Property Type

Cinemark Theatres to Sell $250M in Senior Debt

by Taylor Williams April 14, 2020

PLANO, TEXAS — Cinemark Theatres (NYSE: CNK), an operating subsidiary of Cinemark USA Inc., has announced the sale of $250 million in senior debt notes in a private offering, the Plano-based entertainment company said in a statement on Monday. The offering on senior secured notes that are due in 2025 is expected to close on April 20, subject to customary closing conditions. Cinemark said it plans to use proceeds from the sale for “general corporate purposes” that will increase liquidity. Multiple news outlets, including The Dallas Morning News and the Phoenix Business Journal, also report that Cinemark is laying off 17,500 hourly employees and furloughing about half its corporate staff. As of September 2019, Cinemark operated 344 theaters totaling 4,630 screens in 41 U.S. states. Movie theaters were among the first categories of retailers to close their doors in response to the outbreak of COVID-19.

April 14, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 267-Unit Self-Storage Facility Near San Antonio

by Taylor Williams April 14, 2020

CONVERSE, TEXAS — Marcus & Millichap has brokered the sale of Noah’s Ark Self Storage, a 267-unit facility in Converse, a northeastern suburb of San Antonio. The property features 82,960 net rentable square feet, with units ranging in size from 16 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Store It All Self Storage. The facility is the new ownership’s 18th location in Texas.

April 14, 2020

Industrial Leasing Activity Office Texas

Dayton Superior Signs 51,101 SF Office/Warehouse Lease Renewal in Fort Worth

by Taylor Williams April 14, 2020

FORT WORTH, TEXAS — Dayton Superior Corp., an Ohio-based supplier of construction materials, has signed a lease renewal at 15124 Grand River Road in Fort Worth. The company will continue to occupy 51,101 square feet of office and warehouse space. Brian Gilchrist and Steve Koldyke of CBRE represented Dayton Superior in the lease negotiations. Michael Spain of Bradford Real Estate Services represented the landlord, SCG River Park Business Center LP.

April 14, 2020

Acquisitions Retail Texas

STRIVE Arranges Sale of 15,064 SF Stonebrook Square Retail Strip Center in Frisco

by Taylor Williams April 14, 2020

FRISCO, TEXAS — Dallas-based STRIVE has arranged the sale of Stonebrook Square, a 15,064-square-foot retail strip center in Frisco. The property was fully leased at the time of sale to tenants including a pediatric dentist, orthodontist, music-learning studio and a martial arts studio. STRIVE represented the seller, a Texas-based investor, in the transaction. A California-based exchange buyer acquired the asset for an undisclosed price.

April 14, 2020

Development Florida Hospitality Loans Mixed-Use Multifamily Southeast

Eyzenberg & Co. Arranges $21.3M Construction Loan for Mixed-Use Development in Miami

by Alex Tostado April 14, 2020

MIAMI — Eyzenberg & Co. has arranged a $21.3 million construction loan for the Towers at Blue Lagoon, a planned mixed-use development featuring a multifamily community and hotel space. The borrower and developer, the Weiss Group of Cos., will build Phase I of the project to include 428 multifamily units across two buildings. The property will offer studio to three-bedroom floor plans. The master plan also includes two hotels. The site is located at 4865 NW 7th St., seven miles west of downtown Miami. Kobi Karp is designing the property’s multifamily component. Robert Ginsberg and David Eyzenberg of Eyzenberg & Co. arranged the loan on behalf of Weiss, which has owned the land since the 1970s.

April 14, 2020

Florida Loans Office Southeast

Prime Finance Provides $20.1M Refinancing Loan for Office Building in Jacksonville

by Alex Tostado April 14, 2020

JACKSONVILLE, FLA. — Prime Finance has provided a $20.1 million refinancing loan for One Deerwood, a 161,167-square-foot office building in Jacksonville. The three-year loan features a floating interest rate. The property is situated at 10201 Centurion Parkway, 11 miles southeast of downtown Jacksonville. The six-story asset was 88 percent leased at the time of the financing. Porter Terry and Tarik Bateh of JLL arranged the loan on behalf of the borrower, Boston-based Taurus Investment Holdings LLC. San Francisco-based Prime Finance was founded in 2008 and provides loans for property types including office, multifamily, industrial, hospitality, retail and student housing.

April 14, 2020

Acquisitions Georgia Retail Southeast

JLL Arranges Sale of Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado April 14, 2020

LILBURN, GA. — JLL has arranged the sale of Five Forks Corner, an 88,646-square-foot, Publix-anchored shopping center in Lilburn. The property was 89 percent leased at the time of sale to tenants including Pak Mail, Marco’s Pizza, Fitness 19, Mathnasium, Farmers Insurance, Sun City Tanning and Lush Nail Spa. The shopping center is situated at 4045 Five Forks Trickum Road SW, 24 miles northeast of downtown Atlanta in Gwinnett County. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller, DLC Management Corp., in the transaction. Atlanta-based Branch Properties LLC purchased the asset for an undisclosed amount.

April 14, 2020

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $20M Refinancing Loan for Affordable Housing Community in Fort Pierce, Florida

by Alex Tostado April 14, 2020

FORT PIERCE, FLA. — KeyBank Real Estate Capital has provided a $20 million Fannie Mae refinancing loan for Sabal Chase, a 340-unit affordable housing community in Fort Pierce. The property comprises 20 three-story building spanning 29 acres. Sabal Chase offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, business center, fitness center and a car care center. The borrower, Harmony Housing, acquired the property in 2014. The community was built in 2001 and offers units reserved for residents earning 50 percent and 60 percent of the area median income (AMI). Al Beaumariage and Kyle Kolesar of KeyBank originated the loan on behalf of the borrower.

April 14, 2020

Acquisitions Industrial New Jersey Northeast Self-Storage

Marcus & Millichap Arranges $19.2M Sale of Industrial, Self-Storage Property in West Caldwell, New Jersey

by Alex Patton April 14, 2020

WEST CALDWELL, N.J. — Marcus & Millichap has arranged the $19.2 million sale of an industrial and self-storage facility in West Caldwell, western suburb of New York City. Located at 670 Passaic Ave., the property features 67,000 square feet of industrial space and 41,000 square feet of self-storage space across 760 units. Alan Cafiero, Ben Sgambati and Nicholas Bocchi of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, a local private investor. Both parties requested anonymity.

April 14, 2020

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Patagon Ventures Acquires 29,994 SF Property in Philadelphia for Self-Storage Redevelopment Project

by Alex Patton April 14, 2020

PHILADELPHIA — Patagon Ventures LLC, a Utah-based developer and investment firm, has acquired a 29,994-square-foot industrial building located at 533 E. Hunting Park Ave in Philadelphia for $1.6 million. Patagon plans to redevelop the property as a self-storage facility. A construction timeline was not released. Jason Ostach and Chris Pennington of Binswanger Commercial Real Estate Services represented Patagon in the transaction. Tony Rod of The Flynn Co. represented the seller, SBG Real Estate LLC.

April 14, 2020

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