LOS ANGELES — Rexford Industrial Realty expanded its Southern California portfolio by purchasing five industrial properties for an aggregate acquisition price of $188.9 million. The facilities total 660,254 square feet. The transactions include: – The $93.6 million, or $363 per square foot, acquisition of a 257,976-square-foot repositioned industrial campus at 2425-2535 E. 12th St. in Los Angeles. The property is 96 percent leased and features 24-foot warehouse clearance and dock-high loading. – The $27.4 million, or $307 per square foot, purchase of an 89,272-square-foot facility at 19951 Mariner Ave. in Torrance. Situated on 4.2 acres, the property offers 27-foot warehouse clearance, dock-high loading and an oversized yard. – The $13.5 million, or $174 per square foot, acquisition of a two-building, 77,758-square-foot industrial property located at 2555 E. Del Amo Blvd. in Rancho Dominguez. – The $27.3 million, or $87 per land square foot, purchase of a single-tenant, 100,000-square-foot property situated on 7 acres in the Los Angeles – Greater San Fernando Valley submarket. – The $27.1 million, or $200 per square foot, acquisition of a two-tenant, 135,258-square-foot industrial building at 29120 Commerce Center Drive in Valencia. The property features 30-foot clear heights, dock-high loading and proximity to freeway access. The …
BURLINGAME, CALIF. — Angelo Gordon & Co. has completed the disposition of a medical office building located at 1720 El Camino Real in Burlingame. Morgan Stanley acquired the asset for $64.4 million. The 106,018-square-foot building is immediately adjacent to the 241-bed, acute-care Sutter Health Mills-Peninsula Medical Center. The medical office building is anchored by Sutter Health, Stanford Health Care and DaVita. The property features recently renovated common areas and extensive medical buildouts, including a 10,300-square-foot endoscopy center in the Sutter Health space. The property also includes a five-story, 396-stall parking garage that provides direct access into the building from each floor. Steven Golubchik, Seth McKinnon, Ben Appel and Darren Hollak of Newmark’s Northern California Capital Markets team represented the seller in the deal.
HILLSBORO, ORE. — MG Properties Group has expanded its Portland-area multifamily portfolio with the purchase of Zera at Reed’s Crossing, an apartment property in Hillsboro. North America Sekisui House and Holland Partner Group sold the asset for an undisclosed price. Built in 2021, Zera at Reed’s Crossing features 324 garden-style apartments. The community is approximately 10 minutes from two of the area’s largest employers: Nike and Intel. MG Properties Group acquired 13 communities in the past year totaling over 3,900 units and $1.3 billion in combined value. The company is targeting additional acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado and Nevada. Mark Washington, Joseph Smolen and Mark Petersen of Eastdil Secured represented the seller. Lee Redmond and Greg Stampley of Eastdil Secured arranged acquisition financing through an affiliate of Apollo Global Management for the buyer.
NEWBERG, ORE. — Greystone Communities plans to break ground July 8 on an expansion project at Friendsview, a continuing care retirement community (CCRC) in the Portland suburb of Newberg. Yamhill County Hospital Authority issued $124.2 million in bond financing, underwritten by Ziegler, for the project. The community was founded in 1961 and boasts affordable CCRC living, with average monthly fees of $2,500. The expansion will bring new amenities to current residents across three new components named Springbrook Meadows North, Sutton Terrace at University Village and Charles Beals Plaza. “Replacing the health center with new residential care units, while keeping the per diem rates in a similar range, was a large part of this puzzle,” says Stuart Jackson, senior vice president of client services at Greystone Communities. The new Springbrook Meadows North neighborhood will include 14 duplex buildings housing 28 entrance-fee independent living cottage units and an expansion to the community center. The cottages will be an average of 1,535 square feet and will range between $2,670 and $3,330 in monthly fees and between $386,000 and $555,000 in entrance fees. Sutton Terrace at University Village will be constructed on the main campus and will feature a new five-story building housing 96 …
SACRAMENTO, CALIF. — Lument has closed a $28 million bridge loan to facilitate the refinancing and limited partner buyout of Greenfair Apartments, an age-restricted, low-income apartment property located in Sacramento. Aaron Wooler of Lument led the transaction on behalf of the borrower, Western America Properties, an affordable housing owner/developer. The firm specializes in acquiring, rehabilitating, preserving and managing HUD-insured, Section 8 apartment communities. Western America Properties originally acquired Greenfair Apartments in 2001 and subsequently renovated the 386-unit property. All units at the property benefit from project-based Section 8 housing assistance payment (HAP) contracts. The bridge loan will enable the sponsor to focus on obtaining permanent financing, renewing its HAP contracts and continuing to provide housing for low-income seniors.
