Property Type

Crescent Communities to Develop 255,000 SF Life Sciences Campus in Holly Springs, North Carolina

by Julia Sanders March 10, 2021

HOLLY SPRINGS, N.C. — Crescent Communities will develop a three-building life sciences campus within Oakview Innovation Park in the Raleigh-Durham market of Holly Springs. The property will be situated at the intersection of Green Oaks Parkway and Holly Springs New Hill Road. Crescent Communities worked with the Town of Holly Springs and Trustwell Property Group to co-develop the life sciences campus. The campus, which is located near Seqirus’ North American campus and adjacent to the Holly Springs Business Park, will feature three buildings spanning over 255,000 square feet on approximately 25 acres. Two of the development’s buildings will be constructed to meet biomanufacturing specifications, with each one offering over 100,000 square feet and the ability to accommodate single or multi-tenant needs. The third facility will be a two-story office building designed for smaller office users or expanding ones. Crescent Communities aims to start construction later this summer, with the first building’s delivery expected in summer 2022. The design team includes Timmons Group, O’Brien Atkins Associates and Gilbane . Crescent Communities is a Charlotte-based real estate investor, developer and operator of mixed-use communities.

March 10, 2021

Colorado Loans Office Western

JLL Capital Markets Structures $54M in Refinancing for 298,888 SF Office Tower in Denver

by Amy Works March 10, 2021

DENVER — JLL Capital Markets has arranged $54 million in refinancing for 1660 Linc, a 31-story, Class A office tower in Denver’s Uptown neighborhood. Located at 1660 Lincoln St. and built in 1972, 1660 Linc features 298,888 square feet of office space, parking for 425 vehicles, an 8,800-square-foot tenant lounge, training room for 40-plus people, a game room, coffee bar, and gym complete with yoga room and Peloton bikes. The property was renovated in 2016 and 2019-2020 with more than $19 million in improvements, including the installation of a central plant and HVAC systems, a lobby expansion and conversion of the entry into an open, sky-lit space. The current tenant roster includes Ciancio Ciancio Brown PC, United States Meat Export Federation and a number of small start-ups. Leon McBroom led the JLL Capital Markets teams that secured the four-year bridge loan, which features a one-year extension, through Benefit Street Partners. Funds that Westport Capital Partners manages own the borrower.

March 10, 2021

Acquisitions Florida Retail Southeast

JLL Brokers Sale of Winn-Dixie-Anchored Shopping Center in Naples, Florida

by Julia Sanders March 10, 2021

NAPLES, FLA. — JLL Capital Markets has brokered the sale of Mission Hills Shopping Center, a fully leased, 85,078-square-foot neighborhood shopping center anchored by Winn-Dixie in Naples. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Phillips Edison & Company Inc., a REIT based in Cincinnati. Slate Grocery REIT acquired the asset for an undisclosed price. Completed in 2005, Mission Hills Shopping Center was renovated in 2018 and features 17 service-oriented tenants, with 85 percent deemed “essential.” The center is situated on 18.8 acres at 7550 Mission Hills Drive, about 37 miles from Fort Myers. Toronto-based Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate.

March 10, 2021

Acquisitions California Net Lease Retail Western

Faris Lee Investments Brokers $22.6M Sale of Central Plaza Shopping Center in Lake Elsinore, California

by Amy Works March 10, 2021

LAKE ELSINORE, CALIF. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of ULTA Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The names of the buyers were not released. The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased Marshalls; a single-tenant, net-leased Panera Bread with drive-thru; a two-tenant pad occupied by Pieology and Ono Hawaiian BBQ; a single-tenant, net-leased Five Below; a single-tenant, net-leased Sketchers; a single-tenant, net-leased Miguel Jr.’s with drive-thru; and the single-tenant, net-leased ULTA Beauty. Situated on 7.3 acres, Central Plaza is a 66,000-square-foot retail center located at the junction of Interstate 15 and Central Avenue. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in all the transactions.

