Property Type

BCDC, 908 Group Break Ground on 294-Bed Student Housing Community Near University of Florida

by Alex Tostado September 23, 2020

GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC) and 908 Group has broken ground on Gator Walk, a 294-bed student housing development located near the University of Florida campus in Gainesville. The community will comprise a six-story residential tower offering one-, two-, three-, four- and five-bedroom units; and three three-story townhomes offering six-bedroom units. All units will be fully furnished and will feature bed-to-bath parity. Communal amenities will include a rooftop deck with a pool, fitness center, private study spaces, computer room and a social lounge with a kitchen, TVs and gaming areas. Cadence Bank provided construction financing. The project’s development team includes general contractor ARCO/Murray and architect Design Styles Architecture. The community is scheduled for completion in fall 2022.

September 23, 2020

Industrial Leasing Activity Texas

Navistar Signs 360,000 SF Industrial Lease Renewal in West Dallas

by Taylor Williams September 23, 2020

DALLAS — Navistar (NYSE: NAV), an Illinois-based truck and bus manufacturer, has signed a 360,000-square-foot industrial lease renewal at 4038 Rock Quarry Road in Dallas. According to LoopNet Inc., the property spans 27.2 acres and is located on the city’s west side. John Gorman and Jim Brice of Holt Lunsford Commercial represented the landlord, Gateway Clark, in the lease negotiations. Dan McGillicuddy, Tom McCarthy and Elizabeth Jones of JLL represented the tenant.

September 23, 2020

Acquisitions Industrial Self-Storage Southeast Tennessee

JLL Arranges Sale of 1,200-Unit Self-Storage Portfolio Near Nashville

by Alex Tostado September 23, 2020

MURFREESBORO, TENN. — JLL has arranged the sale of a 1,200-unit self-storage portfolio in Murfreesboro. The portfolio comprises the 662-unit Salem Glen Self Storage facility at 3450 Glenside Court and the 538-unit CubeSmart facility at 1932 Cason Lane. Glen Self Storage was delivered in 2005 and expanded in 2017. The property has 177 climate-controlled units and 485 drive-up, non-climate-controlled units. The CubeSmart facility was completed in 2017 and expanded this past spring to add 57 RV parking units. The unit mix includes 244 climate-controlled units and 237 drive-up, non-climate-controlled units. The properties are located one mile from each other and 35 miles southeast of downtown Nashville. Steve Mellon, Brian Somoza and Bo Fulk of JLL represented the seller, Utah-based Wasatch Storage Partners, in the transaction. Reliant Real Estate Management purchased the facilities for an undisclosed price.

September 23, 2020

Loans Multifamily Southeast Virginia

NKF Provides $57.6M Refinancing Loan for Multifamily Complex in Virginia Beach

by Alex Tostado September 23, 2020

VIRGINIA BEACH, VA. — Newmark Knight Frank (NKF) has provided a $57.6 million Freddie Mac refinancing loan for Coastline Apartments, a 600-unit multifamily complex in Virginia Beach. George Wisecarver and Steven Leitch of NKF originated the loan on behalf of the borrower, a partnership between Blackfin Real Estate Investors and GMF Capital. Terms of the loan were not disclosed. The property comprises 34 two-story buildings, which were originally developed in 1970 and renovated in 2016 and earlier this year. Coastline Apartments offers one-, two- and three-bedroom floorplans featuring remodeled kitchens, washers and dryers, walk-in closets, crown molding and private balconies or screened-in patios. Communal amenities include a clubhouse, pool, sundeck, multiple playgrounds, a dog park and 24-hour emergency maintenance. The community is located at 631 Lake Edward Drive, 13 miles west of downtown Virginia Beach.

