Property Type

Pacer Partners, Drake Real Estate Sell 120,500 SF Office Building in Tampa

by Alex Tostado August 24, 2020

TAMPA, FLA. — A joint venture between Pacer Partners and Drake Real Estate has sold a 120,500-square-foot office building in Tampa for $26.9 million. The property is located at 3620 Queen Palm Drive within Sabal Park, nine miles east of downtown Tampa. The asset was fully triple net leased to Ford Motor Credit Corp. at the time of sale. The sellers, which acquired the property in 2016, extended the tenant’s lease five years prior to the sale. Dale Peterson, Joe Chick, Kristen McFarland and Courtney Snell of CBRE represented the joint venture in the transaction. CTO Realty Growth purchased the asset for an undisclosed price.

August 24, 2020

Acquisitions Healthcare Office Southeast Virginia

Edge Negotiates $5.5M Sale of Medical Office Portfolio in Fredericksburg, Virginia

by Alex Tostado August 24, 2020

FREDERICKSBURG, VA — Edge has negotiated the $5.5 million sale of The Park at Snowden, a six-building, 22,400-square-foot medical office portfolio in Fredericksburg. The asset was 95 percent leased at the time of sale and is situated adjacent to Mary Washington Hospital. Tenants at the park include National Spine & Pain Centers, Fresenius Center, Integrated Health, Century Pediatrics, Fredericksburg Dental Associates and other medical practitioners affiliated with the Mary Washington Healthcare System. The Park at Snowden was delivered in 2002 and sits on 1.7 acres. Joe Friedman and Cristine Kleine of Edge represented the seller, a Fredericksburg-based private partnership, in the transaction. The team also procured the buyer, affiliates of Bethesda, Md.-based Fernau LeBlanc.

August 24, 2020

Development Mixed-Use Nevada Top Stories Western

Matter Real Estate Begins Construction of $400M UnCommons Mixed-Use Project in Las Vegas

by Taylor Williams August 24, 2020

LAS VEGAS — San Diego-based developer Matter Real Estate Group has started construction of UnCommons, a $400 million mixed-use project in Las Vegas. Designed by Gensler, the development is located on a 40-acre site at Interstate 215 and Durango Drive on the city’s southwest side. Plans currently call for 500,000 square feet of Class A office space and 830 multifamily units, as well as retail and restaurant space. Completion of Phase I is scheduled for early 2022. The Las Vegas Review-Journal reports that construction on the project was delayed due to COVID-19. Subsequently, the development team has pivoted to “near hospital-quality” HVAC systems and interior finishes made of materials designed to limit the spread of diseases like the novel coronavirus. “We recognized with COVID-19 that a fundamental shift was taking place that would render many office structures as unsafe and therefore obsolete practically overnight,” says Jim Stuart, partner at Matter Real Estate Group. “With the adjustments we made to our building systems, plus additional design attributes, we believe we have unlocked the answer for employee safety that will serve as the preferred model moving forward.” The retail and restaurant component will take the form of a public outdoor venue that …

August 24, 2020

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Leasing, Development Thrive for Memphis Industrial Market While Sales Slow

by Alex Tostado August 24, 2020

The Memphis industrial market was off to another record-setting year for the third straight time. Then, the Mike Tyson punch no one could have ever expected came: the shutdown of the entire country. Even after sheltering in place for months and nonessential businesses out of the office until further notice, our industrial market is holding firm. The Memphis industrial market holds over 285 million square feet of useable space and offers the basic tenets for distribution. Memphis International Airport is the second largest cargo airport in the world. Additionally, Memphis is home to 400 trucking companies; it is the third-busiest trucking corridor (Interstate 40 spans from East Coast to California); it is one of only four cities to be served by five long-haul Class 1 rail systems; it has the fourth largest inland port in the country; and it has the second largest stillwater port. Memphis is also home to the FedEx worldwide hub and also houses UPS and US Postal Service hubs. All these companies operate 24 hours per day, 365 days per year. Because of this, Memphis provides the most cost-effective distribution and logistics operations in the country. And in the midst of a worldwide pandemic and shelter-in-place …

August 24, 2020

Colorado Loans Office Western

Angelo Gordon Receives $49M Refinancing for Stanford Place III Office Building in Denver

by Amy Works August 21, 2020

DENVER — Angelo Gordon has received a $49 million loan for the refinancing of Stanford Place III, a Class A office building in Denver. Prime Finance provided the loan, which Jeff Halsey and Brady O’Donnell of CBRE Capital Markets arranged. Located at 4582 S. Ulster St., Stanford Place III features 367,445 square feet of office space with immediate access to interstates 25 and 225. The property features a deli/café, tenant lounge, structured parking, nine-foot ceilings, a training center, secure bike barn and 22,000-square-foot rectangular floor plates. Current tenants include AIMCO, RS&H and Kimley Harris. SteelWave serves as property manager.

August 21, 2020

Colorado Development Multifamily Western

Dinerstein Cos. Acquires Land Site for 261-Unit Multifamily Development in Westminster, Colorado

by Amy Works August 21, 2020

WESTMINSTER, COLO. — The Dinerstein Cos. has purchased a 7.8-acre land site at the northwest corner of Westminster Boulevard and West 109th Avenue in Westminster. City Office REIT sold the land for an undisclosed price. Dinerstein Cos. plans to develop a 261-unit multifamily property on the site, which is adjacent to the 300,000-square-foot Circle Point Corporate Center and in close proximately to more than 305,000 square feet of retail space at Westminster Promenade. Chris Cowan, Bryon Stevenson and Mackenzie Walker of Newmark Knight Frank Multifamily represented the seller in the deal.

August 21, 2020

Acquisitions Arizona Net Lease Retail Western

NKF Brokers $20.3M Sale of Target-Occupied Building in Phoenix

by Amy Works August 21, 2020

PHOENIX — Newmark Knight Frank (NKF) has brokered the sale of a retail building located at 1625 Camelback Road in Phoenix. An affiliate of Menin Development sold the asset to an undisclosed institutional buyer for $20.3 million. Target occupies the single-tenant, 50,428-square-foot property on a long-term net lease with fixed rental increases. The retailer opened the store, its first small footprint location in Arizona, in July 2017. Matt Berres, Samer Khalil and David Guido of NKF Net Lease Capital Markets represented the seller and procured the buyer in the transaction.

August 21, 2020

Acquisitions California Multifamily Western

Fuller Theological Seminary Sells Multifamily Community in Pasadena for $19.3M

by Amy Works August 21, 2020

PASADENA, CALIF. — Fuller Theological Seminary, a Pasadena-based, multi-denominational evangelical Christian seminary, has completed the disposition of a multifamily property located at 700 Locust St. in Pasadena. A local private buyer acquired the asset for $19.3 million. Laurie Lustig-Bower, Kamran Paydar, Chavlis Evans and Kyle Barratt of CBRE represented the seller, while the buyer was self-represented in the deal. Originally built in 1987, the two-story property features 69 apartments in a mix of studio, one-, and two-bedroom layouts. Common amenities include a fitness room, library, internet lounge, courtyards, large conference room and reception room. The seller recently completed various upgrades, including elevator and stairwell improvements and a full renovation of the conference room. Interior unit upgrades include laminate hardwood-style floors, stone countertops, new kitchen cabinets, tile backsplashes, recessed lighting, bathroom enhancements and the installation of in-unit washers and dryers. Additionally, the community is adjacent to Interstate 210 and within one mile of the Lark Avenue and Memorial Park Metro Gold Line transit stations.

August 21, 2020

California Loans Retail Western

PSRS Arranges $1.5M Refinancing for Retail Plaza in Wilmington, California

by Amy Works August 21, 2020

WILMINGTON, CALIF. — PSRS has secured a $1.5 million loan for the refinancing of a retail plaza located in Wilmington. The retail lot features a one-story, 6.500-square-foot building. Michael Tanner and Jonny Soleimani of PSRS Los Angeles executed the non-recourse, 10-year loan, which features a 30-year amortization schedule, with a life insurance company lender.

August 21, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $34M Construction Loan for Multifamily Project in North Haledon, New Jersey

by Taylor Williams August 21, 2020

NORTH HALEDON, N.J. — JLL has arranged a $34 million construction loan for the development of a multifamily project at 920 Belmont Ave. in North Haledon, about 30 miles northwest of New York City. The property will total 180 units and offer amenities such as a fitness center, lounge area, coworking space and an outdoor pool and patio area with grilling stations. Jon Mikula and Michael Klein of JLL arranged the financing through Investors Bank on behalf of the borrower, a partnership between Tulfra Real Estate and The Hampshire Companies. Completion is slated for 2021.

August 21, 2020

Newer Posts

Older Posts