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By Addison Fairchild, Baird Holm At its onset nearly nine months ago, the novel coronavirus forced federal, state and local leaders to consider measures necessary to prevent the virus’s inevitable spread. Those leaders imposed measures they calculated to balance minimizing the spread and harm of coronavirus to the national and local economies. Whether those measures were effective in achieving those goals is a question for another day. However, now that coronavirus is currently a part of daily life, businesses have been considering what measures they must take. Like political leaders, they must also consider balancing the potential liability they may face for the spread of the coronavirus or other illness, the harm to their patrons and clients, and the harm to their bottom lines. Commercial landlords are not exempt from considering the coronavirus or other pandemics in future leasing. It is unlikely a court would find a commercial landlord liable for the spread of a pandemic in their leased properties, except in rare circumstances. However, tenants may require landlords to provide upgrades to properties to ensure the safety of the leased premises. This article considers whether landlords may be liable for the spread of a pandemic in their leased premises. …

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    The Houston Retail Outlook— How is the Houston Market Responding to the Pandemic? webinar, hosted by Shopping Center Business and Texas Real Estate Business, covers the impacts of COVID-19 and how retail experts are bringing creativity to challenging situations. Houston boasts a dynamic retail and restaurant scene that has been a requisite landing spot for new shopping, dining and entertainment users over the last few years. With a plethora of new mixed-use destinations in development or coming on line, can the market continue to absorb the new retail space despite pandemic-related restrictions and reduced occupancies? See a list of some topics covered below: What initiatives have retail landlords and operators taken to mitigate the disruption brought on by COVID-19? What is the outlook in terms of leasing for the Houston market over the next six months? What kinds of retail deals are capital sources targeting right now, and what is the Houston market seeing in terms of deal velocity and volume? How will broader expectations for the Houston economy impact the performance of the retail market in the coming months? Panelists: Jake Donaldson (moderator), Method Architecture Emily Durham, Waterman Steele Real Estate Advisors Lacee Jacobs, Midway David Luther, NewQuest Properties Jonathan Hicks, …

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RMCIT-Loveland-CO

LOVELAND, COLO. — CBRE has brokered the sale of Rocky Mountain Center for Innovation and Technology (RMCIT) in Loveland. Bowling Green, Ky.-based Cumberland & Western Resources sold the asset to RMCIT LLC for $15.5 million. Located at 815 14th St. SW, the four-building campus features 811,817 square feet of office and flex industrial space on 177 acres. At the time of sale, the property was leased to a variety of tenants, including Lighting eMotors (formerly Lightning Systems). The property features on-site fiber optic cabling and up to eight megawatts or power capacity. Additional features include secured fencing with controlled access points, ample parking, common and recreational areas, and trucking access on both upper and lower levels. The facility is equipped for both large- and small-scale shipping and receiving operations. Mike Eyer, Mike Camp, Julius Taber and Greg Haynes of CBRE represented the seller in the deal.

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Casa-de-las-Campanas-San-Diego-CA

SAN DIEGO — HJ Sims has arranged $77 million in financing for Casa de las Campanas, a continuing care retirement community (CCRC) in San Diego. Life Care Services operates the community, which LCS Development built. The community is in the middle of a multi-phase master plan that includes renovation and expansion of its facilities, including new skilled nursing, independent living and memory care areas. In 2014, Sims secured bank financing through City National Bank (CNB) for Phase I of the plan. Sims negotiated the Phase II financing terms with CNB in 2017. Structuring the financing with CNB and Cal Mortgage, Sims worked to secure $39 million in direct bank placement bonds from CNB for Phase II expansion in 2017. LCS applied $7.1 million of equity and transferred $5.5 million of unused Phase I proceeds toward Phase II. Sims and Casa then explored refinancing options for outstanding 2010 bonds and outstanding bank debt to reduce overall cost of capital. In 2017, the passage of the Tax Cuts and Jobs Act eliminated the ability for Casa to advance refund its outstanding 2010 bonds. Sims and CNB considered pricing a tax-exempt refinancing, helping Casa to lock in an interest rate to refinance its …

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Oak-View-Apts-Visalia-CA

VISALIA, CALIF. — IDEAL Capital Group has completed the disposition of Oak View Apartments, a multifamily community located at 4700 W. Caldwell Ave. in Visalia. A Southern California-based private investor acquired the asset for $42.5 million. Alex Mogharebi, Otto Ozen, Robin Kane, Brendan Kane and Mark Bonas of The Mogharebi Group (TMG) represented the seller in the deal. Built in 1990 on 16.4 acres, Oak View Apartments features 237 units spread across 48 buildings totaling 209,610 rentable square feet. Units are available in one-, two- and three-bedroom floor plans with an average size of 884 square feet. Community amenities include two outdoor pools and spas, two playgrounds, three laundry centers, a business center, fitness center, basketball/volleyball courts, reserved covered parking and garages.

