million construction loan for the development of I-10 Logistics Center, a 1.8 million-square-foot industrial project located near the crossing of Interstate 10 and Cherry Valley Boulevard in Southern California. The borrower is a joint venture between locally based developer Shopoff Realty Investments and Artemis Real Estate Partners, an investment management firm based in the Washington, D.C. metro area. Mark Strauss and Rob Quarton of Walker & Dunlop arranged the debt, specific terms of which were not disclosed, on behalf of the joint venture. Situated on 155 acres, I-10 Logistics Center will consist of two buildings spanning approximately 815,000 and 1 million square feet. The development will feature 40-foot clear heights, 665 car parking spaces, 585 trailer parking spaces and 296 dock-high doors. Site work is set to begin in April, and construction is scheduled for completion by summer 2022. CBRE is marketing the project for lease. “This project represents one of the few opportunities to develop much-needed logistics product in Southern California,” says William Shopoff, president and CEO of Shopoff Realty Investments. “This state-of-the-art logistics center with I-10 freeway access will be in high demand as users continue to require …
In spite of national trends, news of spiking default rates and a prediction of a national decline in retail tenancy, the middle Tennessee region appears to be emerging in equal (or better) condition from one of the most unusual years in history. Prior to the government-mandated shutdowns last year, retail activity in Nashville was at a fever pitch. A decade of year-over-year population and economic growth created a strong seller’s and landlord’s market, with no end in sight. The University of Tennessee’s Boyd Center for Business and Economic Research projected a 1 million-person population growth for Middle Tennessee by 2040. This strong, sustained growth pushed retail rents up more than 50 percent since 2010 and represents one of the largest cumulative increases in the nation, behind only Miami and Austin. In 2019, the Nashville region saw asking rents above the national average, according to CoStar Group. One year ago, the sudden and unexpected COVID-19 shutdowns made the collective hearts of 2008 survivors skip a beat. A real concern of what the next week or month might look like hit both landlords and tenants in the region, particularly in the downtown retail district that is historically reliant on tourism. As music …
SEATTLE — Seattle-based commercial real estate firm Urban Renaissance Group LLC (URG) and global investment firm KKR have acquired 300 Pine St. in downtown Seattle for approximately $580 million. Taking up a full city block between Third and Fourth avenues, the property is a 770,000-square-foot, eight-story, mixed-use building that features 85,000 square feet of renovated ground-floor retail designed to accommodate retail flagship stores. The property has a new Fourth Avenue entrance to access the 682,000 square feet of commercial office space currently 100 percent leased to a single tenant. The office portion features 80,000-square-foot floorplates, seismic retrofitting and over 20 skylights including two light wells providing additional light for the top two floors. The asset was originally home to Seattle’s Bon Marché department store. The art-deco style building was constructed in 1929 with four additional stories added in 1955. Between 2015 and 2017, then-owner Macy’s sold the upper six levels of office space, and in 2020 the department store closed. The renovated landmark building features a 20,000-square-foot rooftop deck and 15-foot ceilings. The ground-level retail space is located above the underground Westlake light rail station with bus stops at the west and east entrances. The property will offer retail suites …
PORT ST. LUCIE, FLA. — Investors Management Group Inc. has sold Waterleaf Townhomes and Apartments, a 230-unit community located at 1900 SE Hillmoor Drive in Port St. Lucie. Covenant Capital Group purchased the property for $41.6 million. Darron Kattan of Franklin Street’s Atlanta office represented IMG in the transaction. Waterleaf Townhomes and Apartments is located on the east side of Florida and is situated 6.9 miles from Jensen Beach and 47 miles from West Palm Beach. IMG acquired Waterleaf Townhomes and Apartments in 2017 for $26.8 million. The company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park and other common-area amenities. IMG has transacted over 1,000 units across the Miami and Tampa metros over the last decade.
GREENVILLE, S.C. — DC Blox, a provider of interconnected multi-tenant data centers, has broken ground on a multi-tenant regional data center in Greenville. With an initial capacity of 1 MW of critical load, the first phase of DC Blox’s new Greenville data center is set to be completed by the third quarter of 2021. The Atlanta-based firm is partnering with Brasfield & Gorrie, a privately held construction firm, on the project. When complete, the data center will offer access to DC Blox’s private and redundant ecosystem, interconnecting the company’s portfolio of data centers throughout the Southeast. The address for the center is 33 Global Drive. DC Blox’s Greenville data center will be located on an 8.5 acre campus in the Global Business Park off Interstate 85. Upon full buildout, the facility will feature six distinct data halls with 54,000 square feet of data center space with a full critical load capable of supporting 18 megawatts of power. The data center will also include approximately 7,000 square feet of secure storage, as well as shared and dedicated office space. The new data center will bring an expected investment of over $200 million combined between DC Blox and their tenant customers over …
MOORESVILLE, N.C. — Grandbridge Real Estate Capital has facilitated a $21.9 million loan for Ardmore at Alcove Apartments, a 150-unit garden-style multifamily property in Mooresville. Thomas Wiedeman of Grandbridge originated the refinancing through an unnamed life insurance company on behalf of the borrowers, Ardmore Residential and LaSalle Investment Management. The seven-year, fixed-rate loan was structured with an initial interest-only term followed by a 30-year amortization schedule. Ardmore at Alcove Apartments features a two-story clubhouse with a sun deck, fitness center, business center and billiards room. Other community amenities include a swimming pool with cabanas, a covered outdoor pavilion area with a flat-screen TV, fireplace and grilling stations, as well as a playground and dog park. Interior finishes include stainless steel appliances, granite countertops, Shaker-style cabinetry and nine-foot ceiling heights. The property is located close to Interstate 77, which allows access to Charlotte and downtown Mooresville.