Property Type

St. John Properties to Develop Two Office Complexes in Utah for $120M

by Amy Works May 26, 2020

TAYLORSVILLE AND SPRINGVILLE, UTAH — St. John Properties | Utah has acquired development land for the construction of business parks in Taylorsville and Springville. Together, the company expects the two projects to total $120 million in new capital. In Taylorsville, the company is developing Beltway West on a 20-acre site. The project will feature five buildings offering a total of 300,000 square feet of office space for approximately 2,000 employees. Situated on 18 acres in Springville, Spring Pointe Exchange will feature six building totaling 225,000 square feet of office space for 750 employees. St. John Properties expects to begin construction this summer for the two new projects. The company’s Valley Grove development in Pleasant Grove, Utah, was started in 2017 and now features 15 buildings totaling 675,000 square feet of Class A office, restaurant and retail space.

May 26, 2020

Acquisitions California Multifamily Western

Kelly Morgan Commercial Negotiates $19.2M Sale of Valerio Village Apartments in Los Angeles

by Amy Works May 26, 2020

LOS ANGELES — Kelly Morgan Commercial Group at KW Commercial has arranged the sale of Valerio Village Apartments, a multifamily property in Los Angeles. A San Diego-based private investor acquired the property for $19.2 million, or $200,337 per unit. The seller was not disclosed. Located in the Van Nuys neighborhood, Valerio Village Apartments features 96 units.

May 26, 2020

California Development Multifamily Seniors Housing Western

Panorama Plans 80-Unit Seniors Housing Community Near Beverly Hills

by Amy Works May 26, 2020

LOS ANGELES — Panorama Senior Housing has released plans for an assisted living and memory care community on Holt Avenue, 200 feet south of Los Angeles’ Beverly Hills neighborhood. KTGY Architecture + Planning designed the 61,000-square-foot project. Construction is slated to start in early 2021, with delivery planned for late 2022. The community will have a total of 80 resident rooms, 62 for assisted living and 18 for memory care. The memory care units will be on the second floor of the five-story building, with a dedicated common area, dining room and patio. “[My goal is to] come up with buildings that reflect the urban setting,” says Daniel Kianmahd, founder and principal with Panorama. “That’s where baby boomers want to age, in the same urban neighborhood where they raised their families.” “I’m keenly aware of the scarcity of developable sites,” continues Kianmahd. “The solution is to get creative with layouts so we can build the housing needed to combat the housing crisis. Bringing this and other senior-focused developments to fruition is essential to achieving balanced housing solutions for the entire region.”

May 26, 2020

Acquisitions Multifamily Oregon Western

Marcus & Millichap Arranges $3.6M Sale of Vista & Terrace Apartments in Southern Oregon

by Amy Works May 26, 2020

ROSEBURG, ORE. — Marcus & Millichap has negotiated the sale of Vista & Terrace Apartments, a multifamily complex in the Southern Oregon city of Roseburg. A private investor sold the property to a limited liability company for $3.6 million. Danalee Corso, Nygel Drury and Whitney Rhoades of Marcus & Millichap’s Portland, Ore., office represented the seller and buyer in the deal. Located at 600 N.E. Polk St., Vista & Terrace Apartments features 56 units in a mix of one-, two- and three-bedroom layouts. The property was constructed in 1948.

May 26, 2020

Acquisitions California Industrial Western

Cushman & Wakefield Brokers Sale of 120-Acre Industrial Site in Imperial County, California

by Amy Works May 26, 2020

IMPERIAL COUNTY, CALIF. — Cushman & Wakefield has arranged the sale of a 120-acre, industrial-zoned land property in Imperial County through a process run by Ritchie Bros. Auctioneers. ADJ Holdings acquired the property from Ralph Road LLC for $1.8 million. Located at 340 Ralph Road, the property features a seven-car retail spur on the Union Pacific line, plus approximately three quarters of a mile of additional track that could be installed on the property to expand the train component. Approximately 75 acres of the site has chain link perimeter fencing with two main access gates and a third gate at the rail spur. ADJ Holdings purchased the property as an investment and will begin seeking tenants for the industrial facility. Matt Davis and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego brokered the deal.

May 26, 2020

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $20.7M HUD Loan for Refinancing of Affordable Housing Property Near Minneapolis

by Kristin Harlow May 26, 2020

ST. LOUIS PARK, MINN. — Dougherty Mortgage LLC has provided a $20.7 million HUD 221(d)(4) loan for the refinancing and rehabilitation of Oak Park Village, a 100-unit affordable housing property in St. Louis Park, just west of Minneapolis. All 100 units will be covered by a project-based Section 8 HAP contract. The property will undergo $4.7 million in renovations, including replacement of certain mechanical, plumbing and electrical systems and upgraded lighting. In addition to the HUD-insured first mortgage, the project utilized low-income housing tax credits and tax-exempt bonds. Dougherty & Co. LLC, an affiliate of Dougherty Mortgage, underwrote the bonds. The 40-year loan is fully amortized. Oak Park Village Partners LP was the borrower.

May 26, 2020

Acquisitions Kansas Midwest Multifamily

Capstone Arranges $20M Sale of Three-Park Manufactured Housing Portfolio in Wichita, Kansas

by Kristin Harlow May 26, 2020

WICHITA, KAN. — Capstone Manufactured Housing has arranged the sale of a three-park manufactured housing portfolio in Wichita for $20 million. The portfolio includes Lamplighter, Fishin’ and River Oaks. Each of the three communities includes a clubhouse, swimming pool and basketball courts. Kevan Enger, Ian Hilpl and Brian Hummell of Capstone represented the seller, Park Street Partners. A California-based operator purchased the portfolio.

May 26, 2020

Michigan Midwest Retail

Michigan Governor Reopens Auto Dealerships, Retail Businesses by Appointment

by Kristin Harlow May 26, 2020

MICHIGAN — Michigan Gov. Gretchen Whitmer has signed a statewide executive order to reopen retail businesses and auto dealerships by appointment starting Tuesday, May 26. The order also authorizes nonessential medical, dental and veterinary procedures starting Friday, May 29. Michigan residents are now able to gather in small groups of 10 people or less, as long as they practice social distancing. Businesses that open must provide COVID-19 training to workers.

May 26, 2020

Acquisitions Illinois Midwest Office Retail

Barber Murphy Brokers Sale of 14,900 SF Office, Retail Building Near St. Louis

by Kristin Harlow May 26, 2020

BELLEVILLE, ILL. — Barber Murphy has brokered the sale of a 14,900-square-foot office and retail building in Belleville, about 17 miles southeast of St. Louis. The sales price was undisclosed. Okaw Valley Council Boy Scouts of America sold the property, which is located at 335 W. Main St. Jarvis Cos. Inc. was the buyer. Barber Murphy represented both parties in the transaction.

May 26, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $1.4M Sale of Retail Property in Evergreen Park, Illinois

by Kristin Harlow May 26, 2020

EVERGREEN PARK, ILL. — Marcus & Millichap has arranged the $1.4 million sale of Evergreen Park Towne Center in Evergreen Park, about 15 miles south of Chicago. The 7,785-square-foot retail property is located at 8730 S. Kedzie Ave. Tenants include Boost Mobile and Edible Arrangements along with a cigar shop, restaurant and nail salon. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the building on behalf of the seller, a private investor. A local buyer completing a 1031 tax-deferred exchange purchased the asset.

May 26, 2020

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