CHARLESTON, S.C. — Trinity Capital Advisors (TCA) has begun construction of Tradepark East at Palmetto Commerce Parkway, an 850,000-square-foot, Class A industrial development in Charleston. The project is slated to be completed in 2022. Tradepark East will include four buildings. Building One, the park’s largest building, will be cross-docked and will total 342,160 square feet with 36-foot clear heights. Buildings Two and Three will total 174,720 square feet each and Building Four will span 145,600 square feet. Frampton Construction is the general contractor for Tradepark East, DMA Architecture is the design firm and Reveer Group serves as the civil engineer. Trinity Capital Advisors is a commercial real estate development and investment firm based in Charlotte, N.C.
CHANTILLY, VA. — Finmarc Management Inc. has acquired Park East I, II and III, a three-building business park in Chantilly comprising nearly 200,000 square feet of flex and office space, for $33.6 million. Eric Berkman of Cushman & Wakefield represented the seller, PS Business Parks, and Joe Hoffman of Kelley Drye & Warren provided legal services to Finmarc. The Park East buildings are located on 23 acres in Fairfax County and were collectively 96 percent leased at the time of the transaction. The properties include a nearly 6.5-acre parcel that is suitable for a future development opportunity. Contained within the Park East Corporate Center, Park East I is located at 14150 Parkeast Circle, Park East II is situated at 14048 Parkeast Circle and Park East III is positioned at 13990 Parkeast Circle. Each building features both drive-in and dock-high loading options and free onsite parking. The properties are located close to Va. Routes 28 and 50 and Interstate 66, and Washington Dulles International Airport is approximately 9.4 miles from the site. The project features a mix of tenants including American Systems Corp., the Fairfax County Board of Supervisors and United Bank. Two golf clubs are located less than one mile …
WASHINGTON, D.C. — BKV Group has opened Beckert’s Park, a 2.8-acre mixed-use project featuring 325 apartments and a new 60,000-square-foot Safeway grocery store, in the Capitol Hill neighborhood of Washington, D.C. Located at the corner of 14th Street and D Street SE, the development has replaced a parking lot and existing Safeway store that stood on the site for nearly 50 years. BKV Group worked with developer Foulger-Pratt to create a design for the Beckert’s Park project. The building is a single structure that includes residential units, the upgraded Safeway store and 8,000 square feet of commercial space. Additionally, the property offers underground parking for residents and Safeway customers. Residences at Beckert’s Park include studio, one-, two- and three-bedroom units ranging from 495 to 1,706 square feet, some with private outdoor space. All apartment units feature quartz countertops, customizable closets and in-unit laundry, and some include moveable kitchen islands and double sinks in the primary bathrooms. Community amenities include an outdoor pool, seating, cabanas, dining areas and grilling stations. Indoor amenities include a lobby with lounge seating and coworking space; clubroom with catering kitchen; game room; fitness center; golf simulator and a pet-washing station. Also, a multifunctional indoor sport court …
OXFORD, MISS. — Newmark has arranged the $16.5 million sale of Lafayette Place, a 366-bed student housing community located at 1711 Anderson Road near the University of Mississippi campus in Oxford. The community offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, resort-style saltwater pool, an outdoor grilling area, a beach volleyball court, 24-hour computer lab with study areas, and a fully-equipped 24-hour fitness center. Renovations were recently completed on 41 percent of the property’s units, which included the addition of new granite countertops, hardwood-style flooring and new appliances, faucets and sinks. The property’s clubhouse was also recently updated. Ryan Lang, Jack Brett and Bo Flurry of Newmark represented the undisclosed seller in the transaction. The buyer was DLP Holdings. This is the second student housing transaction Newmark has executed in Oxford this year, following the sale of the nearby The Retreat at Oxford.
ROSWELL, GA. — FCP has sold River Crossing at Roswell, a 312-unit apartment community in metro Atlanta. The buyer was Ashcroft Capital, who bought the property for an undisclosed price. Originally known as River Trace Apartments when FCP acquired the property in 2016, River Crossing at Roswell has undergone $5.5 million in improvements to its amenities, units and exteriors. Located at 1450 Raintree Way in Roswell, River Crossing at Roswell is located adjacent to neighborhood shopping centers anchored by a Publix and Life Time Fitness. The property has a lake and is located close to the Chattahoochee River. Community amenities include a fully renovated clubhouse with a fitness center, pool, playground, picnic area and a laundry center. As part of the capital improvements made on the property, 36 percent of the one-, two-, three- and four-bedroom apartments were renovated and have full-size washer and dryer connections, as well as private balconies and patios. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Mark Taylor of CBRE represented FCP in the sale. FCP is a privately held real estate investment company based in Chevy Chase, Md.