SANFORD, FLA. — Wendover Housing Partners, an Altamonte Springs, Fla.-based multifamily developer, has broken ground on Monroe Landings, a $16.3 million affordable housing community in Sanford. Wendover received $11.5 million in tax credit equity, $1.3 million from partner Orlando Housing Authority and a $2.8 million permanent loan from Neighborhood Lending Partners. Roger B. Kennedy Construction is overseeing the construction of the community. Located at 375 Oleander Ave. in Sanford, Monroe Landings will be a 60-unit, multifamily community with one-, two- and three-bedroom units. Community amenities will include a clubhouse with a gathering area and fireplace, resident computer center, pool, tot lot, gazebo with picnic tables, outdoor grills and a community gardening area. Rent is expected to start at $766 per month for one-bedroom units, $908 per month for two-bedroom units and $1,041 per month for three-bedroom units. Wendover expects to move residents in by the end of 2021 or beginning of 2022. In November 2013, HUD demolished an existing affordable housing community at the site after being deemed uninhabitable. Several hundred residents were displaced at the time the community was demolished. Wendover will offer the former residents the option to live at Monroe Landings when completed. The property will serve …
ORLANDO, FLA. — Cushman & Wakefield has arranged a $14.5 million sale-leaseback for a distribution facility in Orlando. GES, a Las Vegas-based marketing and logistics partner for the exhibition and convention industry, is the seller and the sole tenant of the property. Skye Cook, Brad Torell, Jared Bonshire, David Perez, Taylor Zambito, Rick Colon, Mike Davis and Rick Brugge of Cushman & Wakefield represented GES in the transaction. An affiliate of Coral Springs, Fla.-based Eisenberg Investment Group acquired the property. Located at 4805 W. Sand Lake Road, the 192,700-square-foot property is situated on 17 acres and is used for GES’ regional and international operations. The property includes 44,167 square feet of two-story office space, a trailer storage yard, onsite weigh station, clear heights of 21 feet to 29 feet, 38 dock doors and 254 parking spaces. The GES facility is located 12 miles from Walt Disney World Resort.
HOUSTON — Los Angeles-based PCCP LLC has provided an $86.3 million loan for the acquisition and renovation of two apartment communities totaling 620 units that are located within the 37-acre CityCentre mixed-use development in Houston’s Memorial City district. The properties, both of which offer Class A amenities, are branded Domain at CityCentre and Lofts at CityCentre. Domain features 370 units averaging 975 square feet in one-, two- and three-bedroom floor plans. Lofts totals 250 units averaging 958 square feet with a similar unit mix. The borrower was Lubbock-based Madera Residential, which purchased the assets from J.P Morgan.
HUTTO, TEXAS — Austin-based AQUILA Commercial has brokered the sale of Innovation Business Park Building III, a 153,234-square-foot industrial building located at 1150 New Technology Blvd. in Hutto, located northeast of Austin. Dogwood Industrial Properties, a platform backed by TPG Real Estate Partners, purchased the asset from Titan Development for an undisclosed price. Titan Development delivered the building in the fourth quarter of 2020. At the time of sale, the property was 62 percent leased to EDC Moving Systems.
DALLAS — Locally based investment firm 180 Multifamily Properties has acquired a 208-unit apartment complex in Dallas’ Bachman Lake area, located near Dallas Love Field Airport. The seller was an undisclosed firm based on the East Coast. Bard Hoover and Wes Racht of Marcus & Millichap brokered the deal. The new ownership plans to implement a capital improvement program that will also include a rebranding of the property.
SAN ANTONIO — Arizona-based investment firm Sterling Real Estate Partners has acquired Silver Creek Apartments, a 150-unit multifamily community located near USAA’s headquarters on the north side of San Antonio. According to Apartments.com, the property was built in 1983, features studio, one- and two-bedroom units and offers amenities such as a clubhouse, lounge, fitness center and a pool. The seller was not disclosed. Sterling plans to implement a value-add program.
HOUSTON — Heavenrich & Co. has arranged the sale of Pathways Memory Care, a 60-unit skilled nursing memory care facility located in Northwest Houston. The property was built in 2014 on an 80-acre medical campus that includes the Kelsey Seybold Clinic and Villa Toscana, an 86-unit skilled nursing facility that Heavenrich brokered the sale of in 2020. StoneGate Senior Living, a national owner-operator, sold the property to an undisclosed buyer for an undisclosed price.
WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported fourth-quarter revenue of $69.5 billion, exceeding the $68.7 billion projected by analysts, as the Rhode Island-based drugstore and pharmacy expanded its COVID-19 testing and vaccination services. CVS also reported quarterly net income of $975 million, down from $1.7 billion in the fourth quarter of 2019. In addressing the earnings report, CEO Karen Lynch said that the company expects to roll out a wider range of healthcare services in 2021. The stock price of CVS, which operates about 10,000 stores across the United States, opened at $73.57 on Tuesday, Feb. 26, up from $71.19 per share a year ago.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to sell its 25 percent interest in Tower 46, a mixed-use building located at 55 W. 46th St. in Manhattan, for $275 million. SL Green acquired its stake in the building, which includes office, retail and multifamily uses, in 2014. The buyer is a fund backed by Brookfield Asset Management. Paul Gillen, Anthony Ledesma and Kyle van Buitenen of Hodges Ward Elliott represented SL Green in the transaction, which is expected to close before the end of the first quarter.
WILMINGTON, ILL. — Silver Creek Development has acquired a 2 million-square-square-foot distribution center in Wilmington within metro Chicago for an undisclosed price. Michelin North America fully occupies the facility, which is located on 91 acres at 29900 S. Graaskamp Blvd. The property is situated within the Ridgeport Logistics Center, which is located in Chicago’s I-80 submarket. Originally constructed in 2015 as a build-to-suit for Michelin, the facility was expanded in 2016. It features a clear height of 32 feet, 126 dock-high doors, four drive-in doors and trailer parking. Matthew Schoenfeldt and Eliott Zeitoune of JLL Capital Markets arranged acquisition financing through Pacific Life Insurance Co.