Property Type

Irvine Co. Opens Innovation Office Park in Irvine Spectrum Business District

by Amy Works April 16, 2021

IRVINE, CALIF. — Irvine Company has opened Innovation Office Park, an open-air office village in the Irvine Spectrum business district. Offering more than 1.1 million square feet of creative and flexible workspace on 73 acres, the property features 28 loft-style buildings naturally connected by a center pedestrian path line. The property features expansive indoor and outdoor space; an indoor/outdoor café with rotating cuisine and walk-up artisan coffee bar; an event-ready pavilion; a private fitness center with spin/yoga studio; and tech-enabled conference and event space. Located at the confluence of interstates 5 and 133, Innovation Office Park’s first eight buildings, totaling 300,000 square feet, are now available for lease. The workplace community offers buildings ranging from 20,000 square feet to 40,000 square feet with suites as small as 2,000 square feet. Companies are able to customize spaces through branded super-graphics on the building exterior and select from a curated menu of private patio furniture and tailored interiors. The buildings also feature oversized roll-up doors, private patios, operable windows for fresh air, MERV-13 air filtration for healthier air circulation and Viracon glass and skylights for maximum energy-efficient daylighting. LPA served as architect and Burton Studio served as landscape architect.

April 16, 2021

Acquisitions Arizona Multifamily Western

Bascom Group Buys 196-Unit Sierra Charles Apartments in Arizona for $11.6M

by Amy Works April 16, 2021

SIERRA VISTA, ARIZ. — The Bascom Group has purchased Sierra Charles Apartments, a multifamily property located at 600 Charles Drive in Sierra Vista, approximately 80 miles southeast of Tucson, for $11.6 million, or $59,164 per unit. The name of the seller was not released. Built in 1985, Sierra Charles features 196 garden-style apartments. Bascom plans to renovate the unit interiors with new countertops and appliances, wood-plank flooring, new baseboards, cabinetry improvements, new fixtures and lighting and a new two-tone paint scheme. Additionally, Bascom plans to improve community amenities with a pool deck expansion, dog park addition and leasing office redesign. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged the acquisition financing, which MF1 Capital provided. MEB Management Services will provide property management services and CAPgro Construction Management will provide construction management for the renovations.

April 16, 2021

Arizona Development Industrial Western

Comunale Properties Enters Phoenix Market with Chandler Connection Industrial Development

by Amy Works April 16, 2021

CHANDLER, ARIZ. — Denver-based Comunale Properties, with Stevens-Leinweber Construction as general contractor, is developing Chandler Connection, a Class A industrial property located adjacent to the Chandler Municipal Airport in Chandler. Located on Germann Road, Chandler Connection will offer 201,000 square feet of mid-bay industrial space featuring 32-foot clear heights, 140-foot to 240-foot bay depths, 52-foot by 60-foot column spacing and a 135-foot fenced and secured concrete truck court. The project will also offer dock-high and drive-in loading, as well as accommodations for users ranging from 14,500 square feet to full building. Construction is slated to begin in July 2021, with completion scheduled for first-quarter 2022. Butler Design Group is serving as architect for the project, which Ken McQueen and Chris McClurg of Lee & Associates will market for lease.

April 16, 2021

California Loans Multifamily Western

Ready Capital Closes $13.7M Loan for Multifamily Property in Los Angeles

by Amy Works April 16, 2021

LOS ANGELES — Ready Capital has closed a $13.7 million loan for the acquisition, renovation and stabilization of a Class C apartment community in Los Angeles’ Eastern San Fernando Valley submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan to renovate the interiors of the 85-unit property and improve curb appeal. Additionally, the borrower plans to address deferred maintenance issues. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

April 16, 2021

Industrial Market Reports Texas Texas Market Reports

San Antonio Industrial Market Moves in Lockstep with National Trends

by Taylor Williams April 16, 2021

By Joe Iannacone, vice president of development, Titan Development; and Rob Burlingame, SIOR, CCIM, senior vice president, CBRE While industrial was a preferred investment vehicle prior to the pandemic, the impacts of COVID-19 have further cemented the property type’s place as the favorite asset class among investors. Newly implemented safety precautions related to COVID-19 have accelerated established trends toward e-commerce and delivery-based shopping. The pandemic has also exposed various weaknesses in the global supply chain, spurring predictions of a return to domestic manufacturing and processing of raw material. As more consumers have yielded to the convenience that e-commerce provides, investors of all types have acknowledged the strength of industrial fundamental metrics, causing demand to spike in the process. As a result, investors have spent the past year seeking existing and new industrial development opportunities to capitalize on what many see as a trend that will likely continue. The increased level of vaccine administration on the horizon has further accelerated this interest in industrial properties, with many experts predicting a return to somewhat normal living, working and shopping habits by the middle of 2021. On a more micro level, one subtype of industrial real estate — cold storage — could also …

