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 …
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.
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.
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.
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.
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.
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.
FALLS CHURCH, VA. — Insight Property Group and PCCP LLC have completed the renovation, redesign and rebranding of Falls Green, a 576-unit multifamily community in Falls Church. The joint venture acquired the asset, formerly known as Oakwood Falls Church, in 2018. The property was originally built in 1974 as short-term corporate housing. Insight Property and PCCP redesigned the property into a market-rate apartment community with amenities including a child-friendly multi-purpose room, fitness center, pool, community market, clubhouse, concierge and a coworking lounge. The property offers studio, one- and two-bedroom floor plans with rents starting in the mid-$1,300s. The community is situated at 501 Roosevelt Blvd., nine miles west of downtown Washington, D.C.
TITUSVILLE, FLA. — Extended Stay America Inc. has opened Extended Stay America Titusville-Space Coast, a 124-room hotel in Titusville. The four-story building features complimentary Wi-Fi, cable TV, a fitness center, laundry room and a lobby with vending options. The rooms include fully equipped kitchens with full-size refrigerators, stovetops, cookware, utensils, dishes, pillowtop beds, recliners, a workspace and TV streaming capabilities. The property is located at 4835 Helen Hauser Blvd., 13 miles west of Kennedy Space Center.
MYSTIC, CONN. — Locally based Lattizorri Development has completed Harbor Heights, a 121-unit luxury apartment community in the coastal Connecticut city of Mystic. The property is part of the Perkins Farm master-planned community and offers one- and two-bedroom units with stainless steel appliances, nickel hardware and granite countertops. Amenities include a pool, outdoor grilling area, fitness center and a dog park. Rents start at $1,600 per month for a one-bedroom unit and $2,100 per month for a two-bedroom unit.