March 10, 2021

HilltopVillas-StewartVillas-Apts-Las-Vegas-NV

Acquisitions Multifamily Nevada Western

Northcap Commercial Arranges $22.1M Sale of Hilltop Villas, Stewart Villas Multifamily Properties in Las Vegas

by Amy Works March 10, 2021

LAS VEGAS, NEV. — Northcap Commercial has arranged the sale of Hilltop Villas and Stewart Villas, two multifamily properties in Las Vegas. Hilltop LLC sold the assets to an undisclosed buyer for $22.1 million, or $98,009 per unit. Located at 600 N. 12th St., 600 N. 13th St., 601 N. 13th St., 2640 Marlin Ave and 2601 Stewart Ave., the properties offer a total of 226 units. The communities were built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the deal.

March 10, 2021

Development Multifamily Seniors Housing Southeast Virginia

The Virginian Breaks Ground on $56.5M Landmark Renovation in Fairfax, Virginia

by Julia Sanders March 10, 2021

FAIRFAX, VA. — The Virginian Retirement Community, a senior living community in Fairfax, will break ground on an 18-month renovation schedule. Development costs are estimated at $56.5 million. The Virginian project is a collaboration between Focus Healthcare Partners LLC, Life Care Services and Allied Partners. The Virginian Retirement Community will be located at 9229 Arlington Blvd., about 17 miles from Washington, D.C. The seven-story, 367,000-square-foot building will include four wings featuring 155 independent living apartments, 56 assisted living units and 38 memory care residences. The property is located on a 32-acre wooded campus near downtown Fairfax, and was acquired by an affiliate of Focus Healthcare Partners LLC in 2019. The Virginian will offer a fitness center with trainers, as well as daily exercise classes including aerobics, Tai Chi, balance and strength training and yoga. Other activities include a high-tech Golf Simulator, new indoor swimming pool with water aerobics classes and a water exercise program. The property will also include a new theater, virtual entertainment room, tech lounge, three full-service salons and four restaurants.

March 10, 2021

Acquisitions California Healthcare Multifamily Seniors Housing Western

CareTrust REIT Acquires Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw March 10, 2021

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.

March 10, 2021

Acquisitions California Retail Western

CBRE Negotiates $5.8M Sale of Grocery Outlet-Occupied Retail Property in Anaheim

by Amy Works March 10, 2021

ANAHEIM, CALIF. — CBRE has brokered the sale of a retail property located at 3430 W. Lincoln Ave. in Anaheim. Land Investments sold the asset to a Los Angeles-based private investor for $5.8 million. Grocery Outlet occupies the 26,414-square-foot building, which is situated on a two-acre lot. The asset is situated two miles south of Knott’s Berry Farm and six miles east of Disneyland. Alan Krueger and Vanessa Haddad of CBRE represented the buyer and seller in the transaction.

March 10, 2021

Company News Multifamily Texas

Berkadia Adds New Multifamily Investment Sales Team in Houston

by Taylor Williams March 10, 2021

HOUSTON — Berkadia has added a new multifamily investment sales team to its Houston office with the hiring of Chris Curry, Todd Marix, Joey Rippel and Chris Young, all of whom are joining the company from JLL. The team works with a diverse client base, including institutions, private capital, developers, special servicers and government institutions across all multifamily asset classes. Berkadia’s hiring of a new Houston multifamily investment sales team from JLL follows the departure of a longstanding, eight-member team to Walker & Dunlop earlier this month.

March 10, 2021

Acquisitions Multifamily Texas

PEM Real Estate Buys 335-Unit Edge & Stone Apartments in San Antonio

by Taylor Williams March 10, 2021

SAN ANTONIO — Arizona-based PEM Real Estate Group has purchased Edge & Stone, a 335-unit, newly built apartment community in north-central San Antonio. The property sits on 22 acres and features studio, one- and two-bedroom units with quartz or granite countertops and private balconies or patios. Amenities include a pool with cabanas, outdoor grilling stations, fitness center and a dog park. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a partnership between Thompson Realty Capital and Trez Capital, in the transaction. The duo also procured PEM Real Estate as the buyer.

March 10, 2021

Newer Posts

Older Posts