Property Type

Greenlight Communities Completes Two Affordable Housing Properties in Phoenix

by Amy Works May 20, 2020

PHOENIX — Greenlight Communities has completed the development of two affordable housing properties in Phoenix. Totaling 478 units, the properties are Cabana on Washington at 5300 E. Washington St. and Cabana on 12th at 4225 N. 12th St. Cabana on Washington features 226 units in a mix of studio, one- and two-bedroom layouts with rents starting at $899 per month. Cabana on 12th offers 252 units in a variety of studio, one- and two-bedroom floor plans with rents starting at $849 per month. Units at the communities feature stainless steel appliances, European wood-style cabinets, quartz countertops, nine-foot ceilings, wood-style and carpet flooring, keyless entry and a front porch or patio, among other features. Both properties offer a mix of community amenities including controlled access, gated entry, fitness center, exterior fitness circuits, swimming pools, co-work space, outdoor barbecues, laundry rooms with lounges, indoor bike storage with fix station, electric vehicle charging station, indoor mail room, covered parking, pet stations, Amazon parcel lockers, hammocks and Zen gardens. Greenlight Communities has affordable housing projects under construction and in the development pipeline in Scottsdale, Goodyear, Mesa and Chandler, Ariz. Real estate and development industry veterans Patricia Watts, Rob Lyles and Dan Richards launched the …

May 20, 2020

California Loans Multifamily ORIX Western

Hunt Real Estate Capital Provides $20.8M HUD Refinancing for Rio Vista Apartments in San Diego

by Amy Works May 20, 2020

SAN DIEGO — Hunt Real Estate Capital has funded a $20.8 million refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property in the San Ysidro district of San Diego. Standard Cos. is the borrower. The loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance program. Built in 1985, Rio Vista Apartments features 161 apartments in a mix of two- and three-bedroom floor plans spread across 12 two-story buildings. At the time of financing, the property was 99 percent occupied. Community amenities include an on-site leasing office, laundry facility, playground, basketball court, swimming pool and community whirlpool. Additionally, the property offers 262 on-site parking spaces. Standard Cos. acquired the property in 2014. The FHA 223(a)(7) loan is exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.

May 20, 2020

Eagle-Rock-Assisted-Living-Los-Angeles-CA

California Development Multifamily Seniors Housing Western

Panorama Plans 109-Unit Seniors Housing Community in Los Angeles’ Eagle Rock

by Amy Works May 20, 2020

LOS ANGELES — Panorama Senior Housing has unveiled plans for Eagle Rock Assisted Living and Memory Care Center in the Eagle Rock neighborhood of Los Angeles. KTGY Architecture + Planning is the architect of the new community. Groundbreaking is scheduled for early 2021, with completion in late 2022. The property will feature 87 assisted living units and 22 memory care units in a five-story building and a four-story building with a rooftop deck. A ground-level courtyard and subterranean parking structure will connect the two buildings. “This site was quite challenging because we had to fit a commercial kitchen, large dining room and a ton of other amenities in two separate buildings,” says Daniel Kianmahd, founder of Panorama. “In fact, about 45 percent of the gross area of the building is dedicated to common area compared to 15 percent for typical apartment buildings.” The planned community fits in with Eagle Rock’s “Rock the Boulevard” campaign, a $16.2 million makeover of the neighborhood’s main thoroughfare.

May 20, 2020

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Negotiates $9M Sale of Walgreens-Occupied Retail Asset in Tempe, Arizona

by Amy Works May 20, 2020

TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 2000 S. Mill Ave. in Tempe. A limited liability company sold the property to an undisclosed buyer for $9 million. Walgreens occupies the building on an absolute triple-net corporate lease with 14 years remaining on the term. The property is located two miles from downtown Tempe and near to Arizona State University’s Tempe campus. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller in the deal.

May 20, 2020

Development Multifamily Southeast Virginia

PointOne Holdings, NRP Group to Develop 390-Unit Multifamily Community in Northern Virginia

by Alex Tostado May 20, 2020

TYSONS CORNER, VA. — PointOne Holdings and NRP Group will develop Highland District, a planned 390-unit multifamily community in Tysons Corner. Communal amenities at the five-story property will include a clubroom, gaming rooms, working areas, doorman, infinity edge pool, yoga lawns, outdoor activity areas, outdoor grilling areas, package concierge service and a fitness center with separate spin and cardio studios. NRP Group will serve as general contractor and property manager. A timeline for completion was not disclosed.

