Property Type

JLL Secures $48.7M in Construction Financing for Creative Office Project in Los Angeles

by Amy Works October 9, 2020

LOS ANGELES — JLL Capital Markets has arranged $48.7 million in construction financing for Exposition 3, a creative office property located in Los Angeles’ West Adams submarket. Paul Brindley, Jeff Sause and Spencer Richley of JLL secured the three-year, floating-rate loan through HIG Realty Partners on behalf of the borrower, The Luzzatto Co. Slated for delivery in 2022, Exposition 3 is fully preleased on a long-term basis to an undisclosed company for use as its new headquarters. The property previously served as an industrial property, and Luzzatto is renovating the asset into a two-building, 94,082-square-foot creative office space.

October 9, 2020

Acquisitions California Multifamily Western

JCM Partners Sells Camden Parc Apartments in Vacaville, California for $58M

by Amy Works October 9, 2020

VACAVILLE, CALIF. — JCM Partners has sold Camden Parc Apartments, a multifamily property located on Aegean Way in Vacaville. Camden Parc Residential LLC acquired the community from JCM for $58 million, or $250,000 per unit. Situated on 15 acres, Camden Parc Apartments features 232 apartments in a mix of one-, two- and three-bedroom layouts spread across 24 two-story buildings. JCM completed interior and exterior renovations to Camden Parc in 2019. Steven Nelson and Dusty Haeling of Marcus & Millichap represented the seller and procured the buyer in the deal.

October 9, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $74M Refinancing Loan for Multifamily Community in Northeast Orlando

by Alex Tostado October 9, 2020

ORLANDO, FLA. — Berkadia has provided a $74 million Freddie Mac refinancing loan for Linden Audubon Park, a 449-unit multifamily community in Orlando. The 10-year loan features a floating interest rate with a partial interest-only payment period. The 19-acre property comprises 12 three- and four-story buildings offering one- to three-bedroom floor plans. Communal amenities include two pools, a poolside bar and TVs, outdoor kitchen, two-story clubhouse, fitness center and a dog park. The asset is situated at 990 Warehouse Road, four miles northeast of downtown Orlando. Charles Foschini and Chris Apone of Berkadia originated the loan on behalf of the borrower, Norfolk, Va.-based Harbor Group International.

October 9, 2020

Development Georgia Retail Southeast

Puttshack Breaks Ground on 25,000 SF Mini-Golf Location in West Midtown Atlanta

by Alex Tostado October 9, 2020

ATLANTA — Puttshack, a technology-infused mini-golf operator from the same team behind Topgolf, has broken ground on a new location at The Interlock in Atlanta. The 25,000-square-foot Puttshack is expected to open in spring 2021. The property will feature four mini-golf courses, a bar and an indoor-outdoor rooftop patio. The location will open at 1085 Howell Mill Road, three miles north of downtown Atlanta and two miles from an existing Topgolf location. Local firm S.J. Collins Enterprises is developing The Interlock, a $450 million, nine-acre development. The property is expected to open next spring and will feature 200,000 square feet of office space; 105,000 square feet of retail and restaurant space; 349 apartments and 18 townhomes as part of the Solis Interlock; 70 townhomes by Monte Hewett Homes; and a 161-room Bellyard boutique hotel with a lobby, restaurant and bar.

October 9, 2020

District of Columbia Multifamily Southeast

NMHC: 79.4 Percent of Apartment Dwellers Paid October Rent, Up 300 Basis Points from September

by Alex Tostado October 9, 2020

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 79.4 percent of renters made at least a partial rent payment as of Oct. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The number of households paying rent this month is up from Sept. 6, when 76.4 percent of renters made a payment. The Washington, D.C.-based organization also reports that the figure is unchanged from Oct. 6, 2019. NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, Entrata and MRI Software.

October 9, 2020

Company News Retail Southeast Tennessee

Dollar General to Launch New Retail Concept Targeting Wealthier Shoppers, Nashville to House First Stores

by Alex Tostado October 9, 2020

GOODLETTSVILLE, TENN. — Dollar General will launch popshelf, a new shopping concept that will offer seasonal and home décor, health and beauty must-haves, home cleaning supplies, party goods and entertaining needs. The Goodlettsville-based retailer says 95 percent of the items will be priced at $5 or less. Each popshelf location will average 9,000 square feet and will house up to 15 employees. The first two locations will open near Nashville this fall with the company expecting to open another 30 locations by the end of fiscal year 2021, which will be Jan. 29, 2021. According to Dollar General, initial targeted customers are primarily female and are located in diverse suburban communities with a total household annual income ranging from $50,000 to $125,000.

October 9, 2020

Industrial Kentucky Loans Southeast

NorthMarq Arranges $4.2M Refinancing of Industrial Property in Northern Kentucky

by Alex Tostado October 9, 2020

ERLANGER, KY. — NorthMarq has arranged a $4.2 million refinancing loan for Donaldson Road Center I, a two-building, 121,000-square-foot industrial property in Erlanger. An undisclosed life insurance company provided the 10-year loan, which features a 25-year amortization schedule. The facility is located at 1360-1390 Donaldson Road, three miles southeast of Cincinnati/Northern Kentucky International Airport and 11 miles southwest of downtown Cincinnati. The facilities were leased to tenants including Fry Fastening Systems, Trane Supply and Sherwin-Williams Commercial Paint Store at the time of the loan closing. The borrower was not disclosed.

October 9, 2020

California Loans Office Western

PSRS Arranges $7.1M in Refinancing for Office Park in Westlake Village, California

by Amy Works October 9, 2020

WESTLAKE VILLAGE, CALIF. — PSRS has arranged $7.1 million in refinancing for Promenade Office Park, a multi-tenant office building located in Westlake Village. The building features 74,000 square feet of office space. Grady Seldin of PSRS secured the financing through a life insurance company for the undisclosed borrower.

October 9, 2020

Alpha-Building-Mueller-Business-District-Austin

Office Texas

CBRE: Austin Office Market Vacancy Rate Up 360 Basis Points Year-to-Date

by Taylor Williams October 9, 2020

AUSTIN, TEXAS — The Austin office market closed the third quarter with a total vacancy rate of 14.3 percent, up 360 basis points from 10.7 percent at year-end 2019, according to a new report from CBRE. The market saw approximately 371,000 square feet of negative net absorption during the third quarter, fueled largely by vacated sublease space, and has now posted about 625,000 square feet of negative absorption for the year. While the bulk of the market’s negative absorption was concentrated in the CBD, some submarkets performed well, including the Southwest, which posted about 204,000 square feet of positive absorption. According to the report, roughly 400,000 square feet of sublease space was added to the supply between the second and third quarters, yielding a total of 1.6 million square feet of vacant sublease space. While vacancy is down relative to the second quarter of 2020, the report also noted that there are some 29 office projects totaling 6.1 million square feet under construction, suggesting that it may take some additional time for occupancy to return to pre-COVID levels even if absorption turns the corner into positive territory.

October 9, 2020

Acquisitions Multifamily Texas

Excelsa Properties Acquires 260-Unit Aspen at Mercer Crossing Apartments in Metro Dallas

by Taylor Williams October 9, 2020

FARMERS BRANCH, TEXAS — Excelsa Properties has acquired Aspen at Mercer Crossing, a 260-unit apartment community located in the northern Dallas metro of Farmers Branch. Built in 2019, the property features studio, one-, two- and three-bedroom units ranging in size from 663 to 1,423 square feet. Amenities include a pool, outdoor kitchen and gaming area, fitness center and a dog park. The seller was not disclosed.

October 9, 2020

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