Property Type

WRS Signs Bin City Bargains to 20,243 SF Lease at Mayberry Mall in Mount Airy, North Carolina

by Julia Sanders April 6, 2021

MOUNT AIRY, N.C. — WRS Inc. Real Estate Investments has leased 20,243 square feet of retail space at The Mayberry Mall in Mount Airy to Bin City Bargains. The retailer is a family-owned liquidation company featuring products from major online retailers, as well as big box department stores. Bin City Bargains sell new overstock items as well as box-damaged and returned goods at a flat price per day. The new store will offer two restocks per week and the prices decrease daily. Originally opened in 1968, The Mayberry Mall is located at 388 Frederick St. and is currently leased to tenants such as Hobby Lobby, Belk, Hallmark, Shoe Dept., Enmar Accessories, L.A. Nails and Good Fudge. The mall is named after the fictional town of Mayberry from “The Andy Griffith Show.” The namesake of the show, late comedian Andy Griffith who also starred in the series “Matlock,” was born and raised in Mount Airy.

April 6, 2021

Acquisitions Arizona Retail Western

Macerich Sells Paradise Valley Mall in Phoenix for $100M, Plans Redevelopment

by Amy Works April 6, 2021

PHOENIX — Macerich (NYSE: MAC) has completed the disposition of Paradise Valley Mall in Phoenix. A newly formed joint venture with an affiliate of RED Development acquired the property for $100 million. The buyer plans to redevelop the property as a 92-acre mixed-use project. The 1970s-era Paradise Valley Mall has been rezoned to allow for a mix of offerings, including high-end grocery, restaurants, multifamily residences, offices, retail space and other elements. The redevelopment will feature approximately 3.25 million square feet of non-residential uses and 3.25 million square feet of residential uses, totaling nearly 2,500 units, for a total of 6.5 million square feet of occupied building area. While the majority of the center will be closed in the next few months ahead of the renovation, Costco, JC Penney, The Phoenix Public Library – Mesquite Branch and the mass transit station will remain open. The transaction, which closed on March 29, generated approximately $95 million in net proceeds for Macerich, and the company will retain 5 percent joint venture interest in the redevelopment project.

April 6, 2021

California Development Office Restaurant Retail Western

STC Ventures to Develop 500,000 SF of Office Space in Downtown Sunnyvale, California

by Amy Works April 6, 2021

SUNNYVALE, CALIF. — STC Ventures, a joint venture between Sares Regis Group of Northern California and Hunter Properties, received approval from the Sunnyvale Planning Commission to develop two office buildings totaling 500,000 square feet on the former Macy’s parcel in downtown Sunnyvale. Situated between Taaffe and Murphy avenues, the buildings will be separated by a public pedestrian plaza and each offer 250,000 square feet of office space, 25,000 square feet of ground-level retail space for restaurant and entertainment uses and 13,000 square feet of outdoor space, including terraces and step backs. Additionally, the adjacent properties will offer an underground parking structure with 786 spaces. The office buildings are designed for post-COVID work environments and will feature mechanical systems that will provide employees access to fresh air and ample outdoor space. The buildings are also targeting LEED Gold certification. The office project is the latest portion of the second phase of CityLine Sunnyvale, the redevelopment of four parcels in Sunnyvale’s downtown core that will add residences, ground-level retail and office space. The development team recently received approval for a 12-story mixed-use project at 200 S. Taaffe St. that will include 479 residences, 30,000 square feet of retail space and a public …

April 6, 2021

Acquisitions Arizona Industrial Western

Lincoln Property Co. Divests of Five-Building Industrial Portfolio in Phoenix for $68M

by Amy Works April 6, 2021

PHOENIX — Lincoln Property Co. has completed the disposition of an industrial portfolio located at 4441 W. Polk St., 120 E. Watkins St., 4720 W. Van Buren St. and 5240 and 5302 W. Buckeye St. in Phoenix. KKR acquired the fully leased, multi-tenant portfolio for $68 million. Totaling 540,039 square feet, the buildings were constructed between 1980 and 1990 and offer 24- to 28-foot clear heights, dock-high and grade-level doors and generous parking ratios. The buildings were designed as multi-tenant industrial warehouses for small to mid-size users. Darla Longa of CBRE’s National Partners team represented the seller in the deal.