April 16, 2021

Acquisitions Retail South Carolina Southeast

IPA Arranges $18.2M Sale of Publix-Anchored Market at Standing Springs in Upstate South Carolina

by Julia Sanders April 15, 2021

SIMPSONVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $18.2 million sale of Market at Standing Springs, a 63,883-square-foot, Publix-anchored shopping center in Simpsonville. Zach Taylor of IPA’s Taylor-McMinn Retail Group represented the seller, Carolina Holdings, and the buyer, C.F. Smith Property Group. The buyer is a family office completing a 1031 exchange, according to Taylor. “The buyer was placing funds from a single-tenant Lowe’s Home Improvement that my partner, Don McMinn, sold for it in March,” says Taylor. Completed in 2021, Market at Standing Springs is located at the intersection of West Georgia and East Standing Springs roads near Interstate 385. The tenant roster includes Starbucks.

April 15, 2021

Affordable Housing Development Florida Multifamily Southeast

Universal Selects Wendover Housing as Development Partner for Affordable Housing Project in Orlando

by Julia Sanders April 15, 2021

ORLANDO, FLA. — Universal Parks & Resorts has selected Wendover Housing Partners to design, build and manage an affordable housing community planned in Orlando. The project will be situated near the International Drive corridor, an area identified as high priority by Orange County’s Housing for All Task Force. Universal Creative, a division within Universal Parks & Resorts, will work with Wendover Housing on the overall plan for the new community. A Universal selection committee chose Wendover Housing from five finalists whittled down from 17 developers that submitted initial proposals. Wendover Housing, based in nearby Altamonte Springs, Fla., will help with creating Universal’s vision for affordable housing on the 20-acre site. The community will include 1,000 apartments, as well as 16,000 square feet of retail space. The development will have at least 75 percent of its apartments be dedicated to affordable housing. Construction is expected to begin in late 2022. Ownership of the site has been transferred from Universal to a not-for-profit established by the company called Housing for Tomorrow whose role is to oversee the initiative. The organization will retain ownership of the site and serve as master developer, entering into a 55-year ground lease with Wendover Housing. Housing for …

April 15, 2021

District of Columbia Retail Southeast

US Retail Sales Increase 9.8 Percent in March, Surpassing Forecasts by Economists

by Julia Sanders April 15, 2021

WASHINGTON, D.C. — The U.S. Commerce Department reports that retail sales increased 9.8 percent in March, following a 2.7 percent decrease in February. The numbers surpassed the Dow Jones economists’ prediction of a 6.1 percent gain for the month. The sales growth is the biggest monthly gain since May 2020 (18.3 percent), which also came after a round of stimulus checks. According to CNBC, the newly issued stimulus checks gave consumers more discretionary income to spend on goods and services from retailers and restaurants than they had in February. The sporting goods, clothing and food and beverage categories generated the greatest increases in sales since pre-pandemic. Bar and restaurants saw an increase of 13.4 percent, while sporting goods sales increased by 23.5 percent. Clothing and accessories retailers had an 18.3 percent increase, and motor vehicle parts and dealers experienced a 15.1 percent jump. Some economists predict that people are still trying to save a portion of their stimulus checks. According to the CNBC, people saved 34.5 percent of stimulus checks and spent 29.2 percent. The news outlet also reported that inflation is becoming an increasing worry for economists as there has already been an increase in gas prices.

April 15, 2021

Acquisitions Florida Loans Office Southeast

Ready Capital Closes $30.1M Acquisition Financing for Office Property in Tampa

by Julia Sanders April 15, 2021

TAMPA, FLA. — Ready Capital has closed a $30.1 million loan for the acquisition, renovation and lease-up of an approximately 250,000-square-foot, Class B office property in Tampa. Upon acquisition, the sponsor will implement a capital improvement plan to upgrade the property and subsequently lease-up to market occupancy and at market rents. The name of the borrower and property were not disclosed. The non-recourse, interest-only loan features a 36-month term, floating interest rate, two extension options and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Planned property improvements include new signage, HVAC upgrades, curb replacements and the buildout of rent-ready speculative suites.

April 15, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 378-Unit Self-Storage Facility in Lake Jackson, Texas

by Taylor Williams April 15, 2021

LAKE JACKSON, TEXAS — Marcus & Millichap has brokered the sale of Brazos Self Storage, a 378-unit facility in Lake Jackson, located south of Houston. The facility was built on 3.4 acres in 1978 and expanded in 1981 and 1992. The unit mix consists of 104 climate-controlled and 274 non-climate-controlled units totaling 45,086 net rentable square feet. Brian Kelly, Brett Hatcher, Gabriel Coe and Dave Knobler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Tim Speck of Marcus & Millichap also assisted in closing the deal as the broker of record. The buyer and sales price were not disclosed.

April 15, 2021

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