Property Type

Gridline Properties Arranges $5.4M Sale of Former Methodist Church and School in Miami

by Julia Sanders March 24, 2021

MIAMI — Gridline Properties has arranged the sale of a former Methodist church and school in Miami for $5.4 million. The 28, 947-square-foot property is located at 205 NE 87th St. in Miami’s Upper East Side and within El Portal Village. Built in 1952, the former Rader Memorial United Methodist Church has been vacant for more than 10 years. Gridline’s Alfredo Riascos represented the sellers, Seth Gadinsky of Gadinsky Real Estate LLC and Samuel Soriero of Group 10 Capital Management LLC, in the transaction. The buyer, The Sanctuary LLC, a client of Elm Spring Inc., plans to adapt the property into restaurant, retail and office space. The sellers acquired the property in 2016 for $3.2 million and entitled the asset into a mixed-use retail, office and event space building prior to selling. No timeline was given on the redevelopment project.

March 24, 2021

Market Reports Office Texas Texas Market Reports

Despite Current Pain, Long-Term Needs for Office Space Won’t Disappear in Houston

by Taylor Williams March 24, 2021

By Dustin Devine, vice president, Avison Young In 2020, COVID-19 further compounded the issues Houston’s office market was facing with depressed oil and gas prices. With many office users implementing work-from-home policies — although a shift back to the office is in progress — and minimal business travel, there was weak demand for office space in 2020. Houston’s office market is expecting a resurgence of sorts beginning in mid- to late-2021 due to increased vaccine rollouts and work-from-home burnout, along with commodity prices continuing to tick upward. Increased demand will not occur overnight, however, as it will take years to absorb all of the current available space. Most activity at present is expiration-driven. Although Houston’s economy today is more diversified than it was in the 1980s, much of the city’s business either revolves around or touches the oil and gas industry. Avison Young’s recent Office Market Report shows that current citywide office availability is over 25 percent, with nearly 6.5 million square feet of sublease space available. With availability rates and the amount of sublease inventory at such high levels, it is clear that many industries are hurting, including commercial real estate. As a firm, we are doing whatever we …

March 24, 2021

Georgia Leasing Activity Office Southeast Top Stories

Google to Occupy 19 Floors of Midtown Atlanta Office Tower

by Kristin Harlow March 24, 2021

ATLANTA — Google will occupy 19 floors of its new Atlanta office currently under construction in Midtown. The office tower is part of a mixed-use development known as 1105 West Peachtree. Selig Enterprises is developing the office tower, which is slated for completion in the third quarter of 2022. In addition to the 645,000-square-foot office component, the overall project will include a 64-unit condominium tower and a 178-room Epicurean Hotel. Starting next year, Google will take occupancy of five floors, or roughly 150,000 square feet of the Midtown office building. The company says it will move into the remaining space over the next several years. Last week, Google announced that it planned to invest more than $7 billion in offices and data centers across the country and create at least 10,000 new full-time jobs. Of that investment, $25 million is in the state of Georgia. In its 2020 Economic Impact Report, Google shared how more than 67,000 businesses, publishers and nonprofits in Georgia used Google products last year. This activity generated $9.9 billion in economic activity in 2020, a 13 percent increase from 2019. Google has called Georgia home since 2003. The company maintains an existing Midtown office, as well …

March 24, 2021

Development Industrial Mississippi Southeast

Core5 to Develop 957,400 SF Industrial Building Near Memphis

by Julia Sanders March 23, 2021

MARSHALL COUNTY, MISS. — Core5 Industrial Partners plans to develop I-269 Logistics Center, a five-building industrial park in Marshall County totaling 3 million square feet. The Atlanta-based developer acquired 221 acres of fully entitled land located at Highway 302 and Interstate 269 in the Mississippi suburbs of Memphis. Core5 plans to break ground soon on I-269 Industrial Park Building D, a 957,400-square-foot cross-dock facility that is expandable to 1.7 million square feet. Delivery of the building is scheduled for the first quarter of 2022. Building D will feature 40-foot clear heights and a six-inch Ductilcrete slab. The building will accommodate trailer parking for over 391 trailers and 597 auto parking spaces. The site also offers real and personal property tax exemptions for up to 10 years based on job creation and investment.

March 23, 2021

Acquisitions Affordable Housing Multifamily Southeast Virginia

Blackfin, GMF Capital Acquire Affordable Housing Portfolio in Virginia for $48M

by Julia Sanders March 23, 2021

RICHMOND AND PORTSMOUTH, VA. — A joint venture between Blackfin Real Estate Investors and GMF Capital LLC have acquired three Low Income Housing Tax Credit (LIHTC) communities in Virginia for $48 million. The seller was The Franklin Johnston Group. Drew White and Carter Wood of Berkadia secured the $48 million sale, while Mitch Sinberg and Matt Robbins of Berkadia arranged the $39.1 million financing. The affordable housing portfolio totals 452 units and includes Oaks of Dunlop Farms located at 101 Old Oak Lane Colonial Heights in Richmond. Also, the portfolio includes Crescent Place located at 2804 Turnpike Road and Independence Square located at 5120 George Washington Highway in Portsmouth. The Oaks of Dunlop Farms has 144 units, Crescent Place has 156 units and Independence Square has 152. The transaction represented the venture’s sixth acquisition together.