May 20, 2020

Company News District of Columbia Hospitality Southeast

AHLA Releases ‘Roadmap’ for Hotel Industry Recovery, Calls on Congress to Provide Relief for Hotel Workers

by Alex Tostado May 20, 2020

WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has released what it called a “Roadmap to Recovery” for the hotel sector in the United States. In the document, AHLA notes that the April jobs report issued by the U.S. Bureau of Labor Statistics (BLS) says the hotel industry was hit the hardest of any sector tracked, losing 7.7 million jobs. The AHLA wrote a letter on behalf of its members to the U.S. Congress urging it to prioritize hotel workers and small businesses during the next stimulus package and to provide immediate assistance in four areas: help hotels retain and rehire employees by extending the Paycheck Protection Program, (PPP) offering employees direct tuition assistance or tax credits and expanding the Employee Retention Credit; protect employees and guests through tax credits for cleaning equipment and personal protective equipment (PPE); keep hotel doors open by providing relief for hotel commercial mortgages and increasing the size and flexibility of PPP loans; and incentivize Americans to travel again when it’s safe with a new, temporary travel tax credit and restoring the entertainment business expense deduction. “The hospitality industry is in a fight for survival,” says Chip Rogers, president and CEO of Washington, D.C.-based …

May 20, 2020

Acquisitions Florida Healthcare Office Southeast

Onicx Sells Medical Office Building in Gainesville for $18.2M

by Alex Tostado May 20, 2020

GAINESVILLE, FLA. — Onicx has sold a 46,483-square-foot medical office building in Gainesville for $18.2 million. The building is situated at 6500 W. Newberry Road on the North Florida Regional Medical Center’s campus. Onicx developed the property in 2016 and sold it to an investor group of physicians from Florida Cancer Specialists. Dhvanit Patel and Arjun Choudhary internally represented Onicx in the transaction. Tampa, Fla.-based Onicx specializes in medical and commercial real estate development.

May 20, 2020

Florida Industrial Leasing Activity Southeast

Bausch Health Signs 127,254 SF Industrial Lease in Tampa

by Alex Tostado May 20, 2020

TAMPA, FLA. — Bausch Health has signed a 127,254-square-foot industrial lease within Cabot at Aprile Farms in Tampa. Cabot at Aprile Farms comprises 390,395 square feet and offers 417 car stalls and 116 trailer drops along with dock-high loading and onsite trailer storage. The property is situated at 8963 E. Sligh Ave., near the interchange of Interstate 4 and U.S. Highway 31, nine miles northeast of downtown Tampa. John Dunphy of JLL represented the landlord, Cabot Properties, in the lease transaction. Jodie Matthews, Scott Claiborne and Peter Cecora, also with JLL, represented the tenant. Bausch Health is a Canadian-based pharmaceutical company developing, manufacturing and marketing pharmaceutical products and branded generic drugs.

May 20, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $2.4M Sale of Wells Fargo-Occupied Retail Property in Metro Atlanta

by Alex Tostado May 20, 2020

PEACHTREE CORNERS, GA. — Marcus & Millichap has arranged the $2.4 million sale of a retail property leased to Wells Fargo in Peachtree Corners. The 10,851-square-foot building was built in 1968 and is triple-net-leased to the bank. The asset is situated at 6155 Buford Highway, 17 miles northeast of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the seller, Linkpoint Properties, and the buyer, Matthews Family Investments LLC, in the 1031 transaction. Linkpoint originally purchased the asset in November 2017 for a little over $2 million.

May 20, 2020

Company News Retail Texas

Pier 1 Imports Announces Intent to Close All Remaining Stores, Liquidate Assets

by Taylor Williams May 20, 2020

FORT WORTH, TEXAS — Pier 1 Imports Inc. has filed a motion in U.S. Bankruptcy Court to begin the process of closing all of its remaining stores and liquidating its assets, including its intellectual property and e-commerce business, the Fort Worth-based home goods retailer said on Tuesday. Pier 1 closed about 450 stores in January and filed for Chapter 11 bankruptcy in mid-February prior to the outbreak of COVID-19. However, CEO Robert Riesbeck said in the statement that the pandemic had amplified the company’s struggles to restructure debt and secure investment that would keep the business afloat. Pier 1 intends to initiate store closing efforts and liquidation sales once stores can reopen, in compliance with COVID-19 guidelines from local government and health officials. Pier 1 was founded in 1962 and operated about 1,300 stores at the height of its expansion in 2006.

May 20, 2020

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