WALLINGFORD, CONN. — Red Bull Distribution Co. has signed a 31,141-square-foot industrial lease in Wallingford, a northern suburb of New Haven. The space is located at 34 Barnes Industrial Road S. in a warehouse building that features 22-foot clear heights and one 7.5-ton bridge crane. James Panczykowski of JLL represented Red Bull in the lease negotiations. Frank Hird of O,R&L Integrated Services represented the landlord, ADM Wallingford LLC.
It’s no secret that Austin has exploded with jobs and people over the last 10 years, and evidence of the growth has perhaps been most visible in the asking rents for office space. Rental rates in Austin’s most sought-after neighborhoods have essentially doubled since 2010, when major tech firms really began eyeing the state capital for its pro-business climate and supply of educated workers, as well as its high quality of living. Today, we see full-service office rates well above $50 per square foot in the hottest submarkets. According to our data, the average full-service rent in downtown Austin typically ranges from $65 to $69 per square foot. Submarkets like The Domain and East Austin command rates that typically average about $55 and $50 per square foot, respectively, on a full-service basis. These rates include operating expenses which can be between $15 to $25 per foot depending on location, mainly due to property tax increases found in these higher density areas of Austin. While these rates appear to be a smaller issue for the tech giants that drive significant growth among office-using industries in Austin, the rapid rate of appreciation is unquestionably pricing out some users that also need to …
SAN FRANCISCO — Gantry, an independent mortgage banking firm based in San Francisco, has secured $373 million in construction financing and $330 million in permanent financing for a six-property medical office building portfolio. The properties in the portfolio are Veterans Affairs (VA) medical clinics located in San Diego, Chula Vista and Redding, Calif.; New Port Richey, Fla.; and Tulsa, Okla. The sixth property is in an undisclosed, confidential location. George Mitsanas and Peter Hillakas of Gantry’s Los Angeles office arranged the construction-to-permanent financing on behalf of the undisclosed borrower through a pension fund. Mitsanas says the borrower was a first-time sponsor with Gantry. “We were engaged prior to the lease award for each of these assignments, and that allowed us to help assess the feasibility of each project and craft a financing structure, which resulted in our clients winning multiple lease awards from the federal government,” says Mitsanas. Gantry will service both the construction and permanent loans. Details of the financing were not disclosed, but Mitsanas says the permanent financing will mature in 22 years. According to local officials where the projects are located, the portfolio will generate several thousands of construction and permanent jobs once the facilities open in …
MIAMI — Cushman & Wakefield has arranged the $76.6 million sale of a 10-property, value-add seniors housing portfolio in Miami-Dade County. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for Oceanside Extended Care Center, which were co-brokered by Cushman & Wakefield’s Calum Weaver. The properties in the portfolio include: Fair Havens Center, a 101,814-square-foot skilled nursing and assisted living facility with 557 units and 329 beds. The property sold for $26.4 million, or approximately $80,394 per bed. Harmony Health Care, an 83,526-square-foot skilled nursing facility with 96 units and 203 beds. The property sold for $19.6 million, or approximately $96,307 per bed. Oceanside Extended Care, a 52,133-square-foot skilled nursing facility with 196 one-bed units. The real estate sold for $17.6 million, or approximately $89,923 per bed, and the license sold in a separate transaction for $5.9 million. Nursing Center at Mercy, a 43,357-square-foot skilled nursing facility with 64 units …
ANTIOCH, TENN. — Capstone Apartments Partners has negotiated the $47.4 million sale of Reserve at Oakleigh, a 264-unit multifamily community in Antioch. The property was built in 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, picnic and grilling area, business center, nature trail, pet park and a car care center. Reserve at Oakleigh is located at 3562 Pin Hook Road, 18 miles southeast of downtown Nashville. Bryse Toothaker, Adam Klenk and Tyler Mayo of Capstone represented the seller, Herman & Kittie Properties, in the transaction. The Capstone team also procured the buyer, Cedar Grove Capital.
CHARLOTTE, N.C. — Topgolf Entertainment Group will open its second Topgolf venue in Charlotte by the end of the year. The new location will be dubbed Topgolf North Charlotte and will be situated at the intersection of Interstate 85 and University City, near University of North Carolina-Charlotte, Charlotte Motor Speedway and Northlake Mall. Topgolf North Charlotte will sit on 14 acres and is expected to create 500 jobs. Topgolf opened its first Charlotte venue two years ago at 8024 Savoy Corporate Drive in the southwestern part of the city.
MIAMI — Ready Capital has provided a $7.1 million refinancing loan for a 30,000-square-foot retail center in Miami’s Little River submarket. The undisclosed borrower will continue making cosmetic upgrades to the property. The non-recourse, fixed-rate loan features a seven-year term with declining prepayment protection. The loan includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls. Further details of the property were not disclosed.
MICHIGAN CITY, IND. — Mohr Capital has begun development of a 200,000-square-foot office and warehouse facility for GAF Materials Corp. in northern Indiana’s Michigan City. Larson-Danielson Construction is serving as general contractor for the project, which is slated for completion in December. Bank of Texas provided project financing. GAF is a subsidiary of Standard Industries. Gary Horn of Mohr and Mike Maratea of Standard Industries negotiated the ground lease and lease agreement before construction began.
DURAND, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Country Village Apartments in Durand, about 40 miles northeast of Lansing. Originally constructed in 1985, the 84-unit apartment complex spans eight buildings. It is located at 8940 Monroe Road. Austin Hull of Greystone Bel brokered the transaction for an undisclosed price. The seller’s family had owned the property since its opening.
BURR RIDGE, ILL. — Cawley Chicago has brokered the sale of a 42,235-square-foot warehouse in Burr Ridge, a southwestern suburb of Chicago. The sales price was undisclosed. Located at 60 Shore Drive, the facility features approximately 5,000 square feet of office space and a ceiling height of 18 feet. Joshua Hearne of Cawley Chicago represented the seller, Barnett Capital. He also procured the undisclosed buyer.