September 23, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 42-Site Manufactured Housing Property in South Houston

by Taylor Williams September 23, 2020

HOUSTON — Marcus & Millichap has arranged the sale of Coachlite Mobile Home Park, a 42-site manufactured housing community located at 7114 Dixie Drive on the south side of Houston. The property spans 113,692 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

September 23, 2020

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Negotiates $3.5M Sale of Strip Retail Center in Camden, South Carolina

by Alex Tostado September 23, 2020

CAMDEN, S.C. — Marcus & Millichap has negotiated the $3.5 million sale of Aspen Dental Strip Center, an 8,400-square-foot retail property in Camden. The strip retail center was leased to Aspen Dental, Jersey Mike’s, T-Mobile and a nail salon at the time of sale. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, BM Camden Associates LLC, in the transaction. W Properties LLC, a privately held 1031 exchange investor, acquired the property. The sale represents the final piece of the River Oaks Shopping Center dispositions, which also included the sale of a property ground-leased to Chick-fil-A and the sale of a 146,000-square-foot shopping center anchored by Hobby Lobby and Marshalls. The three segments sold to separate investors for $16.1 million. “This project was a perfect example of how implementing a parcellated disposition strategy will often net sellers significant additional proceeds versus a single shopping center sale inclusive of all outparcels and anchors,” says Taylor. “This approach has become the industry standard over the past six months for our clients, both private and institutional.”

September 23, 2020

Leasing Activity Restaurant Retail Texas

Hills Café to Open 2,810 SF Breakfast Restaurant in Metro Dallas in December

by Taylor Williams September 23, 2020

LEWISVILLE, TEXAS — Hills Café will open a 2,810-square-foot breakfast and lunch restaurant at Castle Hills Village Shops in the northern Dallas suburb of Lewisville. The opening is slated for December. Dan Looney and Nick Miller internally represented the landlord, locally based developer Bright Realty, in the negotiations for the 10-year lease. Hunt Kim and James Lee of JLB R&I represented the tenant.

September 23, 2020

Loans Midwest Minnesota Multifamily

Hunt Real Estate Capital Provides $43M Refinancing for Multifamily Asset in Minneapolis

by Kristin Harlow September 23, 2020

MINNEAPOLIS — Hunt Real Estate Capital, a division of ORIX Real Estate Capital, has provided a $43 million Fannie Mae loan for the refinancing of Ironclad Apartments in the Downtown East area of Minneapolis. The 172-unit, luxury multifamily community opened last year. The loan refinances construction debt. It features a fixed interest rate and a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule.

September 23, 2020

California Development Industrial Western

Dermody Properties Buys Former Bay Area Farm Site to Develop LogistiCenter at Highway 92

by Amy Works September 23, 2020

HAYWARD, CALIF. — Dermody Properties has purchased the former Berkeley Farms milk processing site on 20.2 acres of land at 25500 Clawiter Road in Hayward. Dermody plans to demolish the existing facility, which Dean Foods Estate previously owned, and redevelop the property into LogistiCenter at Highway 92. Situated in the San Francisco Bay Area, LogistiCenter at Highway 92 will feature two Class A logistics buildings totaling 382,290 square feet. Each building will be able to accommodate between one and three tenants and offer 36-foot clear heights, a seven-inch concrete slab, 130-foot truck court and ESFR sprinklers. Demolition work is slated to begin in October with final delivery expected in second-quarter 2022. Jason Ovadia of JLL represented Dermody in the transaction. Terms of the acquisition were not released. Ovadia, Greg Matter and Mike Murray of JLL will serve as listing brokers for the completed project.

September 23, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Arranges $38M in Financing for Renovation of Affordable Seniors Housing Community in Dayton, Ohio

by Kristin Harlow September 23, 2020

DAYTON, OHIO — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable seniors housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit and historic tax credit equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in 1929 as the Dayton Biltmore Hotel, The Biltmore Towers is a 230-unit, 18-story independent living community. Converted to seniors housing in 19981, it is restricted to residents age 55 or older. The historic landmark also features more than 23,000 square feet of community space and more than 14,000 square feet of commercial space. The renovation program — which focuses on environmental sustainability, historic preservation and amenity improvements — will include upgrades to the interiors of the apartments as well as the common areas and community spaces. It’s anticipated that no tenants will be permanently displaced during the renovation, which will take about 18 months. The project will include a new fitness …

September 23, 2020

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