Property Type

JLL Negotiates Sale of 260,000 SF Office Campus in Metro Los Angeles

by Amy Works February 24, 2020

EL SEGUNDO, CALIF. — JLL has arranged the sale of an office campus located at 1960 E. Grand Ave. in El Segundo. Terms of the transaction, including the name of the seller, buyer and acquisition price, were not released. Totaling 5.4 acres, the two-parcel property features a 12-story, 260,000-square-foot office building plus development potential to build up to 94,000 square feet of creative office or hotel space. The building features 21,500-square-foot floor plates, parking for 926 vehicles, a fitness deck, communal outdoor workspace and a plaza. At the time of sale, the property was 79 percent leased. Tom Bohlinger, Andrew Harper and Will Poulsen of JLL represented the seller and procured the buyer in the transaction.

February 24, 2020

Acquisitions California Multifamily Western

Vista Investment Buys Park Winona Apartments, Leeward Apartments in Los Angeles

by Amy Works February 24, 2020

LOS ANGELES — Vista Investment Group has closed on the first two properties in a $50 million portfolio acquisition of four Los Angeles-area, rent-controlled multifamily communities totaling 167 units. The company acquired Park Winona, a three-story building located at 1840 Winona Blvd. in Hollywood. Built in 1963, the property features 50 apartments in a mix of studio, one- and two-bedroom layouts. Vista plans to implement a capital improvement program that includes upgrading apartment interiors with high-end finishes and renovating common areas and amenities. Tony Azzi of Marcus & Millichap represented the undisclosed seller in the deal. Vista also purchased Leeward Apartments, a three-story building located at 2810 Leeward Ave. in Koreatown. Built in 1923, the 19,776-square-foot property features mostly studio apartments, as well as a limited number of one-bedroom units. Bryan Glenn of Kidder Mathews represented the buyer and undisclosed seller in the transaction.

February 24, 2020

Development Nevada Office Western

LaPour, G2 Capital Partners Break Ground on 100,184 SF Office Building in Southwest Las Vegas

by Amy Works February 24, 2020

LAS VEGAS — LaPour Cos. and G2 Capital Development, both based in Las Vegas, have broken ground on Narrative, a Class A office building located in Las Vegas. Situated in the southwest portion of the valley near the 215 Beltway and South Durango, Narrative will feature 100,184 square feet of office space in a four-story building. Slated for completion in fourth-quarter 2020, the development is the first of its kind in the area since the recession, according to the developers. Upon completion, Narrative will become the headquarters of Colliers International | Las Vegas.

February 24, 2020

California Loans Office Western

Ready Capital Closes $23M Refinancing for Creative Office Portfolio in Metro Los Angeles

by Amy Works February 24, 2020

GLENDALE, CALIF. — Ready Capital has closed $23 million in refinancing for a creative office portfolio in Glendale, a suburb of Los Angeles. The undisclosed sponsor will use loan proceeds to pay off existing debt and acquire additional properties at the 59,000-square-foot property, which consists of 12 industrial/flex buildings that are or will be redeveloped into creative office space. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment. The financing includes a facility to provide future funding for capital expenditures, tenant leasing costs and interest/operating reserves.

February 24, 2020

Acquisitions Arizona Retail Western

Orion Investment Brokers $2.3M Acquisition of Encanto Village Shopping Plaza in Phoenix

by Amy Works February 24, 2020

PHOENIX — Orion Investment Real Estate has arranged the purchase of Encanto Village, a shopping center located at the corner of 15th Avenue and Thomas Road in Phoenix. A Phoenix-based private investor sold the asset to Arizona Partners for $2.3 million. Built in 1951, The Original Hamburger Works has anchored the 20,000-square-foot shopping plaza since 1967. The buyer plans to renovate the plaza and stabilize the rent roll. Andrew Harrison, Ari Spiro and Sean Stutzman of Orion Investment Real Estate represented the buyer in the deal.

February 24, 2020

Market Reports Office Southeast Southeast Market Reports Tennessee

Office Demand Remains Robust in Nashville as New Projects Continue to Deliver

by Alex Tostado February 24, 2020

Perhaps there is no better way to describe the Nashville office market and its progression than to examine the recent transaction history of two of Nashville’s older generation office buildings, Fifth Third Center and Bank of America/Philips Plaza. Both of these office towers are 1980s vintage with significant renovations in the last three to four years. However, no renovation can cure some of the obsolete issues with these buildings: limited parking, inefficient floorplates and old “core” locations. Nevertheless, these buildings have enjoyed rental growth, occupancy strength and consequently excellent sales transaction history. On a more macroeconomic level, investor activity remained on the rise in 2019 as Nashville has become a global real estate investment target with Nashville being in the top 10 list of markets in Urban Land Institute and PricewaterhouseCooper’s Emerging Trends report for the past five years. Nashville’s presence on this list is supported with its business-friendly environment, population growth, growing IT workforce and appeal as a leisure and meeting destination. In 2010, Nashville’s overall office vacancy rate was 12.2 percent with its Class A rents averaging $22.41 per square foot. Today, the market’s vacancy rate is 8.4 percent with Class A rents averaging $31.20. Clearly, the Nashville …

February 24, 2020

Loans Multifamily New York Northeast Top Stories

Meritz Securities Provides $350M Refinancing for The Centrale Residential Tower in Manhattan

by Taylor Williams February 24, 2020

NEW YORK CITY — Meritz Securities, a South Korea-based lender and intermediary, has provided a $350 million inventory loan for The Centrale, a 63-story residential tower in Midtown Manhattan. The loan, which essentially functions as permanent financing, is collateralized by the property and pays off the property’s $300 million construction loan. New York City-based Madison Realty Capital provided that loan to the project developer, Ceruzzi Properties, in 2017. The Centrale features 124 residential condominium units, 7,645 square feet of ground-floor retail space and a parking garage. Pelli Clarke Pelli Architects designed the project, construction of which was completed in early 2019. Units at the property feature one-, two-, three-, four- and five-bedroom floor plans that range in size from 777 to 5,388 square feet. Amenities include an indoor pool, a spa, fitness center and shared workspaces. The property also offers proximity to Grand Central Station, several subway lines, Times Square and Midtown East’s Plaza District. JLL arranged the loan through Meritz Securities on behalf of Ceruzzi Properties. VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to manage the project. “New York City remains the go-to market for global capital,” says Chris Peck, a managing director …

February 24, 2020

Acquisitions Florida Multifamily Southeast

JLL Negotiates $96M Sale of Apartment Complex in Fort Myers

by Alex Tostado February 21, 2020

FORT MYERS, FLA. — JLL has negotiated the $96 million sale of The Retreat at Vista Lake, a 640-unit, garden-style apartment complex in Fort Myers. The property comprises 32 two- and three-story buildings spanning 35 acres. The community offers one-, two- and three-bedroom floor plans averaging 867 square feet. Communal amenities include two pools, a fitness center, gazebo with grilling area, tennis courts, racquetball court, lakeside basketball court, dog park and a business center. The Retreat at Vista Lake is situated at 3701 Winkler Ave., five miles southeast of downtown Fort Myers. Matt Mitchell, Zach Nolan Brett Moss, Drew Jennewein, Jarrod Smith and Bailey Smith of JLL represented the undisclosed seller in the transaction. The buyer was an undisclosed private partnership.

February 21, 2020

Acquisitions Florida Office Southeast

ShareMD Acquires Medical Office Building in Downtown Jacksonville for $67M

by Alex Tostado February 21, 2020

JACKSONVILLE, FLA. — Atlanta-based ShareMD has acquired 841 Prudential, a 20-story, 500,000-square-foot medical office building in downtown Jacksonville, for $67 million. The property is situated within a medical campus anchored by Baptist Medical Center. The building was 80 percent leased to office users at the time of sale, but the buyer sees an opportunity to change to clinical users. Built in 1955, 841 Prudential was the city’s first skyscraper and underwent a $6 million renovation two years ago. ShareMD will dedicate between 10,000 to 15,000 square feet of 841 Prudential for coworking and fill other vacancies with long-term medical tenants. Elliot LaBreche of Easton & Associates represented the buyer in the transaction. CBRE represented the seller, Chicago-based GEM Realty.

February 21, 2020

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $33.5M Sale of Apartment Community in South Charlotte

by Alex Tostado February 21, 2020

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $33.5 million sale of The Flats at Arrowood, a 301-unit multifamily community in Charlotte’s Montclaire South neighborhood. The property offers studio to three-bedroom floor plans ranging from 525 to 1,270 square feet. Communal amenities include a courtyard, fitness center, pool, sundeck, clubhouse and a business center. The Flats at Arrowood was originally developed in 1980. The seller, Blackfin Real Estate Investors, renovated the community in 2017. The property is situated at 8508 Lodge S. Circle, nine miles south of downtown Charlotte. Marc Robinson, Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller in the transaction. Quantum Equities acquired the asset.

February 21, 2020

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