March 23, 2021

Affordable Housing California Development Multifamily Western

Suffolk Completes 174,000 SF Mixed-Use Residence for UCLA Medical Students in West Los Angeles

by Amy Works March 23, 2021

LOS ANGELES — Suffolk has completed the construction of 1500 Granville, a mixed-use building in West Los Angeles. CIM Group us developer and Lorcan O’Herlihy Architects is designer. The property offers affordable and community-focused housing options for University of California Los Angeles Medical house staff and graduate students. The five-story building features 153 units, 15,000 square feet of retail space and 308 subterranean parking spaces. Units are available in a mix of studio, one-bedroom, two-bedroom and live-work unit floor plans with 16 units set aside as affordable. Community amenities include a clubhouse, co-working space, a gym, pool area, barbecue area and multiple outdoor and courtyard areas for recreation. The ground-floor retail and restaurant spaces feature multifamily outdoor dining and recreation areas that connect the public housing to the surround community. The project is the final phase of the multi-block development that was previously occupied by car dealerships. The area includes the Elevate, a 147-unit apartment community, and three four-story buildings of The Westgate Collection. CIM Group sold 1500 Granville to a joint venture between UCLA Housing and UCLA Medical, as a housing option for UCLA Medical’s house staff (medical residents, fellows and interns), medical graduate students and other graduate students.

March 23, 2021

Acquisitions Multifamily Nevada Western

Haley Real Estate Sells 350-Unit Sundance West Apartments in Reno to Priderock Capital Partners

by Amy Works March 23, 2021

RENO, NEV. — Haley Real Estate Group has completed the sale of Sundance West Apartments, a multifamily property located at off Moana Lane in Reno. Priderock Capital Partners acquired the asset for an undisclosed price. Built in 1974 on seven acres, Sundance West Apartments features 350 units, three swimming pools with sundecks, open greenbelts, two gazebo areas with barbecues and picnic areas, a fitness center and five laundry facilities. Kenneth Bloomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction. The acquisition was financed via a government agency loan.

March 23, 2021

California Development Loans Multifamily Western

CIM Group Arranges $89M Construction Loan for AMCAL’s Bayview Apartment Building in Northern California

by Amy Works March 23, 2021

EMERYVILLE, CALIF. — CIM Group has closed an $89 million construction loan for AMCAL’s development of Bayview, a seven-story multifamily property in Emeryville. Situated on 2.3 acres, Bayview will feature 186 units with studio, one-, two-, three-bedroom and townhome-style floor plans and 257 parking spaces. Community amenities will include a fitness center, co-working spaces, a clubhouse and an indoor/outdoor roof deck. Construction is slated to begin this month. Bryan Gortikov of Gortikov Capital arranged the financing.

March 23, 2021

Acquisitions Maryland Retail Southeast

JLL Brokers $17.4M Sale of Manokeek Village Center in Metro D.C.

by Julia Sanders March 23, 2021

ACCOKEEK, MD. — JLL has brokered the $17.4 million sale of Manokeek Village Center, a 74,470-square-foot, grocery-anchored shopping center in the Washington, D.C., suburb of Accokeek. Bill Moylan, Jordan Lex and Daniel Naughton of JLL marketed the property on behalf of the seller, The JCR Cos. Evan Park of JLL arranged a 10-year, fixed-rate acquisition loan on behalf of the buyer, AmCap Necessity Retail Fund LLC. Completed in 2003, Manokeek Village Center is 96 percent leased to Giant, along with a mix of other tenants, including Starbucks and Advance Auto Parts. The site has a potential expansion and development opportunity with an undeveloped 1.3-acre pad site included in the sale. Manokeek Village Center is situated on 15.8 acres at 7025 Berry Road.

March 23, 2021

Acquisitions Arizona Multifamily Western

Tower 16 Capital Partners, Drake Real Estate Buy La Mirada Apartments in Tucson

by Amy Works March 23, 2021

TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has purchased La Mirada Apartments in Tucson. A private seller sold the asset for an undisclosed price in an off-market transaction. Located at 4415 E. Grant Road, La Mirada Apartments features 201 two- and three-bedroom apartments with a clubhouse and two swimming pools. Tower 16 Capital plans to implement a $4 million upgrade and renovation program to the property, which will include modernized unit upgrades, a new clubhouse, gym and updated pool areas. Additionally, the new owners will add outdoor amenities such as barbecues, seating and outdoor gaming areas.

March 23, 2021

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