Property Type

DeBartolo Development, SKK Development Sell Press at Midtown Quarter Multifamily Complex in Sacramento for $118M

by Amy Works October 1, 2020

SACRAMENTO — Tampa-based DeBartolo Development and SKK Developments have completed the disposition of The Press at Midtown Quarter, an apartment community located in Sacramento’s Midtown district. San Rafael-based Oakmont Properties acquired the asset for $118 million. Marc Ross of CBRE brokered the sale, while Andrew Behrens of CBRE’s Debt and Structured Finance group arranged financing for the buyer. Completed in June 2020, The Press at Midtown Quarter features 277 apartments and 8,600 square feet of ground-floor retail space. Amenities include a two-level coworking space; fitness center and yoga studio; rooftop lounge; pet spa and run area; bike lounge with repair and wash stations; car wash; and car charging stations. Additionally, the property offers an acre of outdoor community space with a heated swimming pool, community garden, bocce court, outdoor kitchens and fire tables with lounge seating.

October 1, 2020

Acquisitions Multifamily Oregon Western

Shelter Holdings Sells Meadows at Heron Creek Apartments Near Portland for $48.2M

by Amy Works October 1, 2020

HILLSBORO, ORE. — Shelter Holdings has completed the sale of Meadows at Heron Creek, a garden-style multifamily community in Hillsboro. RISE Properties Trust, a Canadian real estate investment trust with offices in Vancouver and Seattle, acquired the asset for $48.2 million, or $270,786 per unit. Built in 2012, Meadows at Heron Creek features 178 apartments, ample parking and greenbelt and transit accessibility. Anthony Palladino, Giovanni Napoli and Philip Assouad of Institutional Property Advisors, a division of Marcus & Millichap, facilitated the transaction between the seller and buyer.

October 1, 2020

Acquisitions California Retail Western

NewMark Merrill Acquires 182,193 SF The Shops at SouthBay Pavilion in Carson, California

by Amy Works October 1, 2020

CARSON, CALIF. — Woodland Hills-based NewMark Merrill Cos. has purchased The Shops at SouthBay Pavilion, a multi-building retail complex in Carson. Seritage SRC Finance sold the asset for an undisclosed price. Burlington, Ross Dress for Less, Sola Salons, Norms Restaurant, Chipotle, Smashburger, Jersey Mike’s Subs, Buffalo Wild Wings and Olive Garden are tenants at the 182,193-square-foot retail property. IKEA, Target, Cinemark Theatres and JCPenney anchor the balance of the 1 million-square-foot mall. Sandy Sigal, Jim Patton and Brad Pearl provided in-house representation for NewMark Merrill, and Seritage SRC Finance worked directly with NewMark Merrill to consummate the transaction.

October 1, 2020

Acquisitions California Retail Western

Waterford Property Buys Marketplace at the Lakes in West Covina, California for $18.6M

by Amy Works October 1, 2020

WEST COVINA, CALIF. — Waterford Property Co. has acquired Marketplace at the Lakes, a value-add retail property located at 904-907 Lakes Drive in West Covina. CIM Group sold the asset for $18.6 million. Built in 1994 on seven acres, Marketplace at the Lakes features 95,628 square feet of retail space. At the time of sale, the property was 80 percent occupied by Michaels and Jerome’s Furniture. In November 2015, Waterford acquired The Lakes, an office campus adjacent to the recently purchased retail center, and repositioned the property into a Class A office project for small to mid-size tenants. The acquisition of Marketplace at the Lakes allows for the possibility to redevelop the retail asset into a multifamily property, which Waterford says offers more opportunities.

October 1, 2020

Loans Multifamily Seniors Housing Washington Western

Cambridge Provides $3.2M HUD Refinancing for Kadie Glen Assisted Living in Wenatchee, Washington

by Amy Works October 1, 2020

WENATCHEE, WASH. — Cambridge Realty Capital Cos. has provided a $3.2 million HUD Lean loan to refinance Kadie Glen Assisted Living. Located in Wenatchee, in the central part of Washington between Seattle and Spokane, the property features 62 beds. The borrower is a limited liability company based in Washington state. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured loans, underwrote the transaction. The 32-year loan is fully amortizing.