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LAS VEGAS, NEV. — Strategic Storage Growth Trust II (SSGT II), a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, has purchased a newly constructed self-storage facility in Las Vegas. Terms of the transaction were not released. Located at 5730 S. Durango Drive, the air-conditioned, 950-unit facility features 99,300 square feet of rentable space, camera surveillance, secured and alarmed doors, gated entry, LED lighting, ground-floor drive-up units, interior climate-controlled units with two easily accessible large capacity elevators, and covered exterior parking for RV/boats. The acquisition represents SSGT II’s first purchase in Las Vegas and the ninth property owned or managed by SmartStop in the Las Vegas market.

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HIALEAH, FLA. — A joint venture between Bridge Development Partners and PGIM Real Estate has secured $67 million in construction financing for Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The property will be situated on 20.8 acres at NW 162nd St. and NW 102nd Ave., about 20 miles northwest of PortMiami. Steve Roth of CBRE arranged the loan through MetLife. The Bridge-PGIM joint venture plans to break ground on the project this month for delivery in late 2021. Bridge Point Cold Logistics Center will be the first cold storage facility built on a speculative basis in South Florida, according to Bridge Development. The project is also the first cold storage project between Bridge and PGIM, which launched a $150 million program last year for the development and redevelopment of cold storage facilities nationwide.

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NASHVILLE, TENN. — Alliance Residential Co. has purchased 1.5 acres at 800 4th Ave. S. in Nashville for its next apartment development, Broadstone SoBro. The 226-unit community will feature studio, one- and two-bedroom layouts averaging 780 square feet. The Phoenix-based developer plans to break ground before the end of the year and deliver the property in 2022. Designed by Brock Hudgins Architects, Broadstone SoBro will feature a fitness room, terrace-level library with private working pods, saltwater pool with a pool deck, entertainment bar and a sky lounge champagne bar including private seating areas, a fireplace and an outdoor amenity deck. Interiors will feature shaker cabinetry, modern backsplashes, quartz countertops, pendant lighting, new appliances, built-in desks and mud benches. This is Alliance Residential’s third project in Nashville this year. The firm’s Broadstone Stockyards in the city’s Germantown neighborhood began welcoming residents in March. The firm’s other project is Broadstone Nations that is set to open in 2022.

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DILLON, S.C. — Marlboro Development Team Inc. (MDT) plans to build a 208,000-square-foot speculative industrial facility in Dillon. The Class A property will be situated on 24 acres within the Carolinas I-95 Megasite, an industrial park that fronts Interstate 95 and is located within one mile of the South Carolina Port Authority’s (SCPA) Inland Port Dillon. MDT plans to build the cross-dock facility using tilt-wall construction with 200-foot truck depths, 36-foot clear heights, 50- by 50-foot column spacing and 60- by 50-foot speed bays. The property is also expandable to 534,000 square feet. MDT is a subsidiary of Marlboro Electric Cooperative and controls 4,000 acres surrounding Inland Port Dillon. The new facility, set for completion in third-quarter 2021, is the fourth speculative development underway in the region.

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SPARTANBURG, S.C. — Dwight Capital has provided a $27.4 million HUD loan for Drayton Mills Lofts, a 289-unit multifamily community in Spartanburg. The HUD 223(a)(7) loan is a refinancing of the existing HUD 221(d)(4) loan that Grandbridge Real Estate Capital financed in 2014, the same year Westbridge Partners and TMS Development purchased the 118-year-old Drayton Mill. The former textile mill now features a 60-foot saltwater lap pool, two-story fitness center, walking trails and community rooms. Individual apartments come with large mill windows and 17-foot tall natural wood ceilings in one-, two- and three-bedroom floor plans. Rental rates range from $1,088 to $1,899. Also within the 203-acre Drayton Mills complex is 60,000 square feet of commercial and event space known as Drayton Mills Marketplace. Tenants include Bareknuckle Barbershop, Bella Late, Burn Boot Camp of Spartanburg, Dray Café, Edward Jones, Holiday Brewing, 1800 Drayton Catering & Events, Pi-Squared Pizza, Sparkle City Chiropractic, Palmetto Proactive Healthcare and The Lauren Ashley Collection Salon and Bar.

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