Property Type

Marcus & Millichap Arranges $2.4M Sale of Retail Strip Center in Upstate South Carolina

by Alex Tostado October 6, 2020

GREER, S.C. — Marcus & Millichap has arranged the $2.4 million sale of Orangetheory Fitness Strip Center, an outparcel to Riverside Crossing Shopping Center, in Greer. The 6,500-square-foot outparcel is leased to Orangetheory Fitness, Greenfield’s Bagels & Deli and Stevenson Tax & Accounting. The sale is the final piece of the Riverside Crossing Shopping Center portfolio, which comprises a Lowe’s Foods grocery-anchored shopping center and two outparcels totaling 58,358 square feet. The asset is located at 870 E. Suber Road, 10 miles east of downtown Greenville. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller, EA Riverside OP3 LLC, in the transaction. The buyer, VLH Hiawatha LLC, was completing a 1031 exchange. “When evaluating the sale, we concluded the best way to maximize proceeds was to sell the center as three separate offerings to three separate investors,” says Taylor. “By taking this parcelization approach, we achieved a blended cap rate that was 25 basis points lower and netted the seller an additional $600,000 in value.” The three parcels sold for a total of $17.4 million.

October 6, 2020

Acquisitions Arizona Multifamily Western

Rockwood Capital Sells MetroPointe Apartments Near Phoenix for $96.7M

by Amy Works October 6, 2020

TEMPE, ARIZ. — Rockwood Capital has completed the sale of MetroPointe Apartments, a multifamily property located in Tempe. Cortland acquired the asset for $96.7 million, or $233,133 per unit. Built in 2009, the property features 415 apartments in a mix of one-, two- and three-bedroom layouts, two swimming pools and a spa. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

October 6, 2020

Arizona Development Multifamily Seniors Housing Western

Ryan Cos. Breaks Ground on 248-Unit Clarendale Arcadia Seniors Housing Project in Phoenix

by Amy Works October 6, 2020

PHOENIX — Ryan Cos. has broken ground on Clarendale Arcadia, an independent living, assisted living and memory care community in Phoenix. The project is a joint venture between Harrison Street, LCS and Ryan. The partnership entered into a long-term ground lease with the landowner, LAKO. Located on six acres, the 347,346-square-foot community will feature 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet to 1,315 square feet. Fifth Third Bank N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent to finance the project. The amount of the financing was not disclosed. Craig Coppola of The Coppola Cheney Group at Lee & Associates worked on behalf of the land lessor and Ryan Cos. to negotiate this transaction. According to a market study conducted by Moore Diversified Services, senior living is undersupplied in this area, and the nearby communities that exist were built, on average, in 1990. ORB Architecture LLC is the project architect. Thoma-Holec Design is the interior designer. Phase I is scheduled for completion in summer 2022, followed …

October 6, 2020

Glendale-Marriott-Residence-Inn-Glendale-CA

California Development Hospitality Western

R.D. Olson Development Completes 190,000 SF Glendale Marriott Residence Inn in California

by Amy Works October 6, 2020

GLENDALE, CALIF. — R.D. Olson Development and R.D. Olson Construction have completed Glendale Marriott Residence Inn, a five-story, mission-style hotel located at 199 N. Louise St. in Glendale. The 190,000-square-foot hotel offers 120 studios with king beds, 12 corner suites, six two-bedroom suites and seven Americans with Disabilities Act-compliant rooms, all with full kitchens. Hotel amenities include a fitness center; courtyard deck with pool and spa; large meeting room; complimentary Wi-Fi; 24-hour market; indoor and outdoor seating areas; and two levels of underground parking. Additionally, the hotel is located near Griffith Park, Hollywood, Dodger Stadium and other Los Angeles-area attractions. Project partners include WATG and SANDdesign.

October 6, 2020

Acquisitions California Retail Western

Progressive Real Estate Partners Negotiates $5.3M Sale of Foothill Village Shopping Center in Fontana, California

by Amy Works October 6, 2020

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale of Foothill Village, a retail center located at 14755 Foothill Blvd. in Fontana. A Los Angeles-based private investor sold the property to a Los Angeles-based investor for $5.3 million in an all-cash transaction. Built in 2006, Foothill Village features 24,985 square feet of retail space. At the time of sale, the property was fully leased to 13 tenants. Greg Bedell and Albert Lopez of Progressive Real Estate Partners represented the seller, while Bedell also represented the buyer in the transaction.

October 6, 2020

Loans Multifamily Texas

BRES, Advalurem Receive $60.5M Loan for Refinancing of Apartment Community in Metro Dallas

by Taylor Williams October 6, 2020

LEWISVILLE, TEXAS — A joint venture between real estate services firm BRES and New York-based investment firm Advalurem Group has received a $60.5 million Freddie Mac loan for the refinancing of Bella Madera, a 612-unit apartment community in the northern Dallas suburb of Lewisville. Bella Madera features one- and two-bedroom units and amenities such as a pool, fitness center, two dog parks, a volleyball court and a tanning studio. The Class A property was 97 percent occupied at the time of the loan closing. The loan was structured with a 10-year term and a sub-3 percent fixed interest rate. The lender was not disclosed.

October 6, 2020

Acquisitions Retail Texas

Coldwell Banker Arranges Sale of Former Sears Store at Valle Vista Mall in Rio Grande Valley

by Taylor Williams October 6, 2020

HARLINGEN, TEXAS — Coldwell Banker Commercial has arranged the sale of the former Sears department store at the Valle Vista Mall, a 739,000-square-foot retail property located in the Rio Grande Valley city of Harlingen. Sears, which had been one of the mall’s anchor tenants without owning the space since its construction in 1984, vacated the 90,000-square-foot space in 2018 as part of a larger series of store closures. New York-based Valle Vista Mall Holdings LLC sold the asset to ZE Valle Vista Realty LLC for an undisclosed price. The new ownership will redevelop the space but did not release specific plans.

October 6, 2020

Acquisitions Healthcare Texas

Ridgeline, Harrison Street Acquire 70,000 SF Medical Office Building in Irving

by Taylor Williams October 6, 2020

IRVING, TEXAS — A joint venture between Ridgeline Capital Partners and Harrison Street has acquired a 70,000-square-foot medical office building located at 6121 N. State Highway 161 in Irving. The property was built on 4.1 acres in 2019 and was 82 percent leased to five tenants at the time of sale. The undisclosed seller represented itself in the transaction.

October 6, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 23,380 SF River Oaks Shopping Center Near Fort Worth

by Taylor Williams October 6, 2020

RIVER OAKS, TEXAS — Marcus & Millichap has brokered the sale of River Oaks Shopping Center, a 23,380-square-foot retail property located on the western outskirts of Fort Worth in River Oaks. Dollar Tree and grocer La Michoacana anchor the center, which was fully leased at the time of sale. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller, a developer, in the transaction. The duo also procured the buyer, a private investor.

October 6, 2020

Acquisitions Restaurant Retail Texas

Local Investment Firm Purchases Restaurant Occupied by Maria’s Taco Xpress in Austin

by Taylor Williams October 6, 2020

AUSTIN, TEXAS — An undisclosed, locally based investment firm has purchased a 1,922-square-foot retail property in the South Lamar neighborhood of Austin that is occupied by Maria’s Taco Xpress. Brad Bailey and Adam Rabin of CBRE brokered the deal on behalf of Maria Corbalan, the owner of the restaurant, which has been open since 1997. Weitzman is working with the new ownership to re-tenant the building.

October 6, 2020

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