October 1, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Fallon, Inlivian to Develop 1.4 MSF Centre South Mixed-Use Project in Charlotte

by Alex Tostado October 1, 2020

CHARLOTTE, N.C. — The Fallon Co. and Inlivian have unveiled plans for Centre South, a 1.4 million-square-foot mixed-use development in Charlotte’s South End neighborhood. The 16.2-acre site will feature 330,000 square feet of office space, a hotel, 750 residential units and 145 affordable housing units. The developers expect to break ground on Phase I, which will comprise 310,000 square feet of office space, in 2021. The project was formerly named Strawn Cottages and announced in 2016, but plans have changed dramatically since that time. Development costs are expected to be in excess of $400 million, according to the developers. Inlivian, a nonprofit real estate holding company, will develop the affordable housing units, which will be reserved for residents earning 60 percent and 80 percent of the area median income (AMI). The locally based organization reports that as of April 2020, that was between $45,120 and $60,150 for a family of three. “With construction at Centre South set to begin, we are proud to join the Fallon Co. in bringing to life our vision of creating a dynamic, healthy community of choice that provides quality housing for families with diverse incomes,” says A. Fulton Meachem Jr., Inlivian president and CEO. “The …

October 1, 2020

Market Reports Midwest Midwest Market Reports Missouri Office

St. Louis Office Market Remains Flexible Amid COVID-19

by Kristin Harlow October 1, 2020

By Brandon Wappelhorst, Sansone Group In nearly every aspect of our personal and professional lives, 2020 could unequivocally be summarized as certainly uncertain. The rapid onset of the COVID-19 pandemic has taken its toll on the world and has caused significant disruption to everyday life. While likely further down the list of today’s topical issues, the overall effect of COVID-19 on the office market in St. Louis is still to be determined — but it will undoubtedly have an impact. Over the last few years, the commercial real estate market in St. Louis, much like the rest of the country, had been riding a wave of economic success. Demand for office space was high and the region was experiencing record-low vacancy rates, increasing rental rates, positive absorption, increased volume of office sale transactions and new buildings coming out of the ground. Construction of Edge@West, a 110,000-square-foot office building in Creve Coeur, began in late 2019 after a lease was signed with lead tenant SM Global. Breaking ground at less than 25 percent pre-leased was indicative of the strength of the office market at the time. Clayton, the strongest submarket in the St. Louis metro area, also saw the beginnings of …

October 1, 2020

Florida Loans Office Southeast

CIM Group Provides $72.9M Refinancing Loan for SunTrust Plaza in Downtown Orlando

by Alex Tostado September 30, 2020

ORLANDO, FLA. — CIM Group has provided a $72.9 million construction take-out loan for SunTrust Plaza at Church Street Station. The new 28-story, 209,000-square-foot office building is located in downtown Orlando. The borrower, a partnership between Lincoln Property Co. and Mason Capital Partners, delivered the asset earlier this year. Truist Financial Corp., formerly SunTrust Bank, occupies 43 percent of the building through 2030. The asset was 84 percent leased at the time of financing.

September 30, 2020

Acquisitions Multifamily Southeast Tennessee

RADCO Sells Multifamily Community in Chattanooga for $32M

by Alex Tostado September 30, 2020

CHATTANOOGA, TENN. — The RADCO Cos. has sold Radius Mountain Creek, a 296-unit multifamily community in Chattanooga, for $32 million. The Atlanta-based investment firm recently renovated the property to include a pool, sundeck, firepit, dog park, tennis courts, fitness center and a playground. The asset is situated at 936 Mountain Creek Road, five miles north of downtown Chattanooga. A real estate fund managed by Covenant Capital Group LLC acquired the community. CBRE brokered the transaction.

September 30, 2020

Acquisitions Loans Office Southeast Virginia

NorthMarq Arranges $19.5M Acquisition Loan for Office Building in Metro D.C.

by Alex Tostado September 30, 2020

ALEXANDRIA, VA. — NorthMarq has arranged a $19.5 million acquisition loan for 1199 North Fairfax Street, a 108,118-square-foot office building in Alexandria. NorthMarq arranged a 10-year term loan through an undisclosed life insurance company. The financing featured a fixed interest rate followed by a 30-year amortization schedule on behalf. The 10-story building features an underground parking garage and was 87 percent leased at the time of financing. The asset is situated eight miles south of downtown Washington, D.C. The borrower was not disclosed.

September 30, 2020

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