Property Type

Waterton Acquires 318-Unit The Vue Residential High-Rise in San Pedro, California

by Amy Works January 22, 2021

SAN PEDRO, CALIF. — Chicago-based Waterton has purchased The Vue, a 16-story apartment community located at 255 W. Fifth St. in San Pedro. Originally built in 2008 as a condominium project, the property features 318 apartments in a mix of one-, two- and three-bedroom floor plans. Terms of the transaction were not released. Averaging 1,035 square feet, the units feature large living spaces and bedrooms, nine-foot ceilings and floor-to-ceiling windows. Waterton plans to renovate the units with stainless steel appliances, updated plumbing fixtures, tile backsplashes, new cabinet fronts and quarter countertops in the kitchens. Additionally, the renovations will include faux wood vinyl plank flooring, new lighting fixtures and the addition of full-sized vented washers/dryers. Waterton also plans to upgrade the lobby and common areas, as well as make cosmetic improvements to the existing amenities, including the pool deck, fitness center, rooftop lounge and business center.

January 22, 2021

Acquisitions Arizona Multifamily Western

Milestone Group Buys Two-Property Multifamily Portfolio Totaling 448 Units Near Phoenix

by Amy Works January 22, 2021

MESA AND GLENDALE, ARIZ. — An affiliate of The Milestone Group has purchased two multifamily assets totaling 448 apartments through a recapitalization valued at approximately $85 million. Located at 1865 N. Higley Road in Mesa, Alta Mesa features 200 garden-style apartments in a mix of studio loft, one-, two- and three-bedroom layouts. Community amenities include two swimming pools, a hot tub, clubhouse, fitness center, racquetball court and movie theater. Located at 7400 W. Arrowhead Clubhouse Drive in Glendale, Pavilions at Arrowhead offers 248 garden-style units in a mix of one- and two-bedroom layouts. On-site amenities include a pool, clubhouse with a spa and hot tub, a sundeck, fitness center and gas grill area. Milestone plans to upgrade and renovate the properties, which were constructed in 1997 and 1999, respectively.

January 22, 2021

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Negotiates $2.6M Sale of Chili’s-Occupied Building in Lake Elsinore, California

by Amy Works January 22, 2021

LAKE ELSINORE, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant restaurant property located at Lake Elsinore Marketplace, a 144,034-square-foot shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to an Orange County-based private investor for $2.6 million. Built in 2005 and renovated in 2019, the 6,300-square-foot restaurant pad is located at 29233 Central Ave. Chili’s Grill & Bar occupies the property under an absolute triple-net lease. Additional tenants at Lake Elsinore Marketplace include Starbucks Coffee, Popeyes, Wendy’s, Del Taco, Panda Express, Valvoline and Wells Fargo. Kevin Fryman and Bill Asher of Hanley Investment Group represented the seller, while Dhanesh Solanki of Brea-based KW Commercial represented the buyer in the transaction.

January 22, 2021

Development Mixed-Use North Carolina Southeast

ATCO, Shorenstein Break Ground on Phase II of Camp North End Mixed-Use Project in Charlotte

by John Nelson January 22, 2021

CHARLOTTE, N.C. — ATCO Properties & Management and Shorenstein Properties LLC have broken ground on Phase II of Camp North End, which will include retail, office and multifamily spaces, as well as a parking garage. The mixed-used development is located on a former industrial site spanning 76 acres in Charlotte’s Druid Hills South district. S9 Architecture is the designer and BB+M Architecture is the architect of record for Camp North End’s second phase, which will include two office buildings totaling 120,000 square feet, 15,000 to 20,000 square feet of retail space and a multifamily community with a parking garage. ATCO and Shorenstein expect to deliver the second phase of construction in early 2022. Phase I was delivered in summer 2020 and includes 70,000 square feet of office and retail space and four food stalls within the Gama Goat building. Office tenants at the project include solar energy company Pine Gate Renewables, tech firm CloudGenera Inc. and Ally Bank. Retail tenants include restaurant Leah & Louise, bakery Wentworth & Fenn, Free Range Brewing, That’s Novel Books and boutique fitness center bloc. The project team is also in the preliminary planning stages for several other buildings onsite, including the renovation of the …

January 22, 2021

Acquisitions Georgia Multifamily Southeast

Passco Purchases Newly Built Multifamily Community Near Atlanta for $65M

by John Nelson January 22, 2021

GAINESVILLE, GA. — Passco Cos. has purchased The Mill at New Holland, a 284-unit multifamily community in Gainesville, for $65 million. The property offers studio to three-bedroom floor plans that feature granite countertops, stainless steel appliances, tile backsplashes and nine-foot ceilings. Communal amenities include a 24-hour fitness center, pool, outdoor grilling area, club room and a dog park. The asset is situated at 1000 New Holland Way NE, 56 miles northeast of downtown Atlanta. The seller, Mesa Capital Partners, delivered the community in 2020. According to Apartments.com, rental rates at The Mill at New Holland range from $1,099 for a studio apartment to $1,812 for a three-bedroom unit.

