Property Type

Harvest Health Acquires Cannabis Grower, Cultivation Facility in Reading, Pennsylvania for $25.5M

by Alex Patton April 6, 2020

READING, PA. — Arizona-based cannabis grower and retailer Harvest Health & Recreation has acquired Reading-based grower Franklin Labs LLC for $15.5 million in cash and a $10 million promissory note. The acquisition of the company included a 46,800-square-foot cultivation and processing facility in a former Pepsi warehouse, located at 1800 Centre Ave. in Reading. Harvest owns and operates five medical cannabis dispensaries in Pennsylvania and plans to begin growing and processing at its new facility during the second quarter of this year. The Pennsylvania Department of Health defines medical cannabis dispensaries and healthcare providers as essential services that will remain open during the COVID-19 crisis.

April 6, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $16.7M Sale of Multifamily Building in Queens

by Alex Patton April 6, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of 31-65 29th Street, a 48-unit multifamily building in the Astoria neighborhood of Queens. Located between 31st Avenue and Broadway, the approximately 39,500-square-foot building features a mix of studio, one-, two- and three-bedroom apartments. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef of Marcus & Millichap represented the seller, a private investor, in the deal. The team also procured the buyer, another private investor. Both parties requested anonymity.

April 6, 2020

Acquisitions Industrial Northeast Pennsylvania

Colliers Brokers Sale of 15,200 SF Industrial Property in Allentown, Pennsylvania

by Alex Patton April 6, 2020

ALLENTOWN, PA. — Colliers International has brokered the $1.5 million sale of a 15,200-square-foot industrial property in Allentown, about 65 miles north of Philadelphia. Located at 1633 Airport Road, the property was constructed in 1970 and offers convenient access to the Lehigh Valley International Airport. The property was vacant at the time of sale. Seth Lacey and Derek Zerfass of Colliers represented the seller, Calumet Properties, in the transaction. Greg Bianchi of U.S. Realty represented the buyer, Victory Development.

April 6, 2020

Acquisitions California Multifamily Western

Gemdale USA Sells Apartment Property Near Los Angeles for $31.9M

by Amy Works April 6, 2020

WEST COVINA, CALIF. — Gemdale USA has completed the disposition of South Hills Apartments, a multifamily property located in West Covina. An Orange County, Calif.-based private family acquired the property for $31.9 million, or $375,885 per unit. Built in 1966 on 5.2 acres, South Hill Apartments features 85 units. Additionally, the property is just off the San Bernardino Freeway/Interstate 10 near the Eastland Center and Cortez Park. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. Green, Harris and Grabiec, along with Tyler Leeson of Marcus & Millichap, procured the buyer in the deal.

April 6, 2020

California Civic Development Western

C.W. Driver Completes $24M Vanguard University Student Center in Orange County

by Amy Works April 6, 2020

COSTA MESA, CALIF. — C.W. Driver Cos. has completed the development of Waugh Student Center at Vanguard University in Costa Mesa. HPI Architecture designed the $24 million, two-story facility, which features 35,000 square feet of interior space and a 7,500-square-foot exterior deck. Within Waugh Student Center, students, faculty and staff will have access to a 3,300-square-foot food service area with all-day and late-night options, as well as an 8,000-square-foot common dining room. Additionally, the student center offers a 3,000-square-foot fitness center and an 8,000-square-foot recreational center that can be converted into meeting and event space to accommodate 880 people for lectures or 480 for catered functions. The center also features areas equipped with power outlets and charging stations for studying, a trellised roof deck with fireplace, and two-story outdoor dining and gathering area. Waugh Student Center is the first project in a 30-year campus enhancement plan to reshape Vanguard’s 38-acre campus at 55 Fair Drive in Costa Mesa.

April 6, 2020

California Development Industrial Western

Murphy Development Delivers 137,000 SF Spec Industrial Building in San Diego

by Amy Works April 6, 2020

SAN DIEGO — Murphy Development Co. has completed the construction of the final building at The Campus at San Diego Business Park, a more than 670,000-square-foot industrial park in San Diego’s Otay Mesa submarket. Building 3 offers 137,000 square feet of speculative industrial space. Located at 2065 Sanyo Ave., the concrete tilt-up building features a 32-foot minimum clear height, 4,000 amps of 277/480 volt power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts and wide column spacing. Additionally, the facility has 33 dock-high doors and 10 short-yard expansion docks. The business park is a fully fenced, secure site with on-site security and C-TPAT qualification. An on-site café is currently under construction and will be open for breakfast and lunch for all employees in June. The development team includes Pacific Cornerstone Architects, Teshima Landscape Design, K&S Engineering and Lusardi Construction. Murphy Development purchased the site from Panasonic Corp. of North America in early 2017 and renamed it The Campus at San Diego Business Park. The 542,197-square-foot, two-building campus was originally built in 1986 for The Sanyo Corp. of America. The campus was subsequently sold to The Panasonic Corp. Following reacquisition, Murphy Development completed $15 million in upgrades that included …

April 6, 2020

Illinois Midwest Multifamily Seniors Housing

Ventas Offers April Rent Deferral Program for Seniors Housing Operators

by Kristin Harlow April 6, 2020

CHICAGO — In order to recognize the unique and unprecedented conditions of COVID-19’s impact on its triple-net-leased seniors housing tenants, healthcare REIT Ventas has established a rent deferral program for those care providers for the month of April. Under the program, certain seniors housing care providers who are Ventas tenants can defer 25 percent of their April 2020 payment obligation until Oct. 1 or receipt of government assistance. All amounts deferred are required to be used for operating expenses to care for seniors at Ventas communities. Ventas says these tenants account for approximately 20 percent of its total portfolio by net operating income. Based on current expectations, Ventas estimates that the amount of payments deferred under the terms of this program for April could be in the range of $3 million to $9 million. As of March 28, out of the 740 communities within the Ventas portfolio, 33 communities have experienced at least one confirmed COVID-19 diagnosis affecting approximately 70 residents out of 70,000 and 25 staff out of 55,000. Ventas is based in Chicago.

April 6, 2020

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Secures $13.7M in Financing for Affordable Housing Development in Washington

by Amy Works April 6, 2020

EVERETT, WASH. — KeyBank Commercial Development Lending and Investment (CDLI) has arranged $13.7 million in construction financing on behalf of Compass Health to develop Broadway Permanent Supportive Housing, an affordable housing property in Everett. The borrower is a community-based healthcare agency that integrates behavioral health and medical care services to support clients. Situated next to the Compass Health campus, the project will be a five-story, 82-unit permanent supportive housing facility that will provide services for mentally ill homeless people. The facility will feature four floors of housing above 3,000 square feet of commercial space with offices for services, management and administration. All units, which will include kitchens and baths, will be 388-square-foot studios, except for a three-bedroom manager’s unit. Residents will participate in a coordinated chemical dependency or mental health treatment plan and will have access to case management connecting them with supportive services on-site and at the Bailer Center facility, located next door. A portion (66) of the units will be limited to people earning 30 percent or less of the area median income (AMI), including eight vouchers reserved for homeless veterans, and 15 units will be allocated for people earning 50 percent of AMI or less. Brett Sheehan …

April 6, 2020

Affordable Housing Kansas Loans Midwest Multifamily Seniors Housing

KeyBank Provides $10M Construction Loan for Renovation of Affordable Housing Property in Wichita

by Kristin Harlow April 6, 2020

WICHITA, KAN. — KeyBank Community Development Lending and Investment has provided a $10 million construction-to-permanent loan to Steele Properties for the acquisition and renovation of Shadyway Plaza in Wichita. Steele Properties, based in Denver, is a real estate investment company that acquires, rehabilitates and constructs affordable housing. Built in 1979, Shadyway Plaza serves elderly and disabled residents. The seven-story building includes 100 one-bedroom units, all of which are income-restricted under low-income housing tax credit regulations at 60 percent of area median income. Monroe Group Ltd., Steele’s sister company, will manage the property. Steele plans to spend $3.7 million on renovations, including a new roof and doors as well as upgrades to the security features, HVAC system, community room and common area lighting. In addition to the $10 million loan, financing included 4 percent tax credits allocated by the Kansas Housing Resources Corp., tax-exempt bonds issued by the city of Wichita and $4 million of tax credit equity provided by the National Development Council. Sarah Geis of KeyBank structured the financing. The 4 percent tax credit is designed to subsidize 30 percent of the low-income unit costs in a project.

April 6, 2020

Acquisitions Michigan Midwest Multifamily

NAI Wisinski of West Michigan Brokers Sale of 182-Unit Multifamily Property in Grand Rapids

by Kristin Harlow April 6, 2020

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Foote Hills Apartments & Townhomes in Grand Rapids for an undisclosed price. The 182-unit, Class B multifamily property sits on 19.2 acres. The community features a pool, fitness center and newly remodeled clubhouse. Scott Nurski and Craig Black of NAI Wisinski represented the undisclosed buyer and seller.

April 6, 2020

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