April 6, 2021

Acquisitions Colorado Multifamily Western

Berkadia Arranges $14.6M Sale of Iron Works Village Multifamily Property in Englewood, Colorado

by Amy Works April 6, 2021

ENGLEWOOD, COLO. — Berkadia has arranged the sale of Iron Works Village, an apartment community in Englewood. An affiliate of Denver-based Treeline Multifamily Partners acquired the property from Denver-based Blvdway Communities for $14.6 million. Located at 519 W. Amherst Ave., the garden-style property was built in 2020. Nick Steele and Tyler King of Berkadia’s Denver office represented the seller in the deal. Additionally, Brian Huff and Kevin McCormack of Berkadia’s Denver office secured $9.2 million in acquisition financing through Fannie Mae for the buyer. The 10-year, fixed-rate loan features six years of interest-only payments followed by a 30-year amortization schedule.

April 6, 2021

California Loans Multifamily Western

Parkview Financial Provides $21.5M Construction Loan for Apartment Project in East Hollywood

by Amy Works April 6, 2021

LOS ANGELES — Parkview Financial has provided a $21.5 million construction loan to Oakwood CA LLC for the development of multifamily property located at 4065 Oakwood Ave. in Los Angeles’ East Hollywood submarket. Slated for completion in 2022, the five-story building will feature 68 apartments in a mix of two studios, 25 one-bedroom units and 41 two-bedroom units with an average size of 1,059 square feet. Fourteen of the units will be designated for low-income residents. Additionally, the community will feature a 4,000-square-foot courtyard and 100 parking spaces.

April 6, 2021

Broadstone-Watch-City-Waltham-Massachusetts

Affordable Housing Features Multifamily

COVID-19 Changed the Way We Calculate Affordable Housing Property Taxes

by Jeff Shaw April 6, 2021

By Carlos Suarez, Popp Hutcheson After a pandemic year that decimated rental incomes, owners of affordable housing properties should prepare to protest property tax assessments that overstate their liability. As stay-at-home orders in 2020 forced businesses across the county to change their operations, a large portion of the labor force began to work from home. But many renters, including a large contingent of affordable housing residents, found themselves without jobs and struggling to pay rent. Job losses and other issues related to COVID-19 adversely affected tenants and property owners alike, straining rental income while adding the cost of new safety procedures and equipment to landlords’ operating costs. To reduce property tax liabilities and limit financial losses from the pandemic, it is now crucial for owners of affordable housing to correctly navigate procedures across jurisdictions and weigh all relevant valuation considerations for their properties. Here are key areas for affordable housing owners to consider in arguing for a lower assessment. Procedures have changed The global pandemic transformed interactions between appraisal districts and property owners throughout the 2020 tax year. Many appraisal districts across Texas closed their doors to the public and shifted formal and informal meetings to a virtual setting to …

April 6, 2021

Development Mixed-Use Texas

GTB Development Nears Start of Phase II of 120-Acre Mixed-Use Project in Metro Austin

by Taylor Williams April 6, 2021

GEORGETOWN, TEXAS — Temple, Texas-based GTB Development will soon begin construction on Phase II of Highland Village, a 120-acre mixed-use project that will be located in the northern Austin suburb of Georgetown. Phase II of the development includes 299 single-family homes and a 14.8-acre (approximately 300 to 325 units) multifamily community, as well as unspecified amounts of retail, office and medical office space. The development team, which includes development manager American Southwest Co., expects to complete infrastructure hookups by the end of the second quarter of 2022. Phase I of the project began in July 2019 and ended in April 2020 with the delivery of 49 single-family residences known as The Oaks at Highland Village.

April 6, 2021

Acquisitions Multifamily Student Housing Texas

Centurion Property Group Acquires 737-Bed Student Housing Community in Lubbock

by Taylor Williams April 6, 2021

LUBBOCK, TEXAS — Miami-based private equity firm Centurion Property Group has acquired The Ranch at Lubbock, a 737-bed student housing community serving Texas Tech University. The property features 243 units in one-, two- three- and four-bedroom floor plans. Amenities include two pools, a volleyball court, basketball court, fitness center, study lounge and pet park. The new ownership plans to renovate the property and rebrand it as The ONE at Lubbock. Ryan Lang, Jack Brett and Ben Harkrider of Newmark brokered the deal, the seller and sales price in which were not disclosed.

April 6, 2021

Acquisitions Industrial Self-Storage Texas

Montfort Capital Buys 494-Unit Self-Storage Property in Cedar Park, Texas

by Taylor Williams April 6, 2021

CEDAR PARK, TEXAS — Dallas-based self-storage investment firm Montfort Capital Partners has purchased A3 Storage Centers, a 494-unit facility in Cedar Park, a northern suburb of Austin. The property was built on 5.6 acres in 1994 and spans 48,235 net rentable square feet. Jon Danklefs of Marcus & Millichap represented Montfort Capital, which plans to rebuild the leasing office and add a new climate-controlled building later this year, in the transaction. The seller was not disclosed.

April 6, 2021

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