January 22, 2021

Acquisitions Industrial North Carolina Retail Southeast

Riverside Furniture Acquires Former Manufacturing Facility in Triad Region, Plans Renovations

by John Nelson January 22, 2021

GIBSONVILLE, N.C. — Riverside Furniture Corp. has acquired the former Burlington Mills warehouse and manufacturing facility in Gibsonville. The buyer plans to convert the building into its first distribution center in North Carolina. The asset is located at 5928 N. N.C. Highway 87, 22 miles northeast of downtown Greensboro. The Fort Smith, Ark.-based retailer plans to house more than 30 full-time employees at the 294,394-square-foot site. A timeline for completion was not disclosed. Brian Craven, David Hagan and Joe Stanley of CBRE|Triad represented the seller, DFA I LLC, in the transaction. The sales price was not disclosed.

January 22, 2021

Company News Florida Retail Southeast

Winn-Dixie Parent Company Moves Forward With Initial Public Offering

by John Nelson January 22, 2021

JACKSONVILLE, FLA. — Southeastern Grocers Inc., the Jacksonville-based parent company of grocery brands Winn-Dixie, BI-LO, Fresco y Mas and Harveys Supermarket, is moving forward with its initial public offering (IPO) that it filed in mid-October. Founded in 1924, Southeastern Grocers operates 638 grocery stores, pharmacies and liquor stores across Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. According to Market Watch, the company has 36,000 employees and its expected listing date for its shares of common stock is next week under the symbol “SEGR” on the New York Stock Exchange (NYSE). Southeastern Grocers is launching its IPO for 8.9 million shares of its common stock to be sold at an anticipated price between $14 and $16 per share. BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers and as representatives of the underwriters for the IPO. Deutsche Bank Securities Inc., BMO Capital Markets and Wells Fargo Securities are acting as book-running managers for the IPO. Truist Securities is acting as co-manager for the offering.

January 22, 2021

Acquisitions Industrial Loans Southeast Tennessee

Ready Capital Provides $5M Acquisition Loan for Industrial Property in Memphis

by John Nelson January 22, 2021

MEMPHIS, TENN. — Ready Capital has provided a $5 million acquisition loan for a two-building, 280,000-square-foot industrial property in Memphis’ Airport submarket. The undisclosed borrower will use a portion of the funds to renovate the buildings. Plans include upgraded lighting, roof replacements and parking lot repairs. Ready Capital closed the non-recourse, interest-only loan, which features a 24-month term, floating interest rate, two extension options and flexible prepayment options. The property’s physical address and tenant roster were not disclosed.

January 22, 2021

Company News Retail Texas

Francesca’s Receives Approval to Enter into Bankruptcy Sale Agreement, Will Keep 275 Stores Open

by Taylor Williams January 22, 2021

HOUSTON — Apparel and accessories retailer Francesca’s has received approval from the U.S. Bankruptcy Court for the District of Delaware to enter into a sale agreement with TerraMar Capital and Tiger Capital Group. Under the new ownership, the Houston-based retailer will keep about 275 stores, or roughly half its total count, open for business and retain its current management team, according to The Wall Street Journal. Under the terms of the agreement, known as a stalking horse asset purchase agreement, the buyers have agreed to purchase substantially all of the Francesca’s assets for approximately $17 million in cash. Francesca’s declared bankruptcy in December, prompting reports of a buyout offer from TerraMar Capital; the retailer subsequently entered into a letter of intent with the Los Angeles-based investment firm. According to investopedia.com, a stalking horse bid is an initial bid on the assets of a bankrupt company that sets a minimum price threshold for subsequent bids.

January 22, 2021

Development Illinois Midwest Office

Peppercorn Capital Unveils Renovation Plans for 80,000 SF Office Building in Chicago’s Fulton Market

by Kristin Harlow January 22, 2021

CHICAGO — Peppercorn Capital has unveiled renovation plans for 240 N. Ashland Ave. in Chicago’s Fulton Market. Plans call for lighted metal canopies and uniform signage. The west side of the office building will feature a new tenant entrance and lighting, along with a repaved parking lot and green space. Originally built in 1926, the adaptive reuse property formerly served as the headquarters for furnishings and décor company CB2. The building rises three stories and spans 80,000 square feet. Peppercorn is a commercial real estate development company strictly focused on the West Loop and Fulton Market neighborhood of Chicago.

January 22, 2021

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