PHOENIX — San Diego-based MG Properties Group has purchased Centra, a multifamily property located in midtown Phoenix, from FORE Property for $74.5 million. Built in 2020, the five-story, podium-style property features 223 units and underwent a swift lease up. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller. Brooks Benjamin of KeyBank arranged $43.1 million in acquisition financing for the buyer.
MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …
LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 98-unit assisted living and memory care community in Las Vegas. The 76,458-square-foot community sits on 3.2 acres. A local developer sold the property to a private equity fund for $20.2 million. The new owner plans to replace the operator. Vince Viverito, Brad Goodsell and Jason Punzel of SLIB handled the transaction.
VISTA, CALIF. — Lee & Associates has arranged a long-term lease for M2 Ingredients to occupy a single-tenant industrial building located at 1395 Park Center Drive in Vista. The lease is valued at $20.5 million. The 150,000-square-foot building features 20,000 square feet of office space, four dock-high doors, eight grade-level doors and 135,000 square feet of warehouse space with 4,000 amps 277/480-volt power. M2 Ingredients was founded in 2010 and is a producer of certified mushroom powders with a full spectrum of bioactive compounds to support health, sport performance, recovery and cognition. The new facility will serve as the company’s corporate headquarters and main warehouse for the manufacturing and distribution of its products. Marko Dragovic, Isaac Little and Tim Moore of Lee & Associates – North San Diego County represented the tenant, while Aric Starck and Brant Aberg of Cushman & Wakefield represented the landlord, Alpha Industrial Properties, in the transaction.
WASHINGTON, D.C. — In the first quarter of 2021, originations for commercial and multifamily loans totaled $3.9 trillion, according to the latest report from the Mortgage Bankers Association (MBA). Compared to the Washington, D.C.-based organization’s findings from fourth-quarter 2020, the first-quarter originations increased by $44.6 billion, a 1.1 percent hike quarter-over-quarter. According to the MBA report, commercial banks held the largest share (roughly 38 percent) of commercial and multifamily mortgages at $1.5 trillion. The second largest holders of commercial and multifamily mortgages were Fannie Mae, Freddie Mac, HUD and other mortgage-backed security lenders at $861 billion, or 22 percent. Additionally, life insurance companies provided $588 billion (15 percent) in the first quarter and issuers of commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO) and other asset-based securities (ABS) generated $540 billion in debt (14 percent). In the first quarter, agency lenders saw an increase of $23 billion in loans, a 2.8 percent jump. CMBS, CDO and other ABS issuers increased their holdings by $7 billion, or 1.3 percent. Banks increased their holdings by $6.8 billion (0.5 percent), and REITs increased their holdings by $4.9 billion (5.2 percent). Finance companies, however, saw their holdings decrease 1.2 percent.
SAN ANTONIO — USAA Real Estate has sold La Cantera Resort & Spa, a 630-acre hospitality property located within the 1,700-acre La Cantera master-planned community in San Antonio. The property consists of 496 guestrooms and suites, including 34 villas, 127,000 square feet of indoor and outdoor meeting and event space, five pools, two 18-hole golf courses and multiple food and beverage concepts. USAA originally developed the resort in 1999 and renovated its various amenities between 2015 and 2016. Redwood City, Calif.-based Ohana Real Estate Investors purchased the property for an undisclosed price.
CLEVELAND — CrossCountry Mortgage LLC has launched construction of its $46 million headquarters campus in Cleveland’s historic Superior Arts District. The 168,000-square-foot project on Superior Avenue is expected to bring more than 600 full-time jobs to the city. Made possible with support from the City of Cleveland, Team NEO, JobsOhio and the Ohio Development Services Agency, the project includes the restoration and renovation of four industrial buildings dating back to as early as 1913. The site formerly housed the headquarters, packaging and warehouse facility for TAP Packaging + Design. The new headquarters will feature a 4,600-square-foot training center and a 7,100-square-foot common area. Amenities will include a conference center, barista, grab-and-go food pantry, commercial kitchen and an 8,600-square-foot gym with a group fitness studio and lockers. Completion of construction is slated for the end of the year. Founded in 2003, CrossCountry is a retail mortgage lender with nearly 6,800 employees. The company, which is currently based in Brecksville, operates in all 50 states through a network of more than 500 offices.
HOUSTON — Locally based developer McNair Interests has broken ground on Remy on the Trails, a 330-unit multifamily project located on a 24-acre site in West Houston. The property will span 400,000 square feet and offer one- and two-bedroom units. Amenities will include an infinity pool, indoor fitness center with an adjoining outdoor workout area, a clubhouse with resident lounges, dog washing station, multiple courtyards with outdoor entertainment spaces and a business center with private offices and a conference center. In addition, residents will have access to a private walking trail and three-acre lake with a dock for paddleboards, kayaking and fishing. Project partners include The Preston Partnership (architect), Mayfield & Ragni Studio (interior designer), Kimley-Horn (landscape architect) and Arch-Con (general contractor). Leasing is expected to begin in the third quarter of 2022.
ST. LOUIS — Draper and Kramer Inc. has broken ground on Moda at The Hill, a 225-unit apartment building in The Hill neighborhood of St. Louis. The four-story project is part of a larger 11-acre master-planned community led by Draper and Kramer that also includes single-family homes and a condominium building. Moda at The Hill will offer a mix of one- and two-bedroom units measuring from 600 to 1,200 square feet. Amenities will include a fitness center, yoga studio, pool courtyard, parking garage, community lounges, pet care facilities and coworking spaces. Holland Construction, Humphreys & Partners Architects and HPA Design Group make up the project team. Gershman Mortgage provided construction financing. Completion is slated for late spring 2022.
WHITESTOWN, IND. — Green Rabbit has leased 187,941 square feet of cold storage space in Whitestown near Indianapolis. The newly constructed facility is located along I-65. Tony Hupp of Colliers International represented Green Rabbit, which is a Massachusetts-based supplier of cold storage transportation. Becknell Industrial